you are here:

Gemstone Investments Ltd.

BSE: 531137 | NSE: | Series: NA | ISIN: INE503D01027 | SECTOR: Finance - Investments

BSE Live

Jan 25, 16:00
1.83 0.05 (2.81%)
Volume
AVERAGE VOLUME
5-Day
93,618
10-Day
185,340
30-Day
692,760
60,943
  • Prev. Close

    1.78

  • Open Price

    1.86

  • Bid Price (Qty.)

    1.71 (9999)

  • Offer Price (Qty.)

    1.86 (9673)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Gemstone Investments is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2010 2009 2008 2007 2005

Auditor's Report

1. We have audited the attached Balance Sheet of Gemstone Investments Limited, as at 31 March, 2005 and also the Profit & Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are responsibility of the Companys management. Our responsibility is to express an opin- ion on these financial statements based on our audit. 2. We conducted audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial state- ments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of subsection (4A) of Section 227 of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, 4. Further to our comments in Annexure referred to in paragraph (3) above, we report that: a. we have obtained ali the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit; b. m our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; c. the Balance Sheet and Profit &. Loss Account & Cash Flow Statement dealt with by this report, are in agreement with the books of account; d. m our opinion, the Balance Sheet and Profit & Loss Account & Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956; e .on the basis of written representations received from the directors, as on 31 March, 2005, and taken on record by the Board of the Directors, We report that none of the directors are disqualified as on 31 March, 2005 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; f. in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally acceptad in India : a. in the case of the balance sheet, of the state of affairs of the Company as at 31 March, 2005; b. in ihe case of the prom & loss account, of the Profit of me Company for the year ended on that date; and c. m the case of cash flow statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph 3 of our report of even date) (i) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As informed to us, the fixed assets have been physically verified by the Management at reasonable inter- vals and no material discrepancies have been noticed on such verification. (c) In our opinion and according to the information and explanation given to us, substantial parts of the fixed have not been disposed off by the Company during the year. (ii) (a) The Company has accepted unsecured loans from parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 0.40 lacs and the year-end balance of the loan taken was Nil. The Company has granted an unsecured loan to a company covered in the register maintained under section 301 of Companies Act, 1956. The maximum amount involved during the year and the year-end balance of such loan aggregates to Rs.237.00 lacs, d) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from/ granted to companies/parties, covered in the register maintained under Section 301of the Companies Act, 1956 are not, prima facie, prejudicial to the interests of the Company. (c) There is no overdue amount of loan taken or granted to Companies covered in the register maintained under section 301 of the Companies Act, 1956. (iii in our opinion and according to the explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of fixed assets and sale of goods, further, on the basis of our examination of the books and records of the company, and according the information and explanations given to us, we have neither come across nor have been informed of an continuing failure to correct major weakness in the aforesaid internal control procedures. iv) (a) According to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. ID) In our opinion and according to the information and explanations given to us, the transaction made to pursuance of contracts and arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5 lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time (v) The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58Aa The Companies Act, 1956 and the rules framed there under. (vi) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business the scope of which needs to be widened and strengthened. (vii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cos records under section 209(1)(d) of the Companies Act, 1956. (viii) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the undisputed dues in respect of investor education and protection fund, income-tax, wealth-tax, sales-tax, customs duty, excise duty, cess and other material statutory dues applicable to the Company have generally been regularly deposited by the Company during the year with appropriate authorities. We aro informed that, the Employees Provident Fund Act and the Employees State Insurance Ac! were not applicable to the Company for the year ended 31 March, 2005. According to the information and explanations given to us. no undisputed amounts payable in respect of investor education and protection fund, income-tax, wealth-tax, sales-tax, customs duty, excise duty, cess and other material statutory dues were in arrears, as at 31 March, 2005 for a period of more than six months from the date they became payable. (ix) The Company has accumulated losses approximating to Rs. 100.06 lacs as at 31 March, 2005. It has however incurred no cash losses during the financial year ended on that date or in the immediately preceding financial year. (x) Based on our audit procedures and on the information and explanation given by the management, we are of the opinion that the Company has not defaulted 1.1 repayment of dues to any bank or debenture holders as at the Balance Sheet date. The Company has not taken any loan or credit facility from any financial institution. xi) The Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities. (xii) According to the information and explanations given to us, the Company has maintained proper records of trans- actions and contracts as to dealing or trading in shares and other investments held by the Company in its own name except to the extent, of the exemption if any, granted under Section 49 of the Companies Act, 1956 and timely entries have been made therein. (xiii) As informed and explained to us, the Company has not given guarantees for loans taken by others from Banks or Financial institutions. (xiv) The Company has not obtained any term loans. XV) On the basis of overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on short-term basis which have been used for long-term investment, and vice-versa. vi) During the year, the Company has not made any preferential allotment of shares to parties and Companes covered in the Register maintained under Section 301 of the Companies Act, 1956. (Xviii) There were no Debentures issued and outstanding as at 31 March, 2005. 4xviii)The Company has not raised any money by public issue during the year. (xix) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted accounting practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management. (xx) Clauses (ii) & (xiii) of the para 4 of the Order are not applicable to the Company for the year ended 31 March, 2005. For Jagadlsh & Harish Chartered Accountants Jagadish B. Shetty Partner Place : Mumbai M. No. 48042 Date : 25th August, 2005