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OneSource Ideas Ventures Ltd.

BSE: 530805 | NSE: | Series: NA | ISIN: INE125F01024 | SECTOR: Diamond Cutting & Jewellery & Precious Metals

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Sep 20, 16:00
15.33 0.73 (5.00%)
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15
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3,334
187
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Dec 27, 11:22
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OneSource Ideas Ventures is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007 2002

Auditor's Report

We have audited the accompanying financial statements of M/s. Anugraha Jewellers Limited (the Company), which comprise the Balance Sheet as at March 31, 2014, Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. AUDITOR''S RESPONSIBILITY Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; and b) in the case of the Profit and Loss Account, of the Loss for the year ended on that date; c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS 1. As required by the Companies (Auditor''s Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. We further report that: a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books c) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account. d) in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Cicrular dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of sub-section (2) of section 164 of the Companies Act, 2013. The Annexure referred to in paragraph 1 of Our Report of even date to the members of ANUGRAHA JEWELLERS LIMITED on the accounts of the company for the year ended 31st March, 2014. i) a. The company has maintained proper records showing full particulars Including quantitative details and situation of its fixed assets. b. All the assets have not been physical verified by the management during the year but there is regular programme of verification which, in our opinion is regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. c. During the year, the company has disposed of substantial part of fixed asset comprising land, building, pant & Machinery, furniture & fixture and office equipments. Based on the information and explanation given by the management and on the basis of audit procedures performed by us, we are of the opinion that the sale of the said assets has not affected the going concern status of the Company ii) a. The inventories has been physically verified during the year by the management. In our opinion the frequency of verification I reasonable. b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. c. The Company is maintaining proper records of its inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material. iii) a. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company. b. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company. iv) In our opinion, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories & fixed assets and for sale of goods and services. Further, on the basis of our examination of books and records of the Company, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedure. v) According to the information and explanation provided by the management, there have been no contracts or arrangements during the period that need to be entered into the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of clause (v)(a) and (b) of the Companies (Auditors'' Report) Order, 2003 are not applicable vi) The Company has not accepted or renewed any deposits from the public, the directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable. No order has been passed by the Company Law Board or National Company Tribunal or Reserve Bank of India or any court or any other tribunal. vii) The Company has no formal internal audit department as such. However, its control procedures ensure reasonable internal checking of its financial and other records. viii) To the best of our knowledge and as explained, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the products of the Company. ix) a. The Company is regular in depositing with appropriate authorities undisputed statutory dues including fund, investor education protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, customs duty, excise duty, cess and other material statutory dues applicable to it. b. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth-tax, sales-tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2014 for the period of more than six months from the date the become payable. c. According to the information and explanation given to us, there are no dues deposited on account of any dispute. x) The net worth of the Company as on 31-3-2014 has completely eroded. The company has incurred cash loss during the year and also In the immediate preceding financial. xi) No default towards repayment of dues to any financial institution or bank exists on the balance sheet date for our examination of the books of accounts and the information and explanations given to us. The Company has not issued any debentures and hence any default for repayment on this account does not arise. xii) According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii) In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of the clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. xiv) The Company has maintained proper records of transactions and contracts in respect of trading in shares, securities and other investments and timely entries have been made therein. All shares and other investments have been held by the company in its own name. xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution and hence we have no comments to offer in respect of clause 4(xv) of the Companies (Audit Report) order, 2003 xvi) There was no term loan raised or outstanding during the year. xvii) According to the information and explanations given to us, and an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment . xviii) The Company had not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year. xix) Since no debentures have been issued by the Company, the requirements of para (xix) are not applicable. xx) The Company has not raised any money by public issue during the year. xxi) According to the information and explanations given to us, no fraud on or by company has been noticed or reported during the course of our audit. For Pradeep Gupta Chartered Accountants Sd/- (Pradeep Gupta) Proprietor Mem No. 048979 PAN : AAAPG7628N Mumbai. Dated 27th May, 2014