50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
115
INDEPENDENT AUDITORS’ REPORT
ON THE CONSOLIDATED FINANCIAL STATEMENTS
To the Members of
THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
(A Company Limited by Guarantee and not having Share
Capital)
Report on the Consolidated Financial Statements:
1. We have audited the accompanying consolidated
financial statements of
THE GEM & JEWELLERY EXPORT
PROMOTION COUNCIL (A Company Limited by
Guarantee and not having Share Capital) (hereinafter
referred to as “the Council”, “the Holding Company”)
and its subsidiaries (the Holding Company and its
Subsidiaries together referred to as “the Group”) and
associates of the Holding Company
, comprising of the
Consolidated Balance Sheet as at March 31, 2016, the
Consolidated Statement of Income and Expenditure and the
Consolidated Cash Flow Statement for the year then ended,
and a summary of significant accounting policies and other
explanatory information prepared based on the relevant
records (hereinafter referred to as “the Consolidated Financial
Statements”), which we have signed under reference to this
report.
Management’s Responsibility for the consolidated
Financial Statements:
2. The Holding Company’s Committee of Administration
i.e. the Board of Directors is responsible for the preparation
of these Consolidated Financial Statements in terms of the
requirements of the Companies Act, 2013 (hereinafter referred
to as “the Act”) that give a true and fair view of the consolidated
financial position, consolidated financial performance and
consolidated cash flows of the Group including its associate in
accordance with the accounting principles generally accepted
in India including the Accounting Standards specified under
section 133 of the Act read with rule 7 of the Companies
(Accounts) Rules, 2014. The Holding Company’s Committee of
Administration is also responsible for ensuring accuracy of the
records including financial information considered necessary
for the preparation of consolidated financial statements. The
respective Board of Directors of the companies included in the
Group and also its associate are responsible for maintenance
of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Group
for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness
of the accounting records, 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, which has been used for the purpose
of preparation of the consolidated financial statements by the
Directors of the Holding Company, as aforesaid.
Auditors’ Responsibility
3. Our responsibility is to express an opinion on these
consolidated financial statements based on our audit. We
have taken into account the provisions of the Act, and the
Rules made thereunder including the Accounting and Auditing
Standards and matters which are required to be included in
the audit report.
4. We conducted our audit in accordance with the Standards
on Auditing specified under Section 143(10) of the Act and
other applicable authoritative pronouncement issued by the
Institute of Chartered Accountants of India. Those Standards
and pronouncements 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.
5. An audit involves performing procedures to obtain
audit evidence about the amounts and the disclosures in
the financial statements. The procedures selected depend
on the auditors’ judgment, including the assessment of the
risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal financial
control relevant to the Holding Company’s preparation of the
consolidated financial statements that give a true and fair
view, in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing
an opinion on whether the Holding Company has in place
an adequate internal financial controls system over financial
reporting and the operating effectiveness of such controls.
An audit also includes evaluating the appropriateness of
the accounting policies used and the reasonableness of the
accounting estimates made by the Holding Company’s Board
of Directors, as well as evaluating the overall presentation of
the consolidated financial statements.
6.
We believe that the audit evidence obtained by
us and the audit evidence obtained by the other auditors in
terms of their reports referred to in sub-paragraph 8 of the
Other Matter paragraph below, is sufficient and appropriate
to provide a basis for our audit opinion on these consolidated
financial statements.
Opinion
7. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
consolidated 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, of the consolidated state of affairs of the
Group and its associates as at 31 March 2016, and their
consolidated surplus and their consolidated cash flows for the
year ended on that date.
