50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
116
Other matter
8
.
The financial statements of the Holding Company also
include the accounts for the following Units / Divisions of the
Holding company
(i). the Regional Offices of the Council at Delhi, Jaipur,
Chennai, Kolkatta and Surat;
(ii). the Indian Gemological Institute, Delhi;
(iii). the Gem Testing Laboratory, Jaipur;
(iv). the Indian Institute of Gems and Jewellery at
Manikanchan,
(v). the Jewellery Product Development Centre, Jaipur; the
Units / Divisions of the Holding Company (Council), which
have not been audited by us.
We did not audit the financial statements of the subsidiaries
of the Holding Company and its associate whose financial
statements reflect total assets of Rs.13,23,78,161/- and
net assets of Rs. 10,33,37,817/- as at 31 March 2016, total
revenue from activities in pursuance of the objects of Rs.
3,07,43,758/-,
Other Income of Rs.
40,51,923/-
net
surplus
of Rs. 62,19,169/- and net cash inflows amounting to Rs.
2,01,14,169/- for the year ended on that date, as considered
in the consolidated financial statements.
Thesefinancial statementshavebeenauditedbyother auditors
whose reports have been furnished to us by the Management,
and our opinion on the consolidated financial statements in
so far as it relates to the amounts and disclosures included
in respect of these subsidiaries and associate company and
units/divisions referred to above and our report in terms of
sub-section (3) and (11) of section 143 of the Act in so far
as it relates to the aforesaid units/ divisions, subsidiaries and
associate company, is based solely on the reports of the other
auditors.
Our opinion on the consolidated financial statements and our
report on Other Legal and Regulatory requirements below are
not modified in respect of the above matters with respect to
our reliance on the work done by and the reports of the other
auditors.
Report on Other Legal and Regulatory Requirements
9. As the Holding company and its subsidiaries and its
associate company are Companies granted license to operate
under Section 25 of the Companies Act, 1956, (superseded
by section 8 of the Act) and as such are not covered by the
Companies (Auditor’s Report) Order, 2015 (“the Order “)
issued by the Central Government of India in terms of sub-
section (11) of section 143 of the Act, report under the said
order is not issued herewith.
10. As required by section 143 (3) of the Act, we report, to
the extent applicable, that:
We have sought and obtained all the information and
explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit of the aforesaid
consolidated financial statements.
In our opinion proper books of account as required by law
maintained by the Holding Company, including relevant
records relating to preparation of the aforesaid consolidated
financial statements have been kept so far as it appears from
our examination of those books and records of the Holding
Company and its subsidiaries and associate company.
(c) The Consolidated Balance Sheet, the Consolidated
Statement of Income and Expenditure, and the Consolidated
Cash Flow Statement dealt with by this Report are in
agreement with the relevant books of account maintained by
the Holding Company including relevant records relating to
preparation of the consolidated financial statements.
(d) In our opinion, the aforesaid consolidated financial
statements comply with the Accounting Standards specified
under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from
the directors of the Holding Company as on 31 March, 2016
taken on record by the Board of Directors of the Holding
Company, none of the directors is disqualified as on 31 March
2016 from being appointed as a director in terms of section
164 (2) of the Act.
(f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company
and the operating effectiveness of such controls,
referred to our separate Report in Annexure “A”;
(g) With respect to the other matters to be included in the
Auditors’ Report in accordance with rule 11 of the Companies
(Audit andAuditors) Rules, 2014, in our opinion and to the best
of our knowledge and belief and according to the information
and explanations given to us:
(i) The consolidated financial statements disclose the
impact, if any, of pending litigations as at 31 March 2016 on
the consolidated financial position of the Group;
(ii) The Holding Company and its subsidiaries and associate
company did not have any long-term contracts including
derivative contracts from which there were any material
foreseeable losses;
(iii) During the year under audit, the Group was not required to
transfer any amount to the Investor Education and Protection
Fund.
For and on behalf of
AMJ & CO
Chartered Accountants
Firm Registration Number: 128550W
Sd/-
(A.K.JHUNJHUNWALA)
Partner
Membership Number: 011778
Place:
Mumbai
Dated: 08.11.2016
Referred to in paragraph 10 (f) of the Independent Auditors’
Report of even date to the members of THE GEM &
JEWELLERY EXPORT PROMOTION COUNCIL (ACompany
