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    Mega Fraud SRS Limited GT-Transaction-Audit-Final-Report

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    140 views38 pages

    Mega Fraud SRS Limited GT-Transaction-Audit-Final-Report

    Uploaded by

    Manoj
    Mega Fraud SRS Limited GT-Transaction-Audit-Final-Report

    Copyright:

    © All Rights Reserved
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    2 GrantThornton Te Mr. Astle Kunmae Gulla, Resolution Professional SRS Limited, 96-9" Foor, Hansalya Building, “om tna? 15 Barakhamba Road, Connaught Place, ese [Now Delhi 110001 Sortie 14 February 2019 tessa Dese Sie, ‘Subject: Final Report» Trassaction Audit of RS Limited ‘We as plese to subi one nl report fr the Teasacion Audi of SRS Limite wth reference to ‘ou Engapernent Letter dated 18 October 2018, Please fel fee to contact me cher at sani gurnipGingt.coma or at 491 +91 98202 62078 ‘Thaokiog you, Yours sincerely Danner, Forensic Services Geant Thorton India LLP Report - Transaction Audit of SRS Limited 14 February 2019 GLOSSARY OF TERMS Re [Ra Deszipion 7 [at aan Ce Sa sper Can Ca 1 fee pont en We = fem xp Ten Rvlin RSE ofa. Grp ia [nis fC S| orp ae Cary SE [SS aa S| aT TORT Geena oT ps Te a ie — eM ta ane Pome stat Tae [we sero Capen AT a gio rots [ra Te Sta a igre TT a [SOF Sana Guage | 5 Gop can SET ie ab mT VE ‘Shoe Dawns of SS Lan Ba Set ay = Fatrcn/Sele he Tea awe ing a Dele as Wee ages Contents Ovesew of Cotpote Detior Summary of Oberon V. Detailed Obert VIL Dischimee Introduction 1. SRS Lined RS" "Cxpote Deb or "Batome othe "Cop inept the year 20d one othe compet o RS Gan. The Caray ed on Bray Si xcnge (BS) tn Nuon toe EchngeNSF- The Cpa hae dvr snes pf at comps of ‘Gara Estitito, Food ul Bev, Reds Namaig Reaing f ell 2. On Ang 21, 218 ihe ns enc Natio Copy La Tibal(1NCLI) be td ‘oninenemeat of Camponte Inlenry Resting Pres IRD) of te Crporte Deore fhe Imolveney sed rhage Cove 16 (Code) Ne Aaink Kur Gls hse tien {rotons speed Ine Revlon Poesia ofthe Corea boc by he NCLT. Fw ater pel a Renton Presale Cle) by He Cmte of rons (COSC of he Congr Deen. 4. dM. Ask Kunss Gua, Reson Profesional, (Ashok Kumar Gl" of "RP" oe "Cen wide ‘Spee ee de 25 Sept 2 Bhai Gest Tho nda LL? Ca Thro "GT" "We" Ow ce "UC 1 ent 4 Tapscion ADSL o the Cnprste Dee foe he ted fn 21 Age 20161 21 Angas 18 (Rew esa. 4 The Conor Debate bani ses with sere (7 n/c ition. The kings wes gd ch Cah Cut ely CC, Velde Loan (V9, Wenig Capt ea ona, Teo Lena T) a Copan Lon}. 5. Asoo Maud 218 thot es the clinton gto INR 100799 ‘tore The des oti ete enon ew ss Seay] Cameos eee ooo i a = ar Tear HT TA PARTY eT Scope of work ‘Under he ems of cannes, he oad scope of wo or the asain at i allow: Menicnion of pfreialtanmctons Secon 4), unio tmtactons (econ 45), teens tds coc (Secon etre annem Geen 9 den? ‘ston aig Secton 6) ander the Ilene and Haste Code, 216 ye a) IL. Overview of the Corporate Debtor 1. Background Ast 30. 12, The Cope Deo wa engin the bute of wer trinsic (Valve Bree 1. The Capone Dae fc see and other erat tare a der + Congo aati Nam (CIN L1999HROI00PLOUDIBS {Pemunet Arona Niber AAGCSHEAR. Rat i Spi, la CC, StF aa + Hand Otis dene SRS Nakipe, ad Hla, iy Cate, Sco 2 Fs Hagan 1007 “+ Banh Ofer Ades SRS Toner, 3 Flor, Near Meo Sian Newt Mba GT, oad Fad, ayn 121003 2. Business Information 2.1, Cument Dieecton/ Signatory deta 1 [be tale Gaiman aie Ta Bon) | 2 |e Win Tine Dee ware ii [aes ey | eee aa + Peo Teds Dee Tans [eS Now sone Disco am The oils ig nad a Dat mien erate 3. Financial Information SS. We woe ht the Coote Debts even for FY 2015-2016 al FY 2016-017 ws “INK {Unt cre nd INF StS especie, Referale bw fr ere bea 3 [renee Cate tote fe ts be) 2 tala aan g Fam ip mem opal Se ee dpc aa Sa 207 pty Capes Dds ts (i i li Revenue and Expenses 5.2 acing oe ei one catenin the eevee a econ inthe expec sexes = — i, 4. Financial system “A. ewan by the aunt the Cote Dice AW tw fo secon ppv al he the dion (Cine fone, Reta} an Head fe sing Tal 9 {cermin the tooks of secout were he hc oor ed ent ee fx bli, ‘Theda ings ee fl + Gina Vite Jeweley- Ore 2 Real Ginee 5. Status quo 5.1, We nt eh the Cinpuay ad dct pons esinig to Jeneley & Rei Divi sd onthe Cinna dono he Corpo Debora epertna (oy ie ky IIL. Procedures Performed wig ou eve, he ces aid ot yu at allows: Discussions 11, Disetinns were onde with he epctentivs ofthe Reason Penna RP” andthe Corpse Deseret LLL, Thebackgand nd busines opens fhe Comoe Debtor 112, Thekey poe ofthe Coponte Debio 1:13, Otis infomation ate the eve proces 12, ‘Thedcuion wu condated withthe flwing estos .Na_[ Name Daigo Tne Rar Ga Reson PTT Ts etc ae Wisk Tine Disaor Cont Doe aaa Giogp Pele & Che Re [Cag Dao 7 [ie Daa EM Tesan & Fee Toei ee Dione 3 itebine™ 2, Review and analysis ofavailable daca and documents 21, Obeined and eve ued Gani ateent of SRS Li for FY 201617 and pool Gaal ‘Senet fc FYB 22, Obie nd ese el Gnas satemets SRS Wes FC forthe eid oe 2016 nba ae 23, Obie a seve aid Boulet of SRS atest Le fFY 200617 fo ‘he psd 1 Ape a6 21 Febery 207 124 Obtind an seve se Gace of SRS Sit Read afr FY 35:16am 25, Reng the en psig toasts in abi. 216, Obs i of ete pris fi the Crp Debio. Refer ube blow othe ta 7a Tecan 7 [sac Magi Desa Reign 3 [eri Whe Teeth “Pun a i il gf Te oi ash ds -) ot i tne J 5 [Ni ere Di [chi Fence Re 6 [0 Nar Ke 00 Conary Soa | RonF Te hi int Git een Otis [Reine 7 [tS meri 9 ties onpara se ssn tet ni oot iit | | ssa intrcaly ecto a ito 1B [ Se Orne 29, Otwiel sd eviewed seven (7) set lees for WC, TFL ad CL of he Capone Debor henge Review eo 28, Otten seseved se ashe sintyeight (6) bk stmt of th Corprt eben The it 1 atin Taare 5 at ik of Coes [PTT 5 | Orel rif Coenen | D007 7 [Soe Ba aaa 3 kr ‘sss [a al ae SOs [Sa le a0 Ee Ea sts Se Bk Fa Lar [see ak aA o.0HP 2 [Sane ak SORTS Bia ran ora 2 sr aba SOTTO ai SHOUTS 3 in Bn a SHIT “Tee ied ii 2 a ge mane! o CD ig vp aa in 31 [i aot ai SSH ae 52 [ea i STS =< 30 [a tn STOTT = 35 [Ua enn apse at 37 [Uae eo esos eset a as Be saan Nes Gore aa a TT aca oa STs Rico aa Siac Nes Cosi 46 —[ Tn AT hen Conorin 51 PDR Ba Geman 7 [BFC ‘Sn is [DIT Ne Gomer [Pat sa Tatra Sern ‘SanoamT Tox Cawotien 29, Revove the Ones of Hone NCLT, New Delhi dtd 21102016 and NCL:T, Canis dtd 210. Reviewed and aly ced eatomer nd vendor alge scot 211 Amid the No Objection Catiete (NOC) ial by HDAC Bak for eminon of wie an ‘est ihe ek ner HSU 212. Revoued sl snp lp ge scot ning vet noes oy rea there aia (in nl iy 213. Resowed the nego and ete of dae fhe Rei Psd 2.14 Revel de dno’ wit dng he Review Pasa 215 Revol ie? wit fe ing th Rew Ps 216 Amb ober lev ee ed ye Corpo Debi 2.17 Cai ut independet detoe conan wh top carer 218 Revue ais and other ocuat inching Aaa Report of Dio Indie Ld. the Pend 2 206 3 ach 37 pide by whe lowe. 219 Revie ae pce tent acid on? Ag 218 ted ete M/S PRL SRS Lal for eam of eel ight in mall cers propery sited a “Com 8 alee Poca iar Mane Nol Bee UP 220. Revioe fla al sees srement ecco 25 Me 2018 bewcen M/S Oo Mies ‘Sule Pst Lind and StS Lane for tfeingthe gh ia caenepopy in Ml ‘Nips “Pt No.0), Cs Ln, eae hw Pk Ren, Galt Copa 2 Deskaop analysis SL Hxtetean evened doen fam Regio Campane or Cnponte Debora chert 212 Conte pe dao secs and scl atwod mato iter nteligence on onli ‘it pote pati 4, Maske lotligence procedures “4, Cai mca lige pods / ste nd i vin car to ihe on ‘hereon, reece md owner of caomen spp IV. Summary of Observations Unsere xs ofoueneen the aie for ew oso conduct henson ait ide ‘relent anscs(cton 1), denned tants & nso dtd cet Seton Sard 15, erotinte tnston (Secon 50) nd ude / wrong nag wansctons Secon) covered ‘ce nao Bey Coe 206. Abies for ey erin ae ot hen 4 Nomcompliances petining to Section 6 (Framdulent or wrong trang) af the Cade, amis [st Wasnt i engage pig og es | 2 [P12 [Unie ok fbi Tan Rees sar T [Pani eins raking goa company Fo apa alae | aa Fax TST | ee Ta TT Ea Tae Ti (EE TILT og | TT a [Pax [gh Ve se once ar Teal a 2 Noncompliances pertaining to Section 4 (Uadewalved transactions) and Section 49 ‘Cransactlons defiauting Creditors) of the Code, 2016 AR ic ‘Thiescction ie intendedtooroide high evel nummany ofthe key observations reeuting fom our ork. Fors complete undentanding ofthe ieses, Section V of ths Repos, which contains our dete lve shoal be rend ine ei (i i ney Detailed Observations 1 Noncomplances pining Seton 6 (Faun of wrongfl tang of he Code 14. Una ly high provisioning against debvorsperaning to jewellery business LL, We noted st a on 3 Mach 208 the meses on 214 pi al be dons) ‘greed oN 1 297-08 cro a wih theese fen op 9 pats go INR 12677 rte (96% ttl esa (ewe). 1.12, Piney agent he eee fm 7 pin aged to INR. 290.26 cone (Cori of tel vee) pu wich al poion we ceted east FAL igh value Weta Wie Backs and subeequent provisioning dating the Review Pevod 1.18. We tad hit the Coporte Debio wate of dtr ating o INR 2834 coe the ‘mon of Dew 3017 bad debs Hower in the moth a Me 01 the ae wee ‘eaten bcksnd provnson rat erent forthe ae oat 1A Ape aN7-18 fini ond he Carport Debtor had peo doab db oF INR {2A erent emp ofthe noun TR 25.3 ft at a ao Provion of NR 4h ee 115, Paar 20 wpporing dosent wa avo exp /aify the wit eve of tects oats) and proving oe dou debs, 1.16, ‘Thebesk apo cones cable poisons for dou dts so 1 Nash ‘en pest heb [+ [twenty iceiyacb | tae) a [—# |erpOrmnensReiak ——| ata] [0 Sutingrormmens tie wea | a a [scores tak sr [ (Se Cnt Theo eoces ote in Wit Wee Hack and subsequent provisioning LUT. We oad he floning acne ig oa eve + Poeatieationship eaveen debra the Corporate Debtor (© Pb dornin sexes ma seve of docments eae i Rei of compuay’s ‘eb intel poten nomi of 1 deo ih SES © Tews obpeed tht in 6 cmp, dco of he deo campaiehav Bon seconde a deecn/ clap eh S2S pop compresses po oft Rt te seson “Anon in tac ih op 30 claret” ma Anca 1 fo ‘Sete information. + Obveemtons rom independent debioe balance confirmation ‘We ange indepen wei he wes Ble of cp 0 dos (98% of ‘Reb The cuca es nda nat oan a lo (© We lve ony recive teve am one doe Rams Kha Jewels vt. Ld leith ete, sme dt perth oak of cans no aig, ‘sisted the Conon Debio (© For‘ debion, the tle confirstios eter wee eased uae (Ferman 14 dito we ete yap i pps of hi spon Bien mm ‘We cond sce nia site it wes thence of 18 bon with sabe Unc peng INR 294 crore (-8% of ol ec) a ced he along (© Forint lu aprepingto INE. cot he adds ete ot tcible fede enpuseinded fu ins cites ween crea fc en pore, (© Fer dbo with vale INR 45.72 crou he wees wee ecb Hwee se {thc we om reat th cocponding ss, (© Fe? dion with wae INR 10878 coe heaves of ten ad he ‘utr wer inca Hevea gay gee hse sop ad enced or ve bog For doe with sabe INR 32285 coe the alien of tomer ad th ne Inc wre tee lowee, loa ngity geste hese dogs peal ema soret ‘ot nom rsp in deingtet ced the Cnporte Dear (i Ase 18) & Ao 1) aay CO “+ Ofmersions hom the dacuments shared hy the whistle awe) © Weseved ota afd ed 14 Aap 08 ged by Mc Ana Agval (cer of SES Rel Exe Lid and SRS Info Ei) th doce ee ‘neon ht be was empath 2 doe Trantor Gas Jeween La hase Oesmens Pe La. eco) ate ae, Me Ang. Aggro sbi ll: ‘Myeapo io ae mand apo oy Gon & Jey Lid & Bh ‘Onin P Li) so wer en of Me fia ~ Chama of RS pup Ue Sn Vir Chaar of SS grap Psa adel Dot BS psp. ‘eon, ae Sem Na Chi Ana Or of RS ga (© We ho sven th noted fi hd 14 Aug 201 sige by Mi Arun Dt (Es ict of ES Re nse Ll SES Men Sle SES Bas ak eva i SHS Bhat Porto Le, ad StS News a) wean te ‘Sapyedih tft dere Sublvggn Omens De La fe stnen 7D) Ta nae, Me Anu Dat omit ons 2 “Myeloma i te aloe mind say Say Oran: Pt 1) os tema of ra ad Chama of SRS gas MS al Vie ‘Gat Sg Nr Pra a Dor RS ropa Me Sa [New Ch As Or of IS pon” a | Goodin Omaments Pre Lal.| + Pie dansin sence see potenti | (Coeoatua) ‘lanship bre oclb sod SHS tai | tt tpn es emanate | ESI ancy Me Dho} Kuo ap, Ne Re tee tema Ths Kane, Ne Son Gop wee pa ito | SRS peup cooper ST AESimer wat it cele snd tenis |. | | Meeet tt et cnoner eae cance |: eee ies provide | apr | 5 ae ed teeny oe ie a ee ee | SS | ner oe aut teed ty pane Cost eerie Cont the pepe pee TerieroT—w— | 6 We ec he mmepeanst fo voning ag |” semanas pity © eats sti ra ‘rca nd von of abl ee au a ‘She Asivnaak Gems de Stones | * Pac doin sche evel pot er tat e=ACSPI") featioship betwee SAGSPL and SRS Lae | (povp connec We cod ta 7 pn deca Adee: inn nk ts [SAGO ump le Para Sag le Ad Kane Seep ot ‘ita Ne Day Kata Gop Pred Gp Ne Saninep Kost, Me Sony Sing and Ne Team Somy Pioel Kirar woe fant dein 8 gp rr 7, = ero “ ‘sig oa ae wi, we ta a tbe se or ‘ir comer wa nc aceahle td on ees ‘io at ha caomer was not elt ot he aii provi ‘We atemped to indpendey wef the exile ‘namo by sadn bans confine Hower we he ot ected yep fm SSAGSPL tlhe peat fh ep. ‘We toqetd. the mamageect for porting

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