Mar 31, 2015
We have audited the accompanying financial statements of Futuristic
Securities Limited ("the Company"), which comprise the Balance Sheet as
at March 31,2015, Statement of 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
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to 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 principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with the Rule 7 of the
Companies (Accountants) Rules,2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 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 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 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 on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the standalone 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 31,2015;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in case of 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, 2015 ("the
Order)issued by the Central Government of India in terms of sub-section
(11 )of section 143 of the Act, we give in the Annexure a statement on
the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
2. As required by section 143(3) of the Act, we report that:
a. 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;
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 Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the aforesaid financial statements comply with
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representation received from the directors
of the Company as at 31 March, 2015 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015,
from being appointed as a director in terms of Section 164(2) of the
Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i) The said Balance Sheet and Profit and Loss Account read together
with the notes thereon and subject to Non Provision of Doubtful Sundry
Debtors of Rs. 8,24,800/- and Loans and Advances of Rs. 2,09,663/-,
thereby understating Loss and overstating Current Assets by the like
amount give the information required by the Companies Act, 2013, in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India.
Special Directions of "Non-Banking Financial Companies Auditor's Report
(Reserve Bank) Directions, 1998"
1. The Company has been granted registration no. 13.00309 by the
Reserve Bank of India as provided in Section 451A of the Reserve Bank
of India Act, 1934 (2 of 1934).
2. The Company has passed Board Resolution that no deposits from
public shall be accepted.
3. The Company has not accepted any deposits from Public during the
financial year under review.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Futuristic Securities Limited on the accounts of the
company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
2. (a) The Company is a Non-Banking Finance Company and does not hold
any inventories. Accordingly, paragraph 3(ii)(a), (b) and (c) of the
Order is not applicable.
3. (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 189 of
the Companies Act, 2013. Consequently, the provisions of clauses iii
(b)of the order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for services rendered. During the course of our audit,
no major instance of continuing failure to correct any weaknesses in
the internal controls has been noticed.
5. The company has not accepted any deposits from the public.
6. As per the information & explanation given by the management, the
Central Government has not prescribed the maintenance of cost records
under section 148(1) of the Act, for the products of the company.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, disputed
amounts in respect of Income Tax Demand as at 31st March 2015, not
deposited are as under:
Financial Year to which Forum where the Amount
the matter pertains Matter is pending (Rs. in Lacs)
2001-02 & 2003-04 Commissioner of 6.16
Income Tax (Appeals)
(c) According to the information and explanations given to us there
were no amounts which were required to be transferred to the investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules there
under.
8. The Company's accumulated losses at the end of the financial year
are less than 50% of its net worth. The company has however not
incurred cash loss in the current financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
11. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Lalit Bajaj & Associates
Chartered Accountants
Firm's Registration No.: 117758W
Lalit Bajaj
Partner
Membership No.: 104234
Place: Mumbai
Date: 10th August, 2015.
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of FUTURISTIC
SECURITIES LIMITED ("the Company"), which comprise the Balance Sheet as
at 31 March 2013, the Statement of 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"). 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 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:
I. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March, 2013;
II. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
III. 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 ("the
Order"), as amended,'' issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Act, we give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the Order.
2. As required by section 227(3) of the Act, we 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, Statement of Profit and loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956; and
e) on the basis of written representations received from the directors
as on 31 March, 2013, and taken on record by the Board of Directors,
none of the Directors are disqualified as on 31 March 2013, 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 Balance Sheet and Profit and
Loss Account read together with the notes thereon and subject to Non
Provision of Doubtful Sundry Debtors of Rs. 8,24,900/- and Loans and
Advances of Rs. 2,09,663/-, thereby understating Loss and overstating
Current Assets by the like amount 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 accepted in
India.
Special Directions of "Non-Banking Financial Companies Auditor''s Report
(Reserve Bank Directions, 1998"
1. The Company has been granted registration no. 13.00309 by the
Reserve Bank of India as provided in Section 451A of the Reserve Bank
of India Act, 1934 (2 of 1934).
2. The Company has passed Board Resolution that no deposits from
public shall be accepted.
3. The Company has not accepted any deposits from Public during the
financial year under review.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE)
1) As required by the Companies (Auditor''s Report) Order, 2003 and
according to the information and explanations given to us during the
course of the audit and on the basis of such checks as were considered
appropriate, we report that -
(i)(a) According to the information and explanations given to us, the
fixed assets records showing full particulars including quantitative
details and situation of fixed assets are under compilation.
(i)(b) The fixed assets have been physically verified by the management
at reasonable intervals. Till the completion of the fixed assets
records, we are unable to report the discrepancies if any noticed on
such physical verification with the book records.
(ii)(a) The Company does not have any inventories and hence provisions
verification and recording of same are not applicable.
(iii) The Company has neither granted nor taken any loans to / from any
party covered in the Register maintained under Section 301 of the
Companies Act, 1956. Consequently, the requirements of clauses (iii)(a)
to (iii)(g) of paragraph 4 of the Order are not applicable.
(iv) There are adequate internal control system commensurate with the
size of the company and the nature of its business for the purchase &
sale of Shares & Securities for the sale of services.
(v)(a) To the best of our knowledge and belief and according to
information and explanations 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 entered.
(v)(b) in our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees Five Lacs in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(vi) The company has not accepted deposits from the public and,
therefore, the directives issued by the Reserve Bank of India and the
provisions of Section 58A and 58AA or any other relevant provisions of
the Act and the Rules framed there under are not applicable.
(vii) In our opinion, the Company has an adequate Internal Audit System
commensurate with its size and nature of its business.
(viii) The company is not a manufacturing company and hence maintenance
of cost records u/s 209(1) (d) of the Companies Act, 1956 is not
applicable.
(ix)(a) According to the records of the company, the''company is
regularly depositing undisputed statutory dues including Provident
Fund, Income Tax, Employees State Insurance and other statutory dues
with appropriate authorities. According to the information and
explanation given to us, there are no undisputed amount payable in
respect of statutory dues which have remained outstanding as at 31 st
March, 2013 for a period of more than six months from the date they
became payable.
(ix) According to the information and explanations given to us,
disputed amounts in respect of Income Tax demand as at 31st March,
2013, not deposited are as under:
(x) The Company''s accumulated losses at the end of the financial
year are less than 50% of its net worth. The Company has however
not incurred cash loss in the current financial year.
(xi) The Company has not defaulted in any repayment of dues to banks.
(xii) According to the information & explanations given to us the
company has not granted loans & advances on the basis of security by
way of pledge of shares, debentures & other securities and hence no
documents and records are required to be maintained.
(xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund or Societies are not applicable to the
company for the year under report.
(xiv) According to the information and explanation given to us, the
proper records has been maintained of the transactions and contracts.
The shares, securities & other investments have been held by the
company in its own name.
(xv) According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institution.
(xvi) The Company has not taken any term loan during the year.
(xvii) On the basis of our examination, the company has not raised any
short term funds which have been used for long term investments during
the year.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered under the register maintained u/s 301
of the Companies Act, 1956.
(xix) The Company has not issued any debentures during the year and
hence no securities have been created.
(xx) The Company has not raised any money by way of public issue during
the year and, therefore, disclosure of the end use of money is not
required.
(xxi) On the basis of our examination and according to the information
& explanations given to us no fraud on or by the company have been
noticed or reported during the year.
For R. JAITLIA & CO.
Chartered Accountants
Firm Registration No. 117246W
(RATANLAL JAITLIA)
Partner
Membership No. 009513
Place : Mumbai
Date : 9th August, 2013.
Mar 31, 2010
We have audited the attached Balance Sheet of FUTURISTIC SECURITIES
LIMITED as at 31 st March 2010 and the Profit and Loss Account for year
ended on that date, both annexed thereto and the Cash Flow Statement
for the period ended on that date. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express our opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standard generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. 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. We further report that:-
1) As required by the Companies (Auditors Report) Order, 2003 issued
by the Company Law Board in termsof Section 227(4A) of the Companies
Act, 1956, on the basis of such checks as we can consider appropriate
and according to the information and explanation given to us during the
course of audit, we annex hereto a statement on the matters specified
in the said Order.
2) Further to our comments in the annexure referred to in paragraph (1)
above, we state 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 such
books.
c) The Balance Sheet and Profit & Loss Account referred to in this
report are in agreement with the Books of Account.
d) In our opinion, the Balance Sheet and the Profit & Loss Account
dealt with by this report are in compliance with the Accounting
Standards referred to in Section 211 (3C) of the Companies Act, 1956.
e) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2010 from
being appointed as directors in terms of clause (g) of sub - section
(1) of Sec 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 Balance Sheet and Profit and
Loss Account read together with the notes thereon and subject to Non
Provision of Doubtful Sundry Debtors of Rs. 8,49,263/- and Loans and
Advances of Rs. 3,25,921/-, thereby understating Loss and overstating
Current Assets by the like amount 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 accepted in
India.
I) In the case of the Balance Sheet of the State of affairs of the
company as at 31 st March, 2010, and
ii) In the case of the Profit and Loss Account of Profit of the company
for the year ended on that date.
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date. Special Directions of "Non-Banking Financial Companies
Auditors Report (Reserve Bank Directions, 1998"
1. The Company has been granted registration no. 13.00309 by the
Reserve Bank of India as provided in Section 451A of the Reserve Bank
of India Act, 1934 (2 of 1934).
2. The Company has passed Board Resolution that no deposits from
public shall be accepted.
3. The Company has not accepted any deposits from Public during the
financial year under review.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH (1) OF OUR
REPORT OF EVEN DATE TO THE SHAREHOLDERS OF FUTURISTIC SECURITIES
LIMITED FOR THE YEAR ENDED 31 ST MARCH, 2010.
1) As required by the Companies (Auditors Report) Order, 2003 and
according to the information and explanations given to us during the
course of the audit and on the basis of such checks as were considered
appropriate, we report that -
(i)(a) According to the information and explanations given to us, the
fixed assets records showing full particulars including quantitative
details and situation of fixed assets are under compilation.
(i)(b) The fixed assets have been physically verified by the
management at reasonable intervals. Till the completion of the fixed
assets records, we are unable to report the discrepancies if any
noticed on such physical verification with the book records.
(ii)(a) The Company does not have any inventories and hence provisions
verification and recording of same are not applicable.
(iii) The Company has neither granted nor taken any loans to / from
any party covered in the Register maintained under Section 301 of the
Companies Act, 1956. Consequently, the requirements of clauses (iii)(a)
to (iii)(g) of paragraph 4 of the Order are not applicable.
(iv) There are adequate internal control system commensurate with the
size of the company and the nature of its business for the purchase &
sale of Shares & Securities for the sale of services.
(v) (a) To the best of our knowledge and belief and according to
information and explanations 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 entered.
(v) (b) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of
contracts or arrangements entered in the Register maintained under
Section 301 of the Companies Act, 1956 and exceeding the value of
Rupees Five Lacs in respect of each party during the year have been
made at prices which are reasonable having regard to the prevailing
market prices at the relevant time.
(vi) The company has not accepted deposits from the public and,
therefore, the directives issued by the Reserve Bank of India and the
provisions of Section 58A and 58AA or any other relevant provisions of
the Act and the Rules framed there under are not applicable.
(vii) In our opinion, the Company has an adequate Internal Audit
System commensurate with its size and nature of its business.
(viii) The company is not a manufacturing company and hence
maintenance of cost records u/s 209(1 )(d) of the Companies Act, 1956
is not applicable.
(ix)(a) According to the records of the company, the company is
regularly depositing undisputed statutory dues including Provident
Fund, Income Tax, Employees State Insurance and other statutory dues
with appropriate authorities. According to the information and
explanation given to us, there are no undisputed amount payable in
respect of statutory dues which have remained Outstanding as at 31 st
March, 2010 for a period of more than six months from the date they
became payable.
(ix)(b) According to the information and explanations given to us,
disputed amounts in respect of Income Tax demand as at 31 st March,
2010, not deposited are as under:
Financial year to which Forum where matter is Amount
the matter pertains pending (Rs.in lacs)
2001-02 & 2003-04 Commissioner of
Income 6.16
Tax (Appeal)
(x) The Companys accumulated losses at the end of the financial year
are less than 50% of its net worth. The Company has however not
incurred cash loss in the current financial year.
(xi) The Company has not defaulted in any repayment of dues to banks.
(xii) According to the information & explanations given to us the
company has not granted loans & advances on the basis of security by
way of pledge of shares, debentures & other securities and hence no
documents and records are required to be maintained.
(xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund or Societies are not applicable to the
company for the year under report.
(xiv) According to the information and explanation given to us, the
proper records has been maintained of the transactions and contracts.
The shares, securities & other investments have been held by the
company in its own name.
(xv) According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institution.
(xvi) The Company has not taken any term loan during the year.
(xvii) On the basis of our examination, the company has not raised any
short term funds which have been used for long term investments during
the year.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered under the register maintained u/s 301
of the Companies Act, 1956.
(xix) The Company has not issued any debentures during the year and
hence no securities have been created.
(xx) The Company has not raised any money by way of public issue
during the year and, therefore, disclosure of the end use of money is
not required.
(xxi) On the basis of our examination and according to the information
& explanations given to us no fraud on or by the company have been
noticed or reported during the year.
For R. JAITLIA & CO.
Chartered Accountants
Firm Registration No. 117246W
Place: Mumbai (RATANLAL JAITLIA)
Date : 30th Day of July, 2010 Partner
Membership No. 009513
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