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Auditor Report of Futuristic Securities Ltd.

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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