Auditor Report of AK Capital Services Ltd.
Mar 31, 2018
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of A. K. Capital Services Limited (âthe Companyâ) which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone 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 Rule 7 of the Companies (Accounts) 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone 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 the disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs preparation 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 the Companyâs Directors, 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 aforesaid 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, of the state of affairs of the Company as at 31 March, 2018, its profit & its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of Subsection (11) of Section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraphs 3 & 4 of the Order.
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 it 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 standalone 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 as on 31 March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2018 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, refer to our separate report in âAnnexure Bâ; and
(g) With respect to the other matters to be included in the Auditorâs 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 Company does not have any pending litigations which would impact its financial position;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund bythe Company
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has regular programme of physical verification of its fixed assets by which all the fixed assets are verified in a phased manner on yearly basis. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) Considering the nature of business, the nature of business, the Company does not have inventory. In view of this, paragraph 3(ii) of the Order is not applicable to the Company.
(iii) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnership or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the Paragraph 3 (iii)(a), 3(iii)(b) and 3(iii)(c) of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations given to us, the Company has not advanced or granted any loan covered under Section 185 of the Act. Further, the Company has complied with provisions of Section 186 of the Act, with respect to the loans, guarantee or security and investments made.
(v) The Company has not accepted any deposits during the year from the public to which the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 and any other relevant provisions of the Act and the rules framed thereunder apply.
(vi) In our opinion and according to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under Sub-section (1) of Section 148 of the Act.
(vii) (a) According to the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues including provident fund, income tax, service tax, goods and service tax, cess and any other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the 31 March, 2018 for a period of more than six months from the date they became payable. As informed, statutory dues in the nature of employee state insurance, sales tax, duty of customs, duty of excise and value added tax are not applicable to the Company.
b) According to information and explanations given to us, there are no dues on account of sales tax, wealth tax, service tax, goods and service tax, duty of customs, duty of excise, value added tax and cess which have not been deposited with the appropriate authorities on account of any dispute except the following dues of Income tax:
|
Name of the Statute |
Nature of the dues |
Amount Rs. |
Period to which the amount |
Forum where dispute |
|
relates |
is pending |
|||
|
Income Tax Act, 1961 |
Income tax |
Nil * |
A.Y. 2013-2014 |
Income Tax Appellate Tribunal |
* Disputed demand amounting to Rs. 5,147,388 has been adjusted against the refund order issued for the Assessment year 2014-2015 and refund of Assessment year 2005-06.
(viii) In our opinion and according to information and explanations given to us, the Company has not defaulted in repayment of dues to banks or financial institutions. The Company does not have any loans or borrowings from government and has not issued any debentures during the year.
(ix) In our opinion and according to the information and explanations given to us, the Company has utilized the term loan for the purpose it was raised. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments).
(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the company or any fraud on the Company by its officers or employees have been noticed or reported during the year.
(xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Section 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of A. K. Capital Services Limited (âthe Companyâ) as of 31 March 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For PYS & CO. LLP
Chartered Accountants
Firmâs Registration No. 012388S/S200048
G.D. Joglekar
Partner
Membership No.: 39407
Place: Mumbai
Dated: May 26, 2018
Mar 31, 2016
To,
The Members of
A. K. CAPITAL SERVICES LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of A. K. Capital Services Limited (âthe Companyâ) which comprise the Balance Sheet as at 31 March 2016, the Statement of Profit and Loss, 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 Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone 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 Rule 7 of the Companies (Accounts) 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 standalone 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 there under.
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 the 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 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 the Company''s Directors, 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 aforesaid 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, of the state of affairs of the Company as at 31 March, 2016, its profit and its 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, 2016 (âthe Orderâ) 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, a statement on the matters specified in the paragraph 3 and 4 of the Order.
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 it 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 standalone 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 as on 31 March, 2016 taken on record by the Board of Directors, 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, refer to our separate report in âAnnexure Bâ; and
(g) 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
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE - âAâTO THE INDEPENDENT AUDITORSâREPORT (Referred to in paragraph 1 under the heading âReport on Other Legal and Regulatory Requirementsâ of our report of even date)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has regular programme of physical verification of its fixed assets by which all the fixed assets are verified in a phased manner on yearly basis. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company
(ii) Considering the nature of business, the Company does not have inventory. In view of this, paragraph 3(ii) of the Order is not applicable to the Company.
(iii) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the Paragraph 3 (iii) (a), 3(iii)(b) and 3(iii)(c) of the Order are not applicable to the Company
(iv) In our opinion and according to the information and explanations given to us, the Company has not advanced or granted any loan covered under Section 185 of the Act. Further, the Company has complied with the provisions of 186 of the Act, with respect to the loans, guarantee or security and investments made.
(v) The Company has not accepted any deposits during the year from the public to which the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 and any other relevant provisions of the Act and the rules framed there under apply.
(vi) In our opinion and according to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under Sub-section (1) of Section 148 of the Act.
(vii) (a) According to the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues including provident fund, income tax, service tax, cess and any other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the 31 March, 2016 for a period of more than six months from the date they became payable. As informed, statutory dues in the nature of employee state insurance, sales tax, duty of customs, duty of excise and value added tax are not applicable to the Company.
(b) According to information and explanations given to us, there are no dues on account of sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and cess which have not been deposited with the appropriate authorities on account of any dispute except the following dues of income tax :
|
Name of the Statute |
Nature of the dues |
Amount |
Period to which the amount relates |
Forum where dispute is pending |
|
|
Income Tax Act, 1961 |
Income tax |
1,242,940 |
April 2011 to March 2012 |
Deputy Commissioner of Income Tax |
(viii) In our opinion and according to information and explanations given to us, the Company has not defaulted in repayment of dues to banks or financial institutions. The Company does not have any loans or borrowings from government and has not issued any debentures during the year.
(ix) In our opinion and according to the information and explanation given to us, the Company has utilized the term loan for the purpose it was raised. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments).
(x) During the course of our examination of the books of account and records of the Company, carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud by the company or any fraud on the Company by its officers or employees have been noticed or reported during the year, nor have we been informed of any such case by the management.
(xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Section 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934.
ANNEXURE âBâTOTHE INDEPENDENT AUDITORSâ REPORT
(Referred to in paragraph 2(f) under the heading âReport on Other Legal and Regulatory Requirementsâ of our report of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of A. K. Capital Services Limited (âthe Companyâ) as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors âResponsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the ''Guidance Note") issued by the ICAI and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of. their reports referred to in the Other Matters Paragraph below, Is sufficient and appropriate to provide a basis for our audit opinion on the respective Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
FOR SURESH SURANA & ASSOCIATES LLP
Chartered Accountants
ICAI Reg. No. 121750W/W-100010
(Ramesh Gupta)
PARTNER
Membership No.: 102306
Place: Mumbai
Dated: May 21, 2016
Mar 31, 2015
We have audited the accompanying standalone financial statements of A.
K. Capital Services Limited ("the Company") which comprise the Balance
Sheet as at 31 March 2015, the Statement of Profit and Loss, 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 Standalone 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 standalone 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 Rule 7 of the
Companies (Accounts) 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 standalone
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
there under.
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 the 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 of the financial statements 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 the
Company's Directors, 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 aforesaid 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, of the state of affairs of the Company as
at 31 March, 2015, its profit and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' 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 it 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 standalone 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 as on 31 March, 2015 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; and
(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 Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURETOTHE INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date)
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has regular programme of physical verification of its
fixed assets by which all the fixed assets are verified in a phased
manner on yearly basis. In our opinion, the periodicity of physical
verification is reasonable having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
(ii) Considering the nature of business, the Company does not have
inventory. In view of this, paragraph 3 (ii) (a), 3 (ii)(b) and 3 (ii)
(c) of the Order are not applicable to the Company.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Accordingly, the Paragraph 3 (iii) (a)
and (b) of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of services and fixed assets and for the sale of services.
Further, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in internal control
system.
(v) The Company has not accepted any deposits during the year from the
public to which the directives issued by the Reserve Bank of India and
the provisions of Sections 73 to 76 and any other relevant provisions
of the Act and the rules framed thereunder apply.
(vi) In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under sub-section (1) of Section 148 of the Act.
(vii) (a) According to the information and explanations given to us,
the Company has been generally regular in depositing undisputed
statutory dues including provident fund, income tax, wealth tax,
service tax, cess and any other statutory dues with the appropriate
authorities. There are no arrears of outstanding statutory dues as at
the 31 March, 2015 for a period of more than six months from the date
they became payable. As informed, statutory dues in the nature of
employee state insurance, sales tax, duty of customs, duty of excise
and value added tax are not applicable to the Company.
(b) According to information and explanations given to us, there are no
dues on account of sales tax, wealth tax, service tax, duty of customs,
duty of excise, value added tax and cess which have not been deposited
with the appropriate authorities on account of any dispute except the
following dues of income tax:
Name of the
Statute Nature of the dues Amount Period to
which the Forum where
Rs, amount
relates dispute is
pending
Income Tax
Act, 1961 Income tax 1,242,940 April 2011
to March
2012 Deputy
Commissioner
of Income Tax
(c) According to the information and explanations given to us, the
Company has transferred amount required to be transferred to Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 and the rules made there under.
(viii) The Company has no accumulated losses as at 31 March, 2015 and
it has not incurred cash losses in the financial year and in the
immediately preceding financial year.
(ix) In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to banks or
financial institutions. The Company has not issued any debentures.
(x) According to information and explanations given to us, the Company
has given guarantee for working capital facility and term loan facility
taken by its subsidiary company from bank. However, in our opinion, the
terms and conditions of the said loan are prima facial not prejudicial
to the interest of the Company.
(xi) Based on information and explanations given to us, the term loans
have been applied for the purpose of which they were raised.
(xii) During the course of our examination of the books of account and
records of the Company, carried out in accordance with generally
accepted auditing practices in India and according to the information
and explanations given to us, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by management.
FOR SURESH SURANA & ASSOCIATES LLP
Chartered Accountants
ICAIReg.No.121750W/W-100010
(Ramesh Gupta)
PARTNER
Membership No.: 102306
Place: Mumbai
Dated: May 24,2015
Mar 31, 2014
We have audited the accompanying financial statements of A. K. Capital
Services Limited ("the Company"), which comprise the balance sheet as
at March 31, 2014 and the statement of profit and loss and cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for 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 principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 ("the Act"). read with the General Circular
15/2013 dated September 13, 2013 of Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act,2013. 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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. 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:
a) in the case of the balance sheet, of the state of affairs of the
Company as at March 31, 2014
b) in the case of the statement of profit and loss, of the profit for
the year ended on that date and
c) 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 Companies (Auditor''s report) Order 2003 (hereinafter
referred to as ''the Order'') issued by the Central Government of India
in terms of Section 227(4A) and on the basis of such checks, as were
considered appropriate, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said 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 Act;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Act.
Annexure to the independent Auditors'' Report referred to in paragraph 1
under the heading of " Report on Other Legal and Regulatory
Requirements" of our report of even date
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) The Company has regular programme of physical verification of its
fixed assets by which all fixed assets are verified in a phased manner
on yearly basis. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and
the nature of its assets.
c) During the year, the Company has not disposed off substantial part
of its fixed assets.
2. Considering the nature of business, the Company does not have
inventory. In view of this, clauses 4 (ii) (a), 4 (ii) (b) and 4 (ii)
(c) of the Order are not applicable to the Company.
3. The Company has neither granted nor taken any loans, secured or
unsecured to and from companies, firms or other parties covered in the
register maintained under Section 301 of the Act. Accordingly, clauses
4 (iii) (b), 4 (iii) (c), 4 (iii) (d), 4 (iii) (f) and 4 (iii) (g) 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 an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of services and fixed assets and for sale of services. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in the internal control system.
5. a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Act have been so entered in the
register required to be maintained under that Section.
b ) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements aggregating during the year to Rs. 500,000 or more in
respect of each party have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public with the
meaning of Section 58A and 58AA or any other relevant provisions of the
Act, during the year.
7. The Company has adequate internal audit system commensurate with
the size and nature of its business.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209 (1) (d) of the Act.
9. a) According to the information and the explanations given to us,
the Company has been generally regular in depositing undisputed
statutory dues including provident fund, income tax, service tax,
investor educational and protection fund, wealth tax, cess and other
statutory dues applicable to it, with the appropriate authorities.
There were no arrears in this respect as at March 31, 2014 for a period
of more than six months from the date they became payable. As informed,
statutory dues in the nature of employee state insurance, custom duty
and excise duty are not applicable to the Company.
b) According to information and explanations given to us, there are no
dues on account of income tax, sales tax, service tax, custom duty,
wealth tax, excise duty which have not been deposited with the
appropriate authorities on account of any dispute.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current year and in
the immediately preceding financial year.
11. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to banks. The
Company has not issued any debentures and there are no dues to
financial institutions.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the Company is not a chit fund or a nidhi / mutual benefit fund
/ society. Accordingly, clause 4(xiii) of the Order is not applicable
to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records in respect of
transactions relating to dealing in shares, securities, debentures and
other investments. As per our examination of such records, we report
that timely entries have been made in such records and share,
securities, debentures and other investments have been held by the
Company in its own name.
15. According to information and explanations given to us, the Company
has given guarantee for working capital facility and term loan facility
taken by its subsidiary company from bank. However, in our opinion, the
terms and conditions of the said loan are not prima facia prejudicial
to the interest of the Company.
16. Based on information and explanations given to us, the term loans
have been applied for the purpose for which they were raised.
17. According to information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
funds raised on short-term basis have not been used for long term
investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act. Accordingly, clause 4 (xviii) of the Order is not
applicable.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. During the course of our examination of books of account and
records of the Company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information
and explanations given to us, we have not come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
FOR SURESH SURANA & ASSOCIATES LLP
Chartered Accountants
Firm Reg. No.: 121750W/W-100010
(Ramesh Gupta)
PARTNER
Membership No.: 102306
Place: Mumbai
Date : May 26, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of A. K. Capital
Services Limited ("the Company"), which comprise the balance sheet as
at March 31,2013 and the statement of profit and loss and cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for 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 principles generally accepted in India including
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:
a) in the case of the balance sheet, of the state of affairs of the
Company as at March 31,2013
b) in the case of the statement of profit and loss, of the profit for
the year ended on that date and
c) 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 Companies (Auditor''s report) Order 2003 (hereinafter
referred to as ''the Order'') issued by the Central Government of India
in terms of Section 227(4A) and on the basis of such checks, as were
considered appropriate, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said 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 Act;
e) On the basis of written representations received from the directors
as on March 31,2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Act.
Annexure to the Independent Auditors'' Report referred to in paragraph 1
under the heading "Report on Other Legal and Regulatory Requirements"
of our report of even date
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) The Company has regular programme of physical verification of its
fixed assets by which all fixed assets are verified in a phased manner
on yearly basis. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and
the nature of its assets.
c) During the year, the Company has not disposed off substantial part
of its fixed assets.
2. Considering the nature of business, the Company does not have
inventory. In view of this, clauses 4 (ii) (a), 4 (ii) (b) and 4 (ii)
(c) of the Order are not applicable to the Company.
3. The Company has neither granted nor taken any loans, secured or
unsecured to and from companies, firms or other parties covered in the
register maintained under Section 301 of the Act. Accordingly, clauses
4 (iii) (b), 4 (iii) (c), 4 (iii) (d), 4 (iii) (f) and 4 (iii) (g) 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 an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of services and fixed assets and for sale of services. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in the internal control system.
5. a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Act have been so entered in the
register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements aggregating during the year to Rs. 500,000 or more in
respect of each party have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public with the
meaning of Section 58A and 58AA or any other relevant provisions of the
Act, during the year.
7. The Company has adequate internal audit system commensurate with
size and nature of its business.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209 (1) (d) of the Act.
9. a) According to the information and the explanations given to us,
the Company has been generally regular in depositing undisputed
statutory dues including provident fund, income tax, service tax,
investor educational and protection fund, wealth tax, cess and other
statutory dues applicable to it, with the appropriate authorities.
There were no arrears in this respect as at March 31, 2013 for a period
of more than six months from the date they became payable. As
informed, statutory dues in the nature of employee state insurance,
custom duty and excise duty are not applicable to the Company.
b) According to information and explanations given to us, there are no
dues on account of income tax, sales tax, service tax, custom duty,
wealth tax, excise duty which have not been deposited with the
appropriate authorities on account of any dispute.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current year and in
the immediately preceding financial year.
11. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to banks. The
Company has not issued any debentures and there are no dues to
financial institutions.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the Company is not a chit fund or a nidhi / mutual benefit fund
/ society. Accordingly, clause 4(xiii) of the Order is not applicable
to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records in respect of
transactions relating to dealing in shares, securities, debentures and
other investments. As per our examination of such records, we report
that timely entries had been made in such records and that share,
securities, debentures and other investments have been held by the
Company in its own name.
15. According to information and explanations given to us, the Company
has given guarantee for working capital demand loan taken by its
subsidiary company from bank. However, in our opinion, the terms and
conditions of the said loan are not prima facia prejudicial to the
interest of the Company.
16. Based on information and explanations given to us, the term loans
have been applied for the purpose for which they were raised.
17. According to information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
funds raised on short-term basis have not been used for long term
investment
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act. Accordingly, clause 4 (xviii) of the Order is not
applicable.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. During the course of our examination of books of account and
records of the Company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information
and explanation given to us, we have not come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
FOR SURESH SURANA & ASSOCIATES
Chartered Accountants
Firm Reg. No.: 121750W
(Ramesh Gupta)
Partner
Membership No.: 102306
Place: Mumbai
Date :May 25,2013
Mar 31, 2012
1. We have audited the attached balance sheet of A. K. Capital
Services Limited ('the Company') as at March 31, 2012, the
statement of profit and loss and also the cash flow statement for the
year ended on that date, annexed thereto. These financial statements
are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards
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 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.
3. As required by Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendments) Order, 2004
(hereinafter referred to as 'the Order') issued by the Central
Government of India in terms of Section 227(4A) of the Companies Act,
1956 (hereinafter referred to as 'the Act') and on the basis of
such checks, as we considered appropriate, we annex hereto a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the annexure referred to in paragraph 3
above, 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 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, 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 dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Act, to the extent applicable;
e) On the basis of written representations received from the directors
of the Company as on March 31, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2012 from being appointed as a director of the Company in
terms of clause (g) of sub-section (1) of Section 274 of the Act; and
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with significant accounting policies and notes thereon, 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 March 31, 2012;
ii. in the case of the statement of profit and loss, of the profit of
the Company for the year ended on that date; and
iii. in the case of cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) The Company has regular programme of physical verification of its
fixed assets by which all fixed assets are verified in a phased manner
on yearly basis. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and
the nature of its assets.
c) During the year, the Company has not disposed off substantial part
of its fixed assets.
2. Considering the nature of business, the Company does not have
inventory. In view of this, clauses 4 (ii) (a), 4 (ii) (b) and 4 (ii)
(c) of the Order are not applicable to the Company.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Act:
a) The Company has granted unsecured loan to its subsidiary company
covered in the register maintained under Section 301 of the Act during
the year. The maximum amount outstanding during the year was R
465,000,000 and year end balance was R Nil.
b) In our opinion, the rate of interest and other terms and conditions
on which loans have been granted are prima facie, not prejudicial to
the interest of the Company.
c) In our opinion and according to information and explanations given
to us, receipt of the principal amount and interest are regular,
wherever stipulated.
d) The loans given by the Company are repayable on demand hence, there
is no overdue amount.
e) The Company has not taken loans, secured or unsecured from the
companies, firms or other parties covered in the register maintained
under Section 301 of the Act during the year. Accordingly, paragraph
4(iii)(f) and 4(iii)(g) of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for sale of services. There is no purchase
of inventory or sale of goods during the year. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system.
5. a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or
arrangements referred to in Section 301 of the Act have been so entered
in the register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements aggregating during the year to R 500,000 or more in
respect of each party have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA or any other relevant provisions
of the Act, during the year.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209(1)(d) of the Act.
9. a) According to the information and the explanations given to us,
the Company is generally regular in depositing undisputed
statutory dues including provident fund, investor education and
protection fund, income tax, sales tax, wealth tax, custom duty, excise
duty, cess and other material statutory dues as applicable, with the
appropriate authorities. There were no arrears in this respect as at
March 31, 2012 for a period of more than six months from the date they
became payable.
b) According to information and explanations given to us, there are no
dues of sales tax, service tax, income tax, custom duty, wealth tax,
excise duty and cess, which have not been deposited on account of any
dispute.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current year and in
the immediately preceding financial year.
11. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to banks. The
Company has not issued any debentures and there are no dues to
financial institutions.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the Company is not a chit fund or a nidhi / mutual benefit fund
/ society. Accordingly, clause 4(xiii) of the Order is not applicable
to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records in respect of
transactions relating to dealing in shares, securities, debentures and
other investments. As per our examination of such records, we report
that timely entries had been made in such records and that shares,
securities, debentures and other investments have been held by the
Company in its own name.
15. According to information and explanations given to us, the Company
has given guarantee for working capital demand loan taken by its
subsidiary company from bank. However, in our opinion, the terms and
conditions of the said loan are not prejudicial to the interest of the
Company.
16. Based on information and explanations given to us, the term loans
have been applied for the purpose for which they were raised.
17. According to information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
funds raised on short-term basis have not been used for long term
investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act. Accordingly, paragraph 4(xviii) of the Order is not
applicable.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. During the course of our examination of books of account and
records of the Company, carried out in accordance with the generally
accepted auditing practices in India and according to the information
and explanations given to us, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Suresh Surana & Associates
Chartered Accountants
Firm Registration No.: 121750W
Ramesh Gupta
Partner
Membership No.: 102306
Place : Mumbai
Date : August 25, 2012
Mar 31, 2011
1. We have audited the attached balance sheet of A. K. Capital
Services Limited ('the Company') as at March 31, 2011 and also the
profit and loss account and the cash flow statement for the year ended
on that date, annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
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 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.
3. As required by Companies (Auditor's report) Order, 2003 as amended
by the Companies (Auditor's report) (Amendments) Order, 2004
(hereinafter referred to as 'the Order') issued by the Central
Government of India in terms of Section 227(4A) of the Companies Act,
1956 (hereinafter referred to as 'the Act') and on the basis of such
checks, as we considered appropriate, we annex hereto a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the annexure referred to in paragraph 3
above, 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, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act, to
the extent applicable;
e) On the basis of written representations received from the directors
of the Company as on March 31, 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2011 from being appointed as a director of the Company in
terms of clause (g) of sub-section (1) of Section 274 of the Act; and
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
notes thereon in Schedule 'O' 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 March 31, 2011;
ii. in the case of the profit and loss account, of the profit of the
Company for the year ended on that date; and
iii. in the case of cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
1. In respect of its fixed assets:
a) The Company is in the process of updating records for its fixed
assets to show full particulars including quantitative details and
situation of its fixed assets.
b) The Company has regular programme of physical verification of its
fixed assets by which all fixed assets are verified in a phased manner
over a period of three years. In our opinion, this periodicity of
physical verification is reasonable having regard to the size of the
Company and the nature of its assets.
c) During the year, the Company has not disposed off substantial part
of its fixed assets.
2. Considering the nature of business, the Company does not have
inventory. In view of this, clauses 4 (ii) (a), 4 (ii) (b) and 4 (ii)
(c) of the Order are not applicable to the Company.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Act:
a) The Company has granted unsecured loan to its subsidiary company
covered in the register maintained under Section 301 of the Act during
the year. The maximum amount outstanding during the year was Rs.
4,534.39 lacs and year end balance was Rs. 2,001.48 lacs.
b) In our opinion, the rate of interest and other terms and conditions
on which loans have been granted are prima facie, not prejudicial to
the interest of the Company.
c) In our opinion and according to information and explanations given
to us, receipt of the principal amount and interest are regular,
wherever stipulated.
d) The loans given by the Company are repayable on demand hence there
is no overdue amount.
e) The Company has not taken loans, secured or unsecured from the
companies, firms or other parties covered in the register maintained
under Section 301 of the Act during the year. Accordingly, paragraph
4(iii)(f) and 4(iii)(g) of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchases of fixed assets and for sale of services. There is no
purchase of inventory or sale of goods during the year. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control system.
5. a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Act have been so entered in the
register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements aggregating during the year to Rs. 500,000 or more in
respect of each party have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA or any other relevant provisions of
the Act, during the year.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209(1)(d) of the Act.
9. a) According to the information and the explanations given to us,
the Company is generally regular in depositing undisputed
statutory dues including provident fund, investor education and
protection fund, income tax, sales tax, wealth tax, custom duty, excise
duty, cess and other material statutory dues as applicable, with the
appropriate authorities. There were no arrears in this respect as at
March 31, 2011 for a period of more than six months from the date they
became payable.
b) According to information and explanations given to us, there are no
dues of sales tax, service tax, income tax, custom duty, wealth tax,
excise duty and cess, which have not been deposited on account of any
dispute.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current year and in
the immediately preceding financial year.
11. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to banks. The
Company has not issued any debentures and there are no dues to
financial institutions.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the Company is not a chit fund or a nidhi / mutual benefit fund
/ society. Accordingly, clause 4(xiii) of the Order is not applicable
to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records in respect of
transactions relating to dealing in shares, securities, debentures and
other investments. As per our examination of such records, we report
that timely entries had been made in such records and that share,
securities, debentures and other investments have been held by the
Company in its own name.
15. According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
16. Based on information and explanations given to us, the term loans
have been applied for the purpose for which they were raised.
17. According to information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
funds raised on short-term basis have not been used for long term
investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act. Accordingly, paragraph 4(xviii) of the Order is not
applicable.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. During the course of our examination of books of account and
records of the Company, carried out in accordance with the generally
accepted auditing practices in India and according to the information
and explanations given to us, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Suresh Surana & Associates
Chartered Accountants
Firm Registration No.: 121750W
Ramesh Gupta
Partner
Membership No.: 102306
Place : Mumbai
Date : August 10, 2011
Mar 31, 2010
1. We have audited the attached balance sheet of A. K. Capital
Services Limited (the Company) as at March 31, 2010 and also the
profit and loss account and the cash flow statement for the year ended
on that date, annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
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 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.
3. As required by Companies (Auditors report) Order, 2003 as amended
by the Companies (Auditors report) (Amendments) Order, 2004
(hereinafter referred to as the Order1) issued by the Central
Government of India in terms of Section 227(4A) of the Companies Act,
1956 (hereinafter referred to as the Act) and on the basis of such
checks, as we considered appropriate, we annex hereto a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the annexure referred to in paragraph 3
above, 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 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, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act, to
the extent applicable;
e) On the basis of written representations received from the directors
of the Company as on March 31, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2010 from being appointed as a director of the Company in
terms of clause (g) of sub-section (1) of Section 274 of the Act; and
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
notes thereon in Schedule O 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 March 31, 2010;
ii. in the case of the profit and loss account, of the profit of the
Company for the year ended on that date; and
iii. in the case of cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS1 REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
1. In respect of its fixed assets:
a) The Company is in the process of updating records for its fixed
assets to show full particulars including quantitative details and
situation of its fixed assets.
b) The Company has regular programme of physical verification of its
fixed assets by which all fixed assets are verified in a phased manner
over a period of three years. In our opinion, this periodicity of
physical verification is reasonable having regard to the size of the
Company and the nature of its assets.
c) During the year, the Company has not disposed off substantial part
of its fixed assets.
2. Considering the nature of business, the Company does not have
inventory. In view of this, clauses 4 (ii) (a), 4 (ii) (b) and 4 (ii)
(c) of the Order are not applicable to the Company.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Act:
a) The Company has not granted loans, secured or unsecured to the
companies, firms or other parties listed in the register maintained
under Section 301 of the Act during the year. Accordingly, paragraph
4(iii)(b), 4(iii)(c) and 4(iii)(d) of the Order are not applicable.
b) The Company has not taken loans, secured or unsecured from the
companies, firms or other parties listed in the register maintained
under Section 301 of the Act during the year. Accordingly, paragraph
4(iii)(f) and 4(iii)(g) of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchases of fixed assets and for sale of services. There is no
purchase of inventory or sale of goods during the year. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control system.
5. a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or
arrangements referred to in Section 301 of the Act have been so entered
in the register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements aggregating during the year to Rs. 500,000 or more in
respect of each party have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA or any other relevant provisions of
the Act, during the year.
7. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
8. In our opinion and according to the information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209(1 )(d) of the Act.
9. a) According to the information and the explanations given to us,
the Company has been regular in depositing undisputed
statutory dues including provident fund, investor education and
protection fund, income tax, sales tax, wealth tax, custom duty, excise
duty, cess and other material statutory dues as applicable, with the
appropriate authorities. There were no arrears in this respect as at
March 31, 2010 for a period of more than six months from the date they
became payable.
b) According to information and explanations given to us, there are no
dues of sales tax, service tax, income tax, custom duty, wealth tax,
excise duty and cess, which have not been deposited on account of any
dispute.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current year and in
the immediately preceding financial year.
11. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to financial
institution or bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the Company is not a chit fund or a nidhi / mutual benefit fund
/ society. Accordingly, clause 4(xiii) of the Order is not applicable
to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records in respect of
transactions relating to dealing in shares, securities, debentures and
other investments. As per our examination of such records, we report
that timely entries had been made in such records and that share,
securities, debentures and other investments have been held by the
Company in its own name.
15. According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
16. Based on information and explanations given to us, the term loans
have been applied for the purpose for which they were raised.
17. According to information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
funds raised on short-term basis have not been used for long term
investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act. Accordingly, paragraph 4(xviii) of the Order is not
applicable.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. During the course of our examination of books of account and
records of the Company, carried out in accordance with the generally
accepted auditing practices in India and according to the information
and explanations given to us, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Suresh Surana & Associates Chartered Accountants
Ramesh Gupta
Partner
Membership No.: 102306
Firm Regn. No. : 121750W
Place: Mumbai
Date : August 4, 2010
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