Mar 31, 2015
We have audited the accompanying financial statements of AMIT
SECURITIES LIMITED (The Company), which comprises the Balance sheet as
at 31stMarch, 2015 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 explana- tory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for matters stated in
Section 134(5) of the Companies Act, 2013 ("The Act") with respect to
the preparation of these financial statements that give a true and fair
value of the financial positions, financial performance and cash flows
of the company in accordance with the accounting standards referred to
in section 133 of the Act, read with rule 7 of the Companies (Accounts)
Rule, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provision of act for
safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and esti- mates 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 ac-
counting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit,
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the standards on Auditing
specified under Section 143(10) of the Act. Those standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assess- ment 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 financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operat- ing
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the 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 March 31, 2015, and 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, 2015 ("the
order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the
Companies Act, 2013 we give
in the annexure a statement on the matters specified in paragraphs 3
and 4 and 5 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 knowl- edge 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 of the Company.
c. The Balance Sheet and statement of Profit and Loss Account and Cash
Flow statement dealt with by these reports are in agreement with the
books of account of the Company.
d. In our opinion, the Balance Sheet and Profit & Loss Account and
Cash Flow statement dealt with by this report comply with the
accounting standards specified under section 133 of the Act, read with
rule 7 of Companies (Accounts) Rules, 2014.
e. On the basis of written information received from the directors of
the Company and taken on record by the Board of Directors as on 31st
March 2015, and the information and explanations given to us, we report
that none of the directors is disqualified as on 31st March 2015, from
being appointed as a director in terms of subsection (2) of section 164
of the Act.
f. With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our informa- tion and
according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
(ii) The Company has made provision, as required under the applicable
law or accounting stan- dards, for material foreseeable losses, if any,
and as required on long-term contracts including derivative contracts.
(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure referred to in our Independent Auditor''s Report to the Members
of the Company on the Financial Statements for the year ended 31st
March, 2015 we report that:
i. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b)The fixed assets of the Company have been physically verified by the
management at reasonable intervals. As informed to us, no discrepancies
have been noticed on such verification.
ii. (a) As explained to us, the inventory of the Company has been
physically verified during the year by the management. In our opinion
the frequency of the verification is reasonable.
(b) According to the information and explanation given to us, in our
opinion, the procedures of physical verification of stocks followed by
the management are reasonable and adequate in relation of the size of
the Company and the nature of its business.
(c) In our opinion and information and explanation given to us, the
Company is maintaining proper records of inventory and no material
discrepancies were noticed on verification between the physical stocks
and book records.
iii. (a) According to the information''s and explanations given to us
the Company has granted unsecured loans to 3 parties covered in the
register maintained under section 189 of the Companies Act, 2013.
(b) In case of loans granted to parties covered in the register
maintained under section 189 of the Companies Act, 2013, the borrowers
have been regular in the payment of interest as stipulated. The terms
of arrangements do not stipulate any repayment schedule and the loans
are repayable on demand. Accordingly paragraph 3(iii)(b) of the Order
is not applicable to the Company in respect of the repay- ment of the
principal amount.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to parties listed in the register
maintained under section 189 of the Companies Act, 2013
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business. During the
course of our audit, we have not observed any major weaknesses in the
internal control system.
v. In our opinion and according to the information and explanations
given to us, the company has not accepted deposit from public with the
meaning of Section 73 to 76 or any other relevant provision of the
Companies Act 2013.
vi. According to 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 Companies Act 2013.
vii. (a) According to the information and explanations given to us and
the records of the company examined by us, in our opinion, the company
has no statutory dues of Provident Fund, Employee state Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise
duty, Value added Tax, cess and any other statutory dues with the
appropriate authorities.
(b) According to the information and explanations given to us, there
are no undisputed statutory dues outstanding for a period of more than
six months from the date they became payable, as per books of accounts
as at 31st March, 2015
(c) According to the information and explanations given to us, there is
no amount required to be trans- ferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act 2013.
viii. The company does not have accumulated losses as at 31st March,
2015. The Company has cash Profit during the financial year covered by
our audit as well as in the immediately preceding financial year also.
ix. In our opinion and according to the information and explanations
given to us, the Company did not have any outstanding dues to financial
institutions, banks or debenture holder during the year.
x. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xi. To the best of our knowledge and belief, and according to the
information and explanations given to us, the company has not raised
any term-loans during the year under audit, hence, paragraph 3 (xi) of
the Order is not applicable.
xii. To the best of our knowledge and belief and according to the
information and explanations given to us, we report that no material
fraud on or by the company has been noticed or reported during the
year.
Place: Indore For M.MEHTA & COMPANY
Chartered Accountants
Dated: 28.05.2015 Firm Regn. No. 000957C
CA P R Bandi
(Partner)
M.No. 016402
Mar 31, 2014
We have audited the accompanying financial statements of Amit
Securities Limited 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 the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance and cash flows of the company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013, and in accordance
with the accounting principles generally accepted in India. 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 cir- cumstances, 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 reasonable- ness 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 and
(b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date.
(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 the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet and 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 notified under
the Companies Act, 1956 (''''the Act'''') read with the General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013; and
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 Companies Act, 1956.
Annexure to Independent Auditors'' Report under the heading "Report on
other Legal & Regulatory requirements" of our report of even date
(Referred to in paragraph 2)
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, the management has carried out physical
verification of fixed assets during the year and no material
discrepancies were noticed on such verification. In our opinion, the
frequency of physical verification of fixed assets is reasonable.
c. In our opinion, substantial parts of the Fixed Assets have not been
disposed off during the year by the company.
2. a. Physical verification has been conducted by the management
during the current year at reasonable intervals in respect of
securities held by the Company as Stock.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The Company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
stock were not material and the same have been properly dealt with in
the books of account.
3. The company has not taken / granted any Loans from / to companies &
parties covered in the register maintained u/s 301 of the Companies
Act, hence paragraph 4(iii) of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of the transactions that need
to be entered into the Register maintained in pursuance of section 301
of the Companies Act, 1956 have been so entered.
b. According to the information and explanation given to us there are
no transaction made in pursuance of contracts or arrangements entered
in the register maintained under section 301 of the Companies Act, 1956
aggregating during the year to Rs. 5,00,000/- or more have not been
made by the Company during the year.
6. The Company has not accepted any deposits from public during the
year, hence provisions of section 58 (A) and 58(AA) of the Companies
Act, 1956 and the directives issued by R.B.I. in respect of NBFC
Companies are considered not to be applicable for the year under audit.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
8. As explained to us, that the Central Government has not prescribed
the maintenance of cost records by the company under section 209(I)(d)
of the Companies Act, 1956.
9. a. According to the records of the Company, the Company has been
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees'' State
Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty,
Excise Duty, Cess and any other statutory dues with the appropriate
authorities. According to information and explanation given to us,
there are no undisputed arrears of statutory dues which have remained
outstanding as at 31st March, 2014 for a period of more than six months
from the date they became payable.
b. As at 31st March 2014 according to the records of the company and
the information and explanations given to us, there are no dues on
account of Income Tax, Sales Tax and other matters that have not been
deposited on account of any dispute.
10. The Company does not have any accumulated losses as at 31st March,
2014. The Company has not incurred any cash losses during the financial
year covered by our audit and in the immediately preceding financial
year also.
11. The Company does not have any dues to a financial institution or
bank or debenture holders.
12. According to the information and explanation given to us the
Company has not granted any loan and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore the provisions of clause 4(xiii) of the order are
not applicable to the company.
14. According to the information and explanations given to us the
company has maintained proper records in respect of transactions and
contracts and timely entries have been made therein. The Share,
Securities, debentures and the other securities have been held by the
company in its own name.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not obtained any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the Company has utilised the long term funds towards long term
investment purpose only.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debenture during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
PLACE : INDORE For M. Mehta & Company
Dated : 30 May 2014 Chartered Accountants
CA Atul Sharma
(Partner)
M.No. 075615
Firm Regn. No. 000957C
Mar 31, 2013
We have audited the accompanying financial statements of Amit
Securities Limited 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance in accordance with the Accounting Standards
referred to in sub-section (3C) of section 211 of the companies Act,
1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express and 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 and
(b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date.
(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 the Companies (Auditor''s Report) Order, 2003 (""the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowl- edge 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 and 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
subsection (3C) of section 211 of the Companies Act, 1956;
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 Companies Act, 1956.
Annexure to the Auditors* Report of Amit Securities Ltd. for the year
ended 31st March, 2013. (Referred to in paragraph above)
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, the management has carried out physical
verification of fixed assets during the year and no material
discrepancies were noticed on such verification. In our opinion, the
frequency of physical verification of fixed assets is reasonable.
c. In our opinion, substantia] parts of the Fixed Assets have not been
disposed off during the year by the company. .
2. a. Physical verification has been conducted by the management
during the current year at reasonable intervals in respect of
securities held by the Company as Stock.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The Company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
stock were not material and the same have been properly dealt with in
the books of account.
3. The company has not taken / granted any Loans from / to companies &
parties covered in the register maintained u/s 301 of the Companies
Act, hence paragraph 4(iii) of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commeftsurate with the size of the Company and the nature of its
business, with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. a. In our opinion and according to the information and explanations
given to us, the particulars of the transactions that need to be
entered into the Register maintained in pursuance of section 301 of the
Companies Act, 1956 have been so entered.
b. According to the information and explanation given to us there are
no transaction made in pursuance of contracts or arrangements entered
in the register maintained under section 301 of the Companies Act, 1956
aggregating during the year to Rs. 5,00,000/- or more have not been
made by the Company during the year.
6. The Company has not accepted any deposits from public during the
year, hence provisions of section 58 (A) and 58(AA) of the Companies
Act, 1956 and the directives issued by R.B.I. in respect of NBFC
Companies are considered not to be applicable for the year under audit.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
8. As explained to us, that the Central Government has not prescribed
the maintenance of cost records by the company under section 209(I)(d)
of the Companies Act, 1956.
9. a. According to the records of the Company, the Company has been
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees'' State
Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty,
Excise Duty, Cess and any other statutory dues with the appropriate
authorities. According to information and explanation given to us,
there are no undisputed arrears of statutory dues which have remained
outstanding as at 31st March, 2013 for a period of more than six months
from the date they became payable.
b. As at 31st March 2013 according to the records of the company and
the information and explanations given to us, there are no dues on
account of Income Tax, Sales Tax and other matters that have not been
deposited on account of any dispute.
10. The Company does not have any accumulated losses as at 31 st
March, 2013. The Company has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year also.
11. The Company does not have any dues to a financial institution or
bank or debenture holders.
12. According to the information and explanation given to us the
Company has not granted any loan and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore the provisions of clause 4(xiii) of the order are
not applicable to the company.
14. According to the information and explanations given to us the
company has maintained proper records in respect of transactions and
contracts and timely entries have been made therein. The Share,
Securities, debentures and the other securities have been held by the
company in its own name.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not obtained any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the Company has utilised the long term funds towards long term
investment purpose only.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debenture during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
PLACE: INDORE For M. Mehta & Company
Dated : 30 May 2013 Chartered Accountants
CA Nitin Bandi
(Partner)
M.No. 400394
Firm Regn. No. 000957C
Mar 31, 2012
We have audited the attached Balance Sheet of AMIT SECURITIES LTD.,
Mumbai as at 3 f March 2012 and also the Profit & Loss Account and Cash
Flow Statement of the Company 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.
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 a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, and on the basis of such checks as we
considered appropriate, and according to the information and
explanation given to us, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable to the Company.
Further to our comments in the Annexure referred to above, we report
that
i) 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;
ii) 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 of the company. iii) The Balance Sheet, Profit & Loss
Account and Cash Flow Statement dealt with by this report are in
agreement with the books of account of the company.
iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to sub-section (3C) of section 211 of the Companies
Act, 1956;
v) Based on the representation made by the directors of the company and
taken on record by the Board of Directors, and the information and
explanations given to us, we report that none of the directors is as at
31st March, 2012, prima -facie disqualified from being appointed as a
director in terms of clause (g) of sub section (1) of section 274 of
the Companies Act, 1956:
vi) In our opinion and to the best of our information and according to
the explanation given to us, the said financial statements, read
together with the notes thereon give the information required by the
Companies Act, 1956, in the matter so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012 and
b) In the case of Profit & Loss Account of Profit of the Company for
the year ended on that date.
c) In the case of Cash Flow Statement of the Cash Flow for the year
ended on that date.
Annexure to the Auditors' Report of AMIT SECURITIES LTD. for the year
ended 31st March 2012. (Referred to in paragraph (3) thereof)
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, the management has carried out physical
verification of fixed assets during the year and no material
discrepancies were noticed on such verification. In our opinion, the
frequency of physical verification of fixed assets is reasonable.
c. In our opinion, a substantial part of the Fixed Assets have not
been disposed off during the year by the company.
2. a. Physical verification has been conducted by the management
during the current year at reasonable intervals in respect of
securities held by the Company as Stock.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The Company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
stocks were not material and the same have been properly dealt with in
the books of account.
3. The company has not taken/granted any Loans from/to companies &
parties covered in the register maintained u/s 301 of the Companies
Act, hence paragraph 4(iii) of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of the transactions that need
to be entered into the Register maintained in pursuance of section 301
of the Companies Act, 1956 have been so entered.
b. According to the information and explanation given to us there are
no transaction made in pursuance of contracts or arrangements entered
in the register maintained under section 301 of the Companies Act, 1956
aggregating during the year to Rs. 5,00,000/- or more have not been
made by the Company during the year.
6. The Company has not accepted any deposits from public during the
year, hence provisions of section 58 (A) and 58(AA) of the Companies
Act, 1956 and the directives issued by R.B.I. in respect of NBFC
Companies are considered not to be applicable for the year under audit.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
8. As explained to us, that the Central Government has not prescribed
the maintenance of cost records by the company under section 209(1 )(d)
of the Companies Act, 1956
9 a. According to the records of the Company, the Company has been
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Pro- tection Fund, Employees' State
Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty,
Excise Duty, Cess and any other statutory dues with the appropriate
authorities. According to information and explanation given to us,
there are no undisputed arrears of statutory dues which have remained
outstanding as at 31st March, 2012 for a period of more than six months
from the date they became payable.
b. As at 31st March 2012 according to the records of the company and
the information and explanations given to us, there are no dues on
account of Income Tax, Sales Tax and other matters that have not been
deposited on account of any dispute.
10. The Company does not have any accumulated losses as at 31st March,
2012. The Company has not incurred any cash losses during the financial
year covered by our audit and in the immediately preceding financial
year also.
11. The Company does not have any dues to a financial institution or
bank or debenture holders.
12. According to the information and explanation given to us the
Company has not granted any loan and advances on the basis of security
by way of pledge of shares, debentures and other securities
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore the provisions of clause 4(xiii) of the order are
not applicable to the company.
14. According to the information and explanation given to us the
company has maintained proper records in respect of transactions and
contracts and timely entries have been made therein. The Share,
Securities, debentures, and the other securities have been held by the
company in its own name.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not obtained any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the Company has utilised the long term funds towards short term
investment purpose only.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debenture during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
Place: Indore
For M.MEHTA & COMPANY
Chartered Accountants
Dated: 30.05.2012
C A Nitin Bandi
(Partner)
M.No. 400394
Firm Regn No.000957C
Mar 31, 2011
We have audited the attached Balance Sheet of AMIT SECURITIES LTD.,
Mumbai as at 31st March 2011 and also the Profit & Loss Account and
Cash Flow Statement of the Company 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.
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 is statement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, and on the basis of such checks as we
considered appropriate, and according to the information and
explanation given to us, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable to the Company.
Further to our comments in the Annexure referred to above, we report
that
i) 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;
ii) 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 of the company.
iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the company.
iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to sub-section (3C) of section 211 of the Companies
Act, 1956;
v) Based on the representation made by the directors of the company and
taken on record by the Board of Directors, and the information and
explanations given to us, we report that none of the directors is as at
31st March, 2011, prima -facie disqualified from being appointed as a
director in terms of clause (g) of sub section (I) of section 274 of
the Companies Act, 1956
vi) In our opinion and to the best of our information and according to
the explanation given to us, the said financial statements, read
together with the notes thereon give the information required by the
Companies Act, 1956, in the matter so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a)ln the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2011 and
b) In the case of Profit & Loss Account of Profit of the Company for
the year ended on that date.
c) In the case of Cash Flow Statement of the Cash Flow for the year
ended on that date.
Annexure to the Auditors' Report of AMIT SECURITIES LTD. for the year
ended 31st March 2011. (Referred to in paragraph (3) thereof)
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, the management has carried out physical
verification of fixed assets during the year and no material
discrepancies were noticed on such verification. In our opinion, the
frequency of physical verification of fixed assets is reasonable.
c. In our opinion, a substantial part of the Fixed Assets have not
been disposed off during / the year by the company.
2. a. Physical verification has been conducted by the management
during the current year at reasonable intervals in respect of
securities held by the Company as Stock.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The Company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
stocks were not material and the same have been properly dealt with in
the books of account.
3. The company has not takengranted any Loans from o companies &
parties covered in the register maintained u/s 301 of the Companies
Act, hence paragraph 4(iii) of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. a. In our opinion and according to the information and explanations
given to us, the particulars of the transactions that need to be
entered into the Register maintained in pursuance of section 301 of the
Companies Act, 1956 have been so entered.
b. According to the information and explanation given to us the
transaction of purchase and sale of shares and services made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 aggregating
during the year to Rs. 5,00,000/- or more have not been made by the
Company during the year.
6. The Company has not accepted any deposits from public during the
year, hence provisions of section 58 (A) and 58(AA) of the Companies
Act, 1956 and the directives issued by R.B.1. in respect of NBFC
Companies are considered not to be applicable for the year under audit.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
8. As explained to us, that the Central Government has not prescribed
the maintenance of cost records by the company under section 209(l)(d)
of the Companies Act, 1956
9 a. According to the records of the Company, the Company has been
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees' State
Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty,
Excise Duty, Cess and any other statutory dues with the appropriate
authorities. According to information and explanation given to us,
there are no undisputed arrears of statutory dues which have remained
outstanding as at 31st March, 2011 for a period of more than six months
from the date they became payable.
b. As at 31st March 2011 according to the records of the company and
the information and explanations given to us, there are no dues on
account of Income Tax, Sales Tax and other matters that have not been
deposited on account of any dispute.
10. The Company does not have any accumulated losses as at 31st March,
2011. The Company has not incurred any cash losses during the financial
year covered by our audit and in the immediately preceding financial
year also.
11. The Company does not have any dues to a financial institution or
bank or debenture holders.
12. According to the information and explanation given to us the
Company has not granted any loan and advances on the basis of security
by way of pledge of shares, debentures and other securities
13. The Company is not a chit fund or a rildhi / mutual benefit fund /
society. Therefore the provisions of clause 4(xiii) of the order are
not applicable to the company.
14. According to the information and explanation given to us the
company has maintained proper records in respect of transactions and
contracts and timely entries have been made therein. The Share,
Securities, debentures, and the other securities have been held by the
company in its own name.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not obtained any term loans during the year.
17. According toëthe information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the Company has utilised the long term funds towards short term
investment purpose only.
18. The Company has not race any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debenture during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
PLACE: INDORE
For M. Mehta & Company
Chartered Accountants
DATED: 31.08.2011
Nitin Bandi
(Partner)
M.No. 400394
Firm Regn. No. 000957C
Mar 31, 2010
We have audited the attached Balance Sheet of AMIT SECURITIES LTD.,
Mujnbai as at 31st March 2010 and also the Profit & Loss Account and
Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements ar; the responsibility of
the Companys management. Our responsibility is to express an opinicn
on these financial statements based on our audit.
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 mdit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order. 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956. and on the basis of such checks as we
considered appropriate, and according to the information and
explanation given to us, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable to the Company.
Further to our comments in the Annexure referred to above, we report
that
i) 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;
ii) 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 of the company.
iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the company.
iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
flow" Statement dealt with by this report comply with the accounting
standards referred to sub-section (3C)of section 211 of the Companies
Act, 1956;
v) Based on the representation made by the directors of the company and
taken on w record by the Board of Directors, and the information and
explanations giver to us, we report that none of the directors is as at
31st March, 2010, prima -facie disqualified from being appointed as a
director in terms of clause (g) of sub section (1) of section 274 of
the Companies Act, 1956:
vi) In our opinion and to the best of our information and according to
the explanation " given to us, the said financial statements, read
together with the notes thereon give the information required by the
Companies Act, 1956, in the matter so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2010 and
b) In the case of Profit & Loss Account of Profit of the Company for
the year ended on that date.
c) In the case of Cash Flow Statement of the Cash Flow for the year
ended, on that date.
Annexure to the Auditors Report of AMIT SECURITIES LTD. for the year
ended 31st March 2010. (Referred to in paragraph (3) thereof)
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, the management has carried out physical
verification of fixed assets during the year and no material
discrepancies were noticed on such verification. In our opinion, the
frequency of physical verification of fixed assets is reasonable.
c. In our opinion, a substantial part of the Fixed Assets have not
been disposed off during the year by the company.
2. a. Physical verification has been conducted by the management
during the current year at reasonable intervals in respect of
securities held by the Company as Stock.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The Company has maintained proper records of inventory. The
discrepances noticed on verification between physical stocks and book
stocks were not material and the same have been properly dealt with in
the books of account.
3. The company has not takengranted any Loans from o companies &
parties covered in the register maintained u/s 301 of the Companies
Act, hence paragraph 4(iii) ofthe Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, no major weaknesses
have been noticed in the internal control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of the transactions that need
to be entered into he Register maintained in pursuance of section 301
of the Companies Act, 1956 have been so entered.
b. According to the information and explanation given to us the
transaction of purchase and sale of shares and services made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 aggregating
during the year to Rs. 5,00,000/- or more have not been made by the
Company during the year.
6. The Company has not accepted any deposits from public during the
year, hence provisions of section 58 (A) and 58(AA) of the Companies
Act, 1956 and the directives issued by R.B.I, in respect of NBFC
Companies are considered not to be applicable for the year under audit.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
8. As explained to us, that the Central Government has not prescribed
the maintenance of cost records by the company under section 209(1)(d)
of the Companies Act. 1956
9 a. According to the records of the Company, the Company has been
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty,
Excise Duty, Cess and any other statutory dues with the appropriate
authorities. According to information and explanation given to us,
there are no undisputed arrears of statutory dues which have remained
outstanding as at 31st March, 2010 for a period of more than six months
from the date they became payable.
b. As at 31st March 2010 according to the records of the company and
the information and explanations given to us, there are no dues on
account of Income Tax, Sales Tax and other matters that have not been
deposited on account of any dispute.
10. The Company does not have any accumulated losses as at 31st March,
2010. The Company has not incurred any cash losses during the financial
year covered by our audit and in the immediately preceding financial
year also.
11. The Company does not have any dues to a financial institution or
bank or debenture holders.
12. According to the information and explanation given to us the
Company has not granted any loan and advances on the basis of security
by way of pledge of shares, debentures and other securities
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore the provisions of clause 4(xiii) of the order are
not applicable to the company.
14. According to the information and explanation given to us the
company has maintained proper records in respect of transactions and
contracts and timely entries have been made therein. The Share,
Securities, debentures, and the other securities have been held by the
company in its own name.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not obtained any term loans during the year.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
the Company has utilised the long term funds towards long term
investment purpose only.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debenture during the year.-
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
Place: Indore For M. MEHTA & COMPANY
Chartered Accountants
Dated: 31.08.2010
Nitin Bandi
(Partner)
M.No. 400394
Firm Regn No. 000957C