Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of Nam Securities
Limited, regd. Office: LGF, Plot no.410, Sector 31, Gurgaon-122001,
which comprise the Balance Sheet as at March 31, 2015, the Statement of
Profit and Loss and Cash Flow Statement for the year ended on that
date, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
The company''s Board of Directors Management is responsible for the
matters stated in section 134(5) of the Companies Act, 2013 (the
Act),with respect to preparation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
Accounting principles generally accepted in India including the
Accounting Standards specified u/s 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
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 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 & are free
from material mis-statement, 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
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 disclosures in the financial statements. The procedures
selected depend upon the auditor''s judgment, including the assessment
of 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 of
the financial statements that give true and fare view in order to
design audit procedures that are appropriate in the circumstances, but
for not 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 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 in the financial
statements.
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, 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.
Other Matters
In our opinion there is no other matter which needs any qualification.
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
provisions of Act, we give in the Annexure, a statement on the matters
specified in Para(s) 4 & 5 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
purpose of our audit;
b) In our opinion, proper books of accounts as required by law have
been kept by Company so far as appears from our examination of books.
c) The Balance sheet, Statement of Profit and Loss, & 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 specified
under section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014;
e) On the basis of written representations received from the directors
as on 31.03.2015, and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on March 31,
2015, from being appointed as a director in terms of section 164(2) of
the Act.
f) With respect to the other matters to be included in the Auditors
Report in accordance with the 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 has disclosed the impact of pending litigations, if
any, on its financial positions in its financial statements,
(ii) The company has made provisions, as required under the applicable
law or Accounting Standards, for material foreseeable losses if any,
and as required in long term contacts including derivatives contacts.
(iii) That there were no amounts which were required to be transferred
by the Company to the Investor Education and Protection Fund.
Annexure to the Auditors'' Report
As referred to in paragraph 1 under ''Report on Other Legal and
Regulatory Requirements'' of our Report of even date to the members of
Nam Securities Limited on the accounts of the company for the year
ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and
Explanations given to us during the course of our audit, we report
that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management during the year in accordance with the phased programe
of verification adopted by the management which, in our opinion,
provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
(ii) In respect of its inventory:
a) As explained to us, the inventories of finished goods, semi-finished
goods, stores, spare parts and raw materials were physically verified
at regular intervals/ (at the end of the year) by the Management. In
case of inventories lying with third parties, certificates of stocks
holding have been received.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of stocks as compared to book records.
(iii) In respect of loans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies
Act 2013:
According to the information and explanations given to us, the Company
has not granted any loans to companies, firms or other parties covered
in the Register maintained under Section 189 of the Companies Act,
2013; and therefore paragraph 3(iii) of the Order is not applicable.
(iv) 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 for the purchase of inventory, fixed assets and for the sale
of goods (and/services). During the course of our Audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
(v) In our opinion and according to the information and explanation
given to us, the company has not received any public deposits during
the year.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act, in respect of the activities carried on by the Company.
(vii) In respect of statutory dues:
(a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
employees state insurance (ESI), Investor Education and Protection
Fund, Income-tax, Tax deducted at sources, Tax collected at source,
Professional Tax, Sales Tax, value added tax (VAT), Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it, with the appropriate authorities.
(b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Income-tax, Wealth
Tax, Custom Duty, Excise Duty, sales tax, VAT, Cess and other material
statutory dues in arrears /were outstanding as at 31 March, 2015 for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
were no amounts which required to be transferred by the Company to the
Investor Education and Protection Fund
(viii) The company does not have the accumulated losses at the end of
financial year. The company has not incurred any Cash losses during the
financial covered by our Audit and the immediately preceding financial
year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(x) In our opinion, and according to the information and the
explanation given to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year;
(xi) The company has not obtained any term loan during the year, so
this para of order is not applicable.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For: SANJAY BRAHARUA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn. No.: 07144N
-Sd/
Place: New Delhi (Mohit Gupta)
Date: 1st June, 2015 Prop. (M.No.526902)
Mar 31, 2014
We have audited the accompanying financial statements of M/s Nam
Securities Limited, regd. Office: LGF, Plot no.410, Sector 31,
Gurgaon-122021, which comprise the Balance Sheet as at March 31, 2014,
the Statement of Profit and Loss and Cash Flow Statement for the year
ended on that date, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under Companies Act, 1956 (the Act)
read with the General Circular 15/2013 dated 13th Setember, 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 & are free from material mis-statement, 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 upon the auditor''s judgement, including the assessment
of 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
auditor procedures that are appropriate in the circumstances, but for
not 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 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 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 para(s) 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 accounts as required by law have
been kept by Company so far as appears from our examination of books.
c) The Balance sheet, Statement of Profit and Loss,&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 applicable Accounting Standards
notified under the Act, read with General Circular 15/2013 dated 13th
September,2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013;
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, we
report that none of the directors are 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 AUDITOR''S REPORT
Referred to in Paragraph I under the Heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date
As required by the Companies (Auditors'' report) Order, 2003 made by the
central Government under section 227 (4A) of the Companies Act, 1956,
we state that:
1. a. The Company has maintained proper records showing full
particulars including quantities details and situation of fixed assets.
b. The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies were noticed on such
verification.
c. Fixed assets of a substantial part affecting going concern, have not
been disposed off during the year.
2. a. The management has carried out physical verification of
inventories at reasonable intervals.
b. The procedure of verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
Company and the nature of its business.
c. The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. The company during the year has not granted nor taken any secured or
unsecured loans to companies firms or other parties covered in the
Register maintained under Section 310 of the Companies act, 1956.
4. In our opinion and according to the Explanation and Information
given to us, there is an adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase of inventory, fixed assets and for sale of goods and services
and there is no continuing failure to correct major weaknesses in
internal control System.
5. a. The particulars of contracts or arrangements referred to in
Section 301 of the Companies Act, 1956 have been entered in the
registered maintained under that section.
b. Transaction made in pursuance of such contracts or arrangements 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 public deposits.
7. In our opinion the company has an internal audit system commensurate
with its size and nature of its business.
8. The Central Govt has not prescribed maintenance of Cost Records U/s
209 (1(d)) of the Companies Act, 1956.
9. According to the records and on basis of information/explanation
given by the company, there are no statutory dues outstanding as at
31st march,2014 for a for a period of more than six months from the
date they become payable.
10. Based on our Audit Procedures and on the basis of information and
explanation given to us by the Management, we are of the opinion that
the company has not defaulted in repayment of dues to banks.
11. In our opinion and on the basis information and explanation given
to us by the Management, no loans and advances have been granted on the
basis of security by way of pledge of shares, debentures & other
securities and hence maintenance of adequate documents and records for
such cases does not arise.
12. The Company has no Accumulated Losses as on March 31st 2014 and has
not incurred cash losses during the financial year ended on that date
and also in the immediately preceding financial year.
13. According to the information and explanation given to us by the
Management, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
14. The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence the requirement of items (xiii) of paragraph 4 of the Order is
not applicable to the company.
15. In respect of dealing/trading in shares, securities, debentures and
other investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other investments have been held
by the Company, in its own name.
16. As per the information and explanations given to us, there is no
term loan borrowed by the company during the year.
17. As per the information and explanations given to us, funds raised
on short term basis have not been used for Long Term Investments.
18. On the basis of the information and explanation furnished by the
company, no fraud on or by the Company has been noticed or reported
during the year.
19. According to the information and explanations given to us, no
preferential allotment of shares has been made by the company to
companies, firms, or parties listed in the register maintained under
section 301 of the Companies Act, 1956.
20. The company has not issued any debentures. Hence the requirement of
clause (xix) of paragraph 4 of the Order is not applicable to the
company.
21. During the period covered by our audit report, the company has not
raised any money by public issue.
For SANJAY BRAHARUA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn. No.: 07144N
Place: Gurgaon (SANJAY KUMAR GUPTA)
Date: 1st September, 2014 Partner (M.No.084290)