Mar 31, 2015
We have audited the accompanying financial statements of OASIS
SECURITIES LIMITED, which comprise the Balance Sheet as at March 31,
2015, the Statement of Profit & 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
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 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.
AUDITORS' 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 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 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. 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 financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company 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.
OTHER MATTERS
We did not audit the financial statements/information of M/s Azure
Capital Advisors Private Limited, a Subsidiary Company, included in the
standalone financial statements of the Company whose financial
statements / financial information reflect total assets of Rs 47,00,281
as at 31st March, 2015 and total revenues of Rs.1,05,53,515 for the
year ended on that date, as considered in the standalone financial
statements. The financial statements/information of these Subsidiary
have been audited by Singhvi, Dev & Unni auditors whose reports have
been furnished to us, and our opinion in so far as it relates to the
amounts and disclosures included in respect of these Subsidiary, is
based solely on the report of such Auditor. Our opinion is not modified
in respect of this matter
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure A
statement on the matters specified in the paragraph 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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The 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 standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts -to the financial
statements; 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 REFERRED TO IN PARAGRAPH "A" OF AUDITOR'S REPORT OF EVEN DATE
TO THE MEMBERS OF 'OASIS SECURITIES LIMITED' ON THE ACCOUNTS 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:
In respect of its Fixed Assets
(a) The company is maintaining proper records to show full particulars,
including quantitative details and situation of fixed assets.
(b) According to information and Explanation given to us, the fixed
assets of the Company are physically verified by the management
according to a phased program designed to cover all items over a period
of time, which in our opinion, is reasonable having regards to the size
of the Company and the nature of its assets. Pursuant to the program,
fixed assets have been physically verified by the Management during the
year and no material discrepancies between the book records and the
physical inventories have been noticed.
In respect of its Inventories
(a) As informed to us, the inventories held in Dematerialized form,
have been verified by the management with supportive evidence during
the year. In our Opinion the frequency of verification is reasonable.
In our Opinion, the procedures for physical verification of inventory
followed by management are reasonable and adequate in relation to the
size of company and the nature of its business. On the basis of our
examination the records of inventory, we are of the opinion that
company is maintaining proper records of inventory. We are informed
that no discrepancies were noticed on physical verification.
(b) The company has inventories of Shares, and Inventories are valued
at Market cost or Book value whichever is lower.
In respect of its Loans given:
The company has not granted any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. As the Company has not
granted any loans, secured or unsecured, to parties listed in the
Registers maintained under Section 189 of the Companies Act, 2013,
consequently, clause 3(iii) (a) & (b) of the order are not applicable.
In our opinion and according to the information and explanations given
to us, there is 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 the sale of good s. Further, on the basis of our
examination of the books and records of the Company and according to
the information and explanations given to us, no major weakness has not
been noticed or reported.
In our opinion, and according to the information and explanations given
to us, the Company has not accepted any public deposits and hence
directives issued by the Reserve Bank of India and the provisions of
Sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed there under are not applicable. As per
the information and explanations given to us, no order has been
passed by Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal in this respect.
We have broadly reviewed the books of account maintained by the company
pursuant to subsection (1) ( section 148 of the Companies Act, 2013 and
are of the opinion that prima facie, the prescribed accoun and records
have been made and maintained. We have, however not undertaken a
detailed examination the records with a view to determine whether they
are accurate or complete.
(a) According to the information and explanation given to us and the
records of the Company examine by us, in our opinion, the Company is
generally regular in depositing undisputed statutory dues includin
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, VAT Wealth Tax, Excise Duty, Service Tax, Cess
and any other material statutory dues as applicable with th appropriate
authorities.
(b) According to the information and explanations given to us and based
on the records of the
company examined by us, disputed dues payable by company as on 31st
March 2015 of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs
Duty and Excise Duty are as under.
Sr Name of Nature of Amount Period to Forum where
no. Statue Dues which it dispute is
relates pending
2 Income Tax Deleting 3,17,100 2009-10 Commissioner
allocation of of Income tax
expenses made (Appeals)
by A.O and
Disallowance
u/s 14A r.w.rule
8D
3 Income Tax Deleting 41,35,240 2010-11 Commissioner
allocation of of Income tax
expenses made (Appeals)
by A.O and
Disallowance
u/s 14A r.w.rule
8D and
Dividend
stripping u/s
94(7)
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund.
10. According to Information and Explanation given to us , The Company
has not given any guarantee for loans taken by others from banks or
financial institutions
11. During the course of our examination of the books of accounts
carried out in accordance with the generally accepted auditing
standards in India and according to the information and explanations
given to us, we have not come across any instants of fraud, either
noticed or reported during the year, on or by the Company.
For M/s. Aalok Mehta & Co.
Chartered Accountants
CA. Aalok Mehta
[Proprietor]
Membership No. 114930
Firm Reg. No. 126756W
Place: Mumbai
Date: 29th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of Oasis
Securities 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 ended March 2014, 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 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 die 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 fiee
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.
Basis for Qualified Opinion
The Company is registered as Non Banking Financial Companies (NBFC),
having Certificate of Registration under Section 45 LA of RBI Act,
1934. The company is not following all NBFC prudential norms, as
prescribed Reserve Bank of India time to time as mentioned in Note No.
4.
The Company has accounted premium paid on purchase of various option
amounting to Rs. 46,84,550 which has open position at 31.03.2014 as
loss and debited to Profit and Loss account. This is a departure from
accounting treatment prescribed in the "Guidance Note on Accounting for
Equity Index and Equity Stock Futures and Options " issued by ICAI.
As per this Guidance Note amount of Rs. 46,84,550 was required to be
shown under the head current assets after making provision of mark to
mark loss. Accordingly, the total profit would have been increased by
Rs. 46,84,550. Also, Net profit and shareholders funds would have been
increased by Rs. 46,84,550.
Opinion
in our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion Paragraph, 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,2014.
(b) in the case Statement of Profit and Loss Account, of the loss for
the year ended March,2014 and
(c) in the ease of Cash Flow Statement, of the cash flows for the year
ended March,2014.
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 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,
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of Companies Act, 1956.
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 THE AUDITOR''S REPORT ON THE FINANCIAL STATEMENT FOR THE
YEAR ENDED 31ST MARCH, 2014 (Referred to in point 1 of "Report on
Other Legal and Regulatory Requirements" of our Report of even date
to the members of Oasis Securities Limited on the financial statements
for the year ended 31st March, 2014)
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 on the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, . having regard to the size of the
Company and nature of its assets. No material discrepancies were
noticed on such physical verification.
c. In our opinion, the Company has not disposed of any part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. As informed to us, the inventories held in dematerialized form, have
been verified by the management with supportive evidence during the
year. In our opinion the frequency of verification is reasonable. In
our opinion, the procedures for 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. On the basis of
our examination the records of inventory, we are of the opinion that
Company is maintaining proper records of inventory. We are informed
that no discrepancies were noticed on physical verification.
3. According to information and explanation given to us and on the
basis of our examination of the books of accounts, the Company has not
granted secured or unsecured loans to companies, firms or other parties
listed in the register maintained under Section 301 of the Companies
Act, 1956, consequently the provision of clauses iii(b), iii(c) and
iii(d) of the order is not applicable to the Company.
4. According to information and explanation given to us and on the
basis of our examination of the books of accounts, the Company has not
taken any secured or unsecured loans to companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956, consequently the provision of clauses iii(f), and
iii(g) of the order is not applicable to the Company.
5. 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 fixed assets and for the sale of goods. In
our opinion and according to the information and explanations given to
us, there is no continuing failure to correct major weaknesses in
internal control.
6. According to the information and explanations given to us, we are of
the opinion that the company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956.
7. No deposits, within the meaning of Section 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and rules framed there
under have been accepted by the Company.
8. In our opinion and according to information and explanation given to
us, the company has adequate internal audit system commensurate with
size of the Company and nature of its business.
9. According to the information and explanation given to us the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the.
Companies Act, 1956 for any of the activities of the company.
10. (a) The Company is regular in depositing undisputed statutory- dues
including Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess and other material statutory dues applicable to the
company with the appropriate authorities. No undisputed amounts payable
in respect of the aforesaid statutory dues were outstanding as at the
last day of the financial year for a period of more than six months
from the date they became payable.
b) According to the records of the Company, there are no dues of Income
Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty,
cess which have not been deposited on account of any dispute. -
11. - Accumulated losses of the company as at 31st March, 2014 do not
exceed fifty percent of its net worth at the end of the financial year.
The company has earned profit of Rs. 21,55,832 during the financial
year covered by our audit and had incurred losses of Rs. 33,46,641
during the immediately preceding financial year.
12. According to the records made available to us and information and
explanations given to us by the management, we are of the opinion that
the Company has not defaulted in repayment of dues to the financial
institutions, Banks and debenture holders.
13. According to the information given to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
14. In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to
the company.
15. The Company has maintained proper records of the transactions and
contracts for dealing or trading in shares, securities, debentures and
other investments and timely entries have been made therein. All
shares, securities, debentures and other investment have been held by
the company, in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
16. In our Opinion, and according to the information and explanations
given to us, the Company fias not given any guarantee for loans taken
by others from Banks or Financial Institutions during the year.
17. As per the information and records furnished to us, the Company has
not accepted any term loans. Accordingly Clause 4(xvi) of the Companies
(Auditor''s Report) Order, 2003 is not applicable to the company.
18. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, in our
opinion, the funds raised on short-term basis have, prima facie, not
been used for long-term investment.
19. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
20. During the, financial year, company had not issued any debenture.
Accordingly Clause 4(xviii) of Companies (Auditor''s Report) Order,
2003 is not applicable.
21. The Company has not raised any money by way of public issue during
the year. Accordingly Clause 4(xx) of Companies (Auditor''s Report)
Order, 2003 is not applicable.
22. During the course of our examination of the books 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 Pravin Chandak and Associates
Chartered Accountants
Firm Registration No: 116627W
Sd/-
Pravin Chandak
Partner
Membership No: 049391
Date : June 30,2014
Place: Mumbai
Mar 31, 2013
Report oil the Financial Statements
We have audited the accompanying financial statements of oasis
securities Ltd. (the company") which comprise the Balance sheet as at
March 31,2013,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 Statement
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial principles
generally accepted in India including Accounting standards referred to
in sub-section (3C) of section 211 of the company''s Act,1956 ("the
Act") this responsibility including 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 to obtain reasonable assurance about whether the
financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements The procedures
selected depend on the auditors judgment including the assessment of the
risk of material misstatement of the financial statement whether due to
fraud or error. in making those risk assessments the auditor considers
internal control relevant to the company''s preparation in the
circumstances An audit also includes evaluating the appropriateness of
accounting policies used and the reasonable of the accounting
estimates made by management as well as evaluating the overall
presentation of the financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us the aforesaid 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 Cash Flow Statement, of the cash flows 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.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of
our audit we report that;
1) In respect of its Fixed Assets: .
The company does not have any fixed assets. Therefore, these clauses do
not apply.
2) In respect of its Inventories:
a) As explained to us and according to the information and explanations
given to us, verification of inventory has been conducted at reasonable
intervals during the year by the management.
b) In our opinion the procedures of verification of inventory and the
nature of its business. 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 and no
material discrepancies were noticed.
3) In respect of its Loans given:
According to the information and explanations given to us and on the
basis of our examination of the books of account the company has not
granted any loans secured or unsecured to companies firms or other
parties listed in the register maintained under section 301 of the
companies Act,1956 or unsecured, the provisions of clauses iii (b) iii
(c) and iii (d) of the order are not applicable to the company.
4) In respect of its Loans taken:
According to the information and explanations given to us and on the
basis of our examination of the books of account the company has not
taken loans from companies firms or other parties listed in the
register maintained under section 301 of the companies Act, 1956 thus
sub clauses (f) & (g) are not applicable to the company.
5) In respect of its Internal Control System:
In our opinion and according to the information and explanations given
to us, there is generally an adequate internal control procedure
commences rate and payment for expenses & for sale of goods during the
course of our audit no major instance of continuing failure to correct
any weaknesses in the internal controls has been noticed.
6) respect of its contracts or arrangements referred to in section 301
of the companies Act 1956.
a) Based on the audit procedures app profit or arrangements
referred to in section provided by the management, the particulars of
under that section. 301 of the Act have been entered m the reopening
the transactions entered in the register required to be maintained
under that section.
b) As per information & explanation given to us and in our opinion the
transition entered in pursuance of contracts/arrangement entered into
by the company with parties covered u/s 301 of the Act and exceeding
the value of Rs. 5 lacs in respect of each party during the year have
been made at prices which appear reasonable as per information
available with the company.
7) In respect of its acceptance of deposits from the public: According
to the information and explanations given to us the company has not
accepted any deposits from the public u/s 58A 58AA of the Act Therefore
the provisions of clause (vi) of paragraph 4 of the order are not
applicable to the company. paragraph 4 of the Order are not applicable
to the Company.
8} In respect of its internal audit system:
The company has no formal internal audit system commensurate with the
size and nature of business however the internal control systems are
adequate in relation to the size and nature of the business of the
company.
9) in respect of its cost records: not applicable
10) In respect of its Statutory Dues:
a) According to the records of the company undisputed statutory dues
including provident Fund Investor Education and protection Fund
Employees state Insurance Income -tax sales-tax wealth Tax service Tax
cess etc. to the extent applicable and any other statutory dues have
generally been regularly deposited with the appropriate authorities
According to the information and explanations given to us no undisputed
amounts payable in respect of aforesaid dues were outstanding as at
march 31,2013 for a period of more than six months from the date of
becoming payable.
b) According to the information and explanations given to us there is
no amounts payable in respect of income tax, wealth tax, service tax
sales tax which have not been deposited on account of any disputes.
11) In respect of its accumulated and cash losses:
The company does not have accumulated losses at the end of the
financial year however it has incurred a cash loss during the current
year of Rs.33,46,641 (PY profit of Rs.378,714).
12) In respect of its Loans taken from Banks/Financial Institutions
etc,:
Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to the Financial Institutions, Banks
and debenture holders.
13) In respect of its loans and advances on the basis of security:
In our opinion and according to the information and explanations given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities.
14) The Company is not a chit fund or a nidhi / mutual benefit fund /
society. 1 here for, the provision of clause (xiii) of paragraph 4 of
the Order are not applicable to the Company.
15) Company has maintained proper records of the transactions and
contracts in respect of dealing or '' trading in shares, securities,
debentures and other investments and timely entries have been made
therein All shares, securities, debentures and other investments have
been held by the Company in its own name except to the extent of the
exemption, if any, granted under section 49 of the Companies Act, 1956.
16) According to the information and explanation given to us, the
Company has not given any guarantee * for loans taken by others from
banks or other financial institutions.
17) The Company has not taken any term loan.
18) According to the information and explanations given to us and on an
overall examination of the . Balance Sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long-term investment.
19) The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
20) The Company has not issued any debentures; hence the question of
creation of security does not arise.
21) The Company has not raised any money by way to Public issue during
the year.
22) In our opinion and according-to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For BHUPENDRA SHAH & ASSOCIATES Place: Mumbai
Chartered Accountants Date: May 30,2013
F.R.N 101454W
Sd/-
(Bhupendra Shah)
Proprietor
Membership No. 33640
Mar 31, 2012
We have audited the attached Balance Sheet of Oasis Securities Limited
as at 31st March 2012 and also the Profit and Loss Account for the year
ended and cash flow statement 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.
A) We have 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.
B) As required by the Companies (Auditor''s Report) Amendment Order,
2004 issued by the Central Government of India in terms of Section 227
(4A) of the Companies Act, 1956, we enclose in the Annexure hereto a
statement of the matters specified in the paragraphs 4 and 5 of the
said Order.
C) Further to our comments in the paragraph (B) above, we report that:
1. 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.
2. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of the
books of accounts.
3. The Balance Sheet and the Profit and Loss Account and cash flow
statement dealt with by this Report are in agreement with the books of
account.
4. In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this Report have been prepared in compliance with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 to the extent applicable.
5 On the basis of the written representations received from the
Directors 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 in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
6 In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to and read
together with the Notes thereon gives the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view:
(i) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 and,
(ii) In case of the Statement of Profit and Loss Account, of the profit
/ loss for the year ended on that date.
(iii)In case of the Cash Flow Statement for the year ended 31st March
2012.
Annexure to Auditor''s Report
(Referred to in Paragraph B of our report on even date of Oasis
Securities Limited for the year ended 31/03/2012)
1) In Respect of Fixed Assets : There are no Fixed Assets .
2) In respect of its Inventory
a) As explained to us, and according to the information and
explanations given to us, physical verification of inventory has been
conducted at reasonable intervals during the year by the management.
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 and no
material discrepancies were noticed on physical verification as
compared to the book records.
3) In respect of Loans Given/Taken
A) The Company has granted unsecured loans, to companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. The No of parties involved are 3 and the
amount involved in transaction is Rs Nil as on 31/03/2012
B) The Rate of Interest & Other terms and condition of unsecured loan
given by the company are not prima facie prejudicial to the interest of
the company.
C) The receipt of principal amount and interest on unsecured loan given
are regular.
D) There is no overdue amount outstanding for more than Rs 100,000/-.
E) The Company has taken unsecured loans, from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. The No of parties involved are land the amount
involved in transaction is Rs Nil /- as on 31/03/2012
F) The Rate of Interest & Other terms and condition of unsecured loan
taken by the company are not prima facie prejudicial to the interest of
the company.
G) The receipt of principal amount and interest on unsecured loan taken
are regular.
4) In respect of Internal Control Procedure
In our opinion and according to the information and explanation 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, sale of inventory and fixed assets. During the course of
our audit, we have not observed any major Weakness in internal
controls.
5) In respect of transactions covered u/s 301 of the Companies Act,
1956.
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered into the register needed to be
maintained u/s 301 of the Companies Act have been so entered.
b) In our opinion and according to the information and explanations
given to us, there are transactions in pursuance of contracts or
arrangements entered in the register maintained u/s 301 of the
Companies Act aggregating during the year to Rs. 5,00,000/- [Rs. Five
lakhs only] or more in respect of parties. Each of these transactions
has 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 Public.
7) The Company has no formal system of Internal Audit in operation.
However the internal control system of the Company is commensurate with
its size and nature of its business.
8) The Central Government has not prescribed maintenance of cost
records under clause (d) of sub- section (1) of section 209 of the
Companies Act, 1956 in respect of the Company.
9) In respect of Statutory Dues:
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, Income tax, Service Tax and any
other statutory dues with the appropriate authorities According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31-3-2012 for a
period of more than six months from the date they became payable.
10) The Company has not incurred cash losses in this financial year.
Moreover there are no accumulated losses at the end of the financial
year.
11) Monitoring of Loans taken from Banks/Financial Institutions etc.
a) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to any bank.
b) The Company has not taken any term loan.
c) The funds raised on short-term basis have not been used for
long-term investment and vice versa.
d) The Company has not issued any debentures.
12) According to the information and explanation given to us, the
Company has not given any guarantee for loans (except of Bank
Guarantees) taken by others from banks or other financial institutions.
13) The Company has maintained proper records of the transactions and
contracts in respect of shares, securities'', debentures and other
securities and timely entries have been made therein; All shares,
debentures and other securities have been held by the Company in its
own name except to the extent of the exemption, if any, granted under
section 49 of the Companies Act, 1956.
14) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
15) In our opinion, the Company is not a chit fund or a Nidhi /or
mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Amendment Order 2004 is not applicable to the
Company.
16) The Company has not made any preferential allotment of shares
during the year.
17) The Company has not raised any money by way of Public Issue during
the year.
18) In our opinion and according to the information and explanations
given to us no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
19) On the basis of the written representations received from the
Directors 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 in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
For BHUPENDRA SHAH & ASSOCIATES Place: Mumbai
Chartered Accountants Date: September 03,2012
(FRN: 101454W)
Sd/-
(Bhupendra Shah)
Proprietor
(Membership No. 33640)
Mar 31, 2010
We have audited the attached Balance Sheet of Oasis Securities Limited
as at 31st March 2010 and also die Profit and Loss Account for the year
ended and cash flow statement 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.
A) We have 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.
B) As required by the Companies (Auditors Report) Amendment Order,
2004 issued by the Central Government of India in terms of Section 227
(4A) of the Companies Act, 1956, we enclose in the Annexure hereto a
statement of the matters specified in the paragraphs 4 and 5 of the
said Order.
C) Further to our comments in the paragraph (B) above, we report that:
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for die purpose of our
audit.
2. In our opinion, proper books of accounts as required by law have
been kept by die Company so far as appears from our examination of die
books of accounts.
3. The Balance Sheet and the Profit and Loss Account and cash flow
statement dealt with by this Report are in agreement with the books of
account.
4. In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this Report have been prepared in compliance with the
accounting standards referred to in sub-section (3C) of Section 211 of
die Companies Act, 1956 to the extent applicable.
5. On the basis of the written representations received from the
Directors 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 in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to and read
together with the Notes thereon gives the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view:
(i) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 and,
(ii) In case of the Profit and Loss Account, of the profit / loss for
the year ended on that date.
(iii) In case of the Cash Flow Statement for the year ended 31st March
2010.
Annexure to Auditors Report (Referred to in Paragraph B of our report on
even date of Oasis Securities Limited for the year ended 31/03/2010)
1) In respect of Fixed Assets
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals, which in our opinion is
reasonable, having regard to the size of the Company and nature of its
assets. We are informed that no material discrepancies were noticed by
the management on such verification.
c) The Company has not disposed of any substantial part of fixed assets
during die year. The disposal of the fixed assets by the company during
the year has not affected the going concern assumption.
2) In respect of its Inventory
a) As explained to us, and according to the information and
explanations given to us, physical verification of inventory has been
conducted at reasonable intervals during the year by the management.
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 and no
material discrepancies were noticed on physical verification as
compared to the book records.
3) In respect of Loans Given/Taken
The Company neither granted nor taken any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4) In respect of Internal Control Procedure
In our opinion and according to the information and explanation 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, sale of inventory and fixed assets. During the course of
our audit, we have not observed any major weakness in internal
controls.
5) In respect of transactions covered u/s 301 of the Companies Act,
1956.
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered into the register needed to be
maintained u/s 301 of the Companies Act have been so entered.
b) In our opinion and according to the information and explanations
given to us, there are transactions in pursuance of contracts or
arrangements entered in the register maintained u/s 301 of the
Companies Act aggregating during the year to Rs. 5,00,000/- [Rs. Five
lakhs only] or more in respect of parties. Each of these transactions
has 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 Public.
7) The Company has no formal system of Internal Audit in operation.
However the internal contrc system of the Company is commensurate with
its size and nature of its business.
8) The Central Government has not prescribed maintenance of cost
records under clause (d) of sub section (1) of section 209 of the
Companies Act, 1956 in respect of the Company.
9) In respect of Statutory Dues:
According to the records of the Company, the Company has been regular
in depositing undisputei statutory dues including Provident Fund,
Investor Education and Protection Fund, Income tax Service Tax and any
other statutory dues with the appropriate authorities According to th<
information and explanations given to us, no undisputed amounts payable
in respect of the aforesak dues were outstanding as at 31-3-2010 for a
period of more than six months from the date the} became payable.
10) The Company has incurred cash losses in this financial year.
However there are no accumulated losses at the end of the financial
year.
11) Monitoring of Loans taken from Banks/Financial Institutions etc.
a) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to any bank.
b) The Company has not taken any term loan.
c) The funds raised on short-term basis have not been used for
long-term investment and vice versa.
d) The Company has not issued any debentures.
12) According to the information and explanation given to us, the
Company has not given any guarantee for loans (except of Bank
Guarantees) taken by others from banks or other financial institutions.
13) The Company has maintained proper records of the transactions and
contracts in respect of shares, securities, debentures and other
securities and timely entries have been made therein; AH shares,
debentures and other securities have been held by the Company in its
own name except to the extent of the exemption, if any, granted under
section 49 of the Companies Act, 1956.
14) Li our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
15) In our opinion, the Company is not a chit fund or a Nidhi /or
mutual benefit fund /society. Therefore, clause 4(xiii) of the
Companies (Auditors Report) Amendment Order 2004 is not applicable to
the Company.
16) The Company has not made any preferential allotment of shares
during the year.
17) The Company has not raised any money by way of Public Issue during
the year.
18) In our opinion and according to the information and explanations
given to u& no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
19) On the basis of the written representations received from the
Directors 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 in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
For BHUPENDRA SHAH & ASSOCIATES Place: Mumbai
Chartered Accountants Date: August 24,2010
(Firm Registration No: 101454W)
Sd/-
(Bbupendra Shah)
Proprietor
Membership No. 33640