Mar 31, 2014
We have audited the accompanying financial statements of Remi
Securities Limited (the company), which comprise the balance sheet as
at 31 March 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 of the company in accordance with the accounting
principles generally accepted in India, including accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 ("the ActÂ) read with General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect Section
133 of the Companies Act, 2013. This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
a. in the case of the balance sheet, of the state of affairs of the
company as at 31 March 2014.
b. in the case of the statement of profit and loss, of the loss 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.
Emphasis of matter
With qualifying our report we draw attention to:
The Company has unsettled exposure for various commodities trade
through NSEL/Broker. NSEL has not been able to discharge payment
obligation from August 2014 onwards.The company has decided to write
off Rs. 1,98,70,000/- being 25% of original outstanding and shown as
exceptional item. The detailed note on subject is given at note no.1.7
of Notes to Financial Statements for the year ended 31st March, 2014.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
OrderÂ) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books.
c. The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account.
d. In our opinion, the balance sheet, statement of profit and loss, and
cash flow statement comply with the accounting standards referred to in
sub section (3C) of section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(REFERRED TO IN PARAGRAPH 1 UNDER "REPORT ON OTHER REGULATORY
REQUIREMENTSÂ SECTION OF OUR REPORT OF EVEN DATE)
(i) The Company does not own any fixed assets.
(ii) (a) It is reported that the inventories of shares etc., wherever
applicable have been physically verified by the management wherever
possible at reasonable intervals during the year.
(b) In our opinion and according to the information and explanations
given to us the procedures of physical verification of inventories of
shares etc., wherever applicable/possible followed by the management
are reasonable and adequate in relation to the size of company and the
nature of its business.
(c) The Company has maintained proper records of inventories of shares
etc. and as explained to us there were no material discrepancies
notified on physical verification of inventories as compared to the
book records except transactions on NSEL platform.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loan, secured or unsecured, to Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.Accordingly paragraph 4 (iii)(a), (b),
(c) and (d) of the Order are not applicable to the Company.
(b) According to information and explanations given to us, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956 during the year. Accordingly clauses (iii) (e),
(f) & (g) of paragraph 4 of the Order are not applicable to the
Company.
(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 with regard to purchases of inventories of shares etc; fixed
assets and also to the sale of shares etc. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) According to the information and explanations given to us, there
are no transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence the directives issued by the Reserve Bank of India and
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 are not applicable.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The central Govt, has not prescribed the maintenance of cost
records under section 209 of the Companies Act, 1956.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education Protection Fund, Employees'' State Insurance, Income
tax, Sales-tax, Wealth tax, Custom Duty, Excise Duty, Service Tax, Cess
and other material statutory dues wherever applicable to it and there
were no undisputed arrears as at 31st March 2014 for a period of more
than six months from the date they become payable.
(b) According to the information and explanations given to us, there
were no disputed statutory dues including Provident Fund, Investor
Education Protection Fund, Employees'' State Insurance, Income tax,
Sales-tax, Wealth tax, Custom Duty, Excise Duty, Service Tax, Cess and
other material statutory dues wherever applicable to it as at 31st
March, 2014.
(x) The Company has no accumulated losses but has incurred cash losses
during the financial year covered by our audit. However, there were no
cash loses in the immediately preceding financial year.
(xi) According to information and explanations given to us, there are
no loans from financial institutions or banks and have no outstanding
debentures.
(xii) In our opinion and according to information and explanations
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.
(xiii) In our opinion the company is not a nidhi, mutual benefit fund
or a society.
(xiv) The company is dealing or trading in shares, debentures etc. and
according to the information and explanations given to us, the company
has maintained proper records of transactions and contracts in respect
of such trading. All shares, debentures etc. have been held by the
company in its own name except to the extent of the exemption u/s 49 of
the Companies Act, 1956.
(xv) The company has not given any Guarantee for loans taken by others
from banks or financial institution.
(xvi) The Company has not taken any term loan during the year.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance sheet of the Company as at 31st
March 2014, we are of the opinion that no funds raised on short term
basis have been used for longterm purposes by the Company.
(xviii) According to the information and explanations given to us, 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, during the year under report.
(xix) The company has not issued any debentures, hence clause 4 (xix)
of the Companies (Auditors'' Report) orders, 2003 is not applicable to
the Company.
(xx) The Company has not raised any money by public issue during the
year under report.
(xxi) To the best of knowledge and belief 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 except commodity related
transactions on NSEL platform.
for SUNDARLAL, DESAI & KANODIA
CHARTERED ACCOUNTANTS,
(Firm Registration No. 110560W)
Sd/-
PLACE: MUMBAI (M.B. DESAI)
DATED: 30th MAY, 2014 PARTNER
Membership Number 33978
Mar 31, 2010
1. We have audited the attached Balance Sheet of REMI SECURITIES
LIMITED as at 31st March, 2010, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on 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.
3. 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, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to 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 purpose 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;
(iii) the Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) on the basis of written representations received from the
Directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 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 explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
(b) in the case of the Profit and Loss Account, of the PROFIT for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF
REMI SECURITIES LIMITED AS AT 31st MARCH, 2010)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification.
(c) The company has not disposed off substantial part of fixed assets
during the year.
(ii) (a) It is reported that the inventories of shares etc; have been
physically verified by the management at reasonable internals during
the year.
(b) In our opinion and according to the information and explanations
given to us the procedures of physical verification of inventories of
shares etc. followed by the management are reasonable and adequate in
relation to the size of company and the nature of its business.
(c) The Company has maintained proper records of inventories of shares
etc. and as explained to us there were no material discrepancies
notified on physical verification of inventories as compared to the
book records.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loan, secured or unsecured, to Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.Accordingly paragraph 4 (iii)(a), (b),
(c) and (d) of the Order are not applicable to the Company.
(b) According to information and explanations given to us, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956 during the year. Accordingly clauses (iii) (e),
(f) & (g) of paragraph 4 of the Order are not applicable to the
Company.
(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 with regard to purchases of inventories of shares etc; fixed
assets and also to the sale of shares etc. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls..
(v) According to the information and explanations given to us, there
are no transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence the directives issued by the Reserve Bank of India and
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 are not applicable.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The central Govt, has not prescribed the maintenance of cost
records under section 209 of the Companies Act, 1956.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education Protection Fund, Employees State Insurance, Income
tax, Sales-tax, Wealth tax, Custom Duty, Excise Duty, Service Tax, Cess
and other material statutory dues wherever applicable to it and there
were no undisputed arrears as at 31st March 2010 for a period of more
than six months from the date they become payable.
(b) According to the information and explanations given to us, there
were no disputed statutory dues including Provident Fund, Investor
Education Protection Fund, Employees State Insurance, Income tax,
Sales-tax, Wealth tax, Custom Duty, Excise Duty, Service Tax, Cess and
other material statutory dues wherever applicable to it as at 31st
March, 2010.
(x) The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit but incurred cash
losses in the immediately preceding financial year.
(xi) According to information and explanations given to us, there are
no loans from financial institutions or banks and have no outstanding
debentures.
(xii) In our opinion and according to information and explanations
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.
(xiii) In our opinion the company is not a nidhi, mutual benefit fund
or a society.
(xiv) The company is dealing or trading in shares, debentures etc. and
according to the information and explanations given to us, the company
has maintained proper records of transactions and contracts in respect
of such trading. All shares, debentures etc. have been held by the
company in its own name except to the extent of the exemption u/s 49 of
the Companies Act, 1956.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
(xvi) In our opinion, the Company has not taken any term loans during
the year.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance sheet of the Company as at 31st
March 2010, no funds raised on short term basis have been used for long
term purposes by the Company.
(xviii) According to the information and explanations given to us, 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, during the year under report.
(xix) The company has not issued any debentures, hence clause 4 (xix)
of the Companies (Auditors Report) orders, 2003 is not applicable to
the Company.
(xx) The Company has not raised any money by public issue during the
year under report.
(xxi) To the best of knowledge and belief, 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.
For SUNDERLAL DESAI & KANODIA
CHARTERED ACCOUNTANTS
Registration No.110560W
(M.B.DESAI)
PARTNER
Membership Number 33978
PLACE: MUMBAI
DATED: 21st MAY, 2010
Mar 31, 2003
We have audited the attached Balance Sheet of REMI SECURITIES LIMITED,
as at 31st MARCH,2003 and also the Profit and Loss Account for the year
ended on that date annexed thereto and the Cash Flow Statement for the
period ended on that date. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express on 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 the 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 Manufacturing and Other Companies (Auditors Report)
order, 1988 issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
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 purpose 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;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2003, and taken on record by the Board of
Directors, we report that none of the directors is disqulified as on
31st March, 2003 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 explanations given to us the said accounts read together with notes
thereon give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
accounting principles generally accepted in India:-
(a) in the case of the Balance Sheet, of the state affairs of the
Company as at 31st March, 2003;
(b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date: and
(c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to Auditors Report (Refferred to in Paragraph 3 of our Report
of even date)
1. This being an investment and finance Company, this report includes
matter specified in the above mentioned order as far as they are
applicable.
2. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. As per
the information & explanation given to us, all the assets have been
physically verified by the management during the year. No serious
discrepancies have been noticed on such verification.
3. None of fixed assets have been revalued during the year.
4. In our opinion, the rate of interest and other terms and conditions
on which the company has taken loans, secured or unsecured from
companies, firms or other parties listed in the Register maintained
under Section 301 of the Companies Act,1956 and / or from the Companies
under the same management as defined under Section (1B) of Section 370
of the Companies Act,1956 are not prima facie prejudicial to the
interest of the Company.
5. In our opinion, the rate of interest and the terms and conditions
on which the Company has granted loans secured or unsecured to
Companies, firms or other parties listed in the Register maintained
under Section 301 and /or to the Companies under the same management as
defined under Section 370(1-B) of the said Act,are not prima facie
prejudicial to the interest of the Company.
6. In respect of the loans and advances in the nature of loans given
by the Company, parties are generally regular both in repaying the
principal amounts and payment of interest wherever stipulated.
7. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
8. In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
9. We have been informed by the management that Provisions of the
Employees Provident Fund Act and Employees State Insurance Act are
not applicable to the Company.
10. In our opinion, and according to the information and explanations
given to us, there is no undisputed amount payable in respect of income
tax, wealth tax, sales tax, customs duty and excise duty which were
outstanding as on 31st March 2003 for a period of more than six months
from the date they became payable.
11. In our opinion and according to the information and explanations
given to us, no personal expenses have been charged to revenue account.
12. The Company has an adequate internal control procedure commensurate
with size of Company and the nature of its business.
13. We have no comments to offer under paragraph 4(b)(ii) of the order,
as the Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other similar
securities.
14. In our opinion and according to the information and explanations
given to us, Company has maintained proper records of the transaction
and contracts relating to trading or dealing in shares, debentures and
other investments, and the said investments are held by the Company in
its own name.
FOR SUNDARLAL.DESAI & KANODIA
CHARTERED ACCOUNTANTS
( M.B.DESAI )
PARTNER
PLACE : MUMBAI
DATED : 04-09-2003