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Auditor Report of Remi Securities Ltd.

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 Act”) 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 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, 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 REQUIREMENTS” 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

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