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Action Financial Services (India) Ltd.

BSE: 511706 | NSE: | Series: NA | ISIN: INE357A01032 | SECTOR: Finance - Investments

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Action Financial Services (India) is not listed on NSE

Annual Report

For Year :
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Auditor's Report

Report on the Financial Statements for the year ended 31st March, 2013 We have audited the accompanying financial statements of Action Financial Securities (India) Limited (the Company) which comprise the balance sheet as at 31st March 2013, the Statement of Profit and Loss and the 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, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). 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, whetherdue to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: 1. in the case of the balance sheet, of the state of affairs of the Company as at 31st March 2013; ii. in the case of the statement of profit and loss, of the profit for the year ended on that date; and iii. in the case of the cash flow statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order), as amended, 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: 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, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account; iv. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and v. on the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Annexure to the Auditors'' Report [Referred to in paragraph pertaining to Report on Other Legal and Regulatory Requirement of our Report of even date to the members of Action Financial Services (India) Limited on the financial statements for the year ended 31st March, 2013] 1. a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. b) Fixed Assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion, the frequency of verification is reasonable. c) In our opinion and according to the information and explanations given to us a substantial part of Fixed Assets has not been disposed off by theCompanyduringtheyear. 2. The Company does not have any stock of raw materials, store, spare parts and finished goods. However the Company has stock of shares on hand. The management has conducted physical verification of shares on hand at reasonable intervals. The procedure of physical verification of stock on hand followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. The Company is maintaining proper records of stock on hand and no discrepancies were noticed on physical verification. 3. a) The Company has not granted 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. Hence clause b, c & d of the order is not applicable. b) The Company had taken unsecured loans from parties covered in the register maintained under Section 301 of the Companies Act, 1956. The No of parties are two (PY NIL) and amount outstanding at yearendisNIL(PYNIL). c) The loan was interest free and there were no stipulation as to repayment. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of shares and fixed asset and for providing services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. 5. According to the information and explanations given to us by the management we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered. 6. The Company has not accepted any deposits from the public, within the meaning of Sections 58A and 58AA of the Act and the rules framed thereunder. 7. The Company has appointed independent Chartered Accountant to carryout the internal audit of the company. In our opinion, the Company internal audit system is commensurate with its size and nature of its business. 8. The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956. 9. a) According to the records and information and explanations obtained from the management, the Company is generally regular in depositing undisputed statutory dues including Provident fund, Employee State Insurance, Income Tax and other statutory dues applicable to it with appropriate authorities. However in some cases there has been delay in depositing the government dues. b) In our opinion and according to information and explanations obtained, there are no disputed dues outstanding in respect of Sales tax, Wealth tax, Income tax, Service tax and Cess as at 31st March, 2013 that have not been deposited on account of dispute except the following: Sr. No Name of dues Forum where Dispute Period to which Amount is pending amount involved relates 1 Income Tax ITAT Mumbai A.Y. 2008-09 10,130,835/ 2 Tax Deducted Commissioner of Income A.Y. 2010-11 129,990/- at Sources (Appeals), Mumbai 3 Tax Deducted Commissioner of Income A.Y. 2011-12 143,056/- at Sources (Appeals), Mumbai Note:- 1. The Company had contested Income Tax demand of Rs 10,130,835/- for Assessment Year 2008-09. The Company has paid Rs.5,400,000/- and balance amount is in abeyance till disposal of the case . The company has preferred an appeal in the ITAT against the CIT(A) order. 2. The Company had contested Income Tax Deducted at Sources of Rs 129,990/- and Rs 143,056/- for Assessment Year 2010-11 and 2011- 12. The company has preferred an appeal in CIT(A). 10. The company is registered for over 5 years and has accumulated losses at the end of the financial year of Rs. 49.20 Lakhs (previous year Rs. 58.76 Lakhs) which is less than 50% of its net worth. It has not incurred any cash losses in the current as well as in the immediately preceding financial year 11. According to the information and explanations given to us and records of the Company examined by us the company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the Balance Sheet date. 12. According to the information and explanations given to us the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The provisions of any special statute applicable to chit fund and nidhi /mutual benefit fund/societies are not applicable to the Company. 14. The Company has dealing/trading in shares and debentures during the year. In respect of dealing in securities and other investments, in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The securities and other investments have been held by the Company in its own name. 15. According to the information and explanations given to us the Company has not given any guarantees for loans taken by others from banks or financial institution during the year. 16. The term loans taken were applied for the purpose for which they were obtained. 17. On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to information and explanations given to us, we report that no funds obtained on short - term basis have been used by the company for long term investments. 18. During the year the company has issued 2,446,300 Equity shares on preferential basis to promoters & other investors. In addition Company has issued 12,30,000 warrants convertible into equity shares on preferential basis to promoters at a rate of Rs 38/- each (Face Value Rs.10/- plus Premium Rs.28/-) Paid up amount up to 31st March 2013 is Rs.9.5 per warrant. The prices at which the warrants and shares have been issued are not prima facie prejudicial to the interest of the company. 19. The Company has not issued any debentures. 20. The Company has not raised any money through a public issue during the year. 21. Based upon the audit procedures performed and information and explanations given by the management, we report that we have not come across any instances of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by management. For Ford, Rhodes, Parks & Co. Chartered Accountants Firm Registration NO.102860W A.D. Shenoy Place: Mumbai Partner Date: 30* May, 2013 Membership No.11549