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Alka Securities | Auditor's Report > Finance - General > Auditor's Report from Alka Securities - BSE: 532166, NSE: N.A
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Alka Securities

BSE: 532166|ISIN: INE921C01031|SECTOR: Finance - General
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Alka Securities is not listed on NSE
Mar 13
Auditor's Report (Alka Securities) Year End : Mar '14
We have audited the attached Balance Sheet of M/s. Alka Securities
 Limited as on 31st March 2014 and also the Profit and Loss Account for
 the year ended on that date. 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.
 
 We conducted our audit in accordance with Auditing Standards Generally
 Accepted in India. These 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 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 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.
 
 Further to our comments in the Annexure referred to 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 the Company, as required by law, has kept proper
 books of account, so far as it appears from our examination of such
 books.
 
 (3) The Balance Sheet and Profit and Loss Account dealt with by this
 report are in agreement with the books of account.
 
 (4) In our opinion, the Balance Sheet and Profit and Loss Account dealt
 with by this report comply with the Accounting standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956;
 
 (5) On the basis of written representation received from the directors,
 as on 31st March 2014 and taken on record by the Board of Directors, we
 do hereby certify that none of the directors of the company as on 31st
 March 201 is disqualified for appointment as director in the aforesaid
 company in terms of clause (g) of sub - section 274 of the Companies
 Act, 1956 on the said date.
 
 (6) In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts read with the
 significant accounting policies and notes on Accounts annexed thereto,
 give the information required by the Companies Act, 1956, in the manner
 so required and gives 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 as at 31st
 March, 2014, and
 
 b) In the case of the Profit and Loss Account of the losss for the year
 ended on that date.
 
 c) In the case of Cash Flow Statement, of the cash flows of the Company
 for the year ended on that date
 
 Annexure to The Auditors'' Report
 
 (Referred To in paragraph 3 of our report of even date)
 
 1. (a) The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) All the assets have not been physically verified by the management
 during the year but there is a regular programmer of verification
 which, in our opinion, is reasonable having regard to the size of the
 company and the nature of its assets. No material discrepancies were
 noticed on such verification.
 
 (c) During the year, the company has not disposed of a substantial part
 of the fixed assets.
 
 2. (a) The inventory has been physically verified during the year by
 the management. In our opinion, the frequency of verification is
 reasonable.
 
 (b) The procedures of physical verification of inventories 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 is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material.
 
 3. (a) The company has not granted any loan to Companies, firms and
 other parties listed in the register maintained under section 301 of
 the Companies Act, 1956.
 
 (b) The company has not taken any loan to Companies, firms and other
 parties listed in the register maintained under section 301 of the
 Companies Act, 1956.
 
 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 with regard to purchases of Goods and services and Fixed
 Assets for to the sale of goods and services. During the course of our
 audit, we have not observed any continuing failure to correct major
 weaknesses in internal controls.
 
 5. (a) According to the information and explanations given to us, we
 are of the opinion that the particulars of contracts or arrangements
 referred to in section 301 of the Act have been entered into the
 register required to be maintained under that section; and
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under section 301 of
 the Act have been made at prices which are reasonable having regard to
 prevailing market prices at the relevant time;
 
 6. The company has not accepted any deposits from public.
 
 7. In our opinion, the company has an internal Audit system
 commensurate with its size and nature of business.
 
 8. We have broadly reviewed the books of account and other relevant
 records and are of the opinion that the Central Government has not
 prescribed any rules for the maintenance of cost records under section
 209 (1) (d) of the Companies Act, 1956.
 
 9. (a) The company is generally 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, service tax, custom duty, excise duty, cess
 and other material statutory dues applicable to it.
 
 (b) According Non-Executive Independent to the information and
 explanations given to us, no undisputed amounts payable in respect of
 income tax, sales tax, Excise duty and cess were in arrears, as at 31st
 March, 2014 for a period of more than six months from the date they
 became payable.
 
 (c) According to the information and explanation given to us, there are
 no dues of sale tax, customs duty, wealth tax, excise duty and cess
 which have not been deposited on account of any dispute. There is a due
 of Rs.52.25 Lacs in respect of Income Tax for the Assessment Year
 2005-6 to 2010-11 which has not been deposited on account of dispute;
 the dispute is pending before The
 
 Income Tax Department Company had made provision for full amount in the
 books.
 
 (d) In our opinion, the company has losses amounting to Rs.1352.50
 lakhs at the end of the financial year covered by our audit. The
 company has not incurred cash loss during the financial year covered by
 our audit and in the immediately preceding financial year.
 
 11. In our opinion and according to the information and explanations
 given to us, the company has defaulted in repayment of dues to a
 financial institution, Bank of India banks due to certain dispute
 between the company and the banks. Details are as under:
 
 Name of Institution/Bank    2013- 2014        2012-13
 
 Bank of India               Rs. 39751979.94   45535383.48
 
 12. We are of the opinion that the company has maintained adequate
 records where the company has granted loans and advances on the basis
 of security by way of pledge of shares, debentures and other
 securities.
 
 13. 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.
 
 14. In our opinion, the company is not dealing in or trading in shares,
 securities, debentures and other investments. Accordingly, the
 provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
 2003 are not applicable to the company.
 
 15. The company has not given guarantees for loans taken by others from
 banks or financial institutions.
 
 16. The company has not raised any term loans during the year under
 consideration.
 
 17. According to the information and explanations given to us and on an
 overall examination of the Balance Sheet of the company, we report that
 the no funds raised on short-term basis have been used for long-term
 investment.
 
 18. According to the information and explanations given to us, the
 company has made preferential allotment of shares warrants to parties
 and companies covered in the register maintained under section 301 of
 the Act.
 
 19. According to the information and explanations given to us, during
 the period covered by our audit report, the company had not issued
 debentures.
 
 20. Company has received no funds on basis of public issue.
 
 21. According to the information and explanations given to us, no fraud
 on or by the company has been noticed or reported during the course of
 our audit.
 
 For PSV Jain & Associate 
 Chartered Accountants
 
 Partner
 ICAI Membership No: 137264 
 Place: Mumbai 
 Date: 30thAugust, 2014
Source : Dion Global Solutions Limited
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