We have audited the accompanying financial statements of AMIT
SECURITIES LIMITED (The Company), which comprises the Balance sheet as
at 31stMarch, 2015 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 explana- tory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for matters stated in
Section 134(5) of the Companies Act, 2013 (The Act) with respect to
the preparation of these financial statements that give a true and fair
value of the financial positions, financial performance and cash flows
of the company in accordance with the accounting standards referred to
in section 133 of the Act, read with rule 7 of the Companies (Accounts)
Rule, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provision of act for
safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and esti- mates 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 ac-
counting 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.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these 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
assess- ment 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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operat- ing
effectiveness of such controls. 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 standalone 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, of the state of affairs of the Company as
at March 31, 2015, and its profit and its 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, 2015 (the
order), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the
Companies Act, 2013 we give
in the annexure a statement on the matters specified in paragraphs 3
and 4 and 5 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 knowl- edge 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 of the Company.
c. The Balance Sheet and statement of Profit and Loss Account and Cash
Flow statement dealt with by these reports are in agreement with the
books of account of the Company.
d. In our opinion, the Balance Sheet and Profit & Loss Account and
Cash Flow statement dealt with by this report comply with the
accounting standards specified under section 133 of the Act, read with
rule 7 of Companies (Accounts) Rules, 2014.
e. On the basis of written information received from the directors of
the Company and taken on record by the Board of Directors as on 31st
March 2015, and the information and explanations given to us, we report
that none of the directors is disqualified as on 31st March 2015, from
being appointed as a director in terms of subsection (2) of section 164
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 informa- tion 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 stan- dards, for material foreseeable losses, if any,
and as required on long-term contracts including derivative contracts.
(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 our Independent Auditor''s Report to the Members
of the Company on the Financial Statements for the year ended 31st
March, 2015 we report that:
i. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b)The fixed assets of the Company have been physically verified by the
management at reasonable intervals. As informed to us, no discrepancies
have been noticed on such verification.
ii. (a) As explained to us, the inventory of the Company has been
physically verified during the year by the management. In our opinion
the frequency of the verification is reasonable.
(b) According to the information and explanation given to us, in our
opinion, the procedures of physical verification of stocks followed by
the management are reasonable and adequate in relation of the size of
the Company and the nature of its business.
(c) In our opinion and information and explanation given to us, the
Company is maintaining proper records of inventory and no material
discrepancies were noticed on verification between the physical stocks
and book records.
iii. (a) According to the information''s and explanations given to us
the Company has granted unsecured loans to 3 parties covered in the
register maintained under section 189 of the Companies Act, 2013.
(b) In case of loans granted to parties covered in the register
maintained under section 189 of the Companies Act, 2013, the borrowers
have been regular in the payment of interest as stipulated. The terms
of arrangements do not stipulate any repayment schedule and the loans
are repayable on demand. Accordingly paragraph 3(iii)(b) of the Order
is not applicable to the Company in respect of the repay- ment of the
principal amount.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to parties listed in the register
maintained under section 189 of the Companies Act, 2013
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business. During the
course of our audit, we have not observed any major weaknesses in the
internal control system.
v. In our opinion and according to the information and explanations
given to us, the company has not accepted deposit from public with the
meaning of Section 73 to 76 or any other relevant provision of the
Companies Act 2013.
vi. According to information and explanations given to us the Central
Government has not prescribed maintenance of cost records under
sub-section (1) of section 148 of the Companies Act 2013.
vii. (a) According to the information and explanations given to us and
the records of the company examined by us, in our opinion, the company
has no statutory dues of Provident Fund, Employee state Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise
duty, Value added Tax, cess and any other statutory dues with the
appropriate authorities.
(b) According to the information and explanations given to us, there
are no undisputed statutory dues outstanding for a period of more than
six months from the date they became payable, as per books of accounts
as at 31st March, 2015
(c) According to the information and explanations given to us, there is
no amount required to be trans- ferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act 2013.
viii. The company does not have accumulated losses as at 31st March,
2015. The Company has cash Profit during the financial year covered by
our audit as well as in the immediately preceding financial year also.
ix. In our opinion and according to the information and explanations
given to us, the Company did not have any outstanding dues to financial
institutions, banks or debenture holder during the year.
x. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xi. To the best of our knowledge and belief, and according to the
information and explanations given to us, the company has not raised
any term-loans during the year under audit, hence, paragraph 3 (xi) of
the Order is not applicable.
xii. To the best of our knowledge and belief and according to the
information and explanations given to us, we report that no material
fraud on or by the company has been noticed or reported during the
year.
Place: Indore For M.MEHTA & COMPANY
Chartered Accountants
Dated: 28.05.2015 Firm Regn. No. 000957C
CA P R Bandi
(Partner)
M.No. 016402
