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Amit Securities Ltd.

BSE Live

Jan 20, 16:00
3.86 0.18 (4.89%)
Volume
AVERAGE VOLUME
5-Day
24
10-Day
14
30-Day
109
50
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    3.68

  • Open Price

    3.86

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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Amit Securities is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

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