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Aravali Securities and Finance Ltd.

BSE: 512344 | NSE: ARAVALISEC | Series: NA | ISIN: INE068C01015 | SECTOR: Finance - Investments

BSE Live

Jul 26, 16:00
4.45 -0.23 (-4.91%)
Volume
AVERAGE VOLUME
5-Day
17,468
10-Day
14,089
30-Day
14,739
2,823
  • Prev. Close

    4.68

  • Open Price

    4.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
2.00 0.00 (0.00%)
Volume
No Data Available
1,000
  • Prev. Close

    2.00

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Aravali Securities and Finance is not listed on NSE

Annual Report

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

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of ARAVALI SECURITIES & FINANCE LIMITED (The Company), which comprise the Balance Sheet as at 31 st March, 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 explanatory information. Management''s Responsibility for the Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (''the Act'') with respect to the preparation and presentation 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the 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 estimates 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 accounting 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 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 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 operating 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 financial statements. 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 st March, 2015; (b) In the case of the Statement of Profit and Loss, of the Loss of the Company for the year ended on that date; and (c) In the case of the Cash Flow Statement, of the Cash Flows of the Company 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 in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required under the provisions of 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 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 form 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 specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; e. On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and 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 information and according to the explanations given to us: i The Company does not have any pending litigations which would impact its financial position except the sales tax liablity pending in appeals/ rectification of Rs. 160969, as refered in note 1.9 ii The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iil There has been no delay in transferring amounts, required to be transferred, to the investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in Paragraph 1 of Report on Other Legal and Regulatory Requirements of our report of even date to the members of Aravali Securities & Finance Limited as at and for the year ended 31st March, 2015) i. a. The Company is maintaining proper records showing full particulars, including quantitative details and situation of its fixed assets. b. The fixed assets of the Company were physically verified by the management during the year. In our opinion, frequency of physical verification is reasonable having regard to the size of the operation of the Company, n the basis of explanation received, in our opinion, no discrepancy between the book records and physical inventory has been noticed in respect of assets physically verified. ii. a. As explained to us, the inventories were physically verified during the year by the management at reasonable intervals. In our opinion, having regard to the nature of stocks, the frequency is reasonable. b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business. c. On the basis of our examination of records of inventories, in our opinion, the Company has maintained proper records of its inventories and no material discrepancy was noticed on physical verification except to the extent of shares not registered in the name of the Company as mentioned in Note 11. iii a. The Company has given loan to a Company covered in the register maintained under Section 189 of the Companies Act, 2013. b In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the 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 repayment of the principal amount. c There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate isted in the register maintained under section 189 of the Act. 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 for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor we have been informed of any instance of major weaknesses in the aforesaid internal control systems. v. As informed, the Company has not accepted any deposits from the public. vi. The Central Government has not prescribed maintenance of the cost records under section 148(1) of the Companies Act, 2013 in respect of any of the company''s activities. vii. a. According to the information and explanations given to us and the books and records as produced and examined by us, in our opinion, the undisputed statutory dues including in respect of provident fund, employees'' state insurance, income- tax, sales tax, wealth tax, service tax, customs duty, excise duty, value added tax, cess and other statutory dues as applicable have been regularly deposited by the Company during the year with the appropriate authorities. There were no undisputed statutory dues as at the last day of the financial year outstanding for a period of more than six months from the date they became payable. b. According to the records of the company, there were no dues of income tax, wealth tax, service tax, custom duty, excise duty, value added tax, cess which have not been deposited on account of disputes. The particulars of dues of sales tax as at 31st March, 2015 which have not been deposited on account of disputes are as under: Name of Period Amount under Forum before whom pending the dues dispute not yet deposited Sales Tax Financial year Asst. Commissioner 1984-85,1985-86, Rs. 1,60,969 of Sales Tax 2000- 01 and (Appeals) Delhi 2001- 02 viii. The Company losses as at 31st March, 2015 are less than fifty percent of its net worth. The Company has incurred cash losses in the financial year covered by our audit but has not incurred cash losses in the immediately preceding financial year ix. The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year except sum of Rs. 142000 received from Fully Convertible partly paid up Debentures which were convertible into fully paid up equity shares and which have not been converted pending allotment money in arrears, as mentioned in Note 1.2 & Note 4. x. The Company has not given any guarantee for loans taken by others from bank or financial institutions except those mentioned in Note 8. xi The Company did not have any term loans outstanding during the year. xii. To the best of our 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 SALARPURIA & PARTNERS CHARTERED ACCOUNTANTS (Registration No.302113E) Sd/- KAMAL KUMAR GUPTA Place: Camp Gurgaon PARTNER Date:21 st May,2015 MembershipNo.89190