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Khandwala Securities Ltd.

BSE: 531892 | NSE: KHANDSE | Series: NA | ISIN: INE060B01014 | SECTOR: Finance - General

BSE Live

Aug 10, 16:00
9.18 0.16 (1.77%)
Volume
AVERAGE VOLUME
5-Day
721
10-Day
748
30-Day
1,125
1,401
  • Prev. Close

    9.02

  • Open Price

    9.18

  • Bid Price (Qty.)

    9.00 (500)

  • Offer Price (Qty.)

    9.81 (50)

NSE Live

Aug 10, 15:47
9.35 -0.65 (-6.50%)
Volume
AVERAGE VOLUME
5-Day
2,504
10-Day
2,311
30-Day
3,792
4,257
  • Prev. Close

    10.00

  • Open Price

    10.00

  • Bid Price (Qty.)

    9.35 (1)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of Khandwala Securities Limited (''the Company'') which comprise the Balance Sheet as at 31stMarch 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information. 2. 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 ma intendance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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. 3. 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 fi nancial control 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. 4. Opinion In our opinion and to the best of our information and according to the explanations given to us and to the best of our information and according to the explanations given to us, the aforesaid 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 31st March, 2015, and its profit and cash flows for the year ended on that date. 5. 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 Act, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the Order, the extent applicable. 2. Further to our comments in our opinion referred to above, we report that: a. The Company had advanced application money towards purchase of shares of Rs. 216.69 lacs, which is outstanding for a period of 156 months as at the end of the year. In the absence of information regarding the status of the allotment or the net worth of the entities in which the Company made applications, we are unable to ascertain the extent to which an amount of Rs. 216.69 lacs is recoverable and accordingly, the effect thereof on the financial statements cannot be ascertained. Please refer Note No. 21 forming part of financial statements. b. Long-term deposits to various companies of Rs. 530.00 lacs are subject to confirmation and subsequent adjustments, if any. Please refer Note No. 22 forming part of financial statements. 3. 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 knowledge and belief were necessary for the purposes of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; (c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of accounts. (d) In our opinion, the aforesaid financial statements 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 of company except as reported in Notes to the accounts. ii. The Company did not have any long-term I contracts including derivative contracts for which there were any material foreseeable losses; iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE AUDITOR''S REPORT With reference to the Annexure referred to in the Independent Auditors'' Report to the Members of Khandwala Securities Limited (''the Company'') on the financial statements for the year ended 31 March 2015, we report that: (i) In respect of company''s fixed assets; (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets were physically verified during the year by management of the respective entities in accordance with a phased periodical programme of verification which, in our opinion and the opinion of other auditors, is reasonable. According to the information and explanations given to us and based on the auditor''s report of the aforesaid subsidiary companies and associate companies incorporated in India, no material discrepancies were noticed on such verification. (ii) The Company is a service company primarily engaged in the business of rendering merchant banking service. Accordingly, it does not hold any physical inventories. Thus, paragraph 3(ii) of Order is not applicable. (iii) In our opinion and according to the information and explanations given to us, the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. Hence reporting under clause 3(iii) of the Order is not applicable to the company. (iv) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with size of the Company & nature of its business for the purchase of fixed assets and for sale of service. During the course of our audit, we have not observed any major weakness in such internal control system. (v) According to the information and explanations given to us, the Company has not accepted deposits within the meaning of section 73 to 76 or any other relevant provisions of the Act and rules framed there under. However the company has received loan from an individual amounting to Rs. 11,61,000/- in the FY 2011- 12 and same is due in year 2016-2017. (vi) The Central Government has not prescribed the maintenance of cost records under sub-section (l) of section 148 of the Act, for any of activities of the Company. (vii) According to the information and explanations given to us and on the basis of the our examination of the records of the Company, in respect of statutory dues: (a) The company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, service tax, and any other statutory dues with the appropriate authorities. However there have been few cases of delays in payment of statutory liabilities. (b) There are no materials dues of income tax or service tax or which have not been deposited with appropriate authorities as at 31st March, 2015 on account of any pending dispute except reported as below. Details of dues of income tax which not been deposited as at March 31, 2015 on account of disputes are given below: Name Nature Amount Period to which Forum Under of the of the (Rs. In the amount where Section Statute Dues Lacs) relates Dispute is pending Income Income 31.88 A.Y. 2006-07 CIT(A) 271(1)(C) Tax Act Tax 7.80 A.Y. 2007-08 CIT(A) 271(1)(C) 1961 19.49 A.Y. 2009-10 CIT(A) 271(1)(C) 4.96 A.Y. 2007-08 ITAT 143(3) 82.65 A.Y. 2009-10 ITAT 143(3) (c) The Company has generally been regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provisions of the company act and Rules made thereunder within time. (viii) The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses in the financial year. However company has incurred cash loss in previous Financial Year. (ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions and bank. The company has not issued any debentures. (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) According to the information and explanations given to us, Company has not obtained any term loan in current Financial Year. (xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. For Udyen Jain and Associates Chartered Accountants ICAI Reg. No. : 116336W Mr. Udyen Jain Partner Mem. No:F- 101201 Place: Mumbai Date : 26th May, 2015