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Shardul Securities Ltd.

BSE: 512393 | NSE: SHRIYAMSEC | Series: NA | ISIN: INE037B01012 | SECTOR: Finance - Investments

BSE Live

Jan 25, 14:20
115.45 5.00 (4.53%)
Volume
AVERAGE VOLUME
5-Day
2,253
10-Day
1,661
30-Day
2,320
602
  • Prev. Close

    110.45

  • Open Price

    120.65

  • Bid Price (Qty.)

    109.00 (5)

  • Offer Price (Qty.)

    115.45 (1)

NSE Live

Dec 27, 11:22
1.90 -0.10 (-5.00%)
Volume
No Data Available
380
  • Prev. Close

    2.00

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Shardul Securities is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

Report on the Financial Statement We have audited the accompanying financial statement of SHARDUL SECURITIES LTD ('''' the company''''}, which comprise the Balance Sheet as at 31st March 2013, the Statement of Profit & Loss and the 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 These financial statements are the responsibility of the Company''s Management that give a true and fair view of the financial position, financial performance and the cash flows of the company in accordance with accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act 1956 (the Act). The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation 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 conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered of India. Those Standards require that we comply with the ethical requirement and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 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: i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013; ii) in the case of the Statement of Profit and Loss , of the Profit of the Company for the year ended on that date; and iii) in the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 issued by Central Government of India, in terms of Section 227(4A) of the Act , we enclose in the Annexure hereto a statement on the matters specified in the paragraphs 4 and 5 of the said order, to the extent applicable to Company. 2. Further to our comments in the Annexure referred to in paragraph (1) above, we report that : a) 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; 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; c) The Balance Sheet, the 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, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in compliance with the mandatory Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Act; e) On the basis of written representations received from the Directors as at 31st March, 2013 and taken on record by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31st March 2013 from being appointed as a Director in terms of Section 274(1 )(g) of the Act. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT OF SHARDUL SECURITIES LTD. FOR THE YEAR ENDED 31st MARCH 2013. (Referred to in paragraph 1 of our report of the even date) i. In respect of its fixed assets: a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets based on available information. b) As explained to us, the fixed assets have been physically verified by the management in accordance with a phased programme of verification, which in our opinion is reasonable, considering the size and nature of its business. No material discrepancies were noticed on such verification. c) As per the information and explanations given to us, during the year, the Company has not disposed off any substantial part of fixed assets that would affect the going concern. ii. In respect of its inventories : a) As explained to us, the inventories, which are held in dematerialized & physical forms except stock lying with third parties, have been verified by the management with the supporting evidence during the year. In our opinion, the frequency of verification is reasonable. b) In our opinion and according to the information and explanation given to us, the procedure of verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. c) Based on our examination of inventory records, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies have been noticed on verification between the dematerialized stocks or physical stocks and the book records. iii. In respect of loans: a) The Company has not taken loans, secured or unsecured from companies, firms or parties covered in register maintained under section 301 of the companies Act, 1956. Hence, clause (iii) (b) to (iii) (d) of paragraph 4 of the Companies (Auditor''s Report) orders 2003 are not applicable to the company. b) The Company has given unsecured loan to a party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding during the year 375 lacs and the closing balance at year end is 255 lacs. c) In our opinion and according the information and explanation given to us, the rate of interest and other terms and condition of loans given by the company are not prima facie prejudicial to the interest of the company. d) According to the information and explanations given to us, the payment of principal amount and interest are regularly made as per terms stipulated. e) There is no overdue amount outstanding for more than 1 lac at the end of the year in respect of the above loans. iv. 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 nature of its business for the purchases of securities and services and fixed assets and sale of securities and services rendered towards fees based income. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we neither have come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal controls. v. In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956: a) According to the information and explanation given to us, we are of the opinion that transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered. b) In our opinion and according to the information and explanations given to us, the transactions of purchase and sale of securities and services in pursuance of contracts or arrangement required to be entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs.5,00,000 in respect of each party during the year have been made at prices, which appear reasonable having regard to the prevailing market prices at the relevant time. vi. According to the information and explanations given to us, the Company has not accepted any deposits from the public and hence directives issued by Reserve Bank of India and provision of section 58A and 58AA of the Companies Act, 1956 and rules framed there under. Therefore, the provisions of Clause (vi) of paragraph 4 of the order are not applicable for the year under audit. vii. The Company has internal audit system commensurate with its size and nature of its business. viii. In respect of statutory dues : a) According to the information and explanations given and records as produced and examined by us, in our opinion the undisputed statutory dues in respect of Investor Education and Protection Fund, Sales tax, Provident fund, Employees State Insurance, Income tax, Service tax, Wealth tax and other material statutory dues as applicable have been regularly deposited by the Company during the year with appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2013 for a period of more than six months from the date of becoming payable. b) The Customs duty, Excise duty and Cess are not applicable to the Company. c) According to the information and explanations given to us, there are no such statutory dues, which have not been deposited because of any dispute except Income tax dispute of Rs. 12.32 lacs for A.Y. 10-11 which are pending with Asst. Commissioner of Income Tax. ix. The company has positive net worth at the end of the financial year. The Company has no accumulated losses and has not incurred any cash losses during the current financial year and has also not incurred any cash loss in the immediately preceding financial year. x. Based on our audit procedures and according to the information & explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution. xi. In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted based on security by way of pledge of shares, debentures and other securities. xii. The company has maintained proper records of transactions and contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein. The investments are held by the company in its own name except shares held as margin with third parties. xiii. According to the information and explanation given by the management, the company has not given any guarantees for loans taken by others from banks or financial institutions. xiv. According to the information and explanations given to us the company has not obtained any term loans. xv. On the basis of review of utilization of funds, which is based on overall examination of the Balance Sheet of the company as at 31st March, 2013, we are of the opinion that there are no funds raised on short term basis that have been applied for long term investment. xvi. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management. In view of the nature of activities carried by the Company, clause no (viii) and (xiii) of Companies (Auditor''s Report) Order, 2003 are not applicable to the Company. Further in view of the absence of conditions prerequisite to the reporting requirement of clauses (xviii), (xix) and (xx), the said clauses are, at present, not applicable. For Rajen Damani & Associates Chartered Accountants (Registration No. 116762W) CA Rajen. J. Damani Place : Mumbai (Partner) Dated : 28th May, 2013 Membership No: 034375