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Standard Capital Market. Ltd.

BSE: 511700 | NSE: | Series: NA | ISIN: INE625D01010 | SECTOR: Finance - Leasing & Hire Purchase

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Standard Capital Market. is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2007 2006

Auditor's Report

We have audited the attached Balance Sheet of STANDARD CAPITAL MARKETS LIMITED as at March 31st 2011 and the Profit and Loss account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. We have conducted our audit in accordance with Auditing Standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, (hereinafter referred to as ''the Act'') we enclose in the Annexure a statement on the matters specified in paragraphs4and5ofthesaidOrder. 3. Further to our comments in the Annexure referred to in paragraph 2 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 bylaw have been kept by the Company so far as appears from our examination of those books; c) The Balance Sheet, Profit and Loss Account dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet, and Profit and Loss Account dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the CompaniesAct,1956; e) On the basis of written representations received from the Directors as on March 31, 2011 and taken on record by the Board of Directors, were port that none of the Directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g)of sub-section (1)ofsection274ofthe CompaniesAct,1956; f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and other thereon give the information required by the Companies Act, 1956, in the manner so required and give true and fair view in conformity with accounting principles generally accepted in India; i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2011; ii) in the case of the Profit and Loss account, of the Profit for the year ended on that date; iii) in the case of the Cash Flow Statement of the Cash Flows of the company for the period ended on that date. ANNEXURE TO THE AUDITORS'' REPORT (Referred to in paragraph 2 of our report of even date) i) In respect of its fixed assets: (a) The Company has maintained reasonable records showing full particulars, including quantitative details and situation of fixed assets. (b) As explained to us, all the fixed assets have been physically Verified by the management ina phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. (c) In our opinion, the company has not disposed of a substantial part of its fixed assets during the year and the going concern status of the Company is not affected. ii) In respect of its Inventories: (a) As explained to us, inventories were physically verified during the Year by the management. In our opinion frequency of verification 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) In our opinion and according to the information and explanations Given to us, the Company has maintained proper records of its inventories And no material discrepancies were noticed on physical verification. iii) In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301ofthecompaniesAct, 1956: (a) The company has not granted any new loans, during the year. However, the company has granted loans in the past to one part and maximum amount outstanding at any time during the year is Rs22.76 Lacs and year end balance is Rs24.03 Lacs. (b) In our opinion and according to the information and explanations given to us, the aforesaid loan is interest free and other terms and conditions are not prima facie prejudicial to the interest of the Company. (c) The said interest free loan given by the company is repayable on demand and there is no repayment schedule. (d) In respect of the loan given by the company, the same is repayable on demand and therefore the question of over due amount does not arise. (e) The company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act,1956. (f) As no loans have been taken, the clause on rate of interest and other terms and conditions is not applicable. (g) As no loans have been taken, the clause on repayment of principal and interest is not applicable. iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and nature of its business for purchase of inventory and fixed assets and also for the sale of the goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. v) In respect of particulars of contracts or arrangements and transactions entered in the register maintainedinpursuanceofsection301oftheCompaniesAct, 1956: (a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered in theregistermaintainedundersection301ofthe CompaniesAct,1956havebeensoentered. (b) In our opinion and according to the information and explanations given to us, there are transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregation during the year to Rs. 5,00,000/- (Rupees Five Lacs only)or more in respect of any party in the said financial year. vii) According to the information and explanations given to us, the company has not accepted any deposits from the public. Therefore the provisions of Clause (vi) of the Companies (Auditor''s Report) order2003 are not applicable to the Company. vii) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. viii) The nature of the company''s business/activities is such that clause 4 (viii) of the Companies (Auditor''s Report) Order 2003 regarding maintenance of cost records is not applicable to the company. ix) In respect of Statutory dues: (a) According to the records of the company and information and explanation given to us, the company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise duty, Cess, and any other material Statutory Dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid dues wereoutstandingasat31st March 2008 for a period of more than six months from the date they become payable. (b) According to the records of the company and information & explanations given to us, there are no dues in respect of Sales tax, income tax, customs duty, excise duty cess that have not been deposited with the appropriate authorities on account of any dispute. x) According to the records of the company the company have accumulated losses at the end of the financial year. The Company has earned cash profits during the financial year covered by the audit, the company has incurred cash losses in the previous financial year. xi) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. xii) According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and hence the question of maintenance of adequate records for this purpose does not arise. xiii) In our opinion and according to the information and explanations given to us, the company is not a chit fund or a Nidhi/Mutual Benefit Fund/Society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Companies (Auditor''s Report) Order2003 are not applicable to the company. xiv) The company has maintained proper records of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the company in its own name. xv) According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from Banks or financial institutions. xvi) According to the information and explanations given to us, the company has not taken any term loans. xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we are of the opinion that the company has not raised any funds during the year on long term or short term basis. xviii) The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year and question of whether the price at which the shares have been issued is prejudicial to the interest of the company does not arise. xix) The company has neither issued any debentures during the year nor there are any old debentures outstanding, and hence the question of Creating Securities in respect thereof does not arise. xx) The Company has not raised money by any public issues during the year and hence the question of disclosure and verification of endues of such money does not arise. xxi) To the best of our knowledge and belief and according to the information and explanation given to us, we have place reliance, no fraud on or by the company was noticed or reported during the year. For TIWARI & ASSOCIATES Chartered Accountants (F.R.N. 002870N) PLACE : NEW DELHI DATE : 23.08.2011 (KRISHAN KUMAR) PARTNER MEMBERSHIP NO. 85415