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Swastika Investsmart Ltd.

BSE: 530585 | NSE: | Series: NA | ISIN: INE691C01014 | SECTOR: Finance - Leasing & Hire Purchase

BSE Live

Nov 30, 16:00
135.10 0.10 (0.07%)
Volume
AVERAGE VOLUME
5-Day
911
10-Day
851
30-Day
813
1,396
  • Prev. Close

    135.00

  • Open Price

    131.20

  • Bid Price (Qty.)

    135.00 (10)

  • Offer Price (Qty.)

    137.40 (29)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Swastika Investsmart is not listed on NSE

Annual Report

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

Auditor's Report

Report on the Standalone Financial Statements We have audited the accompanying standalone financial statements of SWASTIKA INVESTMART LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Standalone 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 of these standalone 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 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. Auditor''s Responsibility Our responsibility is to express an opinion on these standalone 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. 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 31 st March, 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 Act, we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order. 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 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 account. (d) In our opinion, the aforesaid standalone 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. (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 has disclosed the impact of pending litigations on its financial position in its financial statements -Refer Note 24 (1) to the financial statements; ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts-Refer Note 1.4(d) to the financial statements. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company As required by the Companies (Auditor''s Report) Order issued by the Central Government in the terms of Section 143(11) of the Companies Act, 2013, we further report that:- (1) Fixed Assets:- (a) As informed to us, the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As per information and explanation given to us, these fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were observed. (2) Inventories: - (a) The inventory of the company comprises of shares and securities, which have been physically verified during the year by the management at regular interval. (b) In our opinion and according to the information and explanation given to us, procedures of physical verification of inventories followed by the management are 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 explanation given to us, the Company has maintained proper records of its inventories and no material discrepancies have been noticed on physical verification of stock as compared to book records. (3) Loan Granted: - According to the information and explanation given to us, the Company has not granted unsecured loans to parties covered under section 189 of the Act. (4) Internal Control Procedure: - 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 the nature of its business, for the purchase of inventory and other assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness or continuing failure to correct major weakness in the internal control system of the company in respect of these areas. (5) Public Deposit: - In our opinion and according to the information and explanation given to us, the company has neither accepted nor invited any deposit from public within the provision of Section 73 to 76 of Companies Act, 2013 and rules made there under. As explained and informed to us, no order against the company has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any tribunal/court. (6) Cost Record: - As informed to us, the Central Government has not prescribed the maintenance of cost record under Section 148(1) of the Companies Act, 2013. (7) Statutory Dues: - (a) According to the information and explanation given to us, the Company has been generally regular in depositing undisputed dues relating to Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duties of Customs, Duties of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with appropriate authorities. There are no undisputed statutory dues payable which are outstanding as at 31-03-2015 for a period of more than 6 months from the date they become payable, except to the following: S. No. Particulars Amount (in Rs.) 1. Income Tax on Assessment (A. Y. 2008-09 a 2009-10) 3,94,000/- (b) As informed and explained to us, there are some dues of Income Tax, Commercial Tax and other material statutory dues which have not been deposited on accounts of some dispute, which are detailed as below:- Statute Forum where Amount involved Financial Year to which Dispute is pending (Rs.) the amount relates Income Tax Act CIT (A) - 9, Mumbai 9,80,090/- F.Y. 2011-12 (A.Y. 2012-13) Income Tax Act CIT (A) - 8, Mumbai 69,62,560/- F.Y. 2010-11 (A.Y. 2011-12) Income Tax Act ITAT 93,375/- F.Y. 2006-07 (A.Y. 2007-08) Finance Act 1994 (for Service Tax) C.C., CE & ST, Indore 30,89,019/- F.Y. 2005-06 to F.Y. 2007-08 (c) As per the information and explanation given to us, the required amount has been transferred to Investor Education and Protection Fund in accordance with relevant provisions of Companies Act, 1956 (1 of 1956) and rules made thereunder within time. (8) Accumulated Cash Losses: - As informed and explained to us, the company has no accumulated losses at the end of the financial year. Further, the Company has not incurred any cash losses during the current financial year and in the immediately preceding financial year. (9) Default in repayment of dues to Financial Institutions, Banks or debenture holders: - Based on our audit and according to information and explanation given to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to Financial Institutions, Banks or debenture holders. (10) Guarantee given by the Company for Loan taken by others: - As informed and explained to us, the company has not given any guarantees for loans taken by others from banks or financial institutions; hence this clause is not applicable to the company. (11) Utilization of Terms Loans:- According to information and explanation given to us, no term loan has been obtained by the company in current financial year; hence this clause is not applicable. (12) Fraud Noticed or Recorded:- To the best of our knowledge and belief and according to the information a explanation given to us, no fraud on or by the Company was noticed or recorded during the period. For R. S. Bansal & Company Chartered Accountants Firm Reg. No.:000939C Vijay Bansal Place: Indore Partner Date: 25th May, 2015 Membership No. : 075344