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खंडवाला सिक्युरिटीज

बीएसई: 531892  |  NSE: KHANDSE  |  ISIN: INE060B01014  |  Finance - General

खोजें खंडवाला सिक्युरिटीज कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
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
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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