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A.K.Capital Services Ltd.

BSE: 530499 Sector: Financials
NSE: N.A. ISIN Code: INE701G01012
BSE LIVE 13:00 | 23 Nov 560.00 -0.75
(-0.13%)
OPEN

544.00

HIGH

566.50

LOW

544.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 544.00
PREVIOUS CLOSE 560.75
VOLUME 1435
52-Week high 635.00
52-Week low 245.00
P/E 16.30
Mkt Cap.(Rs cr) 370
Buy Price 560.00
Buy Qty 50.00
Sell Price 563.00
Sell Qty 8.00
OPEN 544.00
CLOSE 560.75
VOLUME 1435
52-Week high 635.00
52-Week low 245.00
P/E 16.30
Mkt Cap.(Rs cr) 370
Buy Price 560.00
Buy Qty 50.00
Sell Price 563.00
Sell Qty 8.00

A.K.Capital Services Ltd. (AKCAPITALSERV) - Auditors Report

Company auditors report

To

The Members of

A. K. CAPITAL SERVICES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of A. K. CapitalServices Limited (the Company) which comprise the Balance Sheet as at 31 March 2017 theStatement of Prot and Loss the Cash Flow Statement for the year then ended and a summaryof signicant accounting policies and other explanatory information.

Managements Responsibility for the Standalone Financial Statements

The Companys 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 standalonefinancial statements that give a true and fair view of the financial position financialperformance and cash o ws of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specied under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specied underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to Companys preparation of the financialstatements in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Companys Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufcient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2017 its prot and its cash o ws for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016 (the Order) issued by theCentral Government of India in terms of Sub-section (11) of Section 143 of the Act wegive in the Annexure A a statement on the matters specied in the paragraphs 3 and 4 ofthe 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 bestof 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 theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Prot and Loss and the Cash Flow Statement dealtwith by this report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specied under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on 31March 2017 taken on record by the Board of Directors none of the directors is disqualiedas on 31 March 2017 from being appointed as a director in terms of Section 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Anne xure B; and

(g) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company; and

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specied Bank Notes during the period from 8 November 2016to 30 December 2016 and these are in accordance with the books of account maintained bythe Company. Refer Note 34 to the financial statements.

FOR SURESH SURANA & ASSOCIATES LLP

Chartered Accountants

Firms Reg. No. 121750W/W-100010

(Ramesh Gupta)

PARTNER

Membership No.: 102306

Place: Mumbai;

Dated: May 20 2017

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under the heading Repor t on Other Legal and RegulatoryRequirements of our report of even date)

(I) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of x ed assets.

(b) The Company has regular programme of physical verication of its x ed assets bywhich all the x ed assets are veried in a phased manner on yearly basis. In our opinionthe periodicity of physical verication is reasonable having regard to the size of theCompany and nature of its assets. No material discrepancies were noticed on suchverication.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) Considering the nature of business the Company does not have inventory. In viewof this paragraph 3(ii) of the Order is not applicable to the Company.

(iii) The Company has not granted any loans secured or unsecured to companies r ms orother parties covered in the register maintained under Section 189 of the Act.Accordingly the Paragraph 3 (iii)(a) 3(iii)(b) and 3(iii)(c) of the Order are notapplicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has not advanced or granted any loan covered under Section 185 of the Act.Further the Company has complied with provisions of Section 186 of the Act with respectto the loans guarantee or security and investments made.

(v) The Company has not accepted any deposits during the year from the public to whichthe directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76and any other relevant provisions of the Act and the rules framed thereunder apply.

(vi) In our opinion and according to the information and explanations given to us theCentral Government has not prescribed maintenance of cost records under Sub-section (1) ofSection 148 of the Act.

(vii) (a) According to the information and explanations given to us the Company hasbeen generally regular in depositing undisputed statutory dues including provident fundincome tax service tax cess and any other statutory dues with the appropriateauthorities. There are no arrears of outstanding statutory dues as at the 31 March 2017for a period of more than six months from the date they became payable. As informedstatutory dues in the nature of employee state insurance sales tax duty of customs dutyof excise and value added tax are not applicable to the Company.

(b) According to information and explanations given to us there are no dues on accountof sales tax wealth tax service tax duty of customs duty of excise value added taxand cess which have not been deposited with the appropriate authorities on account of anydispute except the following dues of Income tax:

Name of the Statute Nature of the dues Amount Rs. Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income tax Nil * A.Y. 2013-2014 Income Tax Appellate Tribunal

* Disputed demand amounting to Rs. 5046460 has been adjusted against the refund orderissued for the Assessment year 2014-2015.

(viii) In our opinion and according to information and explanations given to us theCompany has not defaulted in repayment of dues to banks or financial institutions. TheCompany does not have any loans or borrowings from government and has not issued anydebentures during the year.

(ix) In our opinion and according to the information and explanations given to us theCompany has utilized the term loan for the purpose it was raised. The Company did notraise any money by way of initial public offer or further public offer (including debtinstruments).

(x) During the course of our examination of the books of account and records of theCompany carried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the company or any fraud on the Company by its ofcers or employeeshave been noticed or reported during the year nor have we been informed of any such caseby the management.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable to the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable to the Company.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

FOR SURESH SURANA & ASSOCIATES LLP

Chartered Accountants

Firms Reg. No. 121750W/W-100010

(Ramesh Gupta)

PARTNER

Membership No.: 102306

Place: Mumbai;

Dated: May 20 2017

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(f) under the heading Repor t on Other Legal and RegulatoryRequirements of our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (the Act)

We have audited the internal financial controls o ver financial repor ting of A. K.Capital Services Limited (the Compan y) as of 31 March 2017 in conjunction with our auditof the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efcient conduct of itsbusiness including adherence to companys policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the Guidance Note) and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufcient and appropriate toprovide a basis for our audit opinion on the Companys internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls o ver financialrepor ting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR SURESH SURANA & ASSOCIATES LLP

Chartered Accountants

Firms Reg. No. 121750W/W-100010

(Ramesh Gupta)

PARTNER

Membership No.: 102306

Place: Mumbai;

Dated: May 20 2017