You are here » Home » Companies » Company Overview » Abhinav Capital Services Ltd

Abhinav Capital Services Ltd.

BSE: 532057 Sector: Financials
NSE: N.A. ISIN Code: INE516F01016
BSE LIVE 11:45 | 24 Nov 90.00 0
(0.00%)
OPEN

90.00

HIGH

90.00

LOW

90.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 90.00
PREVIOUS CLOSE 90.00
VOLUME 4
52-Week high 96.00
52-Week low 86.00
P/E 27.52
Mkt Cap.(Rs cr) 62.28
Buy Price 90.00
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00
OPEN 90.00
CLOSE 90.00
VOLUME 4
52-Week high 96.00
52-Week low 86.00
P/E 27.52
Mkt Cap.(Rs cr) 62.28
Buy Price 90.00
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00

Abhinav Capital Services Ltd. (ABHINAVCAPITAL) - Auditors Report

Company auditors report

To

The Members of Abhinav Capital Services Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Abhinav Capital ServicesLimited (“the Company”) which comprise the Balance Sheet as at 31st March2015thestatement of Profit and Loss the cash flow statement for the year then ended anda summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 (“the Act”) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flowsof the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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 financial statements based on ouraudit. 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 there under. We have conducted audit inaccordance 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 theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company's Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with accountingprinciples generally accepted in India: a) In the case of the Balance Sheet of the stateof affairs of the company as at 31st March 2015; b) In the case of the Statement ofProfit and Loss of the Profitfor the year ended on that date and c) In case of cash flowstatement of 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 2015issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Companies Act2013and on the basis of such checks of the books and records of the company as we consideredappropriate and according to the information and explanation given to us we give in theAnnexure 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 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 appears from our examination of those books.

c) the Balance Sheet the Statement of Profit and Loss and the Cash flow statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the other matters to be included in the Auditor's 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 long term contracts including derivative contracts forwhich there were any material foreseeable losses; and

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For B Y & Associates
Firm Registration No.: 123423W
Chartered Accountants
Place: Mumbai Sd/-
Date: 30th May 2015 CA Bhavesh Vora
Partner
Membership No.: 043908

ANNEXURE TO THE AUDITOR REPORT

(Referred to in our Report of even date on Accounts for the year ended 31st March 2015of Abhinav Capital Services Limited)

In our opinion and on the basis of such checks of the books and records as weconsidered appropriate and according to the information and explanations given to usduring the normal course of audit which were necessary to the best of our knowledge andbelief we report that:

(1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) The Management has physically verified certain assets during the year in accordancewith a programme of verification which in our opinion provides for physical verificationof the fixed assets at reasonable intervals. According to the information and explanationsgiven to us no material discrepancies were noticed on such verification. During the yearCompany has not disposed of any substantial / major part of fixed assets.

(2) (a) The Company is registered non banking financial company and main business is togrant and obtain loans and advances and apart from this company invest surplus funds inshares and securities and in view of the same there is no trading activity carried onduring the year hence there is no closing stock as on 31st March 2015.

(b) As company does not deal in trading activity therefore procedures of physicalverification of inventory by the management is not required.

(c) As company does not deal in trading activity therefore maintaining proper recordsof inventory is not required.

(3) According to the information and explanation given to us the company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013. As the company isNBFC Loan and advances given in the normal course of business have not been consideredhere for reporting.

(4) In our opinion and according to information and explanations given to us theinternal control systemfor purchase of Inventory and fixed assets and for the sale ofgoods and Services by the company are adequate and commensurate with the size of thecompany and present nature of its business. During the course of our audit no majorweakness has been noticed in the internal control system.

(5) According to the records of the company and information and explanations given tous the company has not accepted any deposit as per directive issued by Reserve Bank ofIndia and the provision of the section 73 to 76 or any other relevant provision of theCompanies Act 2013 and rules framed there under.

(6) The Central Government has not prescribed the maintenance of cost records by thecompany under sub - section (1) of section 148 of the Companies Act 2013 for any of itsproducts.

(7) (a) According to the records of the company and information and explanations givento us in respect of statutory dues and other dues the company has been generally regularin depositing undisputed statutory dues including Income Tax sales tax wealth taxservice tax duty of custom duty of excise value added tax cess and any other statutorydues with the appropriate authorities during the year.

(b) According to the records of the company there are dues of customs duty and incometax which have not been deposited on account of dispute. The following are the details:

Appellate Authority where the dispute is pending Nature of Demand Demand Raised Amount paid Remarks
Commissioner of Income Tax (Appeal) -20 Income Tax Demand u/s 143(3) for Financial Year 2010-11 478780 Nil Disallowed u/s 14A u/s 617745/- and Appeal filed against scrutiny assessment order u/s 143(3) on 19/03/2014 and hearing yet not done.
Commissioner of Income Tax (Appeal) -20 Income Tax Demand u/s 143(3) for Financial Year 2009-10 Nil Nil Disallowed u/s 14A u/s 662138/- and Appeal filed against scrutiny assessment order u/s 143(3) on 03/04/2013 and hearing yet not done.

(c) According to the records of the company and information and explanations given tous the company is not required to transfer any amount in investor education andprotection fund in accordance with the provision of the Companies Act 1956.

(8) The company does not have accumulated losses at the end of the year the companyhas not incurred cash losses in the financial year under report and in the immediatelypreceding financial year.

(9) According to records of the company the company has not borrowed funds fromfinancial institutions or banks or issued debentures till 31st March 2015. Hence in ouropinion the question of reporting on default in repayment of dues to financialinstitutions or banks or debenture holders does not arise.

(10) According to the information and explanations given to us the company has notgiven any guarantee for loans taken by other from banks or financial institutions.

(11) To the best of our knowledge and belief and according to the information andexplanations given to us the company has not availed any term loan during the year.

(12) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the company was noticed or reported during theyear.

For B Y & Associates
Firm Registration No.: 123423W
Chartered Accountants
Place: Mumbai Sd/-
Date: 30th May 2015 CA Bhavesh Vora
Partner
Membership No.: 043908

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard