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Abhinav Capital Services Ltd.

BSE: 532057 Sector: Financials
NSE: N.A. ISIN Code: INE516F01016
BSE 00:00 | 09 Apr 69.50 0
(0.00%)
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69.50

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69.50

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NSE 05:30 | 01 Jan Abhinav Capital Services Ltd
OPEN 69.50
PREVIOUS CLOSE 69.50
VOLUME 90
52-Week high 94.00
52-Week low 69.00
P/E 11.45
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 69.50
CLOSE 69.50
VOLUME 90
52-Week high 94.00
52-Week low 69.00
P/E 11.45
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
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 31 stMarch 2017thestatement of Profit and Loss the cash flow statement for the year thenended and a 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 in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

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 state of affairs of the company as at 31 stMarch 2017;

b) In the case of the Statement of Profit and Loss of the Profit for the year ended onthat date and

c) In case of cash flow statement 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 2016 issued 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 the “AnnexureA” 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 and Companies (Accounting Standards) Amendment Rules 2016;

e) On the basis of written representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 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 overfinancial reporting of the company and the operating effectiveness of such controls referto our separate report in “Annexure B” to this report;

g) 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.

(iv) The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated the November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016. Based on audit procedures performed by us and therepresentations provided to us by the Management we report that the disclosures are inaccordance with the books of account maintained by the Company and produced to us.

Place: Mumbai For B Y & Associates
Date : 29 th May 2017 Firm Registration No.: 123423W
Chartered Accountants
CA BhaveshVora
Partner
Membership No.:043908

“Annexure A” to our report of even date

Re: Abhinav Capital Services Limited (“the company”)

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 program of verification which in our opinion provides for physical verification ofthe 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.

(c) There is no immovable properties are held by the company hence this clause is notapplicable.

(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 2016.

(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 limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. As the company is NBFC Loan and advances given in the normal courseof business have not been considered here for reporting. Accordingly the provision ofclause 3(iii)(a) (b) and (c) of the order are not applicable to company and hence notcommented upon.

(4) In our opinion and according to the information and explanations given to us thecompany has wherever applicable complied the provisions of Section 185 and Section 186 ofthe Companies Act 2013 in respect of loans investments guarantees and security.

(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) To the best of our knowledge and as explained the company is engaged in NonBanking Financial Company and not dealt in any sale of goods hence the Central Governmenthas not prescribed the maintenance of cost records by the company under sub section (1) ofsection 148 of the Companies Act 2013 for any of its products.

(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 order passed in partial favour of assessee. Order giving effect of CIT (A) order is yet to be received.
Commissioner of Income Tax (Appeal) -20 Income Tax Demand u/s 143(3) for Financial Year 2010-11 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.

(8) According to records of the company the company has not borrowed funds fromfinancial institutions banks government or issued debentures till 31st March 2016.Hence in our opinion the question of reporting on default in repayment of dues tofinancial institutions or banks or debenture holders does not arise.

(9) According to records of the company the company has not raised money during theyear by way of initial public offer or further public offer (including debt instruments)and term loans. Hence in our opinion this clause is not applicable in respect ofreporting on delay or default made during the year.

(10) Based upon the audit procedure performed for the purpose of reporting true andfair view of the financial statement and according to the information and explanationsgiven by management We report that no fraud on or by the officer or employees of thecompany has been noticed or reported during the year.

(11) Based upon the audit procedure performed for the purpose of reporting true andfair view of the financial statement and according to the information and explanationsgiven by management we report that the company has not paid any managerial remunerationto key person during the year in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Companies Act 2013 hence thisclause is not applicable.

(12) According to records of the company the company is not covered under the categoryof Nidhi company therefore provision of clause 3(xi) of the order are not applicable tothe company and hence not commented upon.

(13) According to the information and explanations given to us the company hascomplied with Section 177 and 188 of Companies Act 2013 in respect of transactions withrelated parties and details have been disclosed in the financial statements as required bythe applicable accounting standards.

(14) To the best of our knowledge and belief and according to information andexplanations given to us the company has not made any preferential allotment or privateplacements of shares or fully or partly convertible debentures during the year. Hence theprovisions of Section 42 of the Companies Act 2013 do not apply.

(15) To the best of our knowledge and belief and according to the information andexplanations given to us the company has wherever applicable complied with provisions ofSection 192 of the Companies Act 2013 in respect of any non cash transactions enteredwith directors or persons connected with him.

(16) The company is registered Non Banking Financial Company and the company is holdingcertificate of registration vide registration number 13.00685 under Section 45-IA of theRBI Act 1934.

For B Y & Associates
Firm Registration No.: 123423W
Chartered Accountants
Sd/-
CA Bhavesh Vora
Place: Mumbai Partner
Date: 29thMay 2017 Membership No.: 043908

“Annexure B” to our report of even date

Re: Abhinav Capital Services Limited (“the company”)

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 over financial reporting of AbhinavCapital Services Limited (“the Company”) as of 31st March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls:

The Company's 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 auditor's judgement 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 sufficient and appropriate toprovide a basis for our audit opinion on the Company's 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements

Inherent Limitations of Internal Financial Controls over Financial Reporting:

Because of the inherent limitations of internal financial controls over financialreporting 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 31st March 2016 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.

Explanatory Paragraph:

We also have audited in accordance with the standard on Auditing issued by theInstitute of Chartered Accountants of India as specified under section 143(10) of theAct the financial statement of Abhinav Capital Services Limited which comprises theBalance Sheet as at 31st March 2016 and the related statement of Profit & Loss andCash Flow Statement for the year then ended and summary of significant accountingpolicies and other explanatory information and our report dated 30th May 2016 andexpressed an unqualified opinion thereon.

For B Y & Associates
Firm Registration No.: 123423W
Chartered Accountants
Sd/-
CA Bhavesh Vora
Place: Mumbai Partner
Date: 29th May 2017 Membership No.: 043908