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Advik Capital Ltd.

BSE: 539773 Sector: Financials
NSE: N.A. ISIN Code: INE178T01016
BSE LIVE 15:11 | 17 Nov 38.00 1.00
(2.70%)
OPEN

37.00

HIGH

40.00

LOW

37.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 37.00
PREVIOUS CLOSE 37.00
VOLUME 405
52-Week high 46.10
52-Week low 26.15
P/E 59.38
Mkt Cap.(Rs cr) 17
Buy Price 29.65
Buy Qty 200.00
Sell Price 39.90
Sell Qty 95.00
OPEN 37.00
CLOSE 37.00
VOLUME 405
52-Week high 46.10
52-Week low 26.15
P/E 59.38
Mkt Cap.(Rs cr) 17
Buy Price 29.65
Buy Qty 200.00
Sell Price 39.90
Sell Qty 95.00

Advik Capital Ltd. (ADVIKCAPITAL) - Auditors Report

Company auditors report

To the Members of

ADVIK INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying (standalone) financial statements of ADVIKINDUSTRIES LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for (standalone) the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese (standalone) financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s 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 specified 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient 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:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) In the case of the statement of profit and loss of the Company as at March 31 2017;

c) In the case of the Cash Flow Statement of the cash Flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the "Annexure A" astatement 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 purpose 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 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 (standalone) financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312017 taken on record by the Board of Directors none of the directors is disqualified ason March 31 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 "Annexure B".

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 any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

iv. The Company had provided requisite disclosures in its financial statements as toholdings as well as dealings in specified bank notes during the period from 8th November2016 to 30th December 2016 and these are in the accordance with the books of accountsmaintained by the Company. [Refer point no (xvi) of the notes to accounts]

FOR GARG ANIL & CO.

Chartered Accountants

FRN : 6308N

(ANIL GARG)

(PARTNER)

M.NO. : 085017

Place: New Delhi

Date: 25-05-2017

"Annexure A" to the Independent Auditors’ Report

Referred to in paragraph 1 of the Independent Auditor’s Report of even date to themembers of the ADVIK INDUSTRIES LIMITED on the financial statements of the Companyfor the year ended March 31 2017:

1) The Company is having fixed assets as per Fixed Assets Schedule for the year ended31.03.2017 and proper records maintained by the company

2) (i) The company has a inventory of shares only.

(ii) The Company has maintained proper records of inventories. As explained to usthere were no material discrepancies noticed on physical verification of inventories ascompared to the book records.

3) The Company has granted loans unsecured to companies firms Limited Liabilitypartnerships or other parties covered in the Register maintained under section 189 of theAct.

4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.

5) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6) As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

7) (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Income-Tax Sales tax Service Tax Value added Tax Cess and any other statutory dues with the appropriate authorities.According to the information and explanations given to us no undisputed amounts payablein respect of the above were in arrears as at March 31 2017 for a period of more than sixmonths from the date on when they become payable.

b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9) Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16) In our opinion the company is required to be registered under section 45 IA of theReserve Bank of India Act 1934 and accordingly the company has obtained registrationReg. No. B-14.0072

FOR GARG ANIL & CO.

Chartered Accountants

FRN : 6308N

(ANIL GARG)

M.NO. : 085017

Place: New Delhi

Date: 25-05-2017

"Annexure B" to the Independent Auditor’s Report of even date on theStandalone Financial Statements of ADVIK INDUSTRIES LIMITED the Internal FinancialControls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of ADVIKINDUSTRIES LIMITED as of March 31 2017 in conjunction with our audit of the standalonefinancial statements of the Company for the year ended on 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 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 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

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 controlssystem over 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 reflect 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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 March 31 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 GARG ANIL & CO.

Chartered Accountants

FRN: 6308N

(ANIL GARG)

M.NO. : 085017

Place: New Delhi

Date: 25.05.2017

AUDITORS' ADDITIONAL REPORT

BOARD OF THE DIRECTORS

ADVIK INDUSTRIES LIMITED

Plot No. 84 Khasra No. 143/84 Ground Floor

Extended Lal Dora Kanjhawla Delhi -110081

This report is issued on accordance with the terms of master directions vide no. DNBS.PPD.03/66.15.001/2016-17 issued by Reserve Bank of India under head Non-Banking FinancialCompanies Auditor’s Report (Reserve Bank) Directions 2016 dated September 29th 2016

We have audited the accompanying (standalone) financial statements of ADVIK INDUSTRIESLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss Cash Flow Statement for the year then ended and asummary 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese (standalone) financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Pursuant to the requirements of Non Banking Financial Companies Auditor’s Report(Reserve Bank) Directions 2016 ('the Directions' as amend from time to time) it is ourresponsibility to examine the books and records of the Company and report on the mattersspecified on the Directions to the extent applicable to the Company.

We conducted our examination in accordance with Guidance Note on Special Purpose Auditreports and Certificates issued by Institute of Chartered Accountants of India.

Based on our examination of the books and records of the Company as produced for ourexamination and the information and explanation given to us we further report that:

• The Company is engaged in the business of non banking financial Company and hasobtained certificate of Registration on 7th January 2003 bearing No. B- 14.00724 undersection 45 I(a) of the Reserve Bank of India Act 1934 ("the Bank") Departmentof Non Banking Supervision New Delhi Regional Office.

• The Company is entitled to continue to hold such COR in terms of itsasset/income pattern as on March 31 2017.

• The Board of Directors of the Company has passed a resolution in its meetingheld on 28th May 2016 for non acceptance of public deposits.

• The Company has not accepted any public deposits during the year ended March 312017.

• The Company is meeting the requirement of net owned fund requirement as laiddown in Master Circular- Non Systematically Important Non deposit taking Company (ReserveBank) Directions 2016

• The Company has complied with prudential norms relating to income recognitionaccounting standards assets classification and provisioning for bad and doubtful debts asapplicable to it in terms of Non-Banking Financial Company- Non Systematically ImportantNon -Deposit taking Company (Reserve Bank) Directions 2016.

• The company has complied with all the items referred to in paragraph 3 of theabove stated Master Directions 2016. Hence there is no Qualified and/or unfavorableobservation in the Auditor’s Report of the Company for the Financial Year ending 31stMarch 2017.

Restriction on Use

This report is issued pursuant to our obligations under Non-Banking Financial CompaniesAuditor’s Report (Reserve Bank) Directions 2016 as applicable from September 292016 to submit a report on exceptions noted while issuing our report dated 25th May 2017on additional matters as stated in the above directions to Reserve Bank of India andshould not be used by any other person or for any other purpose. M/s Garg Anil & Co.neither accepts nor assumes any duty or liability for any other purpose or to any otherparty to whom our report is shown or into whose hands it may come without our priorconsent in writing.

FOR GARG ANIL & CO.
Chartered Accountants
FRN: 6308N
(ANIL GARG)
M.NO. : 085017
Place: New Delhi
Date: 25.05.2017