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Alacrity Securities Ltd.

BSE: 535916 Sector: Financials
NSE: N.A. ISIN Code: INE030P01017
BSE LIVE 13:31 | 25 Apr 7.80 -1.35
(-14.75%)
OPEN

8.00

HIGH

8.00

LOW

7.80

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 8.00
PREVIOUS CLOSE 9.15
VOLUME 16000
52-Week high 9.15
52-Week low 2.90
P/E
Mkt Cap.(Rs cr) 16.44
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.29
Sell Qty 8000.00
OPEN 8.00
CLOSE 9.15
VOLUME 16000
52-Week high 9.15
52-Week low 2.90
P/E
Mkt Cap.(Rs cr) 16.44
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.29
Sell Qty 8000.00

Alacrity Securities Ltd. (ALACRITYSEC) - Auditors Report

Company auditors report

TO THE MEMBERS OF ALACRITY SECURITIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Alacrity Securities Limited('the Company') which comprise the Balance Sheet as at 31 March 2016 the Statement ofProfit and Loss and the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 andpresentation of these 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 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 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 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 financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 financial statements.

Basis for Qualified Opinion

The Company is not accounting for liability for gratuity and leave encashment asrequired under accounting standard 15 (AS-15) relating to employees Benefits as referredto in Note 27 of Notes to accounts. We are unable to comment upon the resultant effect onassets liabilities and loss for the year as the amount of such benefit is presently notascertainable.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the matters described in the basis for Qualified Opinion paragraphabove the aforesaid financial statements give the information required by the act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2016 and its loss and its 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 ('the Order') issued bythe Central 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 specified in the paragraph 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 Profit and Loss and the Cash Flow

Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion except for the possible effects of the matter described in the basisfor Qualified Opinion paragraph above the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

f. The matter described in the Basis for Qualified Opinion paragraph above in ouropinion may not have an adverse effect on the functioning of the company.

g. On the basis of the written representations received from the directors as on 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act;

h. 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'; and

I. 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 has disclosed the impact of pending litigations on its financialposition in its financial statements Refer to Note 26 to the financial statements;

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.

Lalit Kumar Dangi & Co.
Chartered Accountants
F.R. No. 112107W
CA. Lalit Kumar Dangi
Place: Mumbai (Proprietor)
Date: May 30 2016 M.No. 045611

Annexure to Independent Auditor's Report

Referred in paragraph 1 of Our Report of even date to the members of AlacritySecurities Limited on the financial statements as of and for the year ended 31st March2016

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

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

(b). As explained to us fixed assets have been physically verified by the managementat regular intervals; as informed to us no material discrepancies were noticed on suchverification;

(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 company

ii. (a )The inventories have been confirmed by the management with the statement ofholding provided by the depository participant at regular intervals.

(b) In our opinion the procedure of confirmation of securities held as stock in tradeand the procedures followed by the management are reasonable and adequate in relation tothe size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records in our opinion thecompany is maintaining proper records of inventory there is no discrepancies noticed onverification of inventory.

iii. The company has not granted any loan secured or unsecured to companies firms orother covered parties covered in the register maintained under section 189 of theCompanies Act 2013.

iv. In our opinion and according to the information and explanations given to us thecompany has complied with the provision of section 185 and section 186 of the act inrespect of loans Investment guarantees and security.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

vi. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institution or bank.

vii. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act for any of the activities of thecompany

viii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees' State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material statutorydues as applicable with the appropriate authorities in India.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax sales tax customs duty and excise dutywere outstanding at the year end for a period of more than six months from the date theybecame payable.

(c) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.

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

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.

x. According to the information and explanations given to us and based on ourexamination of the records of the company the company paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule V to the act

xi. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

xii. In our opinion and according to the information and explanations given to us thecompany is not a Nidhi company.

xiii. According to the information and explanations given 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.

xiv. 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.

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.

xvi. The Company is not required to be registered under section 45-IA of Reserve Bankof India Act 1934.

For Lalit Kumar Dangi & Co.
Chartered Accountants
F.R. No: 112107W
CA. Lalit Kumar Dangi
Place: Mumbai (Proprietor)
Date: May 30 2016 M. No 045611

Annexure B to the Auditor's Report

Report on Internal Financial Controls under Clause (i) of sub-section 3 of section 143of the companies Act 2013('the Act')

We have audited the internal financial controls over financial reporting of AlacritySecurities Limited as of 31 March 2016 in conjunction with our audit of the financialstatements 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 Control over financial reportingissued by 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 efficient conduct of itsbusiness including adherence to the company's policies the safeguarding of its assetsthe prevention 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.

Auditor's 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 were 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 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 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 authorizations of theManagement 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 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 31 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.

For Lalit Kumar Dangi & Co.
Chartered Accountants
F.R. No: 112107W
CA. Lalit Kumar Dangi
Place: Mumbai (Proprietor)
Date: May 30 2016 M. No 045611