TO THE MEMBERS OF ALACRITY SECURITIES LIMITED
Report on the Financial Statements
We have standalone audited the accompanying financial statements of Alacrity SecuritiesLtd. ("the Company") which comprise the standalone Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.
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 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.
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 there under.
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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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.
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 31st March 2015 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 2015("the order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act We give in the Annexure a statement on the matters specified in the paragraph 3and 4 of the order to extent applicable
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 accounts of the branch offices of the Company have been audited by us underSection143 (8) of the Act and have been properly dealt with by us in preparing thisreport.
(d) 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 and with the accountsof the branches
(e) 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.
(f) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.
(h) 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.
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 March2015
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;
ii. (a )The inventory has been physically verified by the management during the year.In our opinion the frequency of verification is reasonable.
(b) In our opinion the procedures of physically verification of inventory followed bythe management are reasonable and adequate in relation to the size of the company and thenature 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 granted interest free unsecured loan to two bodiescorporate covered in the register maintained under section 189 of the companies Act 2013.The terms and condition of the loan granted not prima facie prejudicial to the interestof the company subject to the loan are interest free. The repayment of loan is on demandthere is no overdue amount remain outstanding.
iv. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of fixed assets and for the sale of services andgoods. Further on the basis of our examination of the books and records of the Companyand according to the information and explanations given to us no major weakness has beennoticed or reported.
v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013
vi. 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
vii. (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.
viii. (b) According to the information and explanations given to us no undisputedamounts payable in respect of income tax wealth tax sales tax customs duty and exciseduty were outstanding at the year end for a period of more than six months from the datethey became 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 does not have any accumulated losses at the end of the financial year.The company has incurred cash losses during the year but not immediately precedingfinancial year.
x. According to the records of the company examined by us and as per the informationand explanations given to us the company did not have any outstanding dues to financialinstitution or banks and has not issued debentures xi. In our opinion and according tothe information and explanations given to us the Company has not given any guarantee forloan taken by others from a bank or financial institution during the year
xii. In our opinion and according to the information and explanations given to us thecompany has not raised any term loans during the year
xiii. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management
| ||For Lalit Kumar Dangi & Co. |
| ||Chartered Accountants |
| ||F.R. No: 112107W |
| ||CA. Lalit Kumar Dangi |
|Place: Mumbai ||(Proprietor) |
|Date: May 30 2015 ||M. No 045611 |