To the members of
Almondz Global Securities Limited
1. Report on Financial Statements
We have audited the accompanying financial statements of Almondz Global SecuritiesLimited ("the company") which comprises the Balance Sheet as at 31st March2015 Statement of Profit and Loss and the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.
2. Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 with respect to the preparation and presentation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.
3. Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provision of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovision of the Act and 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 anddisclosures in the financial statements. The procedures selected depend on theauditors 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 Companyspreparation of the financial statement 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 Companys 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 financial statements.
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 the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flows for the year ended on that date.
5. Emphasis of Matter
Without qualifying our report attention is drawn to note no. 2.31 to the financialstatements. In relation to the two of the merchant banking assignments undertaken by theCompany the Securities Exchange Board of India (SEBI) had prohibited theCompany for five years from the date of interim order from taking up any new assignmentsor involvement in any new issue of capital including an IPO follow on issue etc. orinvolvement in buy back of securities under SEBI (Buy-Back of Securities) Regulations1998 open offers under SEBI (Substantial Acquisition of Shares and Takeovers)Regulations 2011 and delisting of securities under the SEBI (Delisting of Equity Shares)Regulations 2009 and suspended the certificate of registration of the company with SEBIunder Securities and Exchange Board of India (Merchant Bankers) Regulation 1992 for aperiod of six months from 3 March 2014. The company has filed / in process of filingappeals with designated authorities. In view of the uncertainty of the ultimate outcomethe impact if any cannot be presently ascertained and therefore no provisions for anyliability or any other adjustments that might be required has not been recognised in thefinancial statements.
6. Report on other Legal and Regulatory Matters
1. As required by the Companies (Auditors Report) Order 2015 issued by theCentral Government of India in terms of sub-section (11) of Section 143 of the Act wegive in the Annexure a statement on the matters specified in the paragraph 3 and 4 of theOrder to the 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 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 and the Statement of Profit and Loss and the Cash Flows Statementdealt with by this Report are in agreement with the books of account;
(d) in our opinion the aforesaid financial statement comply with the AccountingStandards specified under Section 133 of the Act read with the Rule 7 of the Companies(Accounts) Rules 2014;
(e) on the basis of written representations received from the directors as on March 312015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 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 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 explanation given to us :
(i) There are no pending litigation affecting financial position hence no disclosure isrequired to be made.
(ii) There are no long term contracts including derivatives contracts hence noprovision is required to be made.
(iii) The clause is not applicable as there is no amount required to be transferred tothe Investor Education and Protection Fund by the Company.
| ||For AVK & ASSOCIATES |
| ||Chartered Accountants |
| ||Firm Registration No. 002638N |
| ||Parul Gupta |
|Place : New Delhi ||Partner |
|Dated : 27 May 2015 ||Membership No. 095539 |