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Almondz Global Securities Ltd.

BSE: 531400 Sector: Financials
NSE: ALMONDZ ISIN Code: INE326B01027
BSE LIVE 15:40 | 20 Jul 23.85 0.05
(0.21%)
OPEN

23.80

HIGH

24.70

LOW

23.00

NSE 15:31 | 20 Jul 23.35 -0.55
(-2.30%)
OPEN

23.50

HIGH

24.20

LOW

23.25

OPEN 23.80
PREVIOUS CLOSE 23.80
VOLUME 134901
52-Week high 27.75
52-Week low 10.00
P/E 40.42
Mkt Cap.(Rs cr) 62
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 23.80
CLOSE 23.80
VOLUME 134901
52-Week high 27.75
52-Week low 10.00
P/E 40.42
Mkt Cap.(Rs cr) 62
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Almondz Global Securities Ltd. (ALMONDZ) - Auditors Report

Company auditors report

To the members of Almondz Global Securities Limited

Report on Standalone Financial Statements

We have audited the accompanying standalone financial statements of Almondz GlobalSecurities Limited ("the company") which comprises the Balance Sheet as at31st March 2016 the Statement of Profit and Loss and the Cash Flow Statement for theyear then ended and a summary of 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibilities also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provision of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provision of the Act and Rules made thereunder and the Order under Section143(11) of the Act.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone 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 Company’spreparation of the standalone financial statement that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit 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 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 2016 and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order 2016 (‘theOrder’) issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the ‘Annexure - A’ a statement on the mattersspecified in the paragraph 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 Cash Flow Statement and the Statement of Profit and Lossdealt 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 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 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’; and

(g) 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 litigations affecting financial position hence no disclosureis required 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 : 25 May 2016 Membership No. 095539

Annexure – A to the Independent Auditors’ Report

The Annexure referred to an Independent Auditors’ Report to the members of theCompany on the Standalone Financial Statements for the year ended March 31 2016 wereport that :

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

(b) As explained to us all the fixed assets have been physically verified by themanagement in accordance with a regular program which in our opinion is reasonablehaving regards to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification with respect records of books.

(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 the Company.

(ii) The Company has conducted verification of stock-in-trade comprising shares bondsand other securities at reasonable intervals. As informed to us by management no materialdiscrepancies were noted on such verification.

iii) The Company has granted loans to five bodies corporate (details of which givenhere-in-under) which are covered in the registered maintained under section 189 of theCompanies Act 2013 :

(Amount in Rs.)

S.No. Name of Parties Opening Balance Loan Given During the year Maximum Amount Outstanding Closing Balance as on 31/03/2016
1 Skiffle Healthcare Services Limited 30800000 16650000 46450000
2 Almondz Global Infra-Consultant Limited 3300000 43110000 21600000 12000000
3 Almondz Finanz Limited 379100000 87500000 24000000
4 Almondz Wealth Advisors Limited 9450000 6250000 500000
5 North Square Projects Private Limited 21200000 17100000 4600000

(a) In our opinion the rate of interest and other terms and conditions on which theloan had been granted to the bodies corporate listed in the register maintained underSection 189 of the Act were not prima facie prejudicial to the Company.

(b) In the case of the loans granted to the bodies corporate listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe principal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) According to the information given to us the Company has not accepted any depositsfrom the public.

(vi) The provisions of Section 148(1) of the Companies Act 2013 regarding maintenanceof cost records are not applicable to the Company.

(vii) (a) According to the information and explanations given to us in respect ofstatutory dues :

The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees’ State Insurance Income Tax Sales Tax ServiceTax Value Added Tax duty of Customs duty of Excise Cess and other material statutorydues applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Provident Fund Employees’State Insurance Income Tax Sales Tax Service Tax Value Added Tax duty of Customsduty of Excise Cess and other material statutory dues in arrears as at March 31 2016 fora period of more than six months from the date they became payable.

(b) Details of dues of Income Tax and Service Tax which have not been deposited as at31st March 2016 on account of dispute are given below :

Name of the statue Nature of due Amount (Rs.) Assessment year to which amount relates Forum where dispute is pending
The Finance Act 2000 Service Tax 6444100 2008-2010 Additional Commissioner Service Tax New Delhi
The Finance Act 2000 Service Tax 1272868 2006-2010 Additional Commissioner Service Tax New Delhi
The Income Tax Act 1961 Income Tax 3514390 2008-2009 Commission of Income Tax (Appeal)

(viii) According to information and explanations given to us the Company has notdefaulted in repayment of dues to bank and financial institutions.

(ix) The clause is not applicable since the company has not raised any money by way ofinitial public offer or further public offer or by way of term loan during the year.

(x) Based on the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the Company by itsofficer or employee has been noticed or reported during the course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) This clause is not applicable since Company is not a Nidhi Company.

(xiii) According to information and explanations given to us all transactions with therelated parties are in compliance with sections 177 and 188 of the Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

(xiv) This clause is not applicable since company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.

(xv) According to information and explanations given to us company has not enteredinto any non-cash transactions with directors or persons connected with him.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For AVK & ASSOCIATES
Chartered Accountants
Firm Registration No. 002638N
Parul Gupta
Place : New Delhi Partner
Dated : 25 May 2016 Membership No. 095539

Annexure – B to the Auditors’ Report

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 AlmondzGlobal Securities Limited (‘the Company’) as at 31 March 2016 in conjunctionwith our audit of financial statements of the company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The management of the company 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 Reporting(‘the Guidance Note’) issued by the Institute of Chartered Accountants of India(‘the ICAI’)". These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence topolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting based on our audit. We conducted our audit in accordance with theGuidance Note and the Standards on Auditing (‘the Standards’) and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s Internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s Internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement 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.

For AVK & ASSOCIATES
Chartered Accountants
Firm Registration No. 002638N
Parul Gupta
Place : New Delhi Partner
Dated : 25 May 2016 Membership No. 095539