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Amit Securities Ltd.

BSE: 531557 Sector: Financials
NSE: N.A. ISIN Code: INE137E01014
BSE LIVE 11:40 | 29 Nov 4.66 -0.24
(-4.90%)
OPEN

4.95

HIGH

4.95

LOW

4.66

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.95
PREVIOUS CLOSE 4.90
VOLUME 465
52-Week high 5.14
52-Week low 4.66
P/E 25.89
Mkt Cap.(Rs cr) 3.31
Buy Price 4.66
Buy Qty 662.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.95
CLOSE 4.90
VOLUME 465
52-Week high 5.14
52-Week low 4.66
P/E 25.89
Mkt Cap.(Rs cr) 3.31
Buy Price 4.66
Buy Qty 662.00
Sell Price 0.00
Sell Qty 0.00

Amit Securities Ltd. (AMITSECURITIES) - Auditors Report

Company auditors report

TO THE MEMBERS OF

AMIT SECURITIES LIMITED

Report On The Financial Statements

We have audited the accompanying financial statements of AMIT SECURITIES LIMITED(The Company) which comprises the Balance sheet as at 31stMarch 2015 and thestatement of Profit and Loss and 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 matters stated in Section 134(5) ofthe Companies Act 2013 ("The Act") with respect to the preparation of thesefinancial statements that give a true and fair value of the financial positions financialperformance and cash flows of the company in accordance with the accounting standardsreferred to in section 133 of the Act read with rule 7 of the Companies (Accounts) Rule2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provision of act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 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.

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 of the state of affairs of the Companyas at March 31 2015 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 (Auditor's Report) order 2015 ("the order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the annexure a statement on the matters specified inparagraphs 3 and 4 and 5 of the order 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 appears from our examination of those books of the Company.

c. The Balance Sheet and statement of Profit and Loss Account and Cash Flow statementdealt with by these reports are in agreement with the books of account of the Company.

d. In our opinion the Balance Sheet and Profit & Loss Account and Cash Flowstatement dealt with by this report comply with the accounting standards specified undersection 133 of the Act read with rule 7 of Companies (Accounts) Rules 2014.

e. On the basis of written information received from the directors of the Company andtaken on record by the Board of Directors as on 31st March 2015 and the information andexplanations given to us we report that none of the directors is disqualified as on 31stMarch 2015 from being appointed as a director in terms of subsection (2) of section 164of the Act.

f. 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 has disclosed the impact of pending litigations on its financialposition in its financial statements.

(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

Place: Indore For M.MEHTA & COMPANY
Chartered Accountants
Dated: 28.05.2015 Firm Regn. No. 000957C
CA P R Bandi
(Partner)
M.No. 016402

Annexure referred to in our Independent Auditor's Report to the Members of the Companyon the Financial Statements for the year ended 31st March 2015 we report that:

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

(b)The fixed assets of the Company have been physically verified by the management atreasonable intervals. As informed to us no discrepancies have been noticed on suchverification.

ii. (a) As explained to us the inventory of the Company has been physically verifiedduring the year by the management. In our opinion the frequency of the verification isreasonable.

(b)According to the information and explanation given to us in our opinion theprocedures of physical verification of stocks followed by the management are reasonableand adequate in relation of the size of the Company and the nature of its business.

(c)In our opinion and information and explanation given to us the Company ismaintaining proper records of inventory and no material discrepancies were noticed onverification between the physical stocks and book records.

iii. (a) According to the information's and explanations given to us the Company hasgranted unsecured loans to 3 parties covered in the register maintained under section 189of the Companies Act 2013.

(b)In case of loans granted to parties covered in the register maintained under section189 of the Companies Act 2013 the borrowers have been regular in the payment of interestas stipulated. The terms of arrangements do not stipulate any repayment schedule and theloans are repayable on demand. Accordingly paragraph 3(iii)(b) of the Order is notapplicable to the Company in respect of the repayment of the principal amount.

(c)There are no overdue amounts of more than rupees one lakh in respect of the loansgranted to parties listed in the register maintained under section 189 of the CompaniesAct 2013

iv. In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the Company and thenature of its business. During the course of our audit we have not observed any majorweaknesses in the internal control system.

v. In our opinion and according to the information and explanations given to us thecompany has not accepted deposit from public with the meaning of Section 73 to 76 or anyother relevant provision of the Companies Act 2013.

vi. According to information and explanations given to us the Central Government hasnot prescribed maintenance of cost records under sub-section (1) of section 148 of theCompanies Act 2013.

vii. (a) According to the information and explanations given to us and the records ofthe company examined by us in our opinion the company has no statutory dues of ProvidentFund Employee state Insurance Income Tax Sales Tax Wealth Tax Service Tax Customduty Excise duty Value added Tax cess and any other statutory dues with the appropriateauthorities.

(b)According to the information and explanations given to us there are no undisputedstatutory dues outstanding for a period of more than six months from the date they becamepayable as per books of accounts as at 31st March 2015

(c) According to the information and explanations given to us there is no amountrequired to be transferred to investor education and protection fund in accordance withthe relevant provisions of the Companies Act 2013.

viii. The company does not have accumulated losses as at 31st March 2015. The Companyhas cash Profit during the financial year covered by our audit as well as in theimmediately preceding financial year also.

ix. In our opinion and according to the information and explanations given to us theCompany did not have any outstanding dues to financial institutions banks or debentureholder during the year.

x. According to the information and explanations given to us the company has not givenany guarantee for loans taken by others from banks or financial institutions.

xi. To the best of our knowledge and belief and according to the information andexplanations given to us the company has not raised any term-loans during the year underaudit hence paragraph 3 (xi) of the Order is not applicable.

xii. To the best of our knowledge and belief and according to the information andexplanations given to us we report that no material fraud on or by the company has beennoticed or reported during the year.

Place: Indore For M.MEHTA & COMPANY
Chartered Accountants
Dated: 28.05.2015 Firm Regn. No. 000957C
CA P R Bandi
(Partner)
M.No. 016402

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