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Amrapali Capital and Finance Services Ltd.

BSE: 536737 Sector: Financials
NSE: N.A. ISIN Code: INE218P01018
BSE LIVE 09:33 | 24 Nov 32.50 -3.00
(-8.45%)
OPEN

32.50

HIGH

32.50

LOW

32.50

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 32.50
PREVIOUS CLOSE 35.50
VOLUME 1200
52-Week high 48.00
52-Week low 22.00
P/E 49.24
Mkt Cap.(Rs cr) 31.78
Buy Price 0.00
Buy Qty 0.00
Sell Price 38.50
Sell Qty 1200.00
OPEN 32.50
CLOSE 35.50
VOLUME 1200
52-Week high 48.00
52-Week low 22.00
P/E 49.24
Mkt Cap.(Rs cr) 31.78
Buy Price 0.00
Buy Qty 0.00
Sell Price 38.50
Sell Qty 1200.00

Amrapali Capital and Finance Services Ltd. (AMRAPALICAPITAL) - Auditors Report

Company auditors report

To

The Members of

Amrapali Capital and Finance Services Limited Report on the Standalone FinancialStatements:

We have audited the accompanying Standalone Financial Statements of Amrapali Capital& Finance Services Limited ("the Company") which comprise the Balance Sheetas at March 31 2016 the Statement of Profit and Loss and Cash Flow Statement for the yearended March 31 2016 and a summary of significant accounting policies and otherexplanatory information for the year ended as on March 31 2016.

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 flow 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 responsibility 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 responsible 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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 accounting policies used and the reasonableness of the accountingestimates made by company's directors as well as evaluating the overall presentation ofthe 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 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 (Auditor's Report) Order 2016 ("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" a statement on the matters specifiedin paragraphs 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 appears from our examination of those books

c) 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.

d) 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;

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 the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 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 except the proceedings before the Hon'ble settlement commission has got abated asper Section 245HA of the I.T. Act 1961 in pursuance of Settlement Commission order u/s245D(4) of the Act dated 31/05/2016 and pending search case assessments pending u/s 153Aof the I.T. Act 1961 for A.Y. 2007-08 to 2012-13 and regular assessment u/s 143(3) of theI.T. Act 1961 for A.Y. 2013-14 and A.Y. 2014-15.

ii. The Company did not have any long-term contract including derivative contracts forwhich there were any material foreseeable losses; hence the company need not make anyprovision.

iii. There were no amounts which were required to be transferred to the investoreducation and protection fund by the Company.

For Dhiren Shah & Co.
Chartered Accountants
FRN: 114633W
Dhiren Shah
Place: Ahmedabad (Partner)
Date: August 9 2016 Mem. No. : 035824

Annexure-A to the Auditor's Report

The Annexure referred to in Independent Auditors' Report to the members of the companyon the standalone financial statements for the year ended 31st March 2016 we reportthat:

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

(b) The company has a regular programme of physical verification of its fixed assets bywhich fixed assets of the Company have been physically verified by the Management duringthe year and no material discrepancies have been noticed on such verification. In ouropinion the frequency of verification is reasonable.

(c) According to the information and explanation 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 physical verification of inventory has been conducted at reasonable intervalsby the Management during the year and no material discrepancies were noted in the same.

iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act. Thus paragraph 3(iii) of the order is not applicable to thecompany.

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 Companies Act 2013with respect to the loans and investments made.

v) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

vi) As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales-tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the company with theappropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax cess and other material dues were in arrears as at 31st March 2016for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us there are no dues ofIncome tax sales- tax duty of excise duty of customs service tax and value added taxwhich have not been deposited with the appropriate on account of any dispute.

viii) The company does not have any default in repayment of dues of loans or borrowingsfrom any financial institution banks government. The company has not raised the fund byissue of debentures.

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. Accordinglyparagraph 3 (ix) of the order is not applicable.

x) According to the information and explanation 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.

xi) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii) 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 sections 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.

xiv) 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 hence paragraph 3(xiv) of the order is not applicable

xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the paragraph3(xv) of the order is not applicable.

xvi) The Company is not required to register under section 45-IA of the RBI Act 1934in pursuance of the Master Circular - Exemptions from the provisions of RBI Act 1934 videCircular No. RBI/2015-16/15 DNBR (PD) CC. No. 052/03.10.119/2015-16 dated July 01 2015 asthe company is doing the business of stock broker on National Stock Exchange by holdingthe Certificate of Registration as Trading and Clearing Member issued by SEBI (StockBrokers and Sub-Brokers) Regulation 1992 and also holding the Certificate of Registrationas Participant issued by SEBI (Depositories and Participants) Regulations 1996. Thecompany is carrying on the business of stock broker and holding Certificate under section12 of Securities and Exchange Board of India Act 1992.

For Dhiren Shah & Co.
Chartered Accountants
FRN: 114633W
Dhiren Shah
Place: Ahmedabad (Partner)
Date: August 9 2016 Mem. No. : 035824

Annexure B to the independent Auditor's Report

(Report on the Internal Financial Controls under Clause (i) ofSub-section 3 ofSection143 ofthe Act)

We have audited the internal financial controls over financial reporting of AmrapaliCapital And Finance Services Limited ("the Company") as of March 31 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 Controls over Financial Reportingissued by the 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 company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act 2013.

Auditors' 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 deemedto be prescribed under section 143(10) of the companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was 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 auditor's judgement 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 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 March 31 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 Dhiren Shah & Co.
Chartered Accountants
FRN: 114633W
Dhiren Shah
Place: Ahmedabad (Partner)
Date: August 9 2016 Mem. No. : 035824

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