You are here » Home » Companies » Company Overview » Axis Capital Markets (India) Ltd

Axis Capital Markets (India) Ltd.

BSE: 531278 Sector: Financials
NSE: N.A. ISIN Code: INE785D01012
BSE LIVE 14:53 | 09 Dec 37.95 1.95
(5.42%)
OPEN

36.70

HIGH

39.30

LOW

36.70

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 36.70
PREVIOUS CLOSE 36.00
VOLUME 512
52-Week high 49.95
52-Week low 32.00
P/E 10.17
Mkt Cap.(Rs cr) 22.01
Buy Price 37.45
Buy Qty 1.00
Sell Price 37.95
Sell Qty 10.00
OPEN 36.70
CLOSE 36.00
VOLUME 512
52-Week high 49.95
52-Week low 32.00
P/E 10.17
Mkt Cap.(Rs cr) 22.01
Buy Price 37.45
Buy Qty 1.00
Sell Price 37.95
Sell Qty 10.00

Axis Capital Markets (India) Ltd. (AXISCAPMKT) - Auditors Report

Company auditors report

To the Members of

Elixir Capital Limited

[Formerly - Axis Capital Markets (India) Limited]

Report on the Financial Statements

1. We have audited the accompanying standalone Financial Statements of ElixirCapital Limited ("the Company") [Formerly - Axis Capital Markets (India)Limited] which comprise the Balance Sheet as at March 31 2016 the Statement of Profit& Loss and the Cash Flow Statement for the year then ended and a Summary ofSignificant Accounting Policies and other Explanatory Information.

Management’s Responsibility for the (Standalone) * Financial Statements

2. The Board of Directors of the Company is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting 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

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. 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.

5. 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 misstatements.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s 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 statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s Board of Directors as well asevaluating the overall presentation of the financial statements.

7. 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

8. 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

9. As required by the Companies (Auditor’s 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 paragraphs 3 and 4 of the Order.

10. As required by section 143(3) of the Act we further 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) in our opinion the aforesaid financial statements comply with the applicableAccounting 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 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct;

f) with respect to adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in "Annexure B" and

g) with respect to 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; assuch the question of commenting on any material foreseeable losses thereon does not arise.

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

For P. C. Surana & Co.
Chartered Accountants
(Registration No. 110631W)
Place : Mumbai Sunil Bohra
Date : 19th May 2016 Partner
Membership No. 039761

Annexure-A referred to in paragraph 9 of Our Report of even date to the Members ofElixir Capital Limited ("the Company") (Formerly – Axis Capital Markets(India) Limited) on the accounts of the Company for the year ended 31st March 2016

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. In respect of its fixed assets:

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

(b) As explained to us the management during the year has physically verified thefixed assets in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

(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 nature of business of the Company does not require it to hold any physicalinventories. Hence the paragraph 3(ii) of the Order is not applicable to the Company.

iii. The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the CompaniesAct 2013 and hence the paragraph 3(iii) of the Order is not applicable to the Company.

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

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.

vii. In respect of statutory dues:

(a) According to the records of the company in our opinion the company has beengenerally regular in depositing undisputed statutory dues including Provident FundEmployees’ State Insurance Income Tax Sales Tax Service Tax Customs Duty ExciseDuty Value Added Tax cess and any other statutory dues with the appropriate authorities.

According to the information and explanation given to us no undisputed amounts payablein respect of Provident Fund Employees’ State Insurance Income Tax Sales TaxWealth Tax Service Tax Customs Duty Excise Duty Value Added Tax Cess and othermaterial statutory dues were in arrears as at 31 March 2016 for a period of more than sixmonths from the date they become payable.

(b) 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 Service Tax Sales TaxCustoms Duty Excise Duty and Value Added Tax which have not been deposited on account ofany disputes.

viii. According to the explanations and information given to us and on the basis ofour examination of records of the Company the Company does not have any loans orborrowings from any financial institutions banks government or debenture holders duringthe year. Hence the paragraph 3(viii) of the Order is not applicable to the Company.

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. Hence theparagraph 3(ix) of the Order is not applicable to the Company.

x. During the course of our examination of the books and records of the company carriedin accordance with the auditing standards generally accepted in India we have neithercome across any instance of fraud by the Company or by its officers or employees on it hasbeen noticed or reported during the course of our audit nor have we been informed of anysuch instance by the Management.

xi. According to the records examined by us and as per the information and explanationsgiven to us the Company has not made any payment of managerial remuneration and hencethe paragraph 3(xi) of the Order is not applicable to the Company.

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

xiii. According to information and explanations given to us and based on ourexamination of the records of the Company transactions entered with the related partiesare in compliance with sections 177 and 188 of Act where applicable and the details ofsuch transactions have been disclosed in the Financial Statements as required by theapplicable accounting standards.

xiv. According to information and explanations given to us and based on our examinationof the records of the Company the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.

xv. According to information and explanations given to us and based on our examinationof the records of the Company the company has not entered into any non cash transactionswith directors or persons connected with him during the year and hence the paragraph3(xii) of the Order is not applicable to the Company.

xvi. The company is not required to be registered under section 45IA of the ReserveBank of India Act 1934.

For P. C. Surana & Co.
Chartered Accountants
(Registration No. 110631W)
Sunil Bohra
Place : Mumbai Partner
Date : 19th May 2016 Membership No. 039761

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 ElixirCapital Limited ("the Company") [Formerly - Axis Capital Markets (India)Limited] as of 31 March 2016 in conjunction with our audit of the standalonefinancial statements of the Company for the year 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’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies 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 extentapplicable to an audit of internal financial controls both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For P. C. Surana & Co.
Chartered Accountants
(Registration No. 110631W)
Sunil Bohra
Place : Mumbai Partner
Date : 19th May 2016 Membership No. 039761

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard