BAMPSL Securities Ltd.
|BSE: 531591||Sector: Financials|
|NSE: N.A.||ISIN Code: INE802A01029|
|BSE LIVE 15:14 | 04 Aug||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
|BSE: 531591||Sector: Financials|
|NSE: N.A.||ISIN Code: INE802A01029|
|BSE LIVE 15:14 | 04 Aug||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
THE MEMBERS OF BAMPSL SECURITIES LIMITED
Report on Financial Statements
We have audited the accompanying financial statement of BAMPSL SECURITIES LIMITED (TheCompany) which comprise the Balance Sheet as at 31st March 2016 the Statement of Profit& Loss Account and Cash Flow Statement for the year then ended and the summary ofsignificant accounting policies and other explanatory information.
Management's Responsibility for the 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 preparation and presentation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the accounting standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rule 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.
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 there under. We conducted our audit in accordancewith the standard on auditing specified under Section 143(10) of the Act. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of materialmisstatement.
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 risk of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessment the auditorconsiders internal financial control relevant to the Company's preparation and fairpresentation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial control system over financial reporting and operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimates made by management 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 financial statements.
In our opinion and to the best of our information and according to explanations givento us the financial statements are subject to Note no. 15 regarding non provision forgratuity in accordance with AS-15 issued by ICAI give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India.
(a) In the case of Balance Sheet of the state of affairs of the Company as at 31stMarch 2016
(b) In the case of the Statement of Profit and Loss Account of Profit for the yearended on that date and
(c) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) order 2015 (the order) issued by theCentral Government of India in terms of sub-section (11) of Section 143 of the Act weannex hereto a statement on the matters specified in Paragraph 3 and 4 of the said orderto 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 the Statement of Profit & Loss and the Cash Flow Statementdealt with by this report are in agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the companies(Accounts) Rules 2014.
e) On the basis of the written representations received from the Directors as at 31stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termof section 164(2) of the Act.
f) With respect to the adequacy of internal financial controls over financial reportingof the Company and operating effectiveness of such controls refer to our separate reportin 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) 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- Refer Note-21 to the financial statements.
II. The Company has made provision as required under applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts. Refer Note-22 to the financial statements.
III. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
ANNEXURE A TO THE AUDITORS' REPORT
(The Annexure referred to in Independent Auditors' Report to the members of BAMPSLSecurities Ltd on the financial statements for the year ended 31st March 2016)
1. In respect of 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 fixed assets have been physically verified by themanagement during the year.
We are informed that no material discrepancies were noticed on such verification.
(c) As per information and explanation given to us and on the basis of ourexamination of the records of the Company land is held by the Company on the basis ofAgreement to sell the General Power of Attorney is in the name of Managing Director ofthe Company.
2. In respect of the inventories:
As explained to us the inventories of shares have been physically verified by themanagement and if the shares were in dematerialized form the same were verified withdemat accounts at reasonable intervals during the year.
No discrepancy was noticed on verification between the physical verification and thebook records.
3. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnership or other parties covered in the register maintained undersection 189 of the Act 2013 (the Act').
4.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 investment made.
5.In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public.
6.The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any services rendered by the Company.
7.ln respect of statutory dues:
a) According to the records of the Company and information and explanation given to usand on the basis of our examination of the records of the Company amount deducted/accruedin the books of account in respect of undisputed statutory dues including Provident fundIncome Tax Sales Tax value added tax Custom D uty service tax Excise duty Cess andother material statutory dues have been regularly deposited during the year by theCompany with appropriate authorities. There are no undisputed amounts payable in respectof the aforesaid dues were outstanding as at 31st March 2016 for a period ofmore than six months from the date of . becoming payable.
b) According to the information and explanations given to us following amounts havenot been deposited on account of dispute.
8. The Company does not have any loans or borrowings from any financial institutionsbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe order is not applicable.
9. The Company did not raise any money by way of initial public offer (including debtinstruments) and term loans during the year. Accordingly paragraph 3 (ix) of the Order isnot applicable.
10. According to the information and explanations 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.
11. 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.
12.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.
13.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.
14. According to the information and explanations give 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 convertible debentures during the year.
15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.
16. The Company is registered under section 45-IAof the Reserve Bank of India Act1934.
Annexure - B to the Auditors' Report
Report on Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of BampslSecurities Limited ("the Company") as of 31st March 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.
Management's Responsibility for the Financial Statements
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 responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to the company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.
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 the ICAI anddeemed to be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 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 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.
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 31st March 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.