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Cil Securities Ltd.

BSE: 530829 Sector: Financials
NSE: N.A. ISIN Code: INE830A01012
BSE LIVE 15:40 | 22 Sep 33.15 0.75
(2.31%)
OPEN

32.10

HIGH

33.50

LOW

32.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 32.10
PREVIOUS CLOSE 32.40
VOLUME 587
52-Week high 49.40
52-Week low 10.65
P/E 4.14
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 32.10
CLOSE 32.40
VOLUME 587
52-Week high 49.40
52-Week low 10.65
P/E 4.14
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cil Securities Ltd. (CILSECURITIES) - Auditors Report

Company auditors report

TO THE MEMBERS OF CIL SECURITIES LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of CIL Securities Limited (theCompany') which comprises of the Balance sheet as at March 312016 and the Statement ofProfit and 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 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the Accountingprinciples generally accepted in India including the accounting standards specified undersection 133 of the act read with rule 7 of the companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the act for safeguarding the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgement and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

Auditors 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company's internal control.An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating 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.

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:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies(Auditors Report) Order 2016 issued by the CentralGovernment of India in terms of subsection^) of section 143 of the Act (hereafter referredto the "Order")we give in the annexure a statement on the matters specified inparagraphs 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 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 Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards referred to in Section 133 of theCompanies Act 2013 read with rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of the written representations received from the directors as on March312016 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 Sub Section (2) ofsection 164 of the Companies Act2013.

f. With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us :

1. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

2. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts.

3. The Company is not required to be transferany amount to the Investor Education andProtection Fund by the Company

For Ramkishore Jhawar & Associates Chartered Accountants

CA Ramkishore Jhawar M No: 27970 Firm No: 003016S

Place: Hyderabad

Date: 14/05/2016

ANNEXURE REFERRED TO IN PARAGRAPH 'REPORT ON OTHER LEGAL REGULATORY

REQUIREMENTS' OF OUR REPORT

We report that

1. a) The company has maintained proper records showing full particulars includingquantitative details of fixed assets..

b) All the fixed assets have been physically verified by the management at reasonableintervals. In our opinion the frequency of verification is reasonable. To the best of ourknowledge no material discrepancies have been noticed on verification.

c) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the title deeds of immoveable properties are held in the name ofthe company.

2. According to the information and explanation given to us the inventories have beenphysically verified by the management at reasonable intervals during the year and nomaterial discrepancies were noticed on such verification.

3. According to the information and explanation given to us the company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained u/s 189 of the act. Accordingly the provisions of clause3(iii)(a) (b) and (c) of the order are not applicable and hence not commented upon.

4. In our opinion and according to the information and explanations given to us thethere are no loans guarantees and securities granted in respect of which the provisionsof section 185 and 186 of the Companies Act 2013 are applicable and hence not commentedupon.

5. The company has not accepted deposits from public and hence directives issued by theReserve Bank of India and the provisions of section 73 to 76 of the Companies Act 2013and rules framed there under are not applicable for the year under audit.

6. According to the information and explanation given to us the Central Government hasnot prescribed the maintenance of cost records under section 148 of the Act for any of itsproduct.

7. a) According to the records of the company the company has been regular indepositing with appropriate authorities

undisputed statutory dues including Provident Fund Employees State Insurance Investor protection Fund Income Tax and other statutory dues and according to theinformation and explanation given to us no statutory dues were outstanding as at31.03.2016 for a period of more than 6 months from the date they became payable

b) b)According to the information and the explanations given to us there are no suchstatutory dues which have not been deposited on account of any disputes.

8. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we are of the opinion that the company has not defaulted inrepayment of dues if any to any Financial Institutions banks governments or dues todebenture holders.

9. According to the information and explanation given to us no moneys were raised ofinitial public offer or further public offer (including debt instruments) and term loans.

10. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management no fraud on or by the company has been noticed or reported duringthe year.

11. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we are of the opinion that the managerial remuneration has beenpaid by or provided in accordance with the requisite approvals mandated by the provisionsof section 197 read with Schedule V to the Companies Act 2013.

12. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the transactions with the related parties are

in compliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the Financial Statements etc. as required by theapplicable accounting standards

13. In our opinion the company is not a Nidhi company. Therefore provisions of clause3(xii) of the order are not applicable to the company and hence not commented upon.

14. According to the information and explanation given to us and on an overallexamination of the balance sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence not commented upon.

15. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the company has not entered into any noncash transactions withdirectors or persons connected with him.

16. According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve bank of India Act 1934 are not applicable to the company.

Place: Hyderabad For Ramkishore Jhawar & Associates
Date: 14/05/2016 Chartered Accountants
CA Ramkishore Jhawar
M No: 27970 Firm No: 003016S

ANNEXURE A TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CILSecurities Limited ("the Company") as of March 312016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate. 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 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 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 procedureselected depends 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.

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.

Place: Hyderabad For Ramkishore Jhawar & Associates
Date: 14/05/2016 Chartered Accountants
CA Ramkishore Jhawar
M No: 27970 Firm No: 003016S