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Cubical Financial Services Ltd.

BSE: 511710 Sector: Financials
NSE: N.A. ISIN Code: INE717D01023
BSE LIVE 15:26 | 06 Dec 1.50 0.07
(4.90%)
OPEN

1.50

HIGH

1.50

LOW

1.50

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.50
PREVIOUS CLOSE 1.43
VOLUME 100
52-Week high 6.00
52-Week low 1.37
P/E
Mkt Cap.(Rs cr) 9.77
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.50
Sell Qty 1000.00
OPEN 1.50
CLOSE 1.43
VOLUME 100
52-Week high 6.00
52-Week low 1.37
P/E
Mkt Cap.(Rs cr) 9.77
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.50
Sell Qty 1000.00

Cubical Financial Services Ltd. (CUBICALFINAN) - Auditors Report

Company auditors report

TO THE MEMBERS OF CUBICAL FINANCIAL SERVICES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of CUBICAL FINANCIALSERVICES LIMITED( the Company ) which comprise the Balance Sheet as at 31st March 2015the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

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 preparation of thesestandalone 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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.

Auditor’s 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor s judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company s preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company sDirectors as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea 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:-

(i) in the case of the balance sheet of the state of affairs of the Company as at 31March 2015;

(ii) in the case of the statement of profit and loss of the Loss for the year ended onthat date; and

(iii) in the case of the cash flow statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2015 issued by the CentralGovernment of India in terms of subsection (11) of section 143 of the Act (hereinafterreferred to as the Order ) and on the basis of such checks of the books and records ofthe Company as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure a statement on the matters specified in paragraphs 3and 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 purposes 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 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 the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on31st March 2015 from being appointed as a director in terms of Section164 (2) of 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. TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements. ii. In our opinion and as per the information and explanationsprovided to us the Company has not entered into any long-term contracts includingderivative contracts requiring provision under applicable laws or accounting standardsfor material foreseeable losses. iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.

For KRISHAN RAKESH & CO.
CHARTERED ACCOUNTANTS
Firm Regn No. 009088N
PLACE : NEW DELHI (K.K.GUPTA)
DATED : 28.05.2015 PARTNER
M No. 87891

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS’ REPORT ON

ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2015

1. a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us all the fixed assets have been physically verified by themanagement 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.

2. (a) Physical verification has been conducted by the management at reasonableintervals in respect of finished goods stores spare parts and raw materials.

(b) In our opinion the procedures of physical verification of inventory followed bythe management are reasonable and adequate in relation to the size of the company and thenature of its business.

(c) In our opinion the Company is maintaining proper records of inventories. Thediscrepancies noticed on such verification between the physical stocks and book recordswere not significant and the same have been properly dealt with in the books of account.

3. According to the information and explanations given to us the Company has neithergranted nor taken any loans secured or unsecured to/From Companies firms or otherParties covered in the register maintained under section 189 of the Companies Act

4. In our opinion there is an adequate internal control system commensurate with thesize of the company and the nature of its business for the purchase of inventory andfixed assets and for the sale of goods and services. During the course of audit we havenot observed any continuing failure to correct major weaknesses in internal controlsystem.

5. According to the information and explanations given to us the company has notaccepted any deposits in terms of the directives issued by the Reserve Bank of India andthe provisions of sections 73 to 76 or any other relevant provisions of the Companies Actand the rules framed there under.

6. In respect of business activities of the company maintenance of cost records hasnot been specified by the Central Government under sub-section (l) of section 148 of theCompanies Act.

7. a) As per information and explanations given to us the company is regular indepositing undisputed statutory dues including provident fund employees state insuranceincome-tax sales-tax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues with the appropriate authorities. There areno outstanding statutory dues as at the last day of the financial year under audit for aperiod of more than six months from the date they became payable.

b) We According to information and explanations given to us there are no dues ofIncome Tax Sales Tax Wealth Tax Custom Duty Excise Duty Cess Octroi entry tax andother statutory dues which have not been deposited on account of any dispute.

c) In our opinion and according to the information and explanations given to usamounts required to be transferred to investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules madethereunder have been transferred to such fund within time.

8. In our opinion the accumulated losses of the company are not more than fifty percentof its net worth. The company has incurred cash losses during the financial year coveredby our audit and also in the immediately preceding financial year.

9. Based on our audit procedures and on the basis of information and explanations givento us by the management we are of the opinion that there is no default in repayment ofdues to the Financial Institutions banks or debenture holders as at the year end.

10. According to information and explanations given to us the Company has not given anyguarantee for loan taken by others from banks or financial institutions the terms andconditions whereof are prejudicial to the interest of the company.

11. In our opinion term loans were applied for the purpose for which the loans wereobtained by the company.

12. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on or by the Company has been noticed or reportedduring the course of our audit for the year ended 31.03.2015.

For KRISHAN RAKESH & CO.
CHARTERED ACCOUNTANTS
Firm Regn No. 009088N
PLACE : NEW DELHI (K.K.GUPTA)
DATED : 28.05.2015 PARTNER
M No. 87891

AUDITORS’ REPORT

The Board of Directors

CUBICAL FINANCIAL SERVICES LIMITED

New Delhi

Dear Sirs

We have audited the Balance Sheet of CUBICAL FINANCIAL SERVICES LIMITED. as at 31stMarch 2015 the statement of Profit & Loss and Cash flow statement for the year endedon that date.

As required by the Non-Banking Financial Companies Auditor s Report (Reserve Bank)Directions 2008 updated vide notification no. DNBS (PD)CC No. 280/03.02.001/2012-13 dated2ndJuly 2012 issued by Reserve Bank of India (RBI) we give hereunder ourreport on matters specified in paragraphs 3(A) and (C) of the said Directions.

1. The Company is engaged in the business of non banking financial institution and hasaccordingly obtained a Certificate of Registration as provided in Section 45-IA of theReserve Bank of India Act 1934 (2 of 1934).

2. The company is entitled to hold the certificate of registration as aforesaid fromthe Bank in terms of asset/ income pattern as on 31.3.2013.

3. The company is not an Assets Finance Company in term of criteria set forth by theBank in Circular No. DNBB (PD)CC No. 85/3.02.089/2006-07 dated 6th December2006.

4. The company is not a Micro Finance Institution based on the criteria set forth innotification of the Bank namely Non Banking finance company-Micro Finance Institution(Reserve Bank) Directions 2011.

5. The Board of Directors has passed a resolution for the non-acceptance of any publicdeposits.

6. The Company has not accepted any public deposits during the relevant year.

7. The Company has complied with the prudential norms relating to income recognitionaccounting standards asset classification and provisioning for bad and doubtful debts asapplicable to it in term of Non Banking Financial (Non-Deposit Accepting or Holding)Company prudential norms (Reserve Bank) Directions 2007.

8. The Company is not a systemically important non deposit taking NBFC defined in para2(1(xix) of directions mentioned in para 7 above.

For KRISHAN RAKESH & CO.
CHARTERED ACCOUNTANTS
Firm Regn No. 009088N
PLACE : NEW DELHI (K.K.GUPTA)
DATED : 28.05.2015 PARTNER
M No. 87891

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