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Futuristic Securities Ltd.

BSE: 523113 Sector: Financials
NSE: N.A. ISIN Code: INE425D01015
BSE LIVE 14:02 | 06 Oct 11.57 0.55
(4.99%)
OPEN

11.57

HIGH

11.57

LOW

11.57

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.57
PREVIOUS CLOSE 11.02
VOLUME 400
52-Week high 13.30
52-Week low 10.00
P/E 77.13
Mkt Cap.(Rs cr) 2
Buy Price 11.57
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.57
CLOSE 11.02
VOLUME 400
52-Week high 13.30
52-Week low 10.00
P/E 77.13
Mkt Cap.(Rs cr) 2
Buy Price 11.57
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00

Futuristic Securities Ltd. (FUTURISTICSEC) - Auditors Report

Company auditors report

TO

THE MEMBERS OF FUTURISTIC SECURITIESLIMITED

We have audited the accompanying financial statements of Futuristic Securities Limited("the Company") which comprise the Balance Sheet as at March 312015 Statementof Profit 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 the Rule 7 of the Companies (Accountants) Rules2014.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting 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

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 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 control relevant to the Company’s preparation and fairpresentation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management as well as evaluating theoverall 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone 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 at March312015;

b) in the case of the Profit and Loss Account of the profit for the year ended on thatdate; and

c) in case of cash flow statement of the 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 2015 ("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 statement on the matters specified in paragraphs 3 and4 of the Order to 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 purposes 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 financial statements comply with Accounting Standardsspecified under Section 133 of the Act read with rule 7 of the Companies (Accounts)Rules 2014.

e. On the basis of written representation received from the directors of the Company asat 31 March 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 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) The said Balance Sheet and Profit and Loss Account read together with the notesthereon and subject to Non Provision of Doubtful Sundry Debtors of Rs. 824800/- andLoans and Advances of Rs. 209663/- thereby understating Loss and overstating CurrentAssets by the like amount give the information required by the Companies Act 2013 in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.

Special Directions of "Non-Banking Financial Companies Auditor’s Report(Reserve Bank) Directions 1998"

1. The Company has been granted registration no. 13.00309 by the Reserve Bank of Indiaas provided in

Section 451A of the Reserve Bank of India Act 1934 (2 of 1934).

2. The Company has passed Board Resolution that no deposits from public shall beaccepted.

3. The Company has not accepted any deposits from Public during the financial yearunder review.

For Lalit Bajaj & Associates

Chartered Accountants

Firm’s Registration No.: 117758W

Lalit Bajaj

Partner

Membership No.: 104234

Place: Mumbai

Date: 10th August 2015.

The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof Futuristic Securities Limited on the accounts of the company for the year ended 31stMarch 2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

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

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

2. (a) The Company is a Non-Banking Finance Company and does not hold any inventories.Accordingly paragraph 3(ii)(a) (b) and (c) of the Order is not applicable.

3. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of clauses iii (b)ofthe order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories & fixed assetsand payment for expenses & for services rendered. During the course of our audit nomajor instance of continuing failure to correct any weaknesses in the internal controlshas been noticed.

5. The company has not accepted any deposits from the public.

6. As per the information & explanation given by the management the CentralGovernment has not prescribed the maintenance of cost records under section 148(1) of theAct for the products of the company.

7. (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees’ State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on 31s1 of March 2015 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us disputed amounts inrespect of Income Tax Demand as at 31st March 2015 not deposited are as under:

Financial Year to which the matter pertains Forum where the Matter is pending Amount (Rs. in Lacs)
2001-02 & 2003-04 Commissioner of Income Tax (Appeals) 6.16

(c) According to the information and explanations given to us there were no amountswhich were required to be transferred to the investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesthere under.

8. The Company’s accumulated losses at the end of the financial year are less than50% of its net worth. The company has however not incurred cash loss in the currentfinancial year.

9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

10. In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

11. Based on our audit procedures and on the information given by the management wereport that the company has not raised any term loans during the year.

12. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

For Lalit Bajaj & Associates

Chartered Accountants

Firm’s Registration No.: 117758W

Lalit Bajaj

Partner

Membership No.: 104234

Place: Mumbai

Date: 10th August 2015.