You are here » Home » Companies » Company Overview » GSL Securities Ltd

GSL Securities Ltd.

BSE: 530469 Sector: Financials
NSE: N.A. ISIN Code: INE721D01017
BSE LIVE 15:14 | 13 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.26
PREVIOUS CLOSE 1.25
VOLUME 400
52-Week high 1.36
52-Week low 1.17
P/E 2.29
Mkt Cap.(Rs cr) 0
Buy Price 1.26
Buy Qty 191.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.26
CLOSE 1.25
VOLUME 400
52-Week high 1.36
52-Week low 1.17
P/E 2.29
Mkt Cap.(Rs cr) 0
Buy Price 1.26
Buy Qty 191.00
Sell Price 0.00
Sell Qty 0.00

GSL Securities Ltd. (GSLSECURITIES) - Auditors Report

Company auditors report

To

The Members of GSL Securities Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of GSL Securities Limited ("theCompany") which comprise the Balance Sheet as at March 31 2015 the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for Financial Statements

2. The Management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these 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 the 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. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the 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 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 the Company’s management and boardof Directors as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

6. 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 of the state of affairs of the Company as at March31 2015 its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditors’ Report) Order 2015 (the"Order") issued by the Central Government of India in terms of sub-section (11)of Section 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

8. 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 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 the applicableAccounting 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 March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) of theAct.

(f) in our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to the other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies ( Audit and Auditors )Rules 2014;

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 does not arise;

iii. There has not been an occasion in case of the company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For VIJAY R. TATER & CO.
Chartered Accountants
Firm Registration No. 111426W
Sd/-
(Suresh G. Kothari)
Place : Mumbai Partner
Date : 30.05.2015 M.No.47625

Annexure referred to in Paragraph 7 our report of even date to the members of GSLSecurities Limited on the accounts of the Company for the year ended 31st March 2015

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

(b) As explained to us during the year fixed assets have been physically verified bythe management at reasonable intervals; no material discrepancies were noticed on suchverification.

ii. The nature of business of the Company does not require it to have any inventory.Hence the requirement of clause (ii) of paragraph 3 of the said order is not applicableto the Company.

iii. According to the information and explanations given to us and on the basis of ourexamination 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 (a)& (b) of the order are not applicable to the Company.

iv. 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 with regard to purchase of shares & securitiesother assets and for the sale of share & securities and services. Further on the basisof our examination of the books of records of the company and according to theinformation and explanations given to us no major instance of continuing failure tocorrect any weaknesses in the internal controls has been noticed.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits during the year from the public to which thedirectives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 andany other relevant provisions of the Act and the rules framed thereunder apply.

vi. In our opinion and according to the information and explanations given to us theCentral Government has not prescribed maintenance of cost records under sub-section (1) ofSection 148 of the Act.

vii. (a) According to the information and explanations given to us the Company isregular in depositing undisputed statutory dues including Provident Fund Employees’State Insurance Income-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise DutyValue Added Tax cess and any other statutory dues with the appropriate authorities. Thereare no arrears of outstanding statutory dues as at the last day of the financial year fora period of more than six months from the date they became payable.

(b) According to the records of the Company examined by us and information andexplanations given to us there were no dues of Income tax Sales-Tax Wealth Tax ServiceTax Custom Duty Excise Duty Value Added Tax or cess to the extent applicable whichhave not been not deposited on account of any dispute.

(c) There has not been an occasion in case of the company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise.

viii. The Company has accumulated losses at the end of the financial year which is notless than fifty per cent of its net worth but the company has not incurred cash lossesduring the current financial year and in the immediately preceding financial year.

ix. The Company has not borrowed from any financial institution bank or debentureholders. Accordingly the Paragraph 3 (ix) of the Order is not applicable to the Company.

x. According to the information and explanations given to us the Company has not givenany guarantees for loan taken by others from a bank or financial institution. Accordinglythe Paragraph 3 (x) of the Order is not applicable to the Company.

xi. Based on information and explanations given to us we report that the company hasnot raised any term loans during the year.

xii. During the course of our examination of the books of account and records of theCompany carried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyfraud on or by the Company noticed or reported during the year nor have we been informedof such case by management.

For VIJAY R. TATER & CO.
Chartered Accountants
Firm Registration No. 111426W
Sd/-
(Suresh G. Kothari)
Place : Mumbai Partner
Date : 30.05.2015 M.No.47625