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

Inani Securities Ltd.

BSE: 531672 Sector: Financials
NSE: N.A. ISIN Code: INE224C01014
BSE LIVE 14:35 | 09 Nov 12.37 0.58
(4.92%)
OPEN

12.37

HIGH

12.37

LOW

12.37

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.37
PREVIOUS CLOSE 11.79
VOLUME 50
52-Week high 12.58
52-Week low 6.79
P/E 6.19
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.37
CLOSE 11.79
VOLUME 50
52-Week high 12.58
52-Week low 6.79
P/E 6.19
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Inani Securities Ltd. (INANISEC) - Auditors Report

Company auditors report

To

The Members of Inani Securities Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Inani Securities Limitedwhich comprise the Balance Sheet as at 31st March 2016 the Statement of Profit and Lossthe Cash Flow Statement for the year then ended and a summary of the significantaccounting 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 preparationand presentation 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 also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement 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 to the extent applicable.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by TheInstitute of Chartered Accountants of India. Those Standards and other pronouncementsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 out 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 31stMarch 2016 and its profit and its 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 2016 ("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 a statement on the matters specified in paragraphs 3and 4 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 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 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 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 on 31stMarch 2016 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 terms of Section164 (2) of the Act.

(f) With respect to the adequacy of internal financial controls over financialreporting of the Company and the operative effectiveness of such controls refer to ourseparate report in 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 to note 17.1 to the Financial Statements.

ii. The Company did not have any long-term contracts including derivative contracts inrespect of which there were any material foreseeable losses.

iii. An amount of Rs 66012/- pertaining to F.Y. 2007-08 towards final dividend wastransferred after 31st March 2016 but before signing of audit report to theInvestor Education and Protection Fund by the Company.

For G.D.Upadhyay & Co.
Chartered Accountants
Firm Regd No.05834S
SD/-
G.D. Upadhyay
Partner
Membership No.027187
Place: Hyderabad
Date: 30/05/2016.

Annexure "A" to the Independent Auditors' Report

The Annexuie referred in Independent Auditors' Report to the members of the Company onthe financial statements for the year ended 31st March 2016 we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. All the fixed assets have beenphysically verified by the management during the year and no material discrepancies werenoticed on such verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of records of the company the title deeds of immovable properties are held inthe name of the company.

(ii) The Company has conducted physical verification of inventories at reasonableintervals and no material discrepancies were noticed on such verification.

(iii) The Company has granted loan to one body corporate covered in the registermaintained under Sec 189 of the Companies Act 2013 ("The Act").

a. In our opinion the rate of interest and other terms and conditions on which theloans have been granted to the body corporate listed in the register maintained under Sec189 of the Act were not prima facie prejudicial to the interest of the company.

b. In the case of loans granted to the body corporate listed in the register maintainedunder Sec 189 of the Act the borrowers have been regular in the payment of the principaland interest as stipulated

c. There are no overdue amounts in respect of loan granted to the body corporate listedin the register maintained under Sec 189 of the Act.

iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of Sec 185 & 186 of the Act with respect toLoans & Investments made.

v) The Company has not accepted any deposits from the public. Accordingly paragraph3(v) is not applicable to the Company.

vi) The Central Government has not prescribed the maintenance of cost records undersection 148 (1) of the Companies Act 2013 for any of the services rendered by theCompany.

vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us amounts deducted/accrued in the books of account in respect ofundisputed statutory dues including provident fund employees' state insuranceincome-tax sales tax service tax duty of customs duty of excise value added tax cessand any other statutory dues have been regularly deposited during the year by the Companywith the appropriate authorities.

According to the information and explanation given to us and the records of the Companyexamined by us no undisputed amounts payable in respect of provident fund employees'state insurance income-tax sales tax service tax duty of customs duty of excisevalue added tax cess and any other statutory dues were in arrears as at 31st March 2016for a period of more than six months from the date they became payable. However theCompany has not paid undisputed Income Tax Liability of the Assessment Year 2003-04amounting to Rs. 408360/- which was outstanding for more than six months at the BalanceSheet date.

(b) According to the information and explanation given to us and the records of theCompany examined by us there are no material dues relating to income tax / sales tax /wealth tax / service tax / duty of customs / duty of excise / value added tax / cesswhich have not been deposited on account of disputes with the related authorities.

(viii) Based on our audit procedures and as per the information and explanation givenby the management we are of the opinion that the company has not defaulted in repaymentof dues to any financial institutions or banks.

(ix) 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) is notapplicable to the Company.

(x) 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.

(xi) According to the information and explanations given to us and based on ourexaminations of the records of the company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by provisions of Section197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) is not applicable to theCompany.

(xiii) According to the information and explanations given to us and the records of theCompany examined by us transactions with the related parties are in compliance withsection 177 & 188 of the Act where applicable and the details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations given to us and the records of theCompany examined by us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and the records of theCompany examined by us the Company has not entered into any non-cash transactions withthe directors or persons connected with them. Accordingly paragraph 3(xv) is notapplicable to the Company

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For G.D.Upadhyay & Co.
Chartered Accountants
Firm Regd No.05834S
Place: Hyderabad SD/-
Date: 30/05/2016. G.D. Upadhyay
Partner
Membership No.027187

Annexure "B" to the Independent Auditors' Report

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ('the Act*)

We have audited the internal financial controls over financial reporting of InaniSecurities Limited ('the Company) as of 31st March 2016 in conjunction with our audit ofthe financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company s management is responsible for estabhshing 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 responsibilitiesincluded the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct ofits business including adherence to the Company s policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Companys internal financial controlsover financial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls over financial reporting (theGuidance Note) and the Standards on Auditing issued by ICAI and deemed to be prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with the ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting were established and maintained and if such controlsoperated 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 auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial misstatement of the financial statements whetherdue 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 Companys 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:

(i) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company.

(ii) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of the management and directors of the Company and

(iii) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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 31st March 2016 based on theinternal controls over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofInternal Financial Controls over financial reporting issued by the Institute of CharteredAccountants of India.

for G.D.Upadhyay & Co.
Chartered Accountants
Firm Regd No.05834S
Place: Hyderabad SD/-
Date: 30/05/2016 G.D. Upadhyay
Partner
Membership No.027187