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Indo Thai Securities Ltd.

BSE: 533676 Sector: Financials
NSE: INDOTHAI ISIN Code: INE337M01013
BSE LIVE 15:40 | 20 Nov 55.00 0.60
(1.10%)
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NSE 15:45 | 20 Nov 55.10 -0.15
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OPEN 54.30
PREVIOUS CLOSE 54.40
VOLUME 2206
52-Week high 70.00
52-Week low 17.10
P/E
Mkt Cap.(Rs cr) 55
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 54.30
CLOSE 54.40
VOLUME 2206
52-Week high 70.00
52-Week low 17.10
P/E
Mkt Cap.(Rs cr) 55
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indo Thai Securities Ltd. (INDOTHAI) - Auditors Report

Company auditors report

To

The Members of Indo Thai Securities Limited

( CIN No. L67120MP1995PLC008959 )

Report on the Standalone Financial Statements

We have audited the accompanying Financial Statements of Indo Thai SecuritiesLimited ("the company") Registered Address Capital Tower 2nd FloorPlot No. 169A-171 PU4 Scheme No. 54 Indore – 452010 which comprise the BalanceSheet as at 31st March 2017 the Statement of Profit and Loss the Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 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 provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments 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 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 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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment 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 financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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 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 of the state of affairs of the companyas at 31st March 2017 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 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 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 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in "Annexure A" ; and

g) With respect to the other matters to be included in the Independent Auditors' Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i. There was no pending litigations as at 31st

March 2017 which would impact the standalone financial position of the company.

ii. The Company has made provision in its financial statements as required under theapplicable law or accounting standards for material foreseeable losses on long termcontracts including derivative contracts; iii. There are no amounts which are required tobe transferred to the Investor Education and Protection Fund by the company during theyear ended 31st March 2017

iv. The company had provided requisite disclosures in Note no. 15.1 to these standalonefinancial statement as to holdings as well as dealings in specified bank note during theperiod from 8th November 2016 to 30th December 2016. Based on our audit procedures andrelying on the management representation regarding the holding and nature of cashtransactions including Specified Bank Notes we report that these disclosures are inaccordance with the books of accounts maintained by the Company and as produced to us bythe Management.

2. As required by the Companies (Auditor's Report) Order 2017 ("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-B" statement on the matters specified in theparagraph 3 and 4 of the Order to the extent applicable.

For: SPARK & Associates
Chartered Accountants
FRN : 005313C
Pankaj Kumar Gupta
Partner
Place: Indore
Membership Number: 404644
Date: May 6th 2017

ANNEXURE A TO THE AUDITORS' REPORT

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

We have audited the internal financial controls over financial reporting of IndoThai Securities Limited as at 31st March 2017 in conjunction with our audit ofthe standalone financial statements of the company for the year ended on that day.

Management's Responsibility for Internal Financial Controls

The Company is responsible for establishing and maintaining internal financial controlsbased on the internal control over financial reporting criteria established by the companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required by the Companies Act 2013.

Auditor's 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 and the Standards on Auditing ('the Standards') issued by the ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls and both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wereestablished and maintained and if such controls operated effectively in all materialrespects.

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 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 31st March 2017 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 of CharteredAccountants of India.

For: SPARK & Associates
Chartered Accountants
FRN : 005313C
Pankaj Kumar Gupta
Partner
Place: Indore
Membership Number: 404644
Date: May 6th 2017

Annexure B to the Independent Auditors' Report

The annexure referred to the Independent Auditors' Report to the members of the companyon the standalone financial statements for the year ended 31st March 2017 we reportthat:

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with this programmecertain fixed assets were verified 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 explanation given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

ii. (a) As explained to us the stock of shares during the year was in demat form andmanagement has verified the same from the demat account statement. In our opinion thefrequency of verification is reasonable. The company is maintaining proper records ofinventory and no discrepancies were noticed on verification between electronic records andbook records.

iii.(a) The Company has not granted loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013 ('the Act'). Hence clauses iii(a) iii(b) and iii(c) of paragraph 3 of the Order arenot applicable.

iv. In our opinion and according to the information and explanation given to us thecompany has complied with the provision of Section 185 and 186 of the Act with respect toloans and investment made.

v. The company has not accepted any deposit from public.

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

vii.(a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax service tax duty of customs value added tax cess and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities. As explained to us the Company did not have any dues on accountof employees' state insurance and duty of excise.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax service tax duty of customsvalue added tax cess and other material statutory dues were in arrears as at 31st March2017 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us there are no dues ofincome tax or sales tax or wealth tax or service tax or duty of customs or duty of exciseor value added tax of cess which have not been deposited on account of any dispute invarious offices of the Company as a whole as on 31st March 2017.

viii. The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

ix. The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) and term loan during the year. Accordinglyparagraph 3 (ix) of the order is not applicable.

x. According to the information and explanations given to us no fraud by the Companyor on the company by its officers or employees has been noticed or reported during thecourse of our audit.

xi. According to the information and explanation given to us and based on ourexamination of the records of the Company the company has paid/ provided for managerialremuneration in accordance with the requisite approvals by the provisions of section 197read with Schedule V to the Act.

xii. In our Opinion and according to the information and explanation given to us theCompany is not a nidhi company.

xiii.According to our information and explanation given to us and based on ourexamination of the records of the company transaction with the related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransaction have been disclosed in the financial statement as required by the applicableaccounting standards.

xiv. According to information and explanation given to us and based on our examinationof the records of the company the company has not made any preference allotment orprivate allotment of shares or fully or partly convertible debentures during the year.

xv. According to information and explanation given to us and based on our examinationof the records the company has not entered into non-cash transactions with the directorsor persons connected with him. Accordingly paragraph 3 (xv) of the order is notapplicable

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

For: SPARK & Associates
Chartered Accountants
FRN : 005313C
Pankaj Kumar Gupta
Partner
Place: Indore
Membership Number: 404644
Date: May 6th 2017