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Kayel Securities Ltd.

BSE: 539562 Sector: Financials
NSE: N.A. ISIN Code: INE750R01016
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Kayel Securities Ltd. (KAYELSECURITIES) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

KAYEL SECURITIES LIMITED.

1. Report on the Financial Statements

We have audited the accompanying financial statements of KAYEL SECURITIES LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2016 the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

2. 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)Rules 2014. 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 eirnoT.

3. Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

4. 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.

5. 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.

6. 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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

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

8. Opinion

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 31March 2016.

9. Report on Other Legal and Regulatory Requirements

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 statement on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.

10. As required by Section 143 (3) of the Act we broadly 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 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act; and

(f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls in our opinionthe company has in all material respects an adequate internal financial controls systemover financial reporting and such internal financial controls over financial reportingwere operating effectively as at March 31 2016 based on the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

(g) With respect to the other matters to be included in the Auditor's Report in ordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest 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;

ii. there are no long term contracts including derivative contracts and accordingly noprovision is required to be made for any loss from the same; and

iii. There is no fund which is required to be transferred to the Investor Education andProtection Fund by the Company.

FOR MEHTA LODHA & CO.
(FIRM REGD.NO: 106250W)
CHARTERED ACCOUNTANTS
PRAKASH D SHAH
PARTNER
M.No. 34363
PLACE:-AHMEDABAD
DATE:- 27th May 2016

ANNEXURE TO THE AUDITOR'S REPORT

[ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF KAYELSECURITIES LIMITED FOR THE YEAR ENDED ON 31st MARCH 2016.]

(i) The company does not have fixed assets and therefore the provisions of clause 3(i)of the Order are not applicable to the Company.

(ii) The physical verification of inventory has been conducted at reasonable intervalsby the Management during the year. The discrepancies noticed on physical verification ofinventory as compared to book records were not material and have been appropriately dealtwith in the books of accounts.

(jjj) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013 ('the Act') and accordingly the para iii (a) and (b) of the Order are notapplicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.

(v) During the year the Company has not accepted any deposits and therefore theprovisions of clause 3(iv) of the Order are not applicable to the Company.

(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 the Company is regular in depositingundisputed statutory dues including provident fund employees' state insurance incometax sales tax service tax duty of customs duty of excise value added tax cess andother material statutory dues with the appropriate authorities.

(b) According to the records of the Company there are no dues of income tax or salestax or wealth tax or service tax or duty of excise or value added tax or cess which havenot been deposited on account of any dispute.

(viii) The Company does not have any loan or borrowings from Financial InstitutionsBank Government or debenture holders and therefore the provisions of clause 3(vii) ofthe Order are not applicable to the Company.

(ix) During the year the Company has not raised money by way of initial public offeror further public offer(including debt instruments) and term loan and therefore theprovisions of clause 3(ix) of the Order are not applicable to the Company.

(x) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

(xi) The company has not made payment of any Managerial Remuneration and therefore theprovisions of clause 3(xi) of the Order are not applicable to the Company.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of clause 3(xii) of the Order are not applicable to theCompany.

(xiii) The Company has entered into transactions with related parties in compliancewith the provisions of Section 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures specified under Section 133 of the Act readwith rule 7 of the Companies (Accounts) Rules 2014.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review andtherefore the provisions of clause 3(xiv) of the Order are not applicable to the Company.

(xv) The Company has not entered into any non cash transactions with its directors orpersons connected with him and therefore the provisions of clause 3(xv) of the Order arenot applicable to the Company.

(xvi) As informed to us the Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934 and therefore the provisions of clause3(xvi) of the Order are not applicable to the Company.

For MEHTA LODHA & CO.

(FIRM REGD.N0106250W)

CHARTERED ACCOUNTANTS

PRAKASH D SHAH

PARTNER

M. No.34363

Place: AHMEDABAD

Date: 27th May 2016.