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Libord Securities Ltd.

BSE: 531027 Sector: Financials
NSE: N.A. ISIN Code: INE267E01019
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OPEN 9.00
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VOLUME 2100
52-Week high 11.30
52-Week low 8.90
P/E 60.00
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.55
Sell Qty 100.00
OPEN 9.00
CLOSE 9.00
VOLUME 2100
52-Week high 11.30
52-Week low 8.90
P/E 60.00
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.55
Sell Qty 100.00

Libord Securities Ltd. (LIBORDSEC) - Auditors Report

Company auditors report

To

The Members of

Libord Securities Limited

Report on the Financial Statements

We have audited the accompanying financial statements ofLibord Securities Limited ("TheCompany") which comprise the balance sheet as at 31 March 2017 the statement ofprofit 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 management and Board of Directors of the Company are responsible for the mattersstated in Section134(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 Companies (Accounts) Rules2014. This responsibility also 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.

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.

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 the auditor's judgment including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a true andfair view in order to that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's management and Board of Directors as well asevaluating the overall 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 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 period endedon 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 and 4 ofthe Order to the extent applicable.

2. As required by section 143(3) of the Act we further report that:-a. We have soughtand obtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c. The Balance Sheet the Statement of Profit and Loss andcash flow statement dealt 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 the Companies (Accounts) Rules 2014. e. On thebasis of written representations received from the directors as on March 31 2017 andtaken on record by the

Board of Directors none of the directors is disqualified as on March 31 2017 frombeing appointed as a director in terms of Section 164(2) of the Act. f. With respect tothe adequacy of the internal financial controls over financial reporting of the Companyand the operating effectiveness of such controls refer to our separate Report in-Annexure- "B" g. In our opinion and to the best of our information andaccording to the explanations given to us we report as under with respect to othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014: i. The Company does not have any pending litigationswhich would impact its financial position except as stated otherwise.

ii. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.iii. Since there has been no occasion during the year under report to transfer any sumsto the Investor Education and

Protection Fund. The question of delay in transferring such sum does not arise. iv. TheCompany has provided requisite disclosures in its financial statements as to holdings aswell as dealing in Specified Bank Notes during the period from 8 November 2016 to 30December 2016 and these are in accordance with the books of accounts maintained by theCompany Refer Note 30.

FOR: AMAR BAFNA & ASSOCIATES CHARTERED ACCOUNTANTS

Firm Registration No: 114854W

Amar Bafna Partner

Membership No: 048639

Place: Mumbai

Date: 27-04-2017

Annexure – A to the Auditors‘ Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31st March 2017 wereport 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 programme of physical verification of its fixed verifiedin assets by which fixed assets are a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opini on thisperiodicity of physical verification is reasonable having regard to size of the Companyand the nature of its assets.

(c) According to the records of the company examined by us and as per the informationand explanations given to us the company does not have any immovable property. Thusparagraph 3(ic) of the Order is not applicable to the company.

ii) The Company is a service company. Accordingly it does not hold any physicalinventories. Thus paragraph 3(ii) of the Order is not applicable to the Company. iii)According to information and explanations given to us the Company has granted loanssecured or unsecured to companies firms or other parties covered in the registermaintained under section 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 section 185 and 186 of the Act with respectto the loans and investment made. v) According to the information and explanations givento us the Company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act 2013 and the rules framed thereunder. Therefore the provisionof clause 3(v) of the Order is not applicable to the Company.

vi) To the best of our knowledge and as explained The Central Government has notprescribed the maintenance of cost records under sub-section (1) of Section 148 of theAct for the service of the Company. Therefore the provision of clause 3(vi) of the Orderis not applicable to the Company. vii) (a) According to the records of the Company and theinformation and explanations given to us the Company has been generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund Employees' State Insurance Income Tax Sales Tax Service Tax Customs Duty ExciseDuty Value Added Tax Cess and any other statutory dues to the extent applicable to it.According to the information and explanations given to us and based on the records of thecompany examined by us no undisputed amounts payable in respect of Provident FundEmployees' State Insurance Income Tax Service Tax Sales Tax Customs Duty ExciseDuty Value Added Tax Cess and other material statutory dues were outstanding at theyear end for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Sales Tax Service Tax Customs Duty Excise Duty and Value Added Tax whichhave not been deposited on account of any dispute. (viii) Based on our audit proceduresand as per the information and explanations given by the management the Company does nothave any loans or borrowings from any financial institution banks and government ordebenture holders during the year.

Accordingly paragraph 3(viii) of the Order is not applicable.

(ix) According to the records of the company examined by us and as per the informationand explanations given to us the Company did not raise any money by way of initial publicoffer or further public offer (including debt instruments) and term loans during the year.Accordingly paragraph 3(ix) of the Order is not applicable.

(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 records of the company examined by us and as per the informationand explanations given to us the Company has not paid managerial remuneration. Thereforethe provision of clause 3(xi) of the Order is not applicable to the Company. (xii) In ouropinion and according to the information and explanations given to us the Company is nota chit fund or a nidhi/mutual benefit fund/society. Accordingly paragraph 3(xii) of theOrder is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us we report that theCompany has not entered into any non-cash transaction with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the Order is not applicable.

(xvi) In our opinion and as per information and explanation given to us the Company isnot required to be registered under section

45-IA of the Reserve Bank of India Act 1934.

FOR: AMAR BAFNA & ASSOCIATES CHARTERED ACCOUNTANTS Firm Registration No: 114854W

Amar Bafna Partner

Membership No: 048639

Place: Mumbai Date: 27-04-2017

Annexure "B" to the Auditors' Report

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

Section 143 of the Companies Act 2013 ("the Act")

In conjunction with our audit of the standalone financial statements of the Company asof and for the year ended 31 March 2017 we have audited the internal financial controlsover financial reporting ofLibord Securities Limited. ("The Company").

Management's Responsibility for Internal Financial Controls

The Respective Board of Directors of the Company are responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered

Accountants of India ("ICAI''). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company'sinternalfinancialcontrolsover financial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") issued by ICAIand the Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated 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 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 assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company's assets that could have a material effecton 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 31 March 2017 based on theinternal established by the overfinancial Company considering the essential components ofinternal control stated in the

Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issuedby the ICAI.

FOR: AMAR BAFNA & ASSOCIATES CHARTERED ACCOUNTANTS

Firm Registration No: 114854W

Amar Bafna Partner

Membership No: 048639

Place: Mumbai Date: 27-04-2017