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Madhusudan Securities Ltd.

BSE: 511000 Sector: Financials
NSE: N.A. ISIN Code: INE856D01011
BSE LIVE 11:39 | 04 Sep 8.15 -0.30
(-3.55%)
OPEN

8.15

HIGH

8.15

LOW

8.15

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 8.15
PREVIOUS CLOSE 8.45
VOLUME 50
52-Week high 62.25
52-Week low 7.59
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.15
Sell Qty 30.00
OPEN 8.15
CLOSE 8.45
VOLUME 50
52-Week high 62.25
52-Week low 7.59
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.15
Sell Qty 30.00

Madhusudan Securities Ltd. (MADHUSUDANSEC) - Auditors Report

Company auditors report

To

The Members Of

MADHUSUDAN SECURITIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of MADHUSUDAN SECURITIES LIMITED("the company")which comprise the Balance Sheet as at 31 March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the 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 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 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 true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements.

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

Basis for Qualified Opinion

• The Company has not made any provision for doubtful recovery of Rs. 12 Croresfrom Primus Retail (P) Ltd.

• The 6142847 shares issued to Primus Retail (P) Ltd. of face value of Rs. 10/-each have been forfeited which is accounted as Forfeited Shares to be re-issued pendingstatutory approval / consideration.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph the aforesaid financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India;

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) in the case of the Statement of Profit and Loss of the LOSS for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("The Order")issued by the Government of India in terms of sub section (11) of Section 143 of theCompanies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief 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 Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) Except for the effects of the matter described in the Basis for Qualified OpinionParagraph 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 written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164 (2) of theAct.

f) With respect to the other matters to be included in the Auditor`s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rule 2014 in our opinionand to the best of our information and according to the explanation given to us:

i. The Company does not have any pending litigations which shall impact its financialpositions.

ii. The Company does not have any long terms contracts for which provisions arerequired to be made.

iii. The Company is not liable to transfer any amount to the Investor Education andProtection Fund.

For VORA & ASSOCIATES

CHARTERED ACCOUNTANTS

(ICAI Firm Reg. No.: 111612W)

BHARAT B. CHOVATIA

PARTNER

(Membership No. 31756)

PLACE: MUMBAI

DATED: 25th May 2015

Annexure to the Auditors’ Report

(Referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our

Report of even date for the year ended 31st March 2015)

(i) In respect of its Fixed Assets

During the year under review the Company does not have any Fixed Assets as on 31stMarch 2015. Hence the clause is not applicable to the Company

(ii) In respect of inventories

During the year under review the company does not have any inventory. Hence theclause is not applicable to the company.

(iii) In respect of loans granted secured or unsecured by the Company to firms orother parties covered in the register maintained u/s 189 of the Companies Act 2013;

The Company has not granted any secured / unsecured loan to any of the parties coveredin the register maintained under section 189 of the Companies Act 2013. Accordingly subclauses (a) and (b) are not applicable.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control procedure and system commensurate with the size ofthe company and nature of its business for purchase of inventory and fixed assets and forsale of goods and services if any. During the course of our audit we have not observedany continuing failure to correct major weaknesses in internal control system.

(v) The Company has not accepted any deposits from the public within the meaning ofSection 73 to Section 79 of the Companies Act 2013.

(vi) The Central Government of India has not prescribed the maintenance of cost recordsunder Section 148 (1) of the Companies Act 2013 in respect of activities carried on bythe Company

(vii) In respect to statutory dues

(a) According to the records of the Company the undisputed statutory dues under Incometax Service Tax and other Statutory Dues as applicable to it have been generallyregularly deposited with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding at the year end for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us the following Income Taxdues have not been deposited with the appropriate authorities on account of dispute:

Statute Nature of Dues Forum where Dispute is pending Period to which the amount relates Disputed Tax amount
Income Tax Act 1961 Income Tax Demand Income Tax Tribunal A.Y. 2009 2010 Rs. 3 Lacs

(c) According to the records of the Company no amount is pending to be transferred tothe Investor Education and Protection Fund.

(viii) The Company has incurred cash losses in this year. But the losses are less thanfifty per cent of Company`s net worth at the end of the financial year.

(ix) The Company has not taken any loan from any bank or financial institution duringthe year under review Hence the clause is not applicable to the company.

(x) According to the information and explanations given to us the company has notgiven any guarantee for loans taken by others from bank and financial institutions.

(xi) In our opinion and according to the information and explanations given to us theCompany has not obtained term loans during the year.

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

For VORA & ASSOCIATES

CHARTERED ACCOUNTANTS

(ICAI Firm Reg. No.: 111612W)

BHARAT B. CHOVATIA

PARTNER

(Membership No. 31756)

PLACE: MUMBAI

DATED: 25th May 2015