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Oasis Securities Ltd.

BSE: 512489 Sector: Financials
NSE: N.A. ISIN Code: INE876A01015
BSE LIVE 14:47 | 12 Dec 26.45 -1.35
(-4.86%)
OPEN

26.45

HIGH

26.45

LOW

26.45

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 26.45
PREVIOUS CLOSE 27.80
VOLUME 370
52-Week high 42.40
52-Week low 21.25
P/E 4.25
Mkt Cap.(Rs cr) 5
Buy Price 26.45
Buy Qty 30.00
Sell Price 0.00
Sell Qty 0.00
OPEN 26.45
CLOSE 27.80
VOLUME 370
52-Week high 42.40
52-Week low 21.25
P/E 4.25
Mkt Cap.(Rs cr) 5
Buy Price 26.45
Buy Qty 30.00
Sell Price 0.00
Sell Qty 0.00

Oasis Securities Ltd. (OASISSEC) - Auditors Report

Company auditors report

To the Members of OASIS SECURITIES LIMITED REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of OASIS SECURITIES LIMITEDwhich comprise the Balance Sheet as at March 31 2016 the Statement of Profit & Lossand Cash Flow Statement for the year then ended and a summary of significant accountingpolicies 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 with respect to the preparation of these standalonefinancial 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company’s preparation of the financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating t appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates ma by the Company’sDirectors as well as evaluating the overall presentation of the financial statements.

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

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us t] aforesaid financial statements give the information required by the Act inthe manner so required and gi a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 312016;

(b) In the case of the Statement of Profit and Loss of the Loss of the Company for theyear endi on that date; and

(c) In the case of the cash flow statement of the cash flows for the year ended onthat date. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor’s Report) Order 2016 (‘‘theOrder") issued by the Centr Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure statement on the matters specified in theparagraph 3 and 4 of the Order

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 oi 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 f 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 l this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccountir Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Account; Rules 2014

e) On the basis of the written representations received from the directors as on 31stMarch 201 taken on record by the Board of Directors none of the directors isdisqualified as on 31st Marc! 2016 from being appointed as a director in terms of Section164 (2) of the Act.

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) 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.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts - to the financial statements; and

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company

For M/s. Aalok Mehta & Co.
Chartered Accountants
S dl-
C A. Aalok Mehta
[Proprietor]
Membership No. 114930
Firm Reg. No. 126756W
Place: Mumbai
Date: 30/05/2016

ANNEXURE REFERRED TO IN PARAGRAPH "A" OF AUDITOR'S REPORT OF EVEN DATE TO THEMEMBERS OF 'OASIS SECURITIES LIMITED' ON THE ACCOUNTS FOR THE YEAR ENDED 31& MARCH2016.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

1. In respect of its Fixed Assets

(a) The company is maintaining proper records to show full particulars includingquantitative details and situation of fixed assets.

(b) According to information and Explanation given to us the fixed assets of theCompany are physically verified by the management according to a phased program designedto cover all items over a period of time which in our opinion is reasonable havingregards to the size of the Company and the nature of its assets. Pursuant to the programfixed assets have been physically verified by the Management during the year and nomaterial discrepancies between the book records and the physical inventories have beennoticed.

2. In respect of its Inventories

As informed to us the inventories held in Dematerialized form have been verified bythe management with supportive evidence during the year. In our Opinioh the frequency ofverification is reasonable.. On the basis of our examination the records of inventory weare of the opinion that company is maintaining proper records of inventory. We areinformed that no discrepancies were noticed on physical verification.

3 In respect of its Loans given;

The company has not granted any loans secured or unsecured to/from companies firmslimited liability Partnership or other parties covered in the register maintained undersection 189 of the Companies Act 2013. As the Company has not granted any loans securedor unsecured to parties listed in the Registers maintained under Section 189 of theCompanies Act 2013 consequently clause 3(iii) (a) (b) & (C) of the order are notapplicable.

4. The Company has not granted any loans or provided any guarantees or security to theparties covered under section 185 of the Act. The company has complied with the provisionof section 186 of the Act in respect of investment made or loans guarantee or securityprovided to the parties covered under section 186.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any public deposits and hence directives issued by the ReserveBank of India and the provisions of Sections 73 to 76 or any other relevant provisions ofthe Companies Act 2013 and the rules framed there under are not applicable. As per theinformation and explanations given to us no order has been passed by Company Law Board orNational Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunalin this respect.

6. The Central Government has not prescribed maintenance of cost records under section148(1) of the Act for any of the services rendered by the company.

7 (a) According to the information and explanation given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues including Provident Fund Employees State Insurance Income TaxVAT Excise Duty Duty of custom .Service Tax Cess and any other statutory dues asapplicable with the appropriate authorities.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us disputed dues payable by company as on 31stMarch 2016 of Income Tax Service Tax Sales Tax Customs Duty and Excise Duty are asunder.

Sr Name of Statute no. Nature of Dues Amount Period to which it relates(F.Y.) Forum where dispute is pending
1 Income Tax Non-permission of carrying forward speculation losses and Disallowance u/s I4A r.w.rule 8D. 4135240 2010-11 ITAT (Appeals)
2 Income Tax Credit for disallowance of allocation of expenses made by A.O. in Business Loss to Speculation Loss and Disallowance u/s I4A r.w.rule 8D 874440 2012-13 Commissioner of Income tax (Appeals)

8. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues to anyfinancial institution or bank or debenture holders as at the Balance Sheet Date

9. The Company has not raised any money by way of initial public offer further publicoffer (including debt instruments) and term loan during the year. Accordingly theprovision of clause 3(ix) of the order are not applicable to the Company.

10. During the course of our examination of the books of accounts carried out inaccordance with the generally accepted auditing standards in India and according to theinformation and explanations given to us we have not come across any instants of fraudeither noticed or reported during the year on or by the Company.

11. According to the information and explanations give to us and based on ourexamination of the records the Company has not paid/not provided for managerialremuneration in accordance by the provision of section 197 read with schedule V to theAct.

12. In our opinion and according to the information and explanations given to us thecompany is not a nidhi Company. Accordingly paragraph 3[xii] of the order is notapplicable.

13. According to the information and explanations given to us and based on ourexaminations of the records of the Company transaction with the related parties are incompliance with section 177 and 188 of the Act where applicable.* The details of suchrelated party transactions have been disclosed in the ftnancial statements as requiredunder accounting standard [AS] 18 Related party disclosers specified under section 133 ofthe Act Read with rule 7 of the companies (Accounts) Ru!es20I4.

14. According to the information and explanations give to us and based on ourexaminations of the records the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.

15. According to the information and explanations give to us and based on ourexaminations of the records the Company has not entered into non-cash transaction withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the order is notapplicable.

16. The Company is registered under section 45-IA of the reserve Bank of India Act1934.

For M/s. Aalok Mehta & Co.
Chartered Accountants
Firm Reg. No. 126756W
Sd/-
CA. Aalok Mehta
[Proprietor] Membership No. 114930
Place: Mumbai
Date: 30/05/2016

Report on the financial control under Clause (i) of Sub-section 3 of Section 143 of theAct:

1. We have audited the internal financial controls over financial reporting of OASISSECURITIES LIMITED ("the Company") as of March 312016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that dates.

Managements Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing 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 responsibilitiesincludes 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 company’s policies the safeguarding of itsassets the prevention and detection of fraud and errors. The adequacy and completeness ofthe accounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

3. Our responsibility is to express opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. These standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedure to obtain audit evidence about the adequacyof the 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 risk of materialmisstatement on the financial statements whether due to fraud or error.

5. 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6. A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purpose in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that

1) Pertain to the maintenance of records that in reasonable details accurately andfairly reflect the transaction and dispositions of the assets of the company;

2) 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 management and directors of the company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of internal financial control over financialreporting including the possibility of conclusion or improper management overrides ofcontrols material misstatements due to fraud or error may occur and not be detected.Also projections of any evaluation of the interna! 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 policies or procedures may deteriorate.

Opinion

8. In our opinion the Company is in the process of defining internal control procedureand operational system hence we are not in a position to comment on adequacy on internalfinancial controls system over financial reporting as at 31st March 2016.

ForM/s. Aalok Mehta & Co.
Chartered Accountants
Sd/-
CA. Aalok Mehta
[Proprietor]
Membership No. 114930
Firm Reg. No. 126756W
Place: Mumbai
Date: 30/05/2016