The Members of
SHARDUL SECURITIES LTD.
Report on the Standalone Financial Statements
We have audited the accompanying standalone financialstatements of SHARDULSECURITIES LTD ("The Company") which comprises of the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.
Management's Responsibility for the Standalone FinancialStatements
The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (the act') with respect tothe preparation and presentation of these standalone financial statements that give a trueand fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with rule7 of Companies (Accounts) Rules 2014.
This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 are operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalonefinancial statements based on our audit.
We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those 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 aboutthe amounts and disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluatingthe overall presentation of the financial statements We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe standalone financial statements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India: i. In the case ofthe Balance Sheet of the state of affairs of the Company as at March 31 2017; ii. In thecase of the Statement of Profit and Loss of the profit for the year ended on that dateand; iii. In the case of the Cash Flow Statement of its 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(the"Order") issued by the Central Government of India in terms of sun section (11)of section 143 of the Act we give in the Annexure A a statement on the matters specifiedin paragraphs 3 & 4 of the Order.
2. As required by section 143(3) of the Act we further report that:
a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of our audit;
b) In our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those books;
c) The Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this Report are in agreement with the books of account;
d) In our opinion the aforesaid standalone financial statements complywith the applicable Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014;
e) On the basis of written representations received from the directorsas on March 31 2017 and taken on record by the Board of Directors none of the directorsare disqualified as on March 31 2017 from being appointed as a director in terms ofSection 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls overfinancial reporting of the company and the operating effectiveness of such controls referto our separate report in Annexure B'; and
g) With respect to other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:
i. The Company has disclosed the impact of pending litigation on its financialstatements as referred position its to in Note 27 to the financial . statements
ii. The Company has made provision as required under the applicablelaw or accounting standards or material foreseeable losses if any and as required onlong-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosure in the standalonefinancial statement as regards its holding and dealings in Specified Bank Notes as definedin the Notification S. O. 3407 the period from November 8 2016 to December 30 2016.Based on audit procedures performed and the representations provided to us by managementwe report that the disclosures are in accordance with books of accounts maintained by theCompany and as produced to us.
| ||For Rajen Damani & Associates |
| ||Chartered Accountants. |
| ||Firm Registration No.116762W |
| ||CA Rajen J. Damani |
|Place: Mumbai ||Partner |
|Date: 26th May 2017 ||Membership No. : 034375 |