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SKP Securities Ltd.

BSE: 531169 Sector: Financials
NSE: N.A. ISIN Code: INE709B01016
BSE 00:00 | 20 Apr 78.00 1.25
(1.63%)
OPEN

76.75

HIGH

78.00

LOW

70.05

NSE 05:30 | 01 Jan SKP Securities Ltd
OPEN 76.75
PREVIOUS CLOSE 76.75
VOLUME 1236
52-Week high 96.00
52-Week low 41.00
P/E 7.38
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 76.75
CLOSE 76.75
VOLUME 1236
52-Week high 96.00
52-Week low 41.00
P/E 7.38
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SKP Securities Ltd. (SKPSECURITIES) - Auditors Report

Company auditors report

To the Members of SKP Securities Limited

Report on the standalone financial statements

We have audited the accompanying standalone financial statements of SKP SecuritiesLimited ("The Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss the Cash Flow Statement and a summary of significantaccounting policies and other explanatory information for the year then ended.

Management responsibility for the standalone financial statement

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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's 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 there under.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. 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 standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for 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 the aforesaid standalone financial the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2017 and its profit and its cash flowsfor the year ended on 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 inparagraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act we report that:

I. 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. II. In ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books.

III. The Balance Sheet the Statement of Profit and Loss and the cash flow dealt withby this Report are in agreement with the books of account.

IV. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

V. On the basis of the written representations received from the directors as at 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as at 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

VI. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

VII. 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:

a. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements Refer Note No. 21.1 to the standalonefinancial statements.

b. The Company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.

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

d. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management Refer Note No. 21.8 tothe financial statements.

For G. P. Agrawal & Co.
Chartered Accountants
Firm Registration No. -302082E
(CA. Sunita Kedia)
Place of Signature: Kolkata Membership No. 60162
Dated: the 20th day of April 2017 Partner

"ANNEXURE A" TO THE AUDITOR'S REPORT

Statement referred to in our report of even date to the members of SKP SecuritiesLimited on the standalone financial statements for the year ended 31st March 2017.

(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

b) The fixed assets have been physically verified by the management during the year. Tothe best of our knowledge no material discrepancy was noticed on such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deed of immovable property is held inthe name of the Company.

(ii) As the Company has no inventory provisions of clause (ii) of para 3 of the saidorder is not applicable to the Company.

(iii) The Company has not granted any loan secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Act. Therefore clauses (iii) (a) to (iii) (d) of paragraph 3 of thesaid order are not applicable to the Company.

(iv) The Company has not given any loan guarantee or security. In our opinion andaccording to the information and explanations given to us the Company has complied withthe provisions of section 186 of the Act with respect to the investments made.

(v) The Company has not accepted any deposit within the meaning of section 73 to 76 orany other relevant provisions of the Act and the rules framed there under. The directivesissued by the Reserve Bank of India are not applicable to the Company.

(vi) The provisions regarding maintenance of the cost records under Section 148(1) ofthe Companies Act 2013 are not applicable to the Company.

(vii) a) According to the records of the Company undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales-tax Service Tax Duty ofCustoms Duty of Excise Value Added tax or cess and any other statutory dues to theextent applicable have been regularly deposited with the appropriate authorities.According to the information and explanations given to us there were no outstandingstatutory dues as on 31st of March 2017 for a period of more than six months from thedate they became payable.

b) According to the information and explanations given to us the following dues of taxhave not been deposited by the Company on account of disputes:

Name of the Statute Nature of dues Period to which pertain Amount Rs. Forum where the dispute is pending
Finance Act 1994 Service Tax 2006-2007 to 2008-2009 633437 Commissioner of Central Excise (Appeals-1)
Finance Act 1994 Income Tax 2013-14 41730 Commissioner of Income Tax officer- (Appeals -20)

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to banks. The Company has not takenany loan from financial institutions or government and has not issued any debentures.

(ix) On the basis of our examination of records and according to the information andexplanations given to us the Company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year. The moneyraised by way of term loans have been applied for the purpose for which the loans wereobtained.

(x) In our opinion and according to the information and explanations given to us nofraud by the Company or on the Company by its officers/employees has been noticed orreported during the year that causes the standalone financial statements materiallymisstated

(xi) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

(xii) The Company is not a Nidhi Company. Therefore clause (xii) of paragraph 3 of thesaid order is not applicable to the Company.

(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 standalone financial statements as required by theapplicable accounting standards.

(xiv) On the basis of our examination of records and according to the information andexplanations given to us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year. Thereforeclause (xiv) of paragraph 3 of the said order is not applicable to the Company.

(xv) On the basis of our examination of records and according to the information andexplanations given to us the Company has not has entered into any non-cash transactionswith directors or persons connected with them during the year under the provisions ofsection 192 of the Act. Therefore clause (xv) of paragraph 3 of the said order is notapplicable to the Company

(xvi) On the basis of our examination of records and according to the information andexplanations given to us the Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For G. P. Agrawal & Co.
Chartered Accountants
Firm Registration No. -302082E
CA. Sunita Kedia
Place of Signature: Kolkata (Membership No. 60162)
Dated: the 20th day of April 2017 Partner

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF SKP SECURITIES LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SKPSecurities Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

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 Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an 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 to the extent applicable toan audit of internal financial controls both issued by the Institute of CharteredAccountants of India. Those 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 were established andmaintained and if such controls 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 judgement including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis system over financial forour audit opinion on the Company's internalfinancial

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 standalonefinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of standalone financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the standalone 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 March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For G. P. Agrawal & Co.
Chartered Accountants
Firm Registration No. 302082E
CA. Sunita Kedia
Place of Signature: Kolkata (Membership No. 60162)
Dated: the 20th day of April 2017 Partner