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Systematix Securities Ltd.

BSE: 531432 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Systematix Securities Ltd. (SYSTEMATIXSEC) - Auditors Report

Company auditors report

TO THE MEMBERS OF SYSTEMATIX SECURITIES LTD.

Report on the Financial Statements

We have audited the accompanying financial statements of Systematix SecuritiesLtd.('the Company') which comprise the balance sheet as at 31 March 2015 the statementof profit 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 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 andpresentation of these 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 financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. 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 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 financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India

(a) in the case Balance Sheet of the state of affairs of the Company as at 31 March2015

(b) in the case of statement of profit and loss of the profit for the year ended onthat date and

(c) in the case of cash flows statement of the cash flow 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 bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure a statement on the matters specified in the paragraph 3 and 4 of theOrder to the extent applicable.

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 our 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 far 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 by this Report are in agreement with the books of account;

d. 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 the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

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.

iii. there were no amount required to be transferred to the Investor Education andProtection Fund by the Company

For Sethiya Khandelwal & Co.
Chartered Accountants
(Registration No. 004058c)
Place: Indore Rajesh Khandelwal
Date : 29.05.2015 Partner
M. No. 076272

ANNEXURE TO THE AUDITORS' REPORT

(referred to of our report of even date)

(1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed asset.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all items over a period of three years which in our opinionis reasonable having regard to the size of the Company and the nature of its assets.Pursuant to the programme a portion of the fixed assets has been physically verified bythe Management during the year and no material discrepancies have been noticed on suchverification.

(2) The Company is a financial company primarily rendering financial services.Accordingly it does not hold any physical inventories. Thus paragraph 3(ii) of the Orderis not applicable

(3) The Company has not granted unsecured loans to Companies firms or parties coveredin the register maintained under section 189 of the Act.

(4) In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of shares fixed assets and services.Further on the basis of our examination of the books and record of the Company andaccording to the information and explanation given to us we have neither come across norhave been informed of any continuing failure to correct major weakness in the aforesaidinternal control system.

(5) The Company has not accepted any deposits from the public within the meaning ofSection 73 and 74 of the Act and the rules framed there under to the extent notified.

(6) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(7) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted in the books of account inrespect of undisputed statutory dues like income tax tax deduct at source and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of provident fund income tax sales tax wealthtax service tax duty of customs value added tax cess and other material statutory dueswere in arrears as at 31 March 2015 for a period of more than six months from the datethey became payable.

(b) According to the information and explanations given to us the following dues ofincome tax sales tax service tax and value added tax have not been deposited by theCompany on account of disputes:

Name of Statute Period to which amount relates Forum where dispute is pending Amount (Rs. In Lacks)
Income Tax 2003-04 CIT Appeal Kolkata 2.07
Income Tax 2004-05 CIT Appeal Kolkata 1.15
Income Tax 2006-07 CIT Appeal Kolkata 1.13

(8) The Company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year and in the immediately precedingfinancial year.

(9) The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year.

(10) In our opinion and according to the information and explanation given to us theCompany has not given any guarantee for loans taken by others from bank or financialinstitutions.

(11) The Company did not have any term loans outstanding during the year.

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

For Sethiya Khandelwal & Co.
Chartered Accountants
(Registration No. 004058C)
Place: Indore Rajesh Khandelwal
Date : 29.05.2015 Partner
M. No. 076272