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A.K.Capital Services Ltd.

BSE: 530499 Sector: Financials
NSE: N.A. ISIN Code: INE701G01012
BSE 00:00 | 19 Aug 289.45 14.45
(5.25%)
OPEN

275.15

HIGH

307.75

LOW

275.15

NSE 05:30 | 01 Jan A.K.Capital Services Ltd
OPEN 275.15
PREVIOUS CLOSE 275.00
VOLUME 5
52-Week high 479.00
52-Week low 267.15
P/E 8.02
Mkt Cap.(Rs cr) 191
Buy Price 276.25
Buy Qty 50.00
Sell Price 289.45
Sell Qty 25.00
OPEN 275.15
CLOSE 275.00
VOLUME 5
52-Week high 479.00
52-Week low 267.15
P/E 8.02
Mkt Cap.(Rs cr) 191
Buy Price 276.25
Buy Qty 50.00
Sell Price 289.45
Sell Qty 25.00

A.K.Capital Services Ltd. (AKCAPITALSERV) - Auditors Report

Company auditors report

To

The Members

A. K. CAPITAL SERVICES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of A. K. CapitalServices Limited ("the Company") which comprise the Balance Sheet as at 31 March2018 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 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 of 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 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 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 control relevant to Company's preparation of the financialstatements in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of 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 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 statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2018 its profit & its cash flows for 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 Subsection (11) of Section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraphs3 & 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 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of the Act;

(f) 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"; and

(g) 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 does not have any pending litigations which would impact its financialposition;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

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

For PYS & CO. LLP

Chartered Accountants

Firm's Registration No. 012388S/S200048

G.D. Joglekar
Partner Place: Mumbai
Membership No.: 39407 Dated: May 26 2018

ANNEXURE - ‘A'TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under the heading ‘Report on Other Legal andRegulatory Requirements' of our report of even date)

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

(b) The Company has regular programme of physical verification of its fixed assets bywhich all the fixed assets are verified in a phased manner on yearly basis. In ouropinion the periodicity of physical verification is reasonable having regard to the sizeof the Company and nature of its assets. No material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) Considering the nature of business the nature of business the Company does nothave inventory. In view of this paragraph 3(ii) of the Order is not applicable to theCompany.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnership or other parties covered in the register maintained underSection 189 of the Act. Accordingly the Paragraph 3 (iii)(a) 3(iii)(b) and 3(iii)(c) ofthe Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has not advanced or granted any loan covered under Section 185 of the Act.Further the Company has complied with provisions of Section 186 of the Act with respectto the loans guarantee or security and investments made.

(v) The Company has not accepted any deposits during the year from the public to whichthe directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76and any other relevant provisions of the Act and the rules framed thereunder apply.

(vi) In our opinion and according to the information and explanations given to us theCentral Government has not prescribed maintenance of cost records under Sub-section (1) ofSection 148 of the Act.

(vii) (a) According to the information and explanations given to us the Company hasbeen generally regular in depositing undisputed statutory

dues including provident fund income tax service tax goods and service tax cess andany other statutory dues with the appropriate authorities. There are no arrears ofoutstanding statutory dues as at the 31 March 2018 for a period of more than six monthsfrom the date they became payable. As informed statutory dues in the nature of employeestate insurance sales tax duty of customs duty of excise and value added tax are notapplicable to the Company.

b) According to information and explanations given to us there are no dues on accountof sales tax wealth tax service tax goods and service tax duty of customs duty ofexcise value added tax and cess which have not been deposited with the appropriateauthorities on account of any dispute except the following dues of Income tax:

Name of the Statute Nature of the dues Amount Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income tax Nil * A.Y. 2013-2014 Income Tax Appellate Tribunal

* Disputed demand amounting to ' 5147388 has been adjusted against the refund orderissued for the Assessment year 2014-2015 and refund of Assessment year 2005-06.

(viii) In our opinion and according to information and explanations given to us theCompany has not defaulted in repayment of dues to banks or financial institutions. TheCompany does not have any loans or borrowings from government and has not issued anydebentures during the year.

(ix) In our opinion and according to the information and explanations given to us theCompany has utilized the term loan for the purpose it was raised. The Company did notraise any money by way of initial public offer or further public offer (including debtinstruments).

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the company or any fraud on the Company by its officers oremployees have been noticed or reported during the year.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

(xii) 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 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 Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable to the Company.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For PYS & CO. LLP

Chartered Accountants

Firm's Registration No. 012388S/S200048

G.D. Joglekar

Partner

Membership No.: 39407

Place: Mumbai

Dated: May 26 2018

ANNEXURE ‘B'TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2(f) under the heading ‘Report on Other Legal andRegulatory Requirements' of our report of even date)

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 A. K.Capital Services Limited ("the Company") as of 31 March 2018 in conjunction withour audit 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 Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

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 issued by ICAI and deemedto be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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 controls systemover financial reporting.

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 reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that 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 financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the 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 31 March 2018 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 PYS & CO. LLP

Chartered Accountants

Firm's Registration No. 012388S/S200048

G.D. Joglekar Partner

Membership No.: 39407

Place: Mumbai

Dated: May 26 2018