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Amarnath Securities Ltd.

BSE: 538465 Sector: Financials
NSE: N.A. ISIN Code: INE745P01010
BSE 00:00 | 08 Mar 18.00 0
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18.00

HIGH

18.00

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18.00

NSE 05:30 | 01 Jan Amarnath Securities Ltd
OPEN 18.00
PREVIOUS CLOSE 18.00
VOLUME 5
52-Week high 19.75
52-Week low 17.10
P/E 180.00
Mkt Cap.(Rs cr) 5
Buy Price 17.10
Buy Qty 10.00
Sell Price 18.00
Sell Qty 4.00
OPEN 18.00
CLOSE 18.00
VOLUME 5
52-Week high 19.75
52-Week low 17.10
P/E 180.00
Mkt Cap.(Rs cr) 5
Buy Price 17.10
Buy Qty 10.00
Sell Price 18.00
Sell Qty 4.00

Amarnath Securities Ltd. (AMARNATHSEC) - Auditors Report

Company auditors report

To the Members of Amarnath Securities Limited

(1) Report on the Financial Statements

We have audited the accompanying financial statements of Amarnath Securities Limited which comprise the Balance Sheet as at March 31 2019 and the Statement of Profit and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

(2) Management's Responsibility for the Financial Statements

The Company s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013(the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

(3) Auditor's Responsibility

(i) Our responsibility is to express an opinion on these financial statements based on our audit.

(ii) We have taken into account the provisions of the Act the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

(iii) We conducted our audit in accordance with the Standards on Auditing specified under 143(10) of the Act and other applicable authoritative pronoucements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

(iv) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal control relevant to the Company s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management as well as evaluating the overall presentation of the financial statements.

(v) We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 explanations given to us the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at March 31 2019;

(b) in the case of the Profit and Loss Account of the profit for the year ended on that date;

(c) in the case of the Cash Flow Statement of the cash flows for the year ended as on that date.

(4) Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor s Report) Order 2016 issuede by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the Order) and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.

(5) 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 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 been kept by the company so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014

e) On the basis of written representations received from the directors as on March 31 2019 taken on record by the Board of Directors none of the directors is disqualified as on March 31 2019 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate Report in Annexure A.

g) With respect to the other matters to be included in the Auditor s Report in accordance with Rule 11 of the companies (Audit and Auditors) Rules 2014 in our opinion and to the best of our information and according to the explanations given to us:

a. The Company did not have any pending litigations;

b. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

c. There were no amounts which were required to be transferred to Investor Education and Protection Fund by the Company.

For A N A M & Associates
Chartered Accountants
Firm Registration no: 005496S
Place : AhmedabadSd/-
Date : 15th May 2019CA. Nazim F Rajaiwala
Partner
Membership no: 131829

Annexure A to Independent Auditor's Report

Referred to in paragraph 6(f) of the Independent Auditors' Report of even date to the members of Amarnath Securities Limited on the standalone financial statements for the year ended 31 March 2019

Report on the internal financial controls under clause (i) of sub-section 3 of section 143 of the Act

1. We have audited the internal financial controls over financial reporting of Amarnath Securities Limited. ( the Company ) as of 31 March 2019 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management's responsibility for internal financial controls

2. The Company s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to Company s policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Act.

Auditors' responsibility

3. Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note ) and the Standards on

Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor s judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company s internal financial controls system over financial reporting.

Meaning of internal financial controls over financial reporting

6. A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition use or disposition of the company's assets that couldhave a material effect on the financial statements.

Inherent limitations of internal financial controls over financial reporting

7. Because of the inherent limitations of internal financial controls over financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate

Opinion

8. In our opinion the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2019based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Annexure B to Independent Auditor's Report

Referred to in paragraph 5 of the Independent Auditors' Report of even date to the members of Amarnath Securities Limited on the standalone financial statements as of and for the year ended 31 March 2019

1. (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

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

(c) There are no immovable properties held by the Company

2. The Company is an investment company and consequently does not hold any inventory. Therefore the provisions of clause 3(ii) of the said Order are not applicable to the Company.

3. The Company has not granted any loans secured or unsecured to companies firms limited Liability Partnerships or otherparties covered in the register maintained under section 189 of the Act. Therefore the provisions of clause 3(iii) (iii)(a)(iii)(b) and (iii)(c) of the said Order are not applicable to the Company.

4. The Company has not granted any loans or provided any guarantees or security to the parties covered under section 185. Company is registered as a Non Banking Finance Company hence provisions of section 186 in respect of investments made are not applicable to the Company.

5. The Company has not accepted any deposits from the public within the meaning of sections 73 74 75 and 76 of the Act and the Rules framed there under to the extent notified.

6. The Central Government of India has not specified the maintenance of cost records under sub-section (1) of section 148 of the Act for any of the products of the Company.

7. (a) According to the information and explanations given to us and the records of the Company examined by us in our opinion the Company is generally regular in depositing the undisputed statutory dues including provident fund employees state insurance income tax service tax and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us there are no dues of service tax which have not been deposited on account of any dispute. The particulars of dues of income tax as at 31 March 2019 which have not been deposited on account of a dispute are as follows:

8. As the Company does not have any loans or borrowings from any financial institution or bank or Government nor has it issued any debentures as at the Balance Sheet date the provisions of clause 3(viii) of the Order are not applicable to the Company.

9. The Company has not raised any moneys by way of initial public offer further public offer (including debt instruments) and term loans. Accordingly the provisions of clause 3(ix) of the Order are not applicable to the Company.

10. During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees noticed or reported during the year nor have we been informed of any such case by the Management.

11. The Company has not paid/provided for managerial remuneration.

12. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicable to itthe provisions of clause 3(xii) of the Order are not applicable to the Company.

13. The Company has not entered into any transactions with related parties.

14. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly the provisions of clause 3(xiv) of the Order are not applicable to the Company.

15. The Company has not entered into any non cash transactions with its directors or persons connected with him. Accordingly the provisions of clause 3(xv) of the Order are not applicable to the Company.

16. The Company is required to and has been registered under section 45-IA of the Reserve Bank of India Act 1934 as Non Deposit accepting NBFC.

For A N A M & Associates
Chartered Accountants
Firm Regn. no: 005496S
Sd/-
CA. Nazim F Rajaiwala
Place : AhmedabadPartner
Date : 15th May 2019Membership no: 131829.

   

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