Amit Securities Ltd.
|BSE: 531557||Sector: Others|
|NSE: N.A.||ISIN Code: INE137E01014|
|BSE 00:00 | 05 Jul||Amit Securities Ltd|
|NSE 05:30 | 01 Jan||Amit Securities Ltd|
|BSE: 531557||Sector: Others|
|NSE: N.A.||ISIN Code: INE137E01014|
|BSE 00:00 | 05 Jul||Amit Securities Ltd|
|NSE 05:30 | 01 Jan||Amit Securities Ltd|
TO THE MEMBERS OF AMIT SECURITIES LIMITED
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the standalone financial statements of AMIT SECURITIES LIMITED (TheCompany) which comprises the Balance sheet as at 31st March 2020 and the statement ofProfit and Loss (including Other Comprehensive Income) the Cash Flow statement and theStatement of Changes in Equity for the year ended 31st March 2020 and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.
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 Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2020 and its total comprehensive income(comprising of Profit and other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.
BASIS FOR OPINION
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.
KEY AUDIT' MATTERS
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon. We have determined that there are no Key Audit Matters to becommunicated in our audit report.
The Company's Board of Directors is responsible for the other information. The otherinformation obtained at the date of this auditor's report is information included in theAnnual report but does not include the financial statements and our auditor's reportthereon.
Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.
In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.
If based on the work we have performed on the other information obtained prior to thedate of this auditor's report we conclude that there is no material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.
RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONEFINANCIAL STATEMENTS
The Company's Board of Directors is responsible for matters stated in Section 134(5) ofthe Companies Act 2013 ("The Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionsfinancial performance of the company in accordance with the accounting standards referredto in section 133 of the Act read with rule 7 of the Companies (Accounts) Rule 2014.This responsibility also includes maintenance of adequate accounting records in accordancewith the provision of act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the company's financialreporting process.
AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit proce-dures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting es-timates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going con-cern. If we conclude that a material uncertaintyexists we are required to draw attention in our auditor's report to the relateddisclosures in the financial statements or if such disclosures are in-adequate to modifyour opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor's report. However future events or conditions may cause the Company to ceaseto continue as a going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
REPORT ON OTHER LEGALAND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) order 2015 ("the order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the annexure a statement on the matters specified inparagraphs 3 and 4 and 5 of the order 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 purpose of our audit.
b. In our opinion proper books of account as required by law have been kept by thecompany so far as appears from our examination of those books of the Company.
c . The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.
d. In our opinion the aforesaid Standalone Ind AS financial Statements dealt with bythis repot comply with the account standards specified under section 133 of the Act readwith rule 7 of Companies (Accounts) Rules 2014.
e. On the basis of written information received from the directors of the Company andtaken on record by the Board of Directors as on 31st March 2020 and the information andexplanations given to us we report that none of the directors is disqualified as on 31stMarch 2020 from being appointed as a director in terms of subsection (2) of section 164of the Act.
f. With respect to the adequacy of the internal financial controls over financialreporting of the com-pany 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 has no pending litigations on its financial position in its financialstatements.
(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.
(iii) There were no amounts which were required to be transferred to the investoreducation and protection fund by the company.
Annexure referred to in our Independent Auditor's Report to the Members of the Companyon the Financial Statements for the year ended 31st March 2020 we report that:
i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.
(b) The fixed assets of the Company have been physically verified by the management atreasonable intervals. As informed to us no discrepancies have been noticed on suchverification.
(c) There are no such immovable properties held in the name of the company henceparagraph 3(i)(c) of the order is not applicable.
ii. As explained to us the inventory of the Company has been physically verifiedduring the year by the management. In our opinion the frequency of the verification isreasonable and no material discrepancies were noticed on verification between the physicalstocks and book records.
iii. According to the information's and explanations given to us the Company has notgranted any unsecured loans to parties covered in the register maintained under section189 of the Companies Act 2013 ('the Act').
iv. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.
v. In our opinion and according to the information and explanations given to us thecompany has not accepted deposit from public with the meaning of Section 73 to 76 or anyother relevant provision of the Act.
vi. According to information and explanations given to us the Central Government hasnot prescribed maintenance of cost records under sub-section (1) of section 148 of theAct.
vii. (a) According to the information and explanations given to us and the records ofthe company examined by us in our opinion the company has no statutory dues of ProvidentFund Employee state Insurance Income Tax Sales Tax Service Tax Goods and Service TaxCustom duty Excise duty Value added Tax cess and any other statutory dues with theappropriate authorities.
(b) According to the information and explanations given to us there are no undisputedstatutory dues outstanding for a period of more than six months from the date they becamepayable as per books of accounts as at 31st March 2020.
(c) According to the information and explanation given to us there are no dues ofIncome Tax Sales Tax Service Tax duty of custom duty of excise or value added taxwhich have not been deposited with the appropriate authorities on account of any dispute.
viii. The company does not have any loans or borrowings from any Financial InstitutionBanks Government or debenture holders during the year. Accordingly Paragraph 3(viii) ofthe order is not applicable.
ix. The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) and terms loans during the year. Accordinglyparagraph 3(ix) of the order is not applicable.
x. To the best of our knowledge and belief and according to the information andexplanations given to us we report that no fraud on or by the company has been noticed orreported 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 not paid/provided formanagerial remuneration; hence paragraph 3(xi) of the order is not applicable.
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.
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 given 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.
xvi. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
ANNEAURE - B TO THE AUDITOR'S REPORT
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 AMITSECURITIES LIMITED ("the Company") as of 31st March 2020 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.
MANAGEMENT'S RESPONSIBILITY FUR 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 Con-trols over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
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 both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was 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 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 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 financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL RE-PORTING
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 con-trols 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 com-pliance with the policies or procedures may deteriorate.
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 2020 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.