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Amit Securities Ltd.

BSE: 531557 Sector: Others
NSE: N.A. ISIN Code: INE137E01014
BSE 00:00 | 25 Oct 3.68 0
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NSE 05:30 | 01 Jan Amit Securities Ltd
OPEN 3.68
PREVIOUS CLOSE 3.68
VOLUME 2
52-Week high 4.52
52-Week low 3.68
P/E
Mkt Cap.(Rs cr) 3
Buy Price 3.68
Buy Qty 200.00
Sell Price 3.68
Sell Qty 610.00
OPEN 3.68
CLOSE 3.68
VOLUME 2
52-Week high 4.52
52-Week low 3.68
P/E
Mkt Cap.(Rs cr) 3
Buy Price 3.68
Buy Qty 200.00
Sell Price 3.68
Sell Qty 610.00

Amit Securities Ltd. (AMITSECURITIES) - Auditors Report

Company auditors report

TO THE MEMBERS OF AMIT SECURITIES LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying standalone Ind AS financial statements of AMITSECURITIES LIMITED(The Company) which comprises the Balance sheet as at 31st March 2018the statement of Profit and Loss (including Other Comprehensive Income) the Cash Flowstatement and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE IND AS 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 Ind AS financial statements to give a true and fair view of the financialposition financial performance (including other comprehensive income) cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards specified in the Companies(Indian Accounting Standards) Rules 2015 (as amended) under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based 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 of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative pronouncements issued by the Institute of Chartered Accountants of India.Those Standards and pronouncements require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the standalone IndAS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 and its total comprehensive income (comprising of profit andother comprehensive income) its cash flows and the changes in equity for the year endedon that date.

REPORT ON OTHER LEGAL AND 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 andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the company so far as appears from ourexamination of those books of the Company. c. The Balance Sheet the Statement of Profitand Loss (including other comprehensive income) the Cash Flow Statement and the Statementof Changes in Equity dealt with by this Report are in agreement with the books of account.d. In our opinion the aforesaid Standalone Ind AS financial Statements dealt with by thisrepot comply with the account standards specified under section 133 of the Act read withrule 7 of Companies (Accounts) Rules 2014. e. On the basis of written informationreceived from the directors of the Company and taken on record by the Board of Directorsas on 31st March 2018 and the information and explanations given to us we report thatnone of the directors is disqualified as on 31st March 2018 from being appointed as adirector in terms of subsection (2) of section 164 of the Act. f. With respect to theadequacy of the internal financial controls over financial reporting of the company andthe operating effectiveness of such controls refer to our separate report in"Annexure B" and g. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us:-(i) The Company has no pending litigations on its financial position in itsfinancial statements.

(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.

Place: Indore For SUNIL BANDI & CO.
Date: 30th May 2018 Chartered Accountants
F. R. No. 007419C
CA Sunil Bandi
(Partner)
M. No. 077705

Annexure referred to in our Independent Auditor's Report to the Members of the Companyon the Financial Statements for the year ended 31st March 2018 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 hasgranted unsecured loans to companies firms or other parties covered in the registermaintained under section 189 of the Companies Act 2013 ('the Act').

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the parties listed in the register maintained under section 189of the Act were not prima facie prejudicial to the interest of the company.

(b) In case of loans granted to parties covered in the register maintained undersection 189 of the Companies Act 2013 the borrowers have been regular in the payment ofinterest as stipulated.

The terms of arrangements do not stipulate any repayment schedule and the loans arerepayable on demand. Accordingly paragraph 3(iii)(b) of the Order is not applicable to theCompany in respect of the repayment of the principal amount.

(c) There are no overdue amounts of more than 90 days in respect of the loans grantedto parties listed in the register maintained under section 189 of 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 Custom duty Exciseduty Value added Tax cess and any other statutory dues with the appropriate authorities.

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 2018

(b) 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.

Place: Indore For SUNIL BANDI & CO.
Date: 30th May 2018 Chartered Accountants
F. R. No. 007419C
CA Sunil Bandi
(Partner)
M. No. 077705

ANNEXURE - B TO THE AUDITORS' 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 AMITSECURTIES LIMITED ("the Company") as of 31st March 2018 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 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.

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 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 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.

Place: Indore For SUNIL BANDI & CO.
Date: 30th May 2018 Chartered Accountants
F. R. No. 007419C
CA Sunil Bandi
(Partner)
M. No. 077705