Amrapali Capital and Finance Services Ltd.
|BSE: 536737||Sector: Financials|
|NSE: N.A.||ISIN Code: INE218P01018|
|BSE 00:00 | 26 Mar||Amrapali Capital and Finance Services Ltd|
|NSE 05:30 | 01 Jan||Amrapali Capital and Finance Services Ltd|
|BSE: 536737||Sector: Financials|
|NSE: N.A.||ISIN Code: INE218P01018|
|BSE 00:00 | 26 Mar||Amrapali Capital and Finance Services Ltd|
|NSE 05:30 | 01 Jan||Amrapali Capital and Finance Services Ltd|
TO THE SHARE HOLDERS OF AMRAPALI CAPITAL & FINANCE SERVICES LIMITED
Report on the Financial Statements Opinion:
We have audited the accompanying financial statements of AMRAPALI CAPITAL &FINANCE SERVICES LIMITED which comprise the Balance Sheet as at 31stMarch2019 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory 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 (the Act') in the manner so required and give a true andfair view in conformity with the accounting standards prescribed under section 133 of theAct and other accounting principles generally accepted in India of the state of affairsof the Company as at 31 March 2019 and its profit and its cash flows for the year endedon 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 and we do not provide a separate opinion on these matters.There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.
Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report but doesnot include the financial statements and our auditor's report thereon. These reports areexpected to be made available to us after the date of our auditor's report.
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 thefinancial statements our responsibility is to read the other information identified abovewhen it becomes available 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. When we read the other informationincluded in the above reports if we conclude that there is material misstatement thereinwe are required to communicate the matter to those charged with governance and determinethe actions under the applicable laws and regulations.
Management's Responsibility for the Financial Statements
Management is responsible for the matters stated in section 134(5) of the CompaniesAct 2013("the Act") with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including accounting standards referred to in section 133 of the Act asapplicable. 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.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financialreporting process.
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 standalone financial statements. As part of an audit in accordance withSAs we exercise professional judgment and maintain professional skepticism throughout theaudit. We also: Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.
Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls. Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern. Evaluate the overall presentation structure and content ofthe standalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation. We communicate with those charged with governance regardingamong other matters the planned scope and timing of the audit and significant auditfindings including any significant deficiencies in internal control that we identifyduring our audit. We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards. From the matterscommunicated with those charged with governance we determine those matters that were ofmost significance in the audit of the standalone financial statements of the currentperiod and are therefore the key audit matters. We describe these matters in our auditor'sreport unless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of section 143(11) of theAct we give in "Annexure A" a statement on the matter specified in theparagraph 3 and 4 of the Order.
2. As required under provisions of section 143(3) of the Companies Act 2013 wereport that:
a. We have obtained all the information and explanations which to the best of ourknowledge and belief where 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 appears from our examination of those books;
c. The Balance Sheet and Statement of Profit and Loss dealt with this report are inagreement with the books of account;
d. In our opinion the aforesaid Financial Statement comply with the AccountingStandards specified under Section 133 of Act read with relevant rule issued thereunder.
e. On the basis of written representations received from the directors as on March 312019 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2019 from being appointed as a director in terms of section 164(2) of theAct.
f. With respect to the adequacy of the internal financial controls over financialreporting of the company and operating effectiveness of such controls referred to ourseparate report in "Annexure B".
g. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended : In ouropinion and to the best of our information and according to the explanations given to usthe remuneration paid by the Company to its directors during the year is in accordancewith the provisions of section 197 of the Act.
h. With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditor) Rules 2014 in our opinion and to thebest of our knowledge and belief and according to the information and explanations givento us:
(a) The Company does not have any pending litigation as at March 31 2019 on itsfinancial position in its financial statements.
(b) The Company did not have any long-term and derivative contracts as at March 312019.
(c) There has been no delay in transferring amounts required to be transferred theInvestor Education and Protection Fund by the Company during the year ended March 312019.
ANNEXURE "A" TO THE AUDITORS' REPORT
In terms of the information and explanations given to us and the books and recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe state as under:
1. In respect of Its Property Plant & Equipment:
a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.
b) These fixed assets were physically verified by the management during the year. Wehave been informed that no material discrepancies were noticed on such physicalverification.
c) According to the information and explanation given to us and in the basis of ourexamination of the records of the company the title deeds of immovable properties are inthe name of the company.
2. The stock of inventory has been physically verified during the year by theManagement at reasonable intervals except stock lying with third parties. Confirmationsof such stocks with third parties have been obtained by the Company in most of the cases.The discrepancies noticed on physical verification of stocks as compared to book recordswere not material; however the same have been properly dealt with the books of account.
3. The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Therefore the provisions of Clause 3 (iii)(a)(iii)(b) and (iii)(c) of the said order are not applicable to the company.
4. In our opinion and according to the information and explanations given to us theCompany has not provided any loans and advances under section 185 and 186 of the CompaniesAct 2013.
5. The company has not accepted any deposits from the public within the meaning ofsections 73 to 76 or any relevant provisions of the 2013 act and the rules framed thereunder to the extent notified.
6. The Central government has not prescribed the maintenance of cost records by thecompany under section 148(1) of the companies Act 2013 for any of its products.
7. In respect of Statutory Dues:
a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Employees' State Insurance Income Tax Duty ofCustoms GST Cess and any other statutory dues applicable to it. According to theinformation and explanations given to us no undisputed amounts payable in respect ofincome tax sales tax customs duty excise duty and cess were in arrears as at 31.03.19for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us there are no dues ofsales tax income tax custom duty wealth tax GST excise duty and cess which have notbeen deposited on account of any dispute.
8. Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that the Company has not defaulted in repayment ofloans or borrowing to financial institutions banks or Government. The company has notissued any debentures as at the balance sheet date.
9. The company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments). The Moneys raised by way of term loan were applied forthe purpose for which those are raised.
10. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of such cases by theManagement.
11. According to the information and explanations given to us we report thatmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.
12. 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.
13. 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 sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the financial statements etc. as required by theapplicable accounting standards;
14. According to the information and explanations given to us and based on ourexamination of the records of the company the company has made not any private placementof the year under review.
15. 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 any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.
16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934in pursuance of the Master Circular Exemptions from the provisionsof RBI Act 1934 vide Circular No. RBI/2015-16/15 DNBR (PD) CC.No. 052/03.10.119/2015-16dated July 01 2015 as the company is doing the business of stock broker on National StockExchange by holding the Certificate of Registration as Trading and Clearing Member issuedby SEBI (Stock Brokers and Sub-Brokers) Regulation 1992 and also holding the Certificateof Registration as Participant issued by SEBI (Depositories and Participants) Regulations1996. The company is carrying on the business of stock broker and holding Certificateunder section 12 of Securities and Exchange Board of India Act 1992.
ANNEXURE "B" TO 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 AMRAPALICAPITAL & FINANCE SERVICES LIMITED ('the Company') as of 31st March2019 in conjunction with our audit of the financial statements of the Company for the yearended on that date.
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 Reporting (the'Guidance Note') issued by the Institute of Chartered Accountants of India (the 'ICAI').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required 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 and the Standards on Auditing issued by the ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material 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 statement.
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.
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 31st March 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.