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Amrapali Fincap Ltd.

BSE: 539265 Sector: Financials
NSE: N.A. ISIN Code: INE990S01016
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NSE 05:30 | 01 Jan Amrapali Fincap Ltd
OPEN 21.60
PREVIOUS CLOSE 21.60
VOLUME 1200
52-Week high 21.60
52-Week low 12.16
P/E 51.43
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.60
CLOSE 21.60
VOLUME 1200
52-Week high 21.60
52-Week low 12.16
P/E 51.43
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Amrapali Fincap Ltd. (AMRAPALIFINCAP) - Auditors Report

Company auditors report

TO MEMBERS TO THE SHARE HOLDERS OF

AMRAPALI FINCAP LIMITED

Report on the Financial Statements

Opinion:

We have audited the accompanying financial statements of AMRAPALI FINCAP LIMITED whichcomprise the Balance Sheet as at 31st March 2020 and the Statement of Profit and Lossand Cash Flow Statement for the year then ended and a summary of significant accountingpolicies 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 2020 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 the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

When we read the other information included in the above reports if we conclude thatthere is material misstatement therein we are required to communicate the matter to thosecharged with governance and determine the actions under the applicable laws andregulations.

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 records inaccordance 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.

That Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility

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 with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone 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 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 used and the reasonableness ofaccounting 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 to continue as agoing concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh 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 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein "Annexure A" a statement on the matter specified in the paragraph 3 and 4 ofthe Order.

2. As required under provisions of section 143(3) of the Companies Act 2013 we reportthat: 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 opinionproper books of account as required by law have been kept by the Company so far as appearsfrom our examination of those books; c. The Balance Sheet and Statement of Profit and Lossdealt with this report are in agreement with the books of account; d. In our opinion theaforesaid Financial Statement comply with the Accounting Standards specified under Section133 of Act read with relevant rule issued thereunder.

e. On the basis of written representations received from the directors as on March 312020 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2020 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 our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act. h. With respect to other mattersto be included in the Auditor's Report in accordance with Rule 11 of the

Companies (Audit and Auditor) Rules 2014 in our opinion and to the best of ourknowledge and belief and according to the information and explanations given to us: a) TheCompany does not have any pending litigation as at March 31 2020 on its financialposition in its financial statements except Hon'ble settlement commission has got abatedas per Section 245HA of the I.T Act 1961 in pursuance of Settlement Commission order u/s245D(4) of the Act dated May 31 2016 and pending search case assessments pending u/s 153Aof the I.T. Act 1961 for A.Y. 2007-08 to 2012-13and regular assessment u/s 143(3) of theI.T. Act 1961 for A.Y. 2013-14.

b) The Company did not have any long-term and derivative contracts as at March 312020.

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 312020.

FOR D.G.M.S. & Co.
Chartered Accountants
Sarvesh A. Gohil
Partner
Date: 15-07-2020 M. No. 135782
FRN: 0112187W
Place: Jamnagar
UDIN: 20135782AAAAGD7645

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:

i. In respect of Its Fixed Assets:

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.

ii. The Company is in the business of Share trading & Stock brokerage houses anddoesn't have any physical stock. Accordingly reporting clause 3(ii) order is notapplicable to Company.

iii. The company has not granted any loans secured or unsecured to companies firmsLimited Liability

Partnerships or other parties covered in the register maintained under section 189 ofthe 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.

iv. 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.

v. 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.

vi. 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.

vii. 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 31.03.20for 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 .

viii. 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.

ix. 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.

x. 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.

xi. 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.

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 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;

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

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 any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The company's major business activity is of trading in shares & securities infuture and option segment. The company has also carried out financing activities for whichcompany has filed an application before Reserve Bank of India for granting registrationunder Section 45-IA of the Reserve Bank of India Act 1934 which got rejected.

FOR D.G.M.S. & Co.
Chartered Accountants
Sarvesh A. Gohil
Partner
Date: 15-07-2020 M. No. 135782
FRN: 0112187W
Place: Jamnagar
UDIN: 20135782AAAAGD7645

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 controlsover financial reporting of AMRAPALI FINCAP LIMITED ('the Company') as of 31st March 2020in 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.

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 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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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.

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 31st 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 issued by theICAI.

FOR D.G.M.S. & Co.
Chartered Accountants
Sarvesh A. Gohil
Partner
Date: 15-07-2020 M. No. 135782
FRN: 0112187W
Place: Jamnagar
UDIN: 20135782AAAAGD7645

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