Aryan Share & Stock Brokers Ltd.
|BSE: 542176||Sector: Financials|
|NSE: N.A.||ISIN Code: INE016X01010|
|BSE 00:00 | 05 Oct||Aryan Share & Stock Brokers Ltd|
|NSE 05:30 | 01 Jan||Aryan Share & Stock Brokers Ltd|
|BSE: 542176||Sector: Financials|
|NSE: N.A.||ISIN Code: INE016X01010|
|BSE 00:00 | 05 Oct||Aryan Share & Stock Brokers Ltd|
|NSE 05:30 | 01 Jan||Aryan Share & Stock Brokers Ltd|
The Members of M/s.Aryan Share and Stock Brokers Limited Report on theAudit of the Financial Statements Opinion
We have audited the accompanying financial statements of M/s.AryanShares and Stock Brokers Limitedwhich comprise the Balance Sheet as at March 31 2019the Statement of Profit and Loss and the Statement of Cash Flows for the year then endedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information. In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaid financialstatements give the information required by the Companies Act 2013 ("the Act")in the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2019 its profit and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with Standards on Auditing (SAs)specified under section 143(10) of the Act. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India("ICAI") together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and Rules thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.We have determined that there are no key audit matters to communicate in ourreport.
The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in theDirector's Report but does not include the financial statements and ourauditor's report thereon. Our opinion on the financial statements does not cover theother information and we do not express any form of assurance conclusion thereon. Inconnection with our audit of the financial statements our responsibility is to read theother information and in doing so consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on the work we have performed weconclude that there is a material misstatement of this other information we are requiredto report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance forthe Financial Statements
The Company's Board of Directors is responsible for the mattersstated in section 134(5) of 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 the Accounting Standards specified under section 133 of theAct read with relevant rules issued thereunder. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error. In preparing thefinancial statements Board of Directors is responsible for assessing the Company'sability to continue as a going concern disclosing as applicable matters related togoing concern and using the going concern basis of accounting unless management eitherintends to liquidate the Company or to cease operations or has no realistic alternativebut to do so.
Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.
Auditors' Responsibilities for the Audit of the FinancialStatements
Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of this financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism 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 inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls with reference to financial statements inplace and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause theCompany to cease to continue as a going concern.
Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation. We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.
From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.
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 section143(11) of the
Act we give in "Annexure 1" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable. (2) As required bysection 143(3) of the Act we report that: a. We have sought and obtained all theinformation and explanations which to the best of our knowledge and belief were necessaryfor the purposes of our audit; b. In our opinion proper books of account as required bylaw have been kept by the Company so far as it appears from our examination of those books; c. The Balance Sheet the Statement of Profit and Loss and the Statement of Cash Flowsdealt with by this report are in agreement with the books of account ; d. In our opinionthe aforesaid financial statements comply with the Accounting Standards specified undersection 133 of the Act read with relevant rules issued thereunder; f. On the basis of thewritten representations received from the directors as on March 31 2019 and taken onrecord by the Board of Directors none of the directors is disqualified as on March 312019 from being appointed as a director in terms of section 164(2) of the Act; g. Withrespect to the adequacy of the internal financial controls with reference to financialstatements of the Company and the operating effectiveness of such controls we give ourseparate report in "Annexure 2". h. In our opinion and to the best of ourinformation and according to the explanations given to us the remuneration paid/ providedby the Company to its directors during the year is in accordance with the provisions ofsection 197 of the Act. ; i. With respect to the other matters to be included in theAuditor'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 theexplanations given to us: (i) The Company does not have any pending litigations whichwould impact its financial position; (ii) The Company did not have any long-term contractsincluding derivative contracts. Hence the question of any material foreseeable lossesdoes not arise; (iii) There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.
ANNEXURE 1 TO THE INDEPENDENT AUDITORS' REPORT
[Referred to in paragraph 1 under Report on Other Legal andRegulatory Requirements' in the Independent Auditors' Report of even date to themembers of
M/s. Aryan Share and Stock Brokers Limited on the financialstatements for the year ended 31.03.2020]
(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.
(b) During the year the fixed assets of the Company have beenphysically verified by the management and as informed no material discrepancies werenoticed on such verification. In our opinion the frequency of verification is reasonablehaving regard to the size of the Company and the nature of its assets.
(c) The company does not have any immovable properties and so theclause relating to title deeds of immovable properties is not applicable.
(ii) There is no inventory held by the company. Hence the provisionsstated in paragraph 3(ii) of the Order are not applicable to the Company.
(iii) As informed the Company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under Section 189 of the Act. Accordingly paragraph 3 (iii)(a) 3(iii)(b) and 3 (iii)(c) of the Order are not applicable to the Company.
(iv) The Company has not granted loans investments guarantees andsecurities therefore the question of complying with Section 185 and Section 186 of the Actdoes not arise.
(v) In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits from the public within theprovisions of Sections 73 to 76 of the Act and the rules framed there under.
(vi) The company is not involved in manufacturing activities and sothe clause relating to maintenance of cost records as specified by the Central Governmentsub-section (1) of Section 148 of the Act is not applicable to the company.
(a) The Company is regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees' state insuranceincome tax sales tax service tax value added tax goods and service tax customs dutyexcise duty cess and any other material statutory dues applicable to it.
(b) According to the information and explanations given to us thereare no dues with respect to income tax service tax goods and service tax cess and anyother material statutory dues applicable to it which have not been deposited on accountof any dispute.
(viii) The company has not borrowed from financial institution(s)bank(s) government(s) or debenture holders. Hence paragraph 3(viii) of the Order is notapplicable to the Company.
(ix) According to the information and explanations given to us theCompany has neither raised money by way of public issue offer. The company has notobtained any term loan during the year nor does the company have any outstanding term loanas at the beginning of the year.
(x) During the course of our examination of the books and records ofthe Company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of fraud by the Company or any fraud on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any suchinstance by the management.
(xi) The Managerial remuneration paid and provided is in accordancewith the requisite approvals mandated by the provisions of Section 197 read with ScheduleV. (xii) In our opinion the Company is not a Nidhi Company. Therefore paragraph 3(xii)of the Order is not applicable to the Company.
(xiii) As per the information and explanation given to us alltransactions entered into by the Company with the related parties are in compliance withSections 177 and 188 of Act where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.
(xiv) The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Therefore paragraph 3(xiv) of the Order is not applicable to the Company. (xv)The Company has not entered into any non-cash transactions with directors or personsconnected with him.
(xvi) Based on the information and explanation given to us the Companyis not required to be registered under Section 45-IA of the Reserve Bank of India Act1934.
For M/s. R.Balaji & Co Chartered Accountants
ICAI Firm Registration No. 000332S
ANNEXURE 2 TO THE INDEPENDENT AUDITORS' REPORT
[Referred to in paragraph 2under Report on Other Legal andRegulatory Requirements' in the Independent Auditors' Report of even date to themembers of
M/s.Aryan Share and Stock Brokers Limited on the financialstatements for the year ended 31.03.2020]
Report on the Internal Financial Controls with reference to FinancialStatements under clause (i) of sub-section 3 of section 143 of the Companies Act 2013
We have audited the internal financial controls with reference tofinancial statements of M/s.Aryan Share and Stock Brokers Limited ("theCompany") as of March 31 2020 in conjunction with our audit of the financialstatements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control with reference tofinancial statements criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting (the "GuidanceNote") issued by the Institute of Chartered Accountants of India ("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 Act.
Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to financial statements based on our audit. We conductedour audit in accordance with the Guidance Note and the Standards on Auditing specifiedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both issued by the ICAI. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements was established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls with reference tofinancial statements and their operating effectiveness. Our audit of internal financialcontrols with reference to financial statements included obtaining an understanding ofinternal financial controls with reference to financial statements assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal controls based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls with reference tofinancial statements.
Meaning of Internal Financial Controls with reference to FinancialStatements
A company's internal financial control with reference to financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial control with reference to financial statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.
In our opinion the Company has in all material respects an adequateinternal financial controls with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as atMarch 31 2020 based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrols stated in the Guidance Note issued by the ICAI.