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Beryl Securities Ltd.

BSE: 531582 Sector: Financials
NSE: N.A. ISIN Code: INE508J01015
BSE 00:00 | 06 Mar 7.03 0
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NSE 05:30 | 01 Jan Beryl Securities Ltd
OPEN 7.03
PREVIOUS CLOSE 7.03
VOLUME 5000
52-Week high 9.70
52-Week low 3.35
P/E 9.63
Mkt Cap.(Rs cr) 3
Buy Price 7.03
Buy Qty 2031.00
Sell Price 7.03
Sell Qty 1218.00
OPEN 7.03
CLOSE 7.03
VOLUME 5000
52-Week high 9.70
52-Week low 3.35
P/E 9.63
Mkt Cap.(Rs cr) 3
Buy Price 7.03
Buy Qty 2031.00
Sell Price 7.03
Sell Qty 1218.00

Beryl Securities Ltd. (BERYLSECURITIES) - Auditors Report

Company auditors report

To

The Members of BERYL SECURITIES LIMITED

Report on the Financial Statement

We have audited the accompanying financial statements of Beryl Securities Limited("the Company") which comprises the Balance Sheet as at March 312018 andthe statement of Profit and loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of act for safeguarding the assets of the company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies making judgments and estimates that are reasonable and prudent indesign implementation and maintenance of adequate internal financial control that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgave a true and fair view and are free from material misstatements whether due to fraudor errors.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provision of the act the accounting and auditingstandards in matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statement. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statement that gives a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statement. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationgiven to us financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312018and its profit and its cash flows for the year ended on that date.

Emphasis of Matter

Without qualifying our report Attention is invited to following notes to the financialstatement:-

1. Note No. 10.01: The shares of Byke Hospitality Limited are not in Demat Form.The physical Shares are also not verified as the same are notin possession of the Company.

The Company is not receiving any dividend from Byke Hospitality Limited althoughdividend is declared during last several years.

2. Note No 11.01 : The Company has advanced Rs.2404163 against Purchase of Fiatat Sohna Haryana whose Registry is still pending since last several years. NeverthelessManagement has opined the said Advance as good & recoverable.

3. Note No. 11.02 : The Company has advanced Rs.3319967 against Purchase of Flatat Jaypee Greens Noida whose Registry is still pending since last several years.Nevertheless Management has opined the said Advance as good & recoverable.

4. Note No.11.03 : Company has advanced Rs. 2000000/- against Purchase of Plotto Accural Realities Pvt.Ltd. since Iong whose registry is still pending.

5. Note No. 11.04: The Company has advanced Rs.1600460/- against purchase ofFlat at Mumbai to Mr.Yogendra Jain. As per the agreement the whole amount is to be givenback by Mr. Yogendra Jain to the Company till 31.3.2018 but the amount is still due.However the Management has opined the said Advance as goods and recoverable.

6. Note No.12 : The Bank Balance of Rs.4509/- with Punjab National Bank is notverified with the bank statement and hence the same is subject to reconciliation.

7. Note No. 27: Balances under Trade Receivables are subject toconfirmation.

8. Note No. 38: The Company has stated the Total Deferred Tax Asset in the BalanceSheet at Rs.1603926/- (previous year also Rs. 1603926/-). However as per AS-22 the samecomes to Rs.307870/- as at 31st March 2018. Hence the Deferred Tax Assets in the BalanceSheet are overstated by Rs.1296056/- due to prior errors.

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 sub-section (11) of section 143 ofthe Act we give in the "Annexure - A" a statement on the matters specified inthe paragraph 3 and 4 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 explanation which to the bestof our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion the Company has kept Proper books of account as required by the lawso far as it appears from our examination of those books.

(c) The balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of accounts.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133oftheAct read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31 stMarch 2018 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2018 from appointed as a Director in terms of Section164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the company 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 explanation given to us:

1) The Company has disclosed the impact of pending litigations on its financialposition in its financial position. (Refer Note. 39 to the financial statements)

2) The Company did not have any long term control including derivatives contract forwhich there were any material foreseeable losses.

3) There were no amounts which were required to be transferred to the investorEducations and Protections fund by the Company.

For : Prateek Jain & Co
Chartered Accountants
FRN - 009494C
Place: Indore [Prateek Jain] Proprietor
Date : 30th May 2018 M.No079214

ANNEXURE - "A" TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in Independent Auditor's Report to the members of the Companyon the financial statements for the year ended 31 March 2018 we report that:

(I) In respect of Fixed Assets:

a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us all the fixed assets have been physically verified by themanagement in aq phased periodic manner which in our opinion is reasonable having regardto the size of the Company and nature of its assets. No material discrepancies werenoticed on such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(II) The company is finance and Investment Company hence having regards to the natureof the business of the company the Clause (a) (b) & (c) of paragraph (ii) of theorder is not applicable to the 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 undersection 189 of the Companies Act 2013 ('the Act'). Therefore the provision of clause(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 complied with the provisions of Section 185 and 186 of the Act as applicablewith respect to the grant of loans making investments and providing guarantees &securities.

(V) According to the information and explanations given to us the Company has notaccepted any deposits under sections 73 to 76 or any other relevant provision of companiesact and the rules framed there under. Therefore the provisions of Clause (v) of of thesaid order is not applicable to the Company.

(VI) According to the Information and explanation given to us the Central Governmenthas not prescribed maintenance of cost records under Section 148(1) of the Companies Act2013 for the Company.

(VII) a) According to the books of accounts and records examined by us of the Companythe Company is generally regular in depositing with appropriate authorities undisputedStatutory Dues applicable to it. No undisputed amount payable in respect of any StatutoryDues were outstanding as at 31.03.2018 for a period of more than six months from the datethey became payable except the following:

Sr. No. Nature of the Statute Nature of Dues Amount Period to which the amount relates
1 GST GST Payable 9000 F.Y. 2017-18
2 Service Tax Service Tax Payable 7500 F.Y. 2016-17
3 Professional Tax Professional Tax Payable 47500 FY 1999-2000 to FY 2016-17
4 Income Tax Act Income Tax Demand 26400 FY 2005-06
5 Income Tax Act Income Tax Demand 13702 FY 2009-10
6 Wealth Tax Act Wealth Tax 116568 Upto FY 2015-16

b) According to the information and explanations given to us there are no materialdues of wealth tax and other statutory dues which have not deposited with the appropriateauthorities on account of any dispute. However according to information and explanationsgiven to us the following dues of income tax have not been deposited by the Company onaccount of disputes:

Sr.

No.

Nature of the Statute Nature of Dues Amount Period to which the amount relates Forum where dispute is pending
1 Income Tax Act Income Tax 384290.00 F.Y. 2005-06 IT Department Indore
2 Income Tax Act Penalty U/S 271(1) (c) 386500.00 F.Y. 2007-08 CIT (A) 1 Indore
3 Income Tax Act Income Tax 18030.00 F.Y. 2008-09 IT Department Indore
4 Income Tax Act Income Tax 12570.00 F.Y. 2009-10 IT Department Indore
5 Income Tax Act Income Tax 12230.00 F.Y. 2010-11 IT Department Indore
6 Income Tax Act Tax Liability U/S 115JB 575900.00 F.Y. 2011-12 CIT (A) 1 Indore
7 Income Tax Act Income Tax 1560.00 F.Y. 2013-14 IT Department Indore
8 Income Tax Act Income Tax 15450.00 F.Y. 2014-15 IT Department Indore

TDS Dfaillis on traces:

Financial Year Amount in (Rs.)
2007-08 120/-
2008-09 190/-
2009-10 4180/-
2010-11 12950/-
2011-12 280/-
2014-15 110/-
2017-18 420/-
Total Demand 18250/-

(VIII) The Company did not have any outstanding dues to financial institutions banksor debenture holders during the year. Hence paragraph 3(viii) is not applicable of theorder.

(IX) The company did not raise any money by way of initial pubi coffer or furtherpublic offer (in eluding debt instruments) and term loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable.

(X) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(XI) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(XII) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi mutual benefit Company. Accordingly paragraph 3(xii) of the Orderis not applicable.

(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 of such transactions have been disclosed in the Financial Statements as requiredby the applicable accounting 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 any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(XVI) The company is a registered NBFC company U/s 45IA of the Reserve Bank of IndiaAct 1934 vide registration no 03.00040 dated 03/03/1998 in category Non-Banking FinancialInstitution (Non Deposit taking Company) and accordingly the company is carrying onfinancial Services business.

For : Prateek Jain & Co
Chartered Accountants
FRN - 009494C
Place : Indore [Prateek Jain] Proprietor
Date : 30'" May 2018 M.No. 079214

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 BerylSecurities Limited ("the Company") as of March 31 2018 in conjunction with ouraudit of the financial statements 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 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". 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 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 Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 evidences we have obtained are 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 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 March 31 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.

For : Prateek Jain & Co
Chartered Accountants
FRN - 009494C
Place: Indore [Prateek Jain] Proprietor
Date : 30th May 2018 M.No079214