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Beryl Securities Ltd.

BSE: 531582 Sector: Financials
NSE: N.A. ISIN Code: INE508J01015
BSE 00:00 | 23 Jun 5.92 -0.24
(-3.90%)
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NSE 05:30 | 01 Jan Beryl Securities Ltd
OPEN 6.16
PREVIOUS CLOSE 6.16
VOLUME 210
52-Week high 10.80
52-Week low 5.11
P/E 8.71
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.16
CLOSE 6.16
VOLUME 210
52-Week high 10.80
52-Week low 5.11
P/E 8.71
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Beryl Securities Ltd. (BERYLSECURITIES) - Auditors Report

Company auditors report

To

The Members of

Beryl Securities Limited

REPORT ON THE AUDIT OF FINANCIAL STATEMENTS

OPINION

1. We have audited the accompanying financial statements of Beryl Securities Limited("the Company") which comprise the Balance Sheet as at 31 March 2020 theStatement of Profit and Loss (including other comprehensive income) Statement of Changesin Equity and Statement of Cash Flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as "the financial statements").

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2020 and profit (including othercomprehensive income) changes in equity and its cash flows for the year ended on thatdate.

BASIS FOR OPINION

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the financial statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidences we have obtained are sufficient and appropriate to provide abasis for our opinion on the financial statements.

4. The comparative financial information of the Company for the year ended March312020 and the transition date opening balance sheet as at April 012018 included inthese Financial Statements are based on the previously issued statutory FinancialStatements prepared in accordance with the Accounting Standards Specified under Section133 of the Act read with relevant rules issued there under and other accounting principlesgenerally accepted in India audited by us in our report for the year ended March 312019dated 30th May2019 and for the year ended March 31 2018 dated 30th May 2018respectively expressed an unmodified opinion on those Financial Statements as adjustedfor the differences in the accounting principles adopted by the Company on transition tothe Ind AS which have been audited by us.

Our Opinion is not modified in respect of this matter.

EMPHASIS OF MATTERS

5. We draw attention to Note-47 of the financial statements which describes that theCompany has paid advance against purchase of one residential flat at Jaypee Greens NoidaRs. 3319967/- and one flat at Sohna Haryana Rs. 2404163/- & a plot at R.R.Industrial Park Indore Rs. 2000000/- in earlier years. But the possession and registryof said properties were pending till 31st March 2020. Thus the amount has been shown asCapital advance as per Note-10. Management has opined the said Capital Advance as good andrecoverable. Our opinion is not modified in respect of this matter.

KEY AUDIT MATTERS

6. 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.

7. We have determined the matters described below to be the key audit matters. We havefulfilled the responsibilities described in the Auditors' responsibilities for the auditof the financial statements section of our report including in relation to these matters.Accordingly our audit included the performance of procedures designed to respond to ourassessment of the risks of material misstatement of the financial statements. The resultsof our audit procedures including the procedures performed to address the matters belowprovide the basis for our audit opinion on the accompanying financial statements.

The key audit matters How our audit addressed the key audit matter
a) Transition to Indian Accounting Standards (Ind AS)
See note 1(E) of the significant accounting policies to the financial statements.
The Company has adopted Ind AS notified under Section 133 of the Companies Act 2013 ("the Act") read with the Companies (Indian Accounting Standards) Rules 2015 from April 012019 and the effective date of such transition is April 01 2018. Ind AS is new and complex accounting standards which require considerable judgment and interpretation in its implementation. Principal Audit Procedures:
Further Ind AS 101 ("First-Time Adoption of Indian Accounting Standards") allows two categories of exceptions to the first-time adopter which mainly includes prohibition to retrospective application of certain requirements of Ind AS and exemption from some requirements of Ind AS. We consider this transition and the required disclosure to be a key audit matter because new accounting policies have been developed by the Company to comply with these standards and judgment. We have performed the following audit procedures in order to obtain sufficient audit evidence:
Critical judgment and estimation along with details of exemptions applied from certain requirements under Ind AS based on which these Financial Statements are prepared. 1) Assessed the Company's process to identify the impact of adoption and transition to the new Indian accounting standards.
2) Evaluated the design of internal controls and tested the operating effectiveness of key internal controls around the process of preparation of Financial Statements.
3) Reviewed the exemptions availed by the Company from certain requirements under Ind AS.
4) Obtained an understanding of the governance over the determination of key judgments.
5) Evaluated and tested the key assumptions and judgments adopted by the management.
6) Assessed the disclosures made against the relevant Ind AS; and
7) Determined the appropriateness of the methodologies and models used along with the responsibility of the outputs.

Information other than the financial statements and Auditor's Report thereon

8. The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditors' reportthereon. Our opinion on the financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information 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. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the financial statements

9. The Company's management and Board of Directors are 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 performanceincluding other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read withrelevant rules thereunder. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

10. In preparing the financial statements management and Board of Directors areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management and Board of Directors either intends to liquidatethe Company or to cease operations or has no realistic alternative but to do so. Board ofDirectors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the financial statements

11. 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 financial statements.

12. 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 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 todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditors'report. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

13. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

14. 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.

15. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditors' report unless law or regulation precludes public disclosure about the matteror 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

16. The Balance Sheet and the Profit & Loss Account have been drawn up inaccordance with the provision of Section 133 of the Act read with rule 7 of the CompaniesRules 2014 (as amended).

17. As required by the Companies (Auditors' 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 matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.

18. With respect to the matter to be included in the Auditors' Report under section197(16) we report that In our opinion and according to the information and explanationgiven to us the remuneration paid by the Company to its directors during the current yearis in accordance with the provisions of Section 197 read with Schedule V of the Act.

19. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were 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 it appears from our examination of those books.

(c) The Balance Sheet and the Statement of Profit and Loss (including othercomprehensive income) Statement of changes in equity and Statement of Cash Flows dealtwith by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31March 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 from being appointed as a director in terms of Section164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditors' 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 explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31 March 2020 onits financial position in its financial statements - Refer Note 31 to the financialstatements;

ii. The Company did not have any material foreseeable losses on long term contractsincluding derivative contracts during the year ended 31st March 2020;

iii. There were no amounts which were required to be transferred to the investoreducation & protection fund by the company.

For : PRATEEK JAIN & CO.
CHARTERED ACCOUNTANTS
FRN - 009494C
Place : Indore [PRATEEK JAIN]
Date : 28th July 2020 PROPRIETOR
M.No. 079214
UDIN: 20079214AAAAAY3734

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

(Referred to in paragraph 17 under ‘Report on Other Legal and RegulatoryRequirements' section of our Report of even date for Beryl Securities Limited for the yearended 31st March 2020)

1. In respect of its fixed assets:

• The Company has maintained adequate records showing full particulars includingquantitative details and situation of fixed assets.

• As explained to us all the items of property plant and equipment have beenphysically verified by the management in a phased periodical manner which in our opinionis reasonable having regard to the size of the Company and nature of its assets. Nomaterial discrepancies were noticed on such physical verification.

• The Company does not have any immovable property therefore the requirement ofthis sub clause is not applicable to the Company.

2. Inventory

The nature of the Company's business is such that it is not required to hold anyinventories.

3. Loan given by company

According to the information and explanations given to us the company has not grantedany loans secured or unsecured to companies firms limited liability partnerships orother parties covered in the register maintained under Section 189 of the Companies Act2013 ("the Act") in during the year.

4. Loan to directors and investment by the company

In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities.

5. Deposits

According to the information and explanations given to us the Company has not acceptedany deposits under sections 73 & 76 or any other relevant provision of Companies Act2013 and the rule framed there under. Therefore the provisions of Clause (v) of paragraph3 of the Order is not applicable to the Company.

6. Cost records

Since the Company is a registered NBFC Company and is carrying on the business offinancial services therefore the requirement of maintenance of cost records pursuant tothe Companies (Cost Records and Audit) Rules 2014 as amended by sub section (1) ofSection 148 of the Companies Act 2013 are not applicable to the Company.

7. Statutory dues

• According to the information and explanations given to us and on the basis ofour examination of the records of the Company all undisputed statutory dues have beengenerally regularly deposited with the appropriate authorities.

• According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at March 312020 for a periodof more than six months from the date of they became payable except the following:

Sr. No. Nature of the Statute Nature of Dues Amount Period to which the amount relates
1 Goods & Services Tax Act GST 9000/- F.Y. 2017-18
2 Service Tax Act Service Tax 7500/- F.Y. 2016-17
3 Professional Tax Act Professional Tax 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

• According to the information and explanations given to us there are noStatutory dues which have not been deposited as on 31st March 2020 by the Company onaccount of disputes except the following:

Sr. No. Nature of the Statute Nature of Dues Amount in (Rs.) Period to which the amount relates Forum where dispute is pending
1 Income Tax Act Income Tax 199310/- FY 2005-06 IT Department Indore
2 Income Tax Act Penalty U/S 271 (1) (c) 386500/- FY 2007-08 CIT (A) Indore
3 Income Tax Act Income Tax 12230/- FY 2010-11 CPC Bengaluru
4 Income Tax Act Income Tax 1560/- FY 2013-14 CPC Bengaluru
5 Income Tax Act Income Tax 15450/- FY 2014-15 CPC Bengaluru
6 Income Tax Act Income Tax 80/- FY 2017-18 CPC Bengaluru

TDS Defaults on traces:

Financial Year Amount in (Rs.)
2007-08 120/-
2008-09 190/-
2009-10 4180/-
2010-11 12950/-
2011-12 280/-
2014-15 130/-
2017-18 415/-
Total Demand 18265/-

8. Repayments of loans

The Company has no loans or borrowings payable to a financial institution or a bank orgovernment and no dues payable to debenture-holders during the year. Accordingly theprovisions of clause 3(viii) of the Order are not applicable.

9. Utilization of funds

During the year The Company has not raised money by way of initial public offer orfurther public offer (including debt instruments). The Company did not have any term loansoutstanding during the year . Accordingly the provisions of clause 3(ix) of the Order arenot applicable.

10. Reporting of frauds

According to the information and explanations given to us no material fraud on or bythe Company has been noticed or reported during the year under audit.

11. Approvals of managerial remuneration

According to the information and explanations give to us and based on our examinationof the records of the Company the Company has paid/provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act.

12. Nidhi company

In our opinion the company is not a chit fund or a Nidhi mutual benefit fund/ society.Therefore the provisions of clause (xii) of Para 3 of the said order are not applicableto the company.

13. Related party transaction

According to the information and explanations given to us and based on our examinationof the records of the Company transactions with the related parties are in compliancewith sections 177 and 188 of the Act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable IND AS.

14. Private Placement or preferential allotment

According to the information and explanations give to us and based on our examinationof the records of the Company the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year

15. Non cash transaction

According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not entered into non-cash transactions withits directors or persons connected with him.

16. Registration of Reserve Bank of India (RBI) Act 1934

The Company is a registered NBFC Company registered under section 45-IA of the ReserveBank of India Act 1934 vide registration No.03.00040 dated 03/03/1998 in category NonBanking Financial Institution (Non Deposit taking Company) and accordingly the company iscarrying on financial services business.

For : PRATEEK JAIN & CO.
CHARTERED ACCOUNTANTS
FRN - 009494C
Place : Indore [PRATEEK JAIN]
Date : 28th July 2020 PROPRIETOR
M.No. 079214
UDIN: 20079214AAAAAY3734

ANNEXURE - "B" TO THE AUDITORS' REPORT

(Referred to in paragraph 19 (f) under ‘Report on Other Legal and RegulatoryRequirements' of our report of even date of Beryl Securities Limited for the year ended31st March 2020)

REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (i) OFSUB SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the internal financial controls over financial reporting of BerylSecurities Limited ("the Company") as of 31st March 2020 in conjunctionwith our audit 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable 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 prescribed under Section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. 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 respect 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 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 and to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial 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 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]
Date : 28th July 2020 PROPRIETOR
M.No. 079214
UDIN: 20079214AAAAAY3734