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Betala Global Securities Ltd.

BSE: 531530 Sector: Financials
NSE: N.A. ISIN Code: INE658E01027
BSE 05:30 | 01 Jan Betala Global Securities Ltd
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Betala Global Securities Ltd. (BETALAGLOBSEC) - Auditors Report

Company auditors report

To

The Members of

M/S. Betala Global Securities Limited

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Betala Global SecuritiesLimited (‘the company') which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss and the Cash Flow Statement and thestatement of changes in Equity for the year then ended and a summary of the significantaccounting 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 Act2013("the Act") with respect to the preparation andpresentation of these financial statement that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principle generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts)Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatementswhether due to fraud or error.

Auditor's Responsibility

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

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statement whether due to fraud or error. In making those risk assessment theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaidfinancial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2018;

(b) in the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date and

(c) In the case of cash flow statement of the cash flows for the year ended on thatdate

(d) Changes in equity for the year ended on that date.

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 the "Annexure A" a statement on the matters specified in the paragraph 3 and4 of the Order.

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 best ofour knowledge and belief were necessary for the purposes of our audit.

b. In our opinion proper books of accounts as required by law have been kept by theCompany 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 flowdealt with by this Report are in agreement with books of account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with relevant rule issuedthereunder;

e. On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof Section 164(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) Rules2014 in our opinionand to the best of our information and according to the explanation given to us:

i. The company does not have any pending litigation which would impact its financialposition.

ii. The company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For Lily & Geetha Associates
Chartered Accountants
Firm's Registration number: 006982S
Mathy Sam
Partner
Membership number: 206624
Place:Chennai
Date: 30.05.2018

Annexure - A to the Auditor's Report

The Annexure referred to in our Independent Auditor's Report to the members of companyon the financial statement for the year ended on 31st March 2018 we reportthat:

I. The company does not have any fixed assets hence clause (a) (b) & (c) are notapplicable.

II. The Company does not hold any physical inventories. Thus paragraph 3(ii) of theOrder is not applicable.

III. As informed to us the company has not granted any loans secured or unsecured tothe companies firms Limited Liability Partnership or other parties covered in theregister maintained under section 189 of the Companies Act. Hence clause (a) (b) & (c)are not applicable.

IV. The Company has given loans made investments and not given any guarantee orsecurity. In respect of such loans and investments the provisions of section 185 & 186of the Companies act 2013 have been complied with.

V. The company has not accepted any deposits.

VI. Maintenance of cost records has not been specified by the Central Government undersub-section (1) of section 148 of the Companies Actfor the company.

VII. A) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the company is regular in depositingundisputed statutory dues including provident fund employees' state insurance income-tax sales-tax wealth tax service tax duty of customs duty of excise value added taxcess and any other statutory dues with the appropriate authorities wherever applicable.

B) According to the information and explanations given to us no undisputed amountspayable in respect of the above were in arrears as at 31st March 2018 for a period of morethan six months from the date they became payable.

VIII. The company has not defaulted in repayment of dues to financial institutions orbanks and Government during the year. There have been no outstanding dues to debentureholders.

IX. During the year company has not raised any money through Initial Public Offer orfurther Public Offer. The Company has not availed any term loan.

X. Based upon the audit procedures performed for the purpose of reporting true and fairview of the financial statements and as per the information and explanations given by themanagement we report that no fraud on the Company by its officers or employees has beennoticed or reported during the year.

XI. Managerial Remuneration has not been paid/provided.

XII. Company is not a Nidhi Company.

XIII. There are no transactions with the related parties during the year.

XIV. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

XV. The company has not entered into any non-cash transactions with directors orpersons connected with him.

XVI. The company is required to be registered under section 45-I of the Reserve Bank ofIndia Act 1934 and the registration has not been obtained.

For Lily & Geetha Associates
Chartered Accountants
Firm's Registration number: 006982S
Mathy Sam
Partner
Place:Chennai Membership number: 206624
Date:30.05.2018

Annexure B to the Auditors' Report

Report on the Internal Financial Controls under clause (i) of sub-section 3of Section143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting M/s. BetalaGlobal Securities Limited (‘the Company') as of 31 March 2018 in conjunction with ouraudit of the financial statements of the company for the year ended as 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 (‘ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 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 were 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 auditors' 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 reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations of theManagement 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 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 31 March 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 Lily & Geetha Associates
Chartered Accountants
Firm's Registration number: 006982S
Mathy Sam
Partner
Place: Chennai Membership number: 206624
Date: 30.05.2018