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East India Securities Ltd.

BSE: 541053 Sector: Financials
NSE: N.A. ISIN Code: INE482Z01019
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NSE 05:30 | 01 Jan East India Securities Ltd
OPEN 940.00
PREVIOUS CLOSE 940.00
VOLUME 160
52-Week high 967.00
52-Week low 921.90
P/E 8.03
Mkt Cap.(Rs cr) 345
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 940.00
CLOSE 940.00
VOLUME 160
52-Week high 967.00
52-Week low 921.90
P/E 8.03
Mkt Cap.(Rs cr) 345
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

East India Securities Ltd. (EASTINDIASEC) - Auditors Report

Company auditors report

To

The Members of

East India Securities Limited

Report on the Financial Statement

We have audited the accompanying financial statements of EAST INDIA SECURITIESLIMITED ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss the Cash Flow Statement and a summary ofsignificant accounting policies and other explanatory information for the year then ended.

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 201fi("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 the accountingprinciples generally accepted in India including the Accounting Prescribed under Section13fiof 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 the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating efiectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements 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 there under.

We conducted our audit of the Financial Statements in accordance with the Standards onAuditing specified under section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by Company’s Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is suficient 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 aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of afiairs of the Company as at 31stMarch 2018 and its profit and Loss and Cash fiows 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 14fiof the Act we give in the "Annexure A" a statement on thematters specified in paragraphs fiand 4 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 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 the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards prescribed under Section 13fiof the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

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 terms ofSection 164(2) of the Act.

f) With Respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating efiectiveness of such controls refer to ourseparate Report in "Annexure B".

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) Rule2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. No amount is required to be transferred to the Investor Education and ProtectionFund by the Company as on 31st March 2018.

For JAIN SONU & ASSOCIATES
Chartered Accountants
Registration No. 324386E
SONU JAIN
Place: Kolkata Partner
Dated: May 18 2018 (Membership No.060015)

Annexure A to the Independent Auditor’s Report

The Annexure referred to in our report to the members of EAST INDIA SECURITIES LIMITED(‘the Company’) for the year ended 31st March 2018. We report that:

1 a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

b) The Fixed Assets have been physically verified by the management at reasonableintervals and no material discrepancies between the books records and the physical fixedassets have been noticed. In our opinion and according to the information and explanationsgiven to us no substantial part of fixed asset has been disposed ofiduring the year andtherefore does not afiect the going concern assumption.

2. a) As explained to us the Stock-in-Trade (Securities) is kept in demat form hencethe stock in trade are only reconciled/ verified with the demat account statements by themanagement at reasonable intervals.

b) In our opinion and according to the information and explanations given to us theprocedure for verification of demat stock followed by the management is reasonable andadequate in relation to the size of the Company and the nature of its business.

c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its stocks. No discrepancies have been noticed onverification of demat stocks statement as compared to book records.

3. The Company has complied with the section 189 of the Act in regards to the grant ofany loans secured or unsecured to any companies firms Limited Liability Partnershipsor other parties covered in the register maintained under section 189 of the Act.

4. In respect of loans investments guarantees and security the provisions of section185 and 186 of the Companies Act 201fihave been complied with.

5. The Company has not accepted any deposit within the meaning of section 7fito 76 orany other relevent provisions of the Act and the rules framed there under. The directivesissued by Reserve Bank of India are not applicable to the Company.

6. The Company is not required to maintain cost records pursuant to the Rules made bythe Central Government for maintenance of cost records under sub-section (1) of section148 of the Act.

7. According to the information and explanations given to us in respect of statutorydues:

a) The company has generally been regular in depositing undisputed statutory duesincluding provident fund Employee’s State Insurance Income Tax Service Tax GSTand other material statutory dues applicable to it to the appropriate authorities.

b) There was no undisputed amounts payable in respect of provident fundEmployee’s State Insurance Income Tax Service Tax GST and other material statutorydues in arrears as on 31st March 2018 for a period of more than six months from the datethey became payable.

c) Details of statutory dues which have not been deposited on account of disputes aregiven below:

Nature of Demand Disputed Amount Current Status
Income Tax Demand for AY 2014-15. Date of Order- 26.08.2018 Rs. 74564360 The Company has filed appeal against the assessment order. The company has already partly paid demand of ` 11184654/-

8. 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 borrowings to financial institutions banks or Government.

9. Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public ofier orfurther public ofier including debt instruments and term Loans. Accordingly theprovisions of clause fi(ix) of the Order are not applicable to the Company and hence notcommented upon.

10. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the company by itsoficers or employees has been noticed or reported during the course of our audit thatcauses the financial statements to be materially misstated.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act 2013.

12. In our opinion the Company is not a Nidhi Company therefore clause (xii) ofparagraph fiof the said order are not applicable to the Company.

13. 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 Act where applicable and the details of suchtransactions have been disclosed in the Financial Statements as required by the applicableaccounting standards.

14. 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.

15. 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 them. Accordingly clause (xv) ofParagraph fiof the said order is not applicable to the Company.

16. In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934.

For JAIN SONU & ASSOCIATES
Chartered Accountants
Registration No. 324386E
SONU JAIN
Place: Kolkata Partner
Dated: May 18 2018 (Membership No.060015)

Annexure B

to the Independent Auditor’s Report of Even Date on the Financial Statements ofEAST INDIA SECURITIES LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section fiof Section14fiof the Companies Act 201fi("the Act")

We have audited the the internal financial controls over financial reporting of EASTINDIA SECURITIES LIMITED ("the Company") as of 31st March 2018 inconjunction with our audit of the financial statements of the Company for the year endedon 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 efiectively forensuring the orderly and eficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor’s 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 Reportingand the Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedefiectively 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 operatingefiectiveness. 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 efiectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement 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 suficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly refiect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material efiect 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 efiectively as at 31st 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 ICAI.

For JAIN SONU & ASSOCIATES
Chartered Accountants
Registration No. 324386E
SONU JAIN
Place: Kolkata Partner
Dated: May 18 2018 (Membership No.060015)