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First Custodian Fund(I) Ltd.

BSE: 511122 Sector: Financials
NSE: N.A. ISIN Code: INE609B01018
BSE 00:00 | 09 Jan First Custodian Fund(I) Ltd
NSE 05:30 | 01 Jan First Custodian Fund(I) Ltd
OPEN 32.55
PREVIOUS CLOSE 32.55
VOLUME 10
52-Week high 36.00
52-Week low 29.45
P/E 13.85
Mkt Cap.(Rs cr) 5
Buy Price 29.45
Buy Qty 1.00
Sell Price 32.55
Sell Qty 387.00
OPEN 32.55
CLOSE 32.55
VOLUME 10
52-Week high 36.00
52-Week low 29.45
P/E 13.85
Mkt Cap.(Rs cr) 5
Buy Price 29.45
Buy Qty 1.00
Sell Price 32.55
Sell Qty 387.00

First Custodian Fund(I) Ltd. (FIRSTCUSTODIAN) - Auditors Report

Company auditors report

For the year ended March 31 2019

To the Members

THE FIRST CUSTODIAN FUND (I) LTD

Report on the Financial Statements

1) We have audited the accompanying financial statements of The First Custodian Fund(I) Ltd. which comprise the balance sheet as at 31 March 2019 the statement ofprofit and loss and the cash flow statement for the year then ended and significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2) 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 the 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 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 effectively 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.

Auditor's Responsibility

3) Our responsibility is to express an opinion on these financial statements based onour audit.

4) 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.

5) 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.

6) An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risk of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are 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.

7) We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

8) 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 affairs of the Company as at 31stMarch 2019 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9) As required by the Companies (Auditor's Report) Order 2016 (“the Order”)as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the “Annexure B” a statement on thematters specified in paragraphs 3 and 4 of the Order.

10) 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 theCompany so 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 account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of 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 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 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 operative effectiveness of such controls refer to ourseparate report in Annexure ‘A'

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 explanations given to us:

i) The company does have any pending litigations which would impact. Its financialposition.

ii) The Company did not have any long term contract including derivative contracts forwhich there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

VIVEK KHANDOR & ASSOCIATES
Chartered Accountants
Vivek Khandor
Mumbai Proprietor
Dated : 30/05/2019 Firm Reg. No. 133055W
M. No. 139388

“Annexure A” to the Independent Auditor's Report

Refer to in paragraph 10 of the Independent Auditors Report of even date to the membersof The First Custodian Fund (I) Ltd. on the financial statements for the year ended31.3.2019.

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 The FirstCustodian Fund (I) Ltd. as of March 31 2019 in conjunction with our audit of thefinancial 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 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 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 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 2019 based on“the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India”.

VIVEK KHANDOR & ASSOCIATES
Chartered Accountants
Vivek Khandor
Mumbai Proprietor
Dated : 30/05/2019 Firm Reg. No. 133055W
M. No. 139388

“Annexure B” to the Independent Auditors' Report

Referred to in paragraph 9 under the heading ‘Report on Other Legal &Regulatory Requirement' of our report of even date to the financial statements of theCompany for the year ended March 31 2019:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us the Company has a programme of physical verification of fixedassets which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. In accordance with such programme the management has physicallyverified fixed assets of significant value during the year and no material discrepancieswere noticed on such verification.

(c) The company does not have any immoveable property.

(ii) The Company is an investor in shares and also trades in futures & options.Hence the clauses to inventories is not applicable. However the share as per books &as per demat statements are regularly verified by the management and any majordiscrepancies are properly dealt with.

(iii) As per the information furnished the Company has not granted any loans Securedor unsecured to companies firm or other parties covered in the register maintained underSection 189 of the Companies Act. Therefore the provisions of the clause 3 (iii) (a) (iii)(b) & (iii) (c) of the said order are not applicable to the company.

(iv) In our opinion and according to the information and explanation given to us theCompany has complied with the Section 73 to 76 or any other relevant provisions of thecompanies Act 1956 and the rules framed there under and the directives issued by theReserve Bank of India wherever applicable with regard to the deposit accepted from thepublic. No Adverse order is passed by CLB NCL RBI or any court.

(v) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 186 of the Companies Act in respectof the loans and investments made and guarantees and security provided by it. The Companyhas not granted any loans or made any investments or provided any guarantees or securityto the parties covered under Section 185 of the Companies Act.

(vi) As informed the company is not required to maintain any cost records prescribedby the Central Government under (d) of sub-section (I) of section 148 of the Act.

(vii)(a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Income tax wealth Tax Service Tax Provident fund andother material statutory Dues applicable to it. As informed statutory dues in the natureof Employees State insurance investor Education & Protection fund Sales tax Customduty Excise duty and cess are not applicable to the company. According to the informationand explanation given no undisputed amount payable in respect of Income-Tax. Wealth taxservice tax Custom Duty Excise Duty and Cess were as at 31/3/2019 for a period of morethan six months from the date they become payable.

(b) According to the information and explanation given there are no dues of Income-Tax/ Sales Tax / Service Tax / Custom Duty / Excise Duty / Cess which have been deposited onaccount of any dispute.

(viii) As per the information and explanation given to us the Company has notdefaulted in the repayment of dues to the Bank financial institutions etc. during theyear.

(ix) In our opinion and according to information and explanation given the company hasnot given guarantees for loans taken from banks or financial institutions.

(x) According to the information and explanations given the company has not raised anyIPO / FPO & term loans. Accordingly the provisions of clause 3(ix) of the order arenot applicable to the Company.

(xi) Based upon the audit procedures performed and information and explanations givenwe report that no fraud on or by the Company has been noticed or reported by its employeesor officers during the course of our audit.

(xii) No managerial remuneration has been paid or provided.

(xiii) The company is not a Nidhi Company. hence the Nidhi Rules 2014 are notapplicable.

(xiv) Based upon the audit procedures performed and according to the information andexplanation given to us all transactions with related parties are in compliance withsection 177 and 188 of Companies Act where applicable and the details have been disclosedin the Financial statements etc. as required by the applicable accounting standards.

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

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

VIVEK KHANDOR & ASSOCIATES
Chartered Accountants
Vivek Khandor
Mumbai Proprietor
Dated : 30/05/2019 Firm Reg. No. 133055W
M. No. 139388