The Board of Directors
Futuristic Securities Ltd. Mumbai.
We have audited the accompanying statement of financial results of FuturisticSecurities Limited for the year ended 31st March 2019. The Statement has beenprepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirement) Regulations 2015 ("the SEBIRegulations") read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5th July 2016.
This Statement which is the responsibility of the Company's Management and approved bythe Board of Directors in their meeting has been prepared in accordance with the IndianAccounting Standards prescribed under Section 133 of the Companies Act 2013 read withrelevant rules issued thereunder (Ind AS) and other accounting principles generallyaccepted in India. Our responsibility is to express an opinion on the Statement based onour audit of such financial statements.
We conducted our audit in accordance with the Standard on Auditing issued by theInstitute of Chartered Accountants of India. Those standards requires that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the statement is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosure in the statement. The procedure selected depend on the auditor's judgementincluding the assessment of the risks of mterial mistatement of the statement whetherdue to fraud or error. In making those risk assessments the auditor considers internalcontrol relevant to the Company's preparation and fair presentation of the Statement inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on the effectiveness of the Company's internalcontrol. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Management as well asevaluating th overall presentation of the Statement.
We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the Statement:
i. is presented in accordance with the requirements of Regulation 33 of the Securitiesand Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations2015 ("the SEBI Regulations") read with SEBI Circular No. CIR/CFD/FAC/62/2016dated 5th July 2016; and
ii. gives a true and fair view in conformity with the aforesaid Indian AccountingStandards and other accounting principles generally accepted in India of the Net loss andTotal Comprehensive income and other financial information of the Company for the yearended 31" March 2019
The statement includes the results for the Quarter ended 31st March 2019 being thebalancing figure between audited figures in respect of the full financial year and theaudited year to date figures up to the third quarter of the current financial year.
For R. Jaitlia & Co.
Firm Registration no. 117246W
(CA Mukesh Maheshwari)
Membership No. 049818
Mumbai May 30 2019
Annexure- A referred to in paragraph titled as "Report on other Legal andRegulatory Requirements" of Auditor's report to the members M/s FUTURISTIC SECURITIESLIMITED for the year ended 31st March 2019.
On the basis of the records produced to us for our verification / perusal. Such checksas we considered appropriate and in terms of information and explanation given to us onour enquirieswe state that:
(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The fixed assets of the Company are physically verified by the Management accordingto a phased programme designed to cover all the items over a period of threeyears whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the Management during the year and discrepancies noticedbetween the bookrecords and the physical inventories were not material and have been properly dealt within the accounts.
(c) According to information and explanations gives to us and on the basis of ourexamination of the records of the Company the company has the title deeds of immovableproperties.
(ii) The Company does not have any inventories. Accordingly clause 3 (ii) of the Orderis not applicable to the Company.
(iii) (a) The Company has granted loans unsecured and consider good to companiesfirms limited liability partnerships or other parties covered in the register to bemaintained under Section 189 of the Companies Act 2013.
(b) The Company has maintained the register as required under section 189 of theCompanies Act 2013.
(iv) The Company has not granted any loans has not made investments has not providedany guarantees and security to directors or to any other parties. Accordingly clause 3(iv) of the Order is not applicable to the Company.
(v) The Company has not accepted any deposits from the public. Accordingly clause 3(v) of the Order is not applicable to the Company.
(vi) The Central Government has not prescribed maintenance of cost records for thecompany under sub section (1) of section 148 of the Companies Act 2013. Accordinglyclause 3 (vi) of the Order is not applicable to the Company.
(vii) (a) According to the records of the Company the Company is generally regular indepositing undisputed statutory dues including Provident Fund Employees State insuranceIncome Tax GST and other statutory dues applicable to with the appropriate authorities.
(b) According to the records of the company there are no dues of income Tax GST andCess which have been deposited with appropriate authorities except Income Tax demand forthe Financial Year 2001-02 and 2003-04 of Rs. 6.16 Lac and matter is pending with theCommissioner of Income Tax (Appeals).
(viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not taken any loan or borrowing from banksgovernment financial institution and has not issued debentures during the year.Accordingly clause 3 (viii) of the Order is not applicable to the Company.
(ix) The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and through term loans during the years.Accordingly clause (ix) of the Order is not applicable to the Company.
(x) Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud by the Company or no fraud in the Company by itsofficers or employees have been involved or reported during the year.
(xi) The company has not paid or provided for managerial remuneration during the year.Accordingly clause 3 (xi) of the Order is not applicable to the Company.
(xii) In our opinion and according to information and explanations given to us thenature of activities of the Company does not attract any special statute applicable to theNidhiCompany. Accordingly clause 3 (xii) of the Order is not applicable to the Company.
(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 Sec 177 and 188 of Companies Act 2013 where applicable and details ofsuch transactions have been disclosed in the financial statements as required by theapplicable accounting standards.
(xiv) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company the company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Accordingly clause 3 (xiv) of the Order is not applicable tothe Company.
(xv) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company the company has entered into anynon-cash transactions with directors or persons connected with him. Accordingly clause 3(xv) of the Order is not applicable to the Company.
For and on behalf of
R. Jaitlia & Co.
Firm's Registration No. 117246W
CA Mukesh Maheshwari
Membership No. 049818
Place : Mumbai
Date : 30th May 2019
Annexure "B" referred to in paragraph titled as "Report on theInternal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act")"
We have audited the internal financial controls over financial reporting of FUTURISTICSECURITIES LIMITED ("the Company") as of March 31 2019 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 (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 company's policies the safeguarding ofits 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.
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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement 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 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 authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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.
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 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 R. Jaitlia and Co.
Firm Registration No. : 117246W
CA Mukesh Maheshwari
Membership No. : 049818