You are here » Home » Companies ยป Company Overview » Futuristic Securities Ltd

Futuristic Securities Ltd.

BSE: 523113 Sector: Financials
NSE: N.A. ISIN Code: INE425D01015
BSE 00:00 | 03 Feb 9.28 0.44
(4.98%)
OPEN

8.40

HIGH

9.28

LOW

8.40

NSE 05:30 | 01 Jan Futuristic Securities Ltd
OPEN 8.40
PREVIOUS CLOSE 8.84
VOLUME 5
52-Week high 13.72
52-Week low 7.23
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.40
CLOSE 8.84
VOLUME 5
52-Week high 13.72
52-Week low 7.23
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Futuristic Securities Ltd. (FUTURISTICSEC) - Auditors Report

Company auditors report

To the Members of

FUTURISTIC SECURITIES LIMITED

Report on the audit of the financial statements Opinion

We have audited the accompanying financial statements of M/s. Futuristic SecuritiesLimited (“the Company”) which comprise the Balance sheet as at March 31 2022and the Statement of Profit and Loss and statement of cash flows for the year then endedthe Statement of Changes in Equity for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation.

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 (‘Act’) in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 and its Loss and cash flows for theyear ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing (SAs) specifiedunder Section 143 (10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in Auditor’s Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the code of ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the code of ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

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.

Information other than the financial statements and auditors’ report thereon

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board’sReport including Annexures to Board’s Report but does not include the financialstatements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we donot 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 standalone financial statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard

Responsibilities of Management and those charged with Governance for the FinancialStatements

The Company’s Board of Directors are responsible for the matters stated in Section134 (5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position and financial performance and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing 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 financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud 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. As part of an audit in accordance with SAs weexercise professional judgment and maintain 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 to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern. Evaluate the overall presentationstructure and content of the financial statements including the disclosures and whetherthe financial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

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

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor’s report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 (“theOrder”) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the “Annexure A” a statementon the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 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 thedirectors as on 31st March 2022 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2022 from beingappointed as a director in terms of 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”. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

(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. TheCompany does not have any pending litigations which would impact its financial statements;ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. iii. There were no amounts which wererequired to be transferred to the Investor Education and Protection Fund by the Company.

For MAKK & Co.
Chartered Accountants
FRN: 117246W
CA Mukesh Maheshwari
Partner
Membership No: 049818
30th May 2022 Mumbai.
UDIN:22049818AJWVAN6997

Annexure A referred to in paragraph titled as “Report on other Legal andRegulatory Requirements” of Auditor’s report to the members M/s FUTURISTICSECURITIES LIMITED for the year ended 31st March 2022.

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 enquiries we state that: (i) In respect of its Property Plant and Equipment:

(a) The company is maintaining proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment. There is noIntangible fixed asset.

(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 three years 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 noticed between 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 title deeds of immovable properties are onthe name of the company. (d) The company has not revalued its Property Plant andEquipment.

(ii) In respect of its inventories:

(a) The Company does not have any inventories. Accordingly clause 3 (ii) (a) of theOrder is not applicable to the Company.

(b) As per information and explanation provided by the Company to us the Company doesnot have any sanctioned working capital limits in excess of five crore rupees inaggregate from banks or financial institutions on the basis of security of currentassets. Accordingly paragraph 3 (ii) (b) of the Order is not applicable to the Company.

(iii) Loans given by Company:

As per information and explanation provided by the Company to us during the year theCompany has not made investments in provided any guarantee or security or granted anyloans or advances in the nature of loans secured or unsecured to companies firmsLimited Liability Partnerships or any other parties. As per information and explanationprovided by the Company to us As on 31st March 2022 the Company is havingOutstanding Loan amount to Rs. 8850000 (Principal amount) from Other Entity.

As per information and explanation provided by the Company to us the investments madeand the terms and conditions of the grant of all loans and advances in the nature of loansand guarantees provided are not prejudicial to the company’s interest.

As per information and explanation provided by the Company to us in respect of loansand advances in the nature of loans the schedule of repayment of principal and payment ofinterest has been stipulated and the repayments or receipts are regular.

As per information and explanation provided by the Company to us there is no overdueamount remaining outstanding as at the year-end.

As per information and explanation provided by the Company to us No loan or advance inthe nature of loan granted which has fallen due during the year has been renewed orextended or fresh loans granted to settle the overdues of existing loans given to the sameparties.

As per information and explanation provided by the Company to us the company hasgranted any loans or advances in the nature of loans either repayable on demand or withoutspecifying any terms or period of repayment.

Aggregate amount of loans/ advances in nature of loans All Parties Promoters Related Parties
- Repayable on demand (A) 8850.00 0 0
- Agreement does not specify any terms or period of repayment (B) 0 0 0
Total (A+B) 8850.00 0 0
Percentage of loans/ advances in nature of loans to the total loans 100% 0 0

(iv) Loan to Directors and investment by the Company:

According to the Information and explanation given to us the Company has complied withthe provisions of section 185 and 186 of the Companies Act 2013 in respect of grant ofloans Investments made guarantees given and security as applicable.

(v) Deposits:

The Company has not accepted any deposits from the public. Accordingly clause 3 (v) ofthe Order is not applicable to the Company.

(vi) Cost Records:

The maintenance of cost records as specified under subsection (1) of the section 148 ofthe Act are not applicable to the Company. Accordingly clause 3 (vi) of the Order is notapplicable to the Company. (vii) Statutory Dues:

(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 not been deposited with appropriate authorities except Income Tax demandfor the Financial Year 2001-02 and 2003-04 of Rs. 6.16 Lacs and matter is pending with theCommissioner of Income Tax (Appeals). (viii) Previously unrecorded income:

As per information and explanation provided by the Company to us there are notransactions which are not recorded in the books of account have been surrendered ordisclosed as income during the Audit period in the tax assessments under the Income TaxAct 1961 (43 of 1961). Hence relevant provision of the Order is not applicable.

(ix) Repayment of Loans:

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 (ix) of the Order is not applicable to the Company. (x) Utilisationof IPO & further public offer:

The company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and through term loans during the years. Accordinglyclause (x) of the Order is not applicable to the Company.

(xi) Reporting of Fraud:

During the course of our examination of the books and records of the company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations given to us we have neither come across any instancefraud by the Company or any fraud on the Company by its offices or employees nor noticedor reported during the audit period.

(xii) Nidhi Company:

In our opinion and according to information and explanations given to us the nature ofactivities of the Company does not attract any special statute applicable to the NidhiCompany. Accordingly clause 3 (xii) of the Order is not applicable to the Company.

(xiii) 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 Sec 177 and 188 of Companies Act 2013 where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) Internal Audit system:

The Company does not have turnover of two hundred crore rupees or more during thepreceding financial year; or outstanding loans or borrowings from banks or publicfinancial institutions exceeding one hundred crore rupees or more at any point of timeduring the preceding financial year.

Hence Section 138 is not applicable and so relevant clause is not applicable. (xv) Noncash Transactions:

In our opinion and according to the information and explanations given to us and basedon 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. (xvi) Register under RBI Act 1934:

The Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934. (xvii) Cash losses: The Company has incurred cash losses in the AuditPeriod Rs. 234553 and in the immediately preceding financial year (FY 2020-21) Rs.479645.

(xviii) Resignation of statutory auditors:

During the year the no statutory auditors’ has been resigned hence relevantclause is not applicable. (xix) Material uncertainty on meeting liabilities:

According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatcompany is not capable of meeting its liabilities existing at the date of balance sheet asand when they fall due within a period of one year from the balance sheet date.

We however state that this is not an assurance as to the future viability of thecompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the company as and when they fall due.

(xx) Transfer to fund specified under Schedule VII of Companies Act 2013:

There were no amounts which were required to be transferred to fund specified underSchedule VII of Companies Act 2013.

The company does not have net worth of rupees five hundred crore or more or turnoverof rupees one thousand crore or more or a net profit of rupees five crore or more duringthe immediately preceding financial year. Hence Section 135 is not applicable and sorelevant clause is not applicable.

(xxi) Qualifications or adverse auditor remarks in other group companies:

Clause (xxi) of the Order is not applicable to the Company since report is ofStandalone Financial Statement.

For MAKK & Co.
Chartered Accountants
FRN: 117246W
CA Mukesh Maheshwari
Partner
Membership No: 049818
30th May 2022 Mumbai.
UDIN:22049818AJWVAN6997

Annexure “B” referred to in paragraph titled as “Report on the InternalFinancial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act2013 (“the Act”)”

We have audited the internal financial controls over financial reporting of FUTURISTICSECURITIES LIMITED (“the Company”) as of March 31 2022 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 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 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 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 reflect 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 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 2022 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 MAKK & Co.
Chartered Accountants
Firm Registration No.: 117246W
CA Mukesh Maheshwari
Partner
Membership No. : 049818
UDIN:22049818AJWVAN6997
30th May 2022 Mumbai.

.