You are here » Home » Companies » Company Overview » Ganges Securities Ltd

Ganges Securities Ltd.

BSE: 540647 Sector: Financials
NSE: GANGESSECU ISIN Code: INE335W01016
BSE 00:00 | 22 May 23.50 0
(0.00%)
OPEN

22.00

HIGH

23.50

LOW

22.00

NSE 00:00 | 22 May 23.25 0.25
(1.09%)
OPEN

23.05

HIGH

23.25

LOW

21.80

OPEN 22.00
PREVIOUS CLOSE 23.50
VOLUME 239
52-Week high 52.50
52-Week low 20.00
P/E 90.38
Mkt Cap.(Rs cr) 24
Buy Price 21.50
Buy Qty 1200.00
Sell Price 25.20
Sell Qty 20.00
OPEN 22.00
CLOSE 23.50
VOLUME 239
52-Week high 52.50
52-Week low 20.00
P/E 90.38
Mkt Cap.(Rs cr) 24
Buy Price 21.50
Buy Qty 1200.00
Sell Price 25.20
Sell Qty 20.00

Ganges Securities Ltd. (GANGESSECU) - Auditors Report

Company auditors report

To the Members of

Ganges Securities Limited

Report on the Financial Statements

We have audited the accompanying Standalone financial statements of GANGES SECURITIESLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2019 and the Statement of Profit and Loss the Cash Flow Statement and the significantaccounting policies and other explanatory information.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the financial position of theCompany as at 31st March 2019 and its profit and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit of standalone financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013. Weare independent of the company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India and we have fulfilled our other ethicalresponsibilities in accordance with the provisions of the Companies Act 2013. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current financialyear. These matters were addressed in the context of our audit of the financial statementsas a whole and in forming our opinion thereon and we do not provide a separate opinionon these matters. This section of auditor's report is intended to describe the matterscommunicated with those charged with governance that the auditor has determined in theauditor's professional judgement were of most significance in the audit of the financialstatements and the auditor has determined that there are no matters to report.

Information other than the Financial Statements and Auditor's Report Thereon

The company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report for example Board ofDirector's Report Report on Corporate Governance Management Discussion & Analysisand Shareholder information etc. but does not include the financial statements and ourauditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of standalone financial statements our responsibility isto read the 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 the Management and Those Charged with Governance for the StandaloneFinancial Statements

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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of Companies (Accounts) Rule2014.

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 judgements 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 standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the Standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone 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 controls relevant to the audit in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness 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 the ability ofthe company to continue as a going concern. If we conclude that a material uncertaintyexists we are required to draw attention in our auditor's report to the relateddisclosures in the Standalone financial statements or if such disclosures are inadequateto modify 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 the Companyto cease to continue as a going concern.

Evaluate the overall presentation structure and content of the Standalone financialstatements including the disclosures and whether the Standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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 with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefit s of such communication.

Report on other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit we report to theextent applicable that: a) We have sought and obtained all the information andexplanations which to the best of our knowledge and belief were necessary for the purposesof our audit. b) In our opinion proper books of accounts as required by law have beenkept by the Company 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 relevant books of accounts. d) In ouropinion the aforesaid financial statements comply with the Accounting Standardsprescribed 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 ason 31st March 2019 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 terms of Section164(2) of the Act. f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting. g) With respect to the other matters to be included inthe Auditor's Report in accordance with the requirements of Section 197(16) of the Act asamended: In our opinion and to the best of our information and according to theexplanation given to us no remuneration paid by the company to its directors during theyear. h) With respect to the other matters to be included in the Auditor's Report inaccordance with the Rule 11 of the Companies (Audit and Auditors) rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:i. The Company did not have any pending litigations which will impact on its financialposition. ii. The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses. iii. There were no amountswhich were required to be transferred to the Investor education and Protection Fund by theCompany.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

For Agrawal Subodh &Co.
Chartered Accountants
Firm's Registration No – 319260E
Chetan Kumar Nathani
Place: Kolkata Partner
Date: 13th May 2019 Membership No. – 310904

Annexure A

to the Independent Auditors' Report on the Financial Statements of Ganges SecuritiesLimited as on 31st March 2019

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section our report of even date addressed to the members of GangesSecurities Limited on the financial statements as on 31 March 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 GangesSecurities Limited ("the Company") as of 31 March 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.

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 auditors' judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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 31 March 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 Agrawal Subodh &Co.
Chartered Accountants
Firm's Registration No – 319260E
Chetan Kumar Nathani
Place: Kolkata Partner
Date: 13th May 2019 Membership No. – 310904

Annexure B

to the Independent Auditors' Report on the Financial Statements of Ganges SecuritiesLimited as on 31st March 2019

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section our report of even date addressed to the members of GangesSecurities Limited on the financial statements as on 31 March 2019)

I. In respect of Fixed Assets:

a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed asset.

b) Fixed Assets were physically verified by the management during the year inaccordance with planned programme of verifying all of them once in three years which inour opinion is reasonable having regards to the size to the company and the nature of itsassets. No material discrepancies were noticed on such verification.

c) According to the information and explanations given by the management the titledeeds of the properties included in Property Plant& Equipment are transferred to theCompany pursuant to the Scheme of arrangement and are yet to be registered in the name ofthe Company.

II. The Company does not have any inventory and hence paragraph 3(ii) of the Orderis not applicable.

III. The company has not granted any loans secured or unsecured to companiesfirms LLP or other parties covered in the registered maintained under section 189 of thecompanies Act 2013. Hence Paragraph 3 (iii) of the order is not applicable.

IV. In our opinion and according to the information and explanations given to usthe Company has complied with the provisions of Companies Act 2013 with respect to theinvestments made and company has not made any Loan.

V. The Company has not accepted any deposits within the meaning of Sections 73 to76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly Paragraph 3 (v) of the order is not applicable.

VI. The company is not required to maintain cost records under as per section 148(1) of Companies Act 2013.

VII. In respect of Statutory dues: - a) The company is regular in depositingundisputed statutory dues with the appropriate authorities including income tax servicetax duty of custom duty of excise value added tax cess or any other statutory dues. b)There are no statutory dues which are disputed; hence this clause is not applicable on theCompany

VIII. There are no loans and borrowing taken from financial institutions banksGovernment or from debenture holders. Hence Paragraph 3(viii) of the order is notapplicable on the Company.

IX. The company has not raised any money by the way of initial public off er orfurther public off er and term loans. Accordingly paragraph 3(ix) of the order is notapplicable

X. No fraud by /on the Company by its off cers or employees has been noticed orreported during the year nor have we been informed about any of such case by themanagement;

XI. Managerial Remuneration has not been paid or provided during the year.Accordingly paragraph 3(xi) of the clause is not applicable. XII. The company isnot a Nidhi Company. Hence paragraph 3(xii) of the order is not applicable to company.

XIII. All the transactions with the related parties are in compliance with thesections 177 and 188 of the Companies Act 2013 wherever applicable and the details havebeen disclosed in the financial statements as required by the applicable AccountingStandard.

XIV. The company has not made any preferential allotment or private placement ofshares or Fully or Partly convertible debentures during the year. Hence paragraph 3(xiv)of the order is not applicable on the company

XV. The Company has not entered into any non-cash transactions with the directorsor persons connected with him/her as referred to in section

192 of Companies Act 2013

XVI. The Company is not required to registered under section 45-IA of the ReserveBank of India Act 1934.

For Agrawal Subodh &Co.
Chartered Accountants
Firm's Registration No – 319260E
Chetan Kumar Nathani
Place: Kolkata Partner
Date: 13th May 2019 Membership No. – 310904