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GCM Securities Ltd.

BSE: 535431 Sector: Financials
NSE: N.A. ISIN Code: INE168O01026
BSE 00:00 | 04 Mar GCM Securities Ltd
NSE 05:30 | 01 Jan GCM Securities Ltd
OPEN 39.00
PREVIOUS CLOSE 39.00
VOLUME 267200
52-Week high 39.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 741
Buy Price 38.50
Buy Qty 1600.00
Sell Price 40.25
Sell Qty 1600.00
OPEN 39.00
CLOSE 39.00
VOLUME 267200
52-Week high 39.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 741
Buy Price 38.50
Buy Qty 1600.00
Sell Price 40.25
Sell Qty 1600.00

GCM Securities Ltd. (GCMSECURIT) - Auditors Report

Company auditors report

TO

THE MEMBERS

GCM SECURITIES LIMITED

Report on the Ind ASFinancial Statements

We have audited the accompanying Ind AS financial statements of GCM SECURITIES LIMITED(CIN L67120WB1995PLC071337)( the Company ) which comprise the Balance Sheet as at 31March 2018 the Statement of Profit and Loss (including Other Comprehensive Income) CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information (hereinafter referred to as Ind AS financial statements).

Management s Responsibility for the Ind AS Financial 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 of these IndAS financial statements that give a true and fair view of the financial positionfinancial performance (including other comprehensive income) cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under Section 133 ofthe Act read with relevant rules issued there under.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under and the Order issued undersection 143(11) of the Act.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor s judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company spreparation of the Ind AS financial statements thatgive a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and reasonableness of theaccounting estimates made by the Company s Directors as well as evaluating the overallpresentation of the Ind AS financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind As financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2018 and its Profit total comprehensive income the changes in equityand its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit report we report that:a) We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purpose of our audit; b) in our opinionproper books of account as required by law have been kept by the Company sofar as itappears from our examination of those books. c) The balance sheet the statement of profitand loss including other comprehensive income the cash flow statement and statement ofchanges in equity dealt with by this Report are in agreement with the books of account; d)In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with relevant rulesissued there under. e) On the basis of written representations received from the directorsas on 31 March 2018taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 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 ; and g) With respect to the other matters to beincluded in the Auditor s Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 as amended in our opinion and to the best of our information andaccording to the explanations given to us: i. The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses under the applicable law or accounting standards; ii. There has been no delay intransferring amounts required to be transferred to the InvestorEducation and ProtectionFund by the Company if any; and

2. As required by the Companies (Auditor s Report) Order 2016 ( the Order ) issued bythe Central Government of India in terms of Section 143(11) of the Act we give in theAnnexure- B a statement on the matters specified in paragraphs 3 and 4 of the Order.

For ADSR & Associates
Chartered Accountants
Firm Registration No 329843E
A.K. Das
Place: Mumbai Proprietor
Date: 26th May 2018 Membership No - 055737

ANNEXURE A TO INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(f) under the heading

Report on Other Legal and Regulatory Requirements of our report of even date)

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 GCMSecurities Limited ( the Company )as of 31 March2018 in conjunction with our audit of theInd AS 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 Reporting (theGuidance Note ) issued 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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 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 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 to the best of our information and according to explanation given tous the Company has maintained in all material respects adequate internal financialcontrols over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For ADSR & Associates
Chartered Accountants
Firm Registration No 329843E
A.K. Das
Place: Mumbai Proprietor
Date: 26th May 2018 Membership No - 055737

ANNEXURE B TO INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1under the heading Report on Other Legal and RegulatoryRequirements of our report of even date)

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

b) Fixed assets have been verified by the management in accordance with a phasedprogramme of verification which in our opinion is reasonable having regard to the sizeof the Company and the nature of its assets though all the assets were not verified bythe management during the year. No material discrepancies were noticed on suchverification.

c) According to information and explanations given to us and on the basis of ourexamination of the records of the companythe company does not hold title deeds ofimmovable property.

2. According to information and explanations given to us the inventory hasbeenphysically verified by the management at the reasonable interval during the year whichconsists of stores and spares which in our opinion is reasonable having regard to thesize of the Company and nature of its inventories. The discrepancies noticed on physicalverification of the inventory as compared to books records has been properly dealt with inthe books of account were not material.

3. According to information and explanations given to us The Company has not grantedany loans to any party covered in the register maintained under section 189 of theCompanies Act 2013 ( the Act ).

4. According to the information and explanations given to us the Company has notaccepted any deposits within the meaning of Sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed there under during the year.Accordingly the provisions of clause (v) of paragraph 3 of the Order are not applicableto the Company.

5. In our opinion and according to the information and explanations given to us therequirement for maintenance of cost records specified by the Central Government underSection 148(1) of the Companies Act are not applicable to the Company during the year.

6. (a) According to the information and explanation given to us the Company has beengenerallyregular in depositing the undisputed statutory dues including provident fundemployees state insurance income tax sales tax service taxGoods and Service Taxcustom duty excise duty value added tax cess and other material statutory dues asapplicable with the appropriate authorities and the extent of arrears outstandingstatutory dues as at the last day of financial year are Rs. 39675.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax customs duty excise duty value added tax and cess which have notbeen deposited on account of any dispute with the relevant authorities.

7. Based on audit procedures and according to the information and explanations given tous the Company has not defaulted in repayment of dues to financial Institutionsand banks.

8. According to the information and explanations given to us the Company has notraised moneys by way of initial public offer or further public offer (including debtinstruments)

9. According to the information and explanation given to us we have neither comeacross any instances of fraud by the Company or any fraud on the Company by its officersor employees have been noticed or reported during the year nor have we been informed ofany such cases by the management.

10. In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct 2013.

11. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions of clause 3(xii) of the Orderare not applicable to the Company.

12. In our opinion and according to the information and explanations given to us theCompany is in compliance with Sections 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the Ind AS financial statements etc. as required bythe applicable accounting standards.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.

14. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company is not required to be registeredunder Section 45-IA of the Reserve Bank of India Act 1934.

For ADSR & Associates
Chartered Accountants
Firm Registration No 329843E
A.K. Das
Place: Mumbai Proprietor
Date: 26th May 2018 Membership No - 055737