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IKAB Securities & Investment Ltd.

BSE: 514238 Sector: Financials
NSE: N.A. ISIN Code: INE874A01010
BSE 00:00 | 27 Aug IKAB Securities & Investment Ltd
NSE 05:30 | 01 Jan IKAB Securities & Investment Ltd
OPEN 20.00
PREVIOUS CLOSE 20.00
VOLUME 1
52-Week high 22.00
52-Week low 19.00
P/E
Mkt Cap.(Rs cr) 7
Buy Price 21.05
Buy Qty 112.00
Sell Price 20.90
Sell Qty 1.00
OPEN 20.00
CLOSE 20.00
VOLUME 1
52-Week high 22.00
52-Week low 19.00
P/E
Mkt Cap.(Rs cr) 7
Buy Price 21.05
Buy Qty 112.00
Sell Price 20.90
Sell Qty 1.00

IKAB Securities & Investment Ltd. (IKABSECURITIES) - Auditors Report

Company auditors report

To the Member of IKAB SECURITIES & INVESTMENT LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the standalone financial statements of IKAB SECURITIES &INVESTMENT LIMITED which comprise the balance sheet as at 31st March 2019 and thestatement of Profit and Loss and statement of cash flows for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information.

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 state of affairs of the Companyas at March 31 2019 and profit/loss and its cash flows for the year 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 the 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 considering the ethical requirements that are relevant to our audit of the financialstatements under the provisions of the Companies Act 2013 and the Rules thereunder. andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics .We believe that the audit evidence we have obtained is sufficientand 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.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the Generally AcceptedAccounting Principles (GAAP) in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. isresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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.

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.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

AUDITORS' RESPONSIBILITY

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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion the risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

2. 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.

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

4. Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Company's abilityto continue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

5. Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves 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 with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters.

We describe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Other Matter

The Company does not have any branches and there is no other matter to report.

OPINION

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:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2019;

b) In the case of the Statement of Profit and Loss of the Loss of the Company for theyear ended on that date; and

c) In the case of the cash flow statement of the cash flows for the year ended on thatdate.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. 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 Companies Act 2013 we give in the Annexure A statement on the mattersspecified in the paragraph 3 and 4 of the Order

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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014

e) On the basis of the written representations received from the directors as on 31stMarch 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

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 has no pending litigations on its financial position.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts to the financial statements; and

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

For M/s. Aalok Mehta & Co.

Chartered Accountants

sd/-

CA. Aalok Mehta

[Proprietor]

Membership No. 114930

Firm Reg. No. 126756W

Place: Mumbai

Date: 20th May 2019

ANNEXURE REFERRED TO IN PARAGRAPH ‘A' OF AUDITOR'S REPORT OF EVEN DATE TO THEMEMBERS OF ‘IKAB SECURITIES & INVESTMENT LIMITED ON THE ACCOUNTS FOR THE YEARENDED 31ST MARCH 2019.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

1. In respect of its Fixed Assets

(a) The company is maintaining proper records to show full particulars includingquantitative details and situation of fixed assets.

(b) According to information and Explanation given to us the fixed assets of theCompany are physically verified by the management according to a phased program designedto cover all items over a period of time which in our opinion is reasonable havingregards to the size of the Company and the nature of its assets. Pursuant to the programfixed assets have been physically verified by the Management during the year and nomaterial discrepancies between the book records and the physical inventories have beennoticed.

2. In respect of its Inventories

(a) As informed to us the inventories held in Dematerialized form have been verifiedby the management with supportive evidence during the year. In our Opinion the frequencyof verification is reasonable. On the basis of our examination the records of inventorywe are of the opinion that company is maintaining proper records of inventory. We areinformed that no discrepancies were noticed on physical verification.

3 In respect of its Loans given:

The company has not granted any loans secured or unsecured to/from companies firmslimited liability Partnership or other parties covered in the register maintained undersection 189 of the Companies Act 2013. As the Company has not granted any loans securedor unsecured to parties listed in the Registers maintained under Section 189 of theCompanies Act 2013 consequently clause 3(iii) (a) & (b) (C) of the order are notapplicable.

4. The Company has not granted any loans or provided any guarantees or security to theparties covered under section 185 of the Act. The company has complied with the provisionof section 186 of the Act in respect of investment made or loans guarantee or securityprovided to the parties covered under section 186.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any public deposits and hence directives issued by the ReserveBank of India and the provisions of Sections 73 to 76 or any other relevant provisions ofthe Companies Act 2013 and the rules framed there under are not applicable. As per theinformation and explanations given to us no order has been passed by Company Law Board orNational Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunalin this respect.

6. The Central Government has not prescribed maintenance of cost records under section148(1) of the Act for any of the services rendered by the company.

7. (a) According to the information and explanation given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues including Provident Fund Employees State Insurance Income TaxVAT Excise Duty Duty of custom Service Tax Cess and any other statutory dues asapplicable with the appropriate authorities.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no disputed dues payable by company as on 31stMarch 2019 of Income Tax Service Tax Sales Tax Customs Duty and Excise Duty.

8. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues to anyfinancial institution or bank or debenture holders as at the Balance Sheet Date.

9. The Company has not raised any money by way of initial public offer further publicoffer (including debt instruments) and term loan during the year. Accordingly theprovision of clause 3(ix) of the order are not applicable to the Company.

10. During the course of our examination of the books of accounts carried out inaccordance with the generally accepted auditing standards in India and according to theinformation and explanations given to us we have not come across any instants of fraudeither noticed or reported during the year on or by the Company.

11. According to the information and explanations give to us and based on ourexamination of the records i.e the board resolution and approval of shareholder in generalmeeting we state that the Company has paid/ provided for managerial remuneration as perthe provision of section 197 read with schedule V to the Act.

12. In our opinion and according to the information and explanations given to us thecompany is not a nidhi Company. Accordingly paragraph 3[xii] of the order is notapplicable.

13. According to the information and explanations given to us and based on ourexaminations of the records of the Company transaction with the related parties are incompliance with section 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the financial statements as requiredunder accounting standard [AS] 18 Related party disclosers specified under section 133 ofthe Act Read with rule 7 of the companies (Accounts) Rules2014.

14. According to the information and explanations give to us and based on ourexaminations of the records the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.

15. According to the information and explanations give to us and based on ourexaminations of the records the Company has not entered into non-cash transaction withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the order is notapplicable.

16. The Company is already registered under section 45-IA of the reserve Bank of IndiaAct 1934.

For M/s. Aalok Mehta & Co.

Chartered Accountants

sd/-

CA. Aalok Mehta

[Proprietor]

Membership No. 114930

Firm Reg. No. 126756W

Place: Mumbai

Date: 20th May 2019

ANNEXURE - B TO THE INDEPENDENT AUDITOR'S REPORT

REFERRED TO IN PARAGRAPH 10(F) OF THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE TO THEMEMBERS OF IKAB SECURITIES & INVESTMENT LIMITED ON THE FINANCIAL STATEMENTS FOR THEYEAR ENDED MARCH 31 2019 Report on the financial control under Clause (i) of Sub-section3 of Section 143 of the Act:

1. We have audited the internal financial controls over financial reporting of IKABSECURITIES & INVESTMENT LIMITED ("the Company") as of March 31 2019 inconjunction with our audit of the financial statements of the Company for the year endedon that dates.

Managements Responsibility for Internal Financial Controls

2. 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). These responsibilitiesincludes the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct ofits business including adherence to company's policies the safeguarding of its assetsthe prevention and detection of fraud and errors. The adequacy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

3. Our responsibility is to express 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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. These standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedure to obtain audit evidence about the adequacyof the 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 judgment including the assessment of the risk of materialmisstatement on the financial statements whether due to fraud or error.

5. 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

6. 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 purpose in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

1) Pertain to the maintenance of records that in reasonable details accurately andfairly reflect the transaction 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 authorizations of management and directors of the company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized 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

7. Because of the inherent limitations of internal financial control over financialreporting including the possibility of conclusion or improper management overrides ofcontrols material misstatements due to fraud or error 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 policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2019 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control sated in the guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For M/s. Aalok Mehta & Co.

Chartered Accountants

sd/-

CA. Aalok Mehta

[Proprietor]

Membership No. 114930

Firm Reg. No. 126756W

Place: Mumbai

Date: 20th May 2019

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