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Inani Securities Ltd.

BSE: 531672 Sector: Financials
NSE: N.A. ISIN Code: INE224C01014
BSE 00:00 | 03 Dec 18.30 -0.10
(-0.54%)
OPEN

18.40

HIGH

18.40

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18.30

NSE 05:30 | 01 Jan Inani Securities Ltd
OPEN 18.40
PREVIOUS CLOSE 18.40
VOLUME 102
52-Week high 24.90
52-Week low 13.55
P/E 17.60
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 18.40
CLOSE 18.40
VOLUME 102
52-Week high 24.90
52-Week low 13.55
P/E 17.60
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Inani Securities Ltd. (INANISECURITIES) - Auditors Report

Company auditors report

To

The Member of

Inani Securities Limited.

Opinion:

We have audited the accompanying financial statements of Inani Securities Limited("the Company") which comprise the Balance Sheet as on 31st March 2020 thestatement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of changes in Equity for the year ended and a summary ofsignificant accounting policies and other explanatory information.

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 Act2013 in the manner so required and given a true and fair view in conformitywith the Indian Accounting Standards prescribed under section 133 of the Act read with theCompanies (India Accounting Standards) Rules 2015 as amended ("IND- AS") andother accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2020 and profit and total comprehensive income changes in equityand its cash flows for the year ended on that date.

Basis for Opinion:

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Companies Act 2013. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the financial statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by Institute ofCharted Accountants of India together with the independence requirements that are relevantto our audit of the financial statements under the provision of the Companies Act 2013and the Rules there under and we have fulfilled our other ethical responsibilities inaccordance with their requirements and the Code of Ethics. We believe that audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion on thefinancial statements. •

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 matterwere addressed in the context of our audit of the financial statements as a whole andforming our opinion thereon and we do not provided a separate opinion on these matters.

Information other than the Financial Statements and Auditors Report There on:

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the managementdiscussion and analysis Board's Report-including annexure to Board's Report BusinessResponsibility report Corporate Governance and Share Holder's information but does notinclude the financial statements 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.

b) In our opinion proper books of account as required by law have kept by Company sofar as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including other ComprehensiveIncome Statement of changes in Equity and the Statement of Cash Flow dealt with thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements Comply with the Ind AS specifiedunder 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 as on March31st 2020 taken on record by the Board of Directors none of the directors isdisqualified as on March 31st 2020 from being appointed as director in terms ofSection 164(2) of 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 A ". Our report expresses an unmodified opinion onthe adequacy effectiveness of the Company's internal financial control over financialreporting.

g) With respect to the other matters to be included in the Auditors Report inaccordance with the requirements of Section 197(16) of the Act as amended: In ouropinion and to the best of our information and according to the explanations given to usthe remuneration paid by the Company to its directors during the year is in accordancewith the provisions of Section 197 of the Act.

1. 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 as amended in our opinion and to the bestof our information and according to the explanations given to us the Company has disclosedthe impact of pending litigations on its financial position in its standalone financialstatements.

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.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education .

and Protection Fund by the Company. *

iv. The disclosure requirements relating to holding as well as dealing in specifiedbank note were applicable for the period from 8th November 2016 to 30th December 2016which are not relevant to these financial statements. Hence reporting under this clause isnot applicable.

2. As required by the Companies ( Auditor's Report ) Order 2016 ( "theOrder") issued by the Central Government in terms of Section 143 (11) of the Act wegive in " Annexure B" a statement on the matters specified in paragraphs 3 and 4of the Order.

Sd/-
For Jeedigunta & Co.
Chartered Accountant
Firm Regd No. 001322S
J. Prabhakar
Place: Hyderabad Proprietor
Date: 31/07/2020 Membership No. 026006

• Obtain an understating of internal financial controls relevant to audit in orderto design audit procedures that are appropriate in the circumstances Under Section 143(3)(i) of the Act responsible for expressing our opinion on whether the company has adequateinternal financial controls system in place and the operating effectiveness of suchcontrol.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimate and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertainlyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as going concern. If we conclude that a material uncertainty exist weare required 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 audit evidence obtained up to the date of our auditor's report.However future events or conditions may cause the Company to cease to continue as a goingconcern.

• Evaluate the overall presentation structure and content of the financialstatements including the

disclosures and whether the financial statements represent the underlying transactionsand events in a manner that achieves fair presentation. Materiality is the magnitude ofmisstatements in the financial statements that individually or in aggregate makes itprobable that the economic decisions of a reasonably knowledgeable user of the financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our work and(ii) to evaluate the effect of any identified misstatements in the financial statements. *

We communicate with those charged with governance regarding among matter the plannedscope and timing of the audit and significant audit findings including any significantdeficiencies 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 matter that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matter 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 ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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 benefits 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 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 audit.

Meeting 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 purpose 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 details accurately andfairly reflect the transactions and disposition of assets of the Company.

2. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial

statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of managements 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.

Limitations of Internal Financial Controls over Financing 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 the financialreporting to future periods are subject to risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the polices or procedures may deteriorate.

Opinion:

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 312020 based on internal control overfinancial reporting criteria established by Company considering the essential componentsof internal control stated in the Guidance Note on Audit of Internal Financial Controlsover Financial Reporting issued by the Institute of Chartered Accountants of India.

Sd/-
For Jeedigunta &Co.
Chartered Accountant
. Firm Regd No. 001322S
J. Prabhakar
Place: Hyderabad Proprietor
Date: 31/07/2020 Membership No. 026006

Annexure A to the Independent Auditor's Report

(Referred to in paragraph 1 (f) under' Report on Other Legal and RegulatoryRequirement' Section of our Report of even Date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub- Section 3 Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of INANISECURITIES LIMITED ("the Company") as of March 31st 2020 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 Board of Directors of the Company is responsible for establishment and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by Company considering the essential components of internal controlstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Charted Accounts of India. These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to respective company's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Companies Act 2013. .

Auditor's Responsibility:

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting ( the "Guidance Note") issued by Institute Of Charted Accountants ofIndia and the Standards on Auditing prescribed under Section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial control over financial reporting was established and maintained and if suchcontrol operated effectively in ail 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 judgment including the assessment of 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 internal financial controls systems overfinancial reporting of the Company.

has not paid undisputed Income Tax Liability of the Assessment year 2003-04 amountingto Rs. 408360/- and which was outstanding for more than six months at the Balance Sheetdate

b) According to the information and explanations given to us and the records of thecompany examined by us there are no material dues relating to Income Tax/ Goods andServices tax/ duty of customs / Cess which have not been deposited on account of disputeswith the related authorities.

(viii) . Based on our audit procedures and as per the information and explanationsgiven by the management we are of the opinion that the company has not defaulted inrepayments of dues to any financial institutions or Banks.

(ix) . The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year. In our opinion and accordanceto the information and explanations given to us. The term loans have been applied by theCompany during the year for the purpose for which they were obtained.

(x) . To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the company and no material fraud on the Company by its officersor employees has noticed or reported during the year.

(xi) . In our opinion and according to the information and explanations given to usthe Company has paid/ provided managerial remuneration in accordance with the requisiteapproval mandated by the provisions of section 197 read with the schedule V to theCompanies Act 2013.

(xii) . The Company is not a Nidhi Company and hence reporting under clause (xiii) ofthe Order is not applicable.

(xiii) . In our opinion and according to the information and explanations given to usthe company is in compliance with section 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 financial statement etc. as required by theapplicable accounting statements.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of share or fully or partly convertible debentures and hence reporting underclause (xv) of the order is not applicable to the Company.

(xv) . In our opinion and accordance to the information and explanation given to usduring the year the company has not entered into any non-cash transactions with itsdirectors or directors of its holding subsidiary or associate company or personsconnected with them and hence provisions of section 192 of the Companies Act 2013 are notapplicable.

(xvi) . The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

5Q/-
- For Jeedigunta & Co.
Chartered Accountant
Firm Regd No. 001322S
i. Prabhakar
Place: Hyderabad Proprietor
Date: 31/07/2020 Membership No. 026006

Annexure B to the Independent Auditor's Report (Referred to in paragraph 2 under'Report on Other legal and Regulatory Requirements' Section of our report of even date).

(i) (a). The Company has maintained proper records showing full particulars includingquantitative details and

situation of fixed assets.

(b) . The fixed assets were physically verified during the year by the Management inaccordance with a

regular programme of verification which in our opinion provide for physicalverification of all the Fixed assets at reasonable intervals. According to the informationand explanations given to us no material discrepancies were noticed on such verification.

(c) . According to the information and explanations given to us and the recordsexamined by us based on

the examination of the registered Sale deed/ transfer deed/ conveyance deed provided tous we report that the title deeds comprising all the immovable properties of land andbuildings which are held in the name of the Company as at the balance sheet date.

(ii) . As explained to us the inventories were physically verified during the year bythe Management at

reasonable intervals and no material discrepancies were noticed on physicalverification.

(iii) . The Company has granted loan to one body corporate covered in the registeredmaintained under Sec. 189 of the Companies Act2013 ( "The Act").

a. In our opinion the rate of Interest and other terms and conditions on which theloans have been granted to body corporate listed in the register maintained under Sec. 189of the Act are not prima facie prejudicial to the Interest of the Company.

b. In Case of loans granted to the body corporate listed in the register maintainedunder Sc.189 of Act the borrowers have been regular in the payment of principal andinterest as stipulated. *

c. There are no overdue amounts in respects of loan granted to the body corporatelisted in the register maintained under Sec. 189 of Act.

(iv) . In our opinion and according to the information and explanations given to usthe Company has complied with the provisions of sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

(v) . According to the information and explanations given to us the Company has notaccepted any deposit during the year. In respect of unclaimed deposits the Company hascomplied with the provisions of Sections 73 to 76 or any other relevant provisions of theCompanies Act 2013.

(vi) . The Central Government has not prescribed the maintenance of the cost recordsunder section 148 (1) of the Companies Act 2013 for any of the goods dealt in by theCompany.

(vii) . According to the information and explanations given to us in respect ofstatutory dues:

a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income- tax Goods and Services Tax Cess andother material statutory dues applicable to it with the appropriate authorities.

These were no undisputed amounts payable in respect of provident Fund Employees' StateInsurance Income- tax Goods and Services Tax Cess and other material statutory dues inarrears as at 31 March 2020 for a period of more than six months from the date theybecome payable. However the company

.