You are here » Home » Companies » Company Overview » Modex International Securities Ltd

Modex International Securities Ltd.

BSE: 537092 Sector: Financials
NSE: N.A. ISIN Code: INE072D01015
BSE 00:00 | 12 Apr 54.95 0
(0.00%)
OPEN

54.95

HIGH

54.95

LOW

54.95

NSE 05:30 | 01 Jan Modex International Securities Ltd
OPEN 54.95
PREVIOUS CLOSE 54.95
VOLUME 10
52-Week high 55.90
52-Week low 36.60
P/E
Mkt Cap.(Rs cr) 33
Buy Price 44.20
Buy Qty 20.00
Sell Price 55.90
Sell Qty 50.00
OPEN 54.95
CLOSE 54.95
VOLUME 10
52-Week high 55.90
52-Week low 36.60
P/E
Mkt Cap.(Rs cr) 33
Buy Price 44.20
Buy Qty 20.00
Sell Price 55.90
Sell Qty 50.00

Modex International Securities Ltd. (MODEXINTLSEC) - Auditors Report

Company auditors report

To the Members of Modex International Securities Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone financial statements of ModexInternational Securities Limited (''the Company'') which comprise the Balance Sheetas at 31 March 2018 the Statement of Profit and Loss (including Other ComprehensiveIncome) and the Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 preparationand presentation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensive incomeand cash flows of the Company in accordance with the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia. 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 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofthe standalone financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the standalone financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

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 state of affairs of the Companyas at 31st March 2018 and its profit total comprehensive profit its cash flows for theyear ended on that date.

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 sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books; (c) The standalone financial statementsare in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act; (e) On the basis ofthe written representations received from the directors as on 31 March 2018 taken onrecord by the Board of Directors none of the directors is disqualified as on 31 March2018 from being appointed as a director in terms of Section 164 (2) of the Act; (f) Withrespect to the adequacy of the internal financial controls over financial reporting of theCompany and the operating effectiveness of such controls refer to our separate report in"Annexure B". Our report express an unmodified opinion on the adequacy andoperating effectiveness of the Company's internal financial controls over financialreporting; and (g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us: i. the Company has no pending litigations which have effect onits financial position in its standalone financial statements; ii. the Company was notrequired to make provision for material foreseeable losses as the Company has notincurred any losses in long term contracts including derivative contracts; iii. there wereno amounts which were required to be transferred to the Investor Education and Protection

Fund by the Company.

For Prakash & Santosh

Chartered Accountants

F.R.No. 000454C

Sd/-

Vikas Deep

(Partner)

Membership No. 077343

Place: New Delhi

Date : 30 May 2018

"Annexure - A" to the Independent Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2018 we report that:

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records

of the Company the title deed of immovable property is held in the name of theCompany.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(b) The procedures of physical verification on inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness

(c) The Company is maintaining proper reports of inventory. Discrepancies noted onphysical verification of inventories were not material and have been properly dealt within the book of account.

(iii) As per the information furnished the Company has not granted any loan securedor unsecured to companies firms or other parties covered in the Register maintained u/s189 of the Companies Act 2013. Accordingly clauses 3 (iii) (a) 3(iii) (b) and 3(iii)(c) of paragraph 3 of the Order are not applicable to the Company for the current year.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) In our opinion the Company has not accepted any deposits within the meaning ofsection 73 to 76 of the act and the Companies (Acceptance of deposits) Rules 2014 asamended. Accordingly the provisions of Clause 3(v) of the Order are not applicable.

(vi) As per the Central Government the prescribed maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company is notapplicable on the Company.

(vii) (a) According to the information and explanations given to us no undisputedamounts payable in respect of

Employee's State Insurance Income-Tax Goods and Services Tax Sales Tax Value AddedTax Service Tax Cess Excise Duty Provident Fund Customs Duty and other materialstatutory dues were in arrears as at 31

March 2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues in respect of Employee's State Insurance Income-Tax Goods and Services Tax SalesTax Value Added Tax Service Tax Cess Excise Duty Provident Fund Customs Duty whichhave not been deposited by the Company on account of disputes.

(viii) The Company has car loans from banks during the year. Installments of loans arepaid on time by the Company. (ix) The Company did not raise any money by way of initialpublic offer or further public offer (including debt instruments) and term loans duringthe year. Accordingly paragraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company

by its officers or employees has been noticed or reported during the course of ouraudit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided managerialremuneration within the limit as per section197 of Companies Act 2013 read with ScheduleV of the Act.

(xii) 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 not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or directors of its holding subsidiary company or associateas applicable or persons connected with them. Accordingly paragraph 3(xv) of the Order isnot applicable.

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

For Prakash & Santosh

Chartered Accountants

F.R.No. 000454C

Sd/-

Vikas Deep

(Partner)

Membership No. 077343

Place: New Delhi

Date : 30 May 2018

"Annexure - B" to the Independent Auditors' Report

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

We have audited the internal financial controls over financial reporting of ModexInternational Securities Limited ("the Company") as of 31 March 2018 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 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 ICAI and the Standards on Auditingprescribed 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 judgment 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 system over 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting. The Company is in the process ofestablishing internal financial controls over financial reporting as at 31 March 2018based on the essential components of internal control stated in the Guidance Note on Auditof Internal Financial Controls Over Financial Reporting issued by the ICAI. Therefore Iam unable to obtain sufficient or appropriate audit evidence to provide a basis for myopinion whether the company had adequate internal financial controls system over financialreporting.

For Prakash & Santosh

Chartered Accountants

F.R.No. 000454C

Sd/-

Vikas Deep

(Partner)

Membership No. 077343

Place: New Delhi

Date : 30 May 2018