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Prime Capital Market Ltd.

BSE: 535514 Sector: Financials
NSE: N.A. ISIN Code: INE748D01010
BSE 00:00 | 04 Jan Prime Capital Market Ltd
NSE 05:30 | 01 Jan Prime Capital Market Ltd
OPEN 5.00
PREVIOUS CLOSE 5.00
VOLUME 1
52-Week high 5.00
52-Week low 5.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.00
CLOSE 5.00
VOLUME 1
52-Week high 5.00
52-Week low 5.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Prime Capital Market Ltd. (PRIMECAPITALMA) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To the Members of Prime Capital Market Limited Report on the Financial Statements

1. We have audited the accompanying financial statements of M/s. Prime Capital MarketLimited (the Company) which comprises the Balance Sheet as at 31st March 2017 theStatements of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. 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 and presentations ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the company and forpreventing 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 misstatementswhether due to fraud or error.

Auditor's Responsibility

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

4. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

Opinion

8. 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 of the state of affairs of the Company as at March31 2017 and its Profit and its cash flows for the year ended on that date.

Basis for Qualified Opinion a. Inventories include shares of some quoted companiesworth Rs. 2991.86 Lacs which are not held in the name of the company. This is incontravention to section 187 of the Companies Act 2013.

b. Income from Interest on Loan could not be measured and completeness of Interestincome accrued as per revenue recognition Accounting Standard - 9 could not be assessed asmanagement was unable to provide the interest income calculation at the time of auditaccording to loans/advances made during the current financial on the prorate basis.

Emphasis of Matter a. Confirmation of balances of Loans and Advances are notavailable for verification.

Report on other Legal and Regulatory Requirements

9. As required by ‘the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure B a statement on thematters specified in paragraphs 3 and 4 of the Order.

10. 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 the agreement with the books of accounts;

(d) In our opinion the_Balance Sheet the Statement of Profit and Loss and Cash FlowStatement comply with the_Accounting_Standards referred to in section 133 of the CompaniesAct 2013 read with rule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on records by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 164(2) of the Companies Act 2013;

(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.

(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 knowledge and according the explanations given to us we reportthat –

i The Company does not have any pending litigations as at March 31 2017 which wouldimpact its financial position in its financial statements.

ii The Company did not have any long-term contracts including derivatives contracts_for which there were any material foreseeable losses during the year ended March 31 2017.

iii There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund during the year ended March 31 2017.

iv The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer Note 2.18 to the financial statements.

For B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place : Kolkata
Date : May 30 2017
Vikash Kedia
Partner
Membership No. 066852

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 10(f) of the Independent Auditors' Report of even date to themembers of M/s. Prime Capital Market Limited on the standalone financial statements forthe year ended March 31 2017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting of M/sPrime Capital Market Limited ("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's 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 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 company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

3. 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 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. Those 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 procedures 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 auditor's judgement including the assessment of the risks ofmaterial misstatement of 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 purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that –a) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; b) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorization ofmanagement and directors of the company; and c) provide reasonable assurance regardingprevention or timely detection of unauthorized 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

7. 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

8. 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 March 31 2017 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 B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place : Kolkata
Date : May 30 2017
Vikash Kedia
Partner
Membership No. 066852

ANNEXURE TO THE AUDITORS' REPORT

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of M/s. Prime Capital Market Limited on the standalone financial statements forthe year ended March 31 2017 -

1) In respect of its Fixed Assets:

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

b) These fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies were noticed on such verification the same have beenproperly dealt with in the books of account;

2) In respect of Inventory (Stock-in-trade):

a) The management has conducted physical verification of inventory at reasonable

intervals during the year.

b) The procedures of physical verification of 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 records of inventory and no material discrepancieswere noticed on physical verification.

3) The Company has not granted any loan to any parties covered in the registermaintained under section 189 of the Companies Act 2013. Hence clauses (b) & (c) arenot applicable.

4) The Company has not granted loans or made investment or given any guarantee orsecurity as covered in the provisions of section 185 and 186 of the Companies Act 2013therefore Clause (IV) of the order is not applicable to the company.

5) The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

6) The requirement of maintaining Cost Records as specified by the Central Governmentunder section 148(1) of the Companies Act 2013 is not applicable to the company.

7) a) The Company is regular in depositing with appropriate authorities disputedstatutory dues including provident fund investor education and protection fundemployees' state insurance income-tax sales-tax wealth-tax service tax customs dutyexcise duty cess and other material statutory dues applicable to it.

b) According to the information and explanations given to us no disputed amountspayable in respect of provident fund investor education and protection fund employees'state insurance income-tax wealth-tax service tax customs duty excise duty cess andother material statutory dues were outstanding at the year end for a period of more thansix months from the date they became payable.

c) According to the information and explanations given to us the dues outstanding ofincome tax sales-tax service tax duty of customs duty of excise or value added taxwhich have not been deposited on account of any dispute are as follows:

Name of the Statue Nature of Dues Disputed Amount ( Rs. ) Financial Year for which it relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 298458/- 2012-13 Income Tax Appellate CIT

d) The Company is not required to transfer any funds to the Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act.

8) The Company has not taken loan from any financial institution or bank thereforeClause (VIII) of the order is not applicable to the company.

9) According to the information and explanations given to us the Company has notraised any money by way of initial public offer or further public offer hence notcommented upon.

10) Based on the Audit procedures performed for the purpose of reporting the true andfair view of financial statements and according to the information and explanationsprovided to us we report that no material fraud by the Company or on the Company by theofficers and employees of the Company has been noticed or reported during the year.

11) According to the information and explanations given to us the managerialremuneration has been paid and provided in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V of the Act.

12) In our opinion the Company is not a nidhi company. Therefore the provisions ofClause 3(xii) of the order are not applicable to the Company and hence not commented upon.

13) According to the information and explanations given to us transactions withrelated parties are in compliances with section 177 and 188 of the Act where applicableand details have been disclosed in the notes to the financial statements as required bythe applicable accounting standards.

14) According to the information and explanations given to us and on overallexamination of Balance Sheet the Company has not made any Preferential Allotment orprivate placement of Shares or fully or partly convertible debentures during the year andhence reporting requirements under clause 3(xiv) are not applicable to the Company andnot commented upon.

15) 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.

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

For B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place : Kolkata
Date : May 30 2017 Vikash Kedia
Partner
Membership No. 066852