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S R G Securities Finance Ltd.

BSE: 536710 Sector: Financials
NSE: N.A. ISIN Code: INE326P01019
BSE 00:00 | 20 Nov S R G Securities Finance Ltd
NSE 05:30 | 01 Jan S R G Securities Finance Ltd
OPEN 41.95
PREVIOUS CLOSE 41.95
VOLUME 3000
52-Week high 46.75
52-Week low 35.20
P/E 45.60
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 41.95
CLOSE 41.95
VOLUME 3000
52-Week high 46.75
52-Week low 35.20
P/E 45.60
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

S R G Securities Finance Ltd. (SRGSECURITIES) - Auditors Report

Company auditors report

To

The Members

S R G Securities Finance Limited

Report on the Financial Statements

We have audited the accompanying financial statements of S R G Securities FinanceLimited ("the Company") which comprise the Balance Sheet as at 31st March 2018the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

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 ("the Act") with respect to the preparation ofthe 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting the 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 financial statements based on ouraudit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under and the Orderissued under Section 143(11) of the Act.

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the Standalone Financial Statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial Statements. The procedures selected depend on theauditor's 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.

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

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 31 stMarch 2018.

b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat 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 ("theOrder") as issued by Central Government of India in terms of Sub Section (11) ofSection 143 of the Act we hereby give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 accounts 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 accounts;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards referred to in Section 133 of the Act read with Rule 7 of The Companies(Accounts) Rules 2014;

e) On the basis of written representations received from the Directors as on 31st March2018 and taken on record by the Board of Directors none of the Directors is disqualifiedas on 31st March 2018 from being appointed as a Director in terms of Section 164(2) ofthe 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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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 does not have any pending litigations which would impact its financialposition;

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses;

iii. There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company.

For PKJ & Co.

Chartered Accountants

ICAI Firm Reg. No.: 124115W Sd/-

Rishabh Jain

Partner

Membership No. 176309

Place: Udaipur

Date: 28.05.2018

Annexure A to the Independent Auditors' Report

(Referred to in para 1 under "Report on other Legal and RegulatoryRequirement" of our report of even date)

1. According to the information and explanations given to us in respect of the fixedassets:

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

(b) Fixed assets have been physically verified by the management during the year and nodiscrepancies between the book records and the physical inventory have been noticed. Inour opinion the frequency of verification is reasonable.

(c) We report that the Company does not have any immovable property as at the balancesheet date.

2. The Company does not have any inventory and hence reporting under clause (ii) ofparagraph 3 of the Order is not applicable.

3. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to Companies Firms Limited Liability Partnershipsor other parties covered in the register maintained under Section 189 of The CompaniesAct 2013 and therefore clause (iii) of paragraph 3 of the Order is not applicable.

4. The Company has not advanced any loan or given any guarantee or provided anysecurity or made any investment covered under Section 185 and 186 of the Act. Thereforeclause (iv) of paragraph 3 of the Order is not applicable.

5. As per the Ministry of Corporate Affairs notification dated March 312014 theprovisions of Sections 73 to 76 or any other relevant provisions of The Companies Act2013 and The Companies (Acceptance of Deposits) Rules 2014 as amended with regard tothe deposits accepted are not applicable to the Company. According to information andexplanations given to us the Company has not accepted any deposits during the year.

6. According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under Sub-Section (1) of Section 148 of theAct in respect of the activities carried on by the Company.

7. According to the information and explanations given to us:

a) The Company is regular in depositing undisputed statutory dues including ProvidentFund Employees State Insurance Income Tax Sales Tax Value Added Tax Service TaxCess GST and any other statutory dues as applicable with the appropriate authorities.

b) There are no undisputed statutory dues payable in respect of Provident FundEmployees' State Insurance Income-tax Sales Tax Service Tax Value Added Tax Cess GSTand other material statutory dues in arrears as at March 31 2018 for a period of morethan six months from the date they became payable.

c) There were no dues of Income Tax Sales Tax Wealth Tax Service Tax Value AddedTax GST as at 31st March 2018 which has not been deposited on account ofdispute.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to FinancialInstitutions and Banks. The Company has not taken loans or borrowings from Government orby way of Debentures.

9. The Company has not raised moneys by way of Initial Public Offer or Further PublicOffer during the year. The Company has raised funds by way of Term loans during the yearand the same were applied by the Company for the purpose for which they were raised.

10. According to the information and explanations given to us no fraud by the Companyand no fraud on the Company by its officers or employees has been noticed or reportedduring the year.

11. According to the information and explanations given to us the Company haspaid/provided managerial remuneration in accordance with the requisite approvals mandatedby the provisions of Section 197 read with Schedule V to The Companies Act 2013.

12. The Company is not a Nidhi Company; hence reporting under clause (xii) of paragraph3 of the Order is not applicable to the Company.

13. According to the information and explanations given to us the Company is incompliance with Section 177 and 188 of The Companies Act 2013 wherever applicable forall transactions with the related parties and the details of related party transactionshave been disclosed in the notes on Financial Statements as required by the applicableaccounting standards.

14. According to the information and explanations given to us with respect topreferential allotment or private placement of shares issued during the year under reviewthe requirement of Section 42 of the Companies Act 2013 have been complied with by theCompany and the amount raised is yet to be utilized (the same are lying in bank accounts)for the purposes for which the funds were raised. The Company has not issued any fully orpartly convertible debentures during the year under review.

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 underprovisions of Section 192 of The Companies Act 2013.

16. According to the information and explanations given to us we report that theCompany has registered as required under section 45-IA of the Reserve Bank of India Act1934.

For PKJ & Co.

Chartered Accountants

FRN: 124115W

Sd/-

Rishabh Jain

Partner

Membership No. 176309

Place: Udaipur

Date: 28.05.2018.

Annexure-B to the Independent Auditor's Report

(Referred to in para 2(f) under "Report on other Legal and RegulatoryRequirement" 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 S R GSecurities Finance Limited ("the Company") as of March 312018 in conjunctionwith our audit of the 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 (the‘'Guidance Note") issued by The Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's 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 the ICAI and prescribedunder Section 143(10) of the Act 2013 to the extent applicable to an audit of internalfinancial controls both issued by The Institute of Chartered Accountants of India. 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 controls over financial reporting was established and maintained and if suchcontrols operated effectively in all 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 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 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 authorizations ofmanagement and Directors of the Company; and (3) 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

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 and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by The Institute ofChartered Accountants of India".

For PKJ & Co.

Chartered Accountants

FRN: 124115W

Sd/-

Rishabh Jain

Partner

Membership No. 176309

Place: Udaipur

Date: 28.05.2018.