You are here » Home » Companies » Company Overview » Share India Securities Ltd

Share India Securities Ltd.

BSE: 540725 Sector: Financials
NSE: N.A. ISIN Code: INE932X01018
BSE 00:00 | 16 Aug 71.00 -1.00
(-1.39%)
OPEN

71.00

HIGH

71.00

LOW

71.00

NSE 05:30 | 01 Jan Share India Securities Ltd
OPEN 71.00
PREVIOUS CLOSE 72.00
VOLUME 1000
52-Week high 112.85
52-Week low 70.00
P/E 10.17
Mkt Cap.(Rs cr) 173
Buy Price 69.00
Buy Qty 1000.00
Sell Price 79.80
Sell Qty 1000.00
OPEN 71.00
CLOSE 72.00
VOLUME 1000
52-Week high 112.85
52-Week low 70.00
P/E 10.17
Mkt Cap.(Rs cr) 173
Buy Price 69.00
Buy Qty 1000.00
Sell Price 79.80
Sell Qty 1000.00

Share India Securities Ltd. (SHAREINDIASEC) - Auditors Report

Company auditors report

To

The Members of

Share India Securities Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of M/S SHARE INDIASECURITIES LIMITED

which comprise the Balance Sheet as at March 312018 the Statement of Profit and Lossand the Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information (herein after referred to as"Standalone financial statements").

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of directors are responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities selectionand application of appropriate accounting policies and making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due 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 there under.

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 anddisclosures in the standalone financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the standalone financial statements.

We believe that the audit evidence we have obtained 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 together with the notes givethe information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of the stateof affairs of the company as at March 312018 its Profit and its cash flows for the yearended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by The Companies (Auditors Report) order 2016 ("the order")issued by Central government of India in terms of sub section (11) of section 143 of theAct we give in the "Annexure-A" a statement the matters specified inparagraph 3 and 4 of the said 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) I n our opinion proper books of account as required by law have been kept by theCompany so far as 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 written representations received from the directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 312018 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the company & the operating effectiveness of such controls refer to ourseparate report in ‘Annexure-B' to this report; and

g) With respect to the other matters included in the Auditor's Report in accordancewith rule 11 of the Companies (Audit & Auditors) Rules 2014in our opinion and to ourbest of our information and according to the explanations given to us :

I. The Company does not have any pending litigation.

II. The company does not have any long term contracts but do have derivative contractsfor which required provision for material foreseeable losses have been made.

III. There was no amount which was required to be transferred to the Investor Educationand Protection Fund.

For M/s T.K. Gupta and Associates
Chartered Accountants
FRN:011604N
cA T.K. gupta
Place: New Delhi (Partner)
Date: May 30 2018 M.No.082235

Annexure-A to Independent Auditor's Report

(Referred to in paragraph 1 under the heading ‘Report on Other Legal andRegulatory Requirements' of our report at even date)

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

(b) All the assets have been physically verified by the management during the yearwhich in our opinion is reasonable having regard to the size of the company & thenature of its assets. No material discrepancy was noticed on such verification.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

ii. The company is dealing in shares on behalf of its clients as well as on its ownaccount the inventory of shares are in demat form and not in physical form there is noquestion of physical verification accordingly paragraph 3(ii) of the order is notapplicable.

iii. (a) According to the information & explanation given to us & based onaudit procedures conducted by us we are of the opinion that the term & condition ofloan granted by the company to one party covered in the register maintained u/s 189 of theCompanies Act 2013 were not prima facie prejudicial to the interest of the Company.

(b) I n the case of loan granted to the party listed in the register maintained undersection 189 of the Act the principal and interest are not yet due.

(c) There are overdue amounts as at year-end in respect of Interest amount Rs. 49119/-which is outstanding for more than ninety days in respect of loan granted to a partylisted in the register maintained under section 189 of the Act. According to theinformation and explanation given by the management to us the subsidiary company isunable to remit the interest on outstanding loan due to restriction imposed by RBI (as perForeign Exchange Management Act 1999).

No of Case Interest Overdue Total Amount Overdue Remarks
1 49119/- 49119/- Due to Restriction imposed by RBI (as per Foreign Exchange Management Act 1999)

iv. In our opinion & according to the information & explanation given to usthe company has complied with the provision of Sec 185 &186 of the Companies Act 2013in respect of loan investments guarantees & securities.

v. The company has not accepted any deposit from public in term of Sec 73 to 76 or anyprovision of the company Act 2013 and rules there under.

vi. According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records u/s 148 of the Act in respect ofservices carried out by the company.

vii. (a) The company is regular in depositing with appropriate authorities undisputedStatutory dues including provident fund

Employees State Insurance Income Tax Sales-Tax Service Tax duty of custom Duty ofExcise Value Added Tax Cess & any other statutory dues applicable to it & thereare no undisputed dues outstanding as on 31.03.2018 for a period of more than Six monthsfrom the date they became payable.

(b) According to the information & explanations given to us there was no due ofSales Tax or Service Tax or Duty of custom or Duty of excise or Value Added Tax that havenot been deposited on account of any dispute. However according to the information andexplanations given to us the following due of Income Tax have not been deposited by theCompany on account of dispute.

Nature of Statute Nature of Dues Amount (in Rs.) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 576870/- AY 2010-11 Assessing Officer
Income Tax Act 1961 Income Tax 26560/- AY 2013-14 Assessing Officer

viii. I n our opinion& according to the information & explanation given to usthe company has not defaulted in the repayment of Loans or Borrowings from Bank FinancialInstitution and the Company has not taken any loan from Government nor issued anydebenture.

ix. In our opinion & according to the information & explanation given to usmonies raised by way of Initial public offer or futher public offer (including debtinstruments) and the term loans during the year have been applied by the company for thepurposes for which they were raised. The amount raised by way of public offer is Rs.2432.12 Lacs out of which Rs. 2001.01 lacs utilized during the year Rs 148.80 lacs areissue expenses and balance Rs. 282.31 Lacs is unutilized upto March 312018.

x. As per the information & explanations given to us no fraud by the company or onthe company by its officer or employees has been noticed or reported during the course ofour audit.

xi. As per the information & explanation given to us managerial remuneration hasbeen paid or provided in accordance with the requisite approvals mandated by the provisionof Sec 197 read with Schedule V to the Companies Act 2013.

xii. In our opinion and according to the information and explanation given to us thecompany is not a nidhi company accordingly paragraph 3(xii) of the order is notapplicable.

xiii. In our opinion and according to the information & explanation given to usthe company has complied with Sec 177 & 188 of Companies Act 2013 in respect to alltransactions with the related parties & details have been disclosed in the financialstatements etc. as required by the applicable accounting standards.

xiv. The company has not made any preferential allotment/ private placement of sharesor partly convertible debenture during the year under review and hence reporting underclause (xiv) of Paragraph 3 of the order is not applicable to the company.

xv. According to the information and explanation given to us the company has notentered into Non-cash transaction with directors or persons connected with him and hencereporting under clause (xv) of Paragraph 3 of the order is not applicable to the company.

xvi. As the information & explanation given to us and in our opinion the companyis not required to be registered u/s 45 IA of the Reserve Bank of India Act 1934.

For M/s T.K. Gupta and Associates
Chartered Accountants
FRN:011604N
CA T.K. Gupta
Place: New Delhi (Partner)
Date: May 302018 M.No. 082235

Annexure-B to the Independent Auditor's Report

of Even Date on the Financial Statements of SHARE INDIA SECURITIES LIMITED

Report on the Internal Financial Controls under clause (i) of Sub-section 3 of Section143 of the Companies act 2013 ("the act")

To

The Members of

Share India Securities Limited

We have audited the internal financial controls over financial reporting of SHAREINDIA SECURITIES LIMITED as of March 312018 in conjunction with our audit of thestandalone 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

AUDITORS' 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 on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 standalone financial statements whether due to fraud orerror.

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 aspects an adequate internalfinancial controls system over financial reporting and such financial controls overfinancial reporting were operating effectively as at March 312018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M/s T.K. Gupta and Associates
Chartered Accountants
FRN:011604N
CA T.K. Gupta
Place: New Delhi (Partner)
Date: May 302018 M.No.082235