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Summit Securities Ltd.

BSE: 533306 Sector: Financials
NSE: SUMMITSEC ISIN Code: INE519C01017
BSE 00:00 | 24 Jan 631.65 -14.55
(-2.25%)
OPEN

647.00

HIGH

647.00

LOW

621.95

NSE 00:00 | 24 Jan 627.50 -18.70
(-2.89%)
OPEN

649.00

HIGH

651.15

LOW

622.00

OPEN 647.00
PREVIOUS CLOSE 646.20
VOLUME 607
52-Week high 861.55
52-Week low 460.05
P/E 29.53
Mkt Cap.(Rs cr) 689
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 647.00
CLOSE 646.20
VOLUME 607
52-Week high 861.55
52-Week low 460.05
P/E 29.53
Mkt Cap.(Rs cr) 689
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Summit Securities Ltd. (SUMMITSEC) - Auditors Report

Company auditors report

To the Members of

SUMMIT SECURITIES LIMITED

Report on the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of SummitSecurities Limited ("the Company") which comprise the Balance Sheetas at 31st March 2020 the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations givento us the aforesaid standalone financial statements give the information required by theCompanies Act 2013 as amended ("the Act") in the manner so required and give atrue and fair view in conformity with the Indian Accounting Standards ("Ind AS")specified under Section 133 of the Act and other accounting principles generally acceptedin India of the state of affairs of the Company as at 31st March 2020 its lossincluding other comprehensive income its cash flows and the statement of changes inequity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs")specified under Section 143(10) of the Act. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India (ICAI) togetherwith the ethical requirements that are relevant to our audit of the standalone financialstatements under the provisions of the Act and the Rules made thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theICAI‘s Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion on the standalone financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined that there are no key audit mattersto communicate in our report for the year ended 31st March 2020.

Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe standalone financial statements and our auditor's report thereon. Our opinion on thestandalone financial statements does not cover the other information and we do not expressany form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above and in doing so consider whether the otherinformation is materially inconsistent with the financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation; we are required to report that fact. We have nothing to report in thisregard.

Management Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these Standalone FinancialStatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and the statement of changes in equity ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards ("Ind AS") specified under Section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended.This responsibility also includes maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application of theappropriate accounting policies; making judgements 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 fair presentation of thestandalone financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error. In preparing the standalone financialstatements management is responsible for assessing the Company's ability to continue as agoing concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so. The Board ofDirectors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalscepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to Financial Statement in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates 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 uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements. We communicate withthose charged with governance regarding among other matters the planned scope and timingof the audit and significant audit findings including any significant deficiencies ininternal control that we identify during our audit. We also provide those charged withgovernance with a statement that we have complied with relevant ethical requirementsregarding independence and to communicate with them all relationships and other mattersthat may reasonably be thought to bear on our independence and where applicable relatedsafeguards. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the standalone financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Other Matter

The financial information of the Company for the year ended 31st March 2019 and thetransition date opening balance sheet as at April 1 2018 included in these standalonefinancial statements are based on the previously issued statutory financial statementsfor the years ended 31st March 2019 and 31st March 2018 prepared in accordance with theCompanies (Accounting Standards) Rules 2006 (as amended) which were audited by us onwhich we expressed an unmodified opinion dated 15th May 2019 and 23rd May 2018respectively. The adjustments to those financial statements for the differences inaccounting principles adopted by the Company on transition to the Ind AS have been auditedby us. Our opinion is not qualified in respect of this matter

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 inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c) The Balance Sheet Statement of Profit and Loss includingOther Comprehensive Income the Cash Flow Statement and the Statement of Changes in Equitydealt with by this report are in agreement with the books of account; d) In our opinionthe aforesaid standalone financial statements comply with the Ind AS specified underSection 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 asamended; e) On the basis of written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in terms ofSection 164(2) of the Act; f) With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B". Our reportexpresses an unmodified opinion on the adequacy and operating effectiveness of theCompany's internal financial controls over financial reporting; g) In our opinion themanagerial remuneration for the year ended 31st March 2020 has been paid by the Companyto its directors in accordance with the provisions of section 197 read with Schedule V tothe Act. h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rules 11 of the Companies (Audit and Auditors) Rules 2014 as amended in our opinion and to the best of our information and according to the explanations givento us: i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements - Refer Note 26 to the standalonefinancial statements; ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses; and iii. Therehas been no delay in transferring amounts required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Chaturvedi & Shah LLP
Chartered Accountants
Firm Registration No. 101720W/W100355
Jignesh Mehta
Partner
Place: Mumbai Membership No. 102749
Dated: 23rd June 2020 UDIN: 20102749AAAAWF3029

ANNEXURE TO AUDITOR'S REPORT

"ANNEXURE A" TO INDEPENDENT AUDITORS' REPORT ON THE STANDALONE FINANCIALSTATEMENTS OF SUMMIT SECURITIES LIMITED (Referred to in Paragraph 1 under the heading of"Report on other legal and regulatory requirements" of our report of even date) i)In respect of its Fixed Assets : a. The Company has maintained proper records showing fullparticulars including quantitative details and situation of Fixed Assets on the basis ofavailable information. b. As explained to us all the fixed assets have been physicallyverified by the management in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such physical verification. c. As the Company has noimmovable properties during the year clause (c) (i) of the paragraph 3 of the order isnot applicable on the Company. ii) In respect of its inventories: As the Company did nothave inventories during the year clause (ii) of paragraph 3 of the order is notapplicable to the Company. iii) The Company has not granted any loans secured orunsecured to companies firms limited liability partnerships or other parties covered inthe register maintained under Section 189 of the Act. Consequently the requirement ofclause (iii) (a) to clause (iii) (c) of paragraph 3 of the order is not applicable to theCompany. iv) In respect of loans investments guarantee and securities given by theCompany:-a) According to the information and explanation given to us the Company has notdirectly or indirectly advanced loan to the persons or given guarantees or securities inconnection with the loan taken by persons covered under Section 185 of the Act. b)According to the Information and explanation given to us Company has complied with theprovisions of Section 186 of the Act in respect of Investments loans guarantee orsecurity given. v) According to the information and explanations given to us the Companyhas not accepted any deposits within the meaning of provisions of Sections 73 to 76 or anyother relevant provisions of the Act and the rules framed thereunder. Therefore theprovisions of Clause (v) of paragraph 3 of the Order are not applicable to the Company.vi) To the best of our knowledge and explanations given to us the Central Government hasnot prescribed the maintenance of cost records under sub section (1) of Section 148 of theAct in respect of the activities undertaken by the Company. Accordingly the provision ofclause 3(vi) of the order is not applicable. vii) In respect of Statutory dues : a.According to the records of the Company undisputed statutory dues including goods andservice tax provident fund income-tax duty of customs value added tax cess and anyother statutory dues as applicable to it have been regularly deposited with appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the aforesaid dues were outstanding as at 31st March 2020for a period of more than six months from the date of becoming payable. b. On the basis ofour examination of accounts and documents on records of the Company and information andexplanations given to us upon enquires in this regard there are no disputed amountspayable in respect of goods and service tax provident fund income tax sales taxservice tax duty and cess and any other statutory dues as applicable to it on account ofany dispute which have not been deposited with the appropriate authorities. viii) TheCompany has not raised loans from financial institutions banks issue of debentures andgovernment during the year and hence clause (viii) of paragraph 3 of the order is notapplicable to the Company. ix) The Company has not raised money by way of initial publicoffer or further public offer (including debt instruments) or term loan and hence clause(ix) of paragraph 3 of the order is not applicable to the Company. x) Based on the auditprocedures performed for the purpose of reporting the true and fair view of the standalonefinancial statements and as per information and explanations given to us no fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year. xi) In our opinion and according to the information and explanations given tous managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act. xii)In our opinion Company is not a nidhi Company. Therefore the provisions of clause (xii)of paragraph 3 of the Order are not applicable to the Company. xiii) In respect oftransactions with related parties:- In our opinion and according to the information andexplanations given to us all transactions with related parties are in compliance withSections 177 and 188 of the Act and their details have been disclosed in the standalonefinancial statements etc. as required by the applicable accounting standards. xiv) In ouropinion and according to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or of fully or partlyconvertible debentures during the year and hence clause (xiv) of paragraph 3 of the Orderis not applicable to the Company. xv) In our opinion and according to the information andexplanations given to us the Company has not entered into any non-cash transaction withthe directors or persons connected with him and covered under Section 192 of the Act.Hence clause (xv) of the paragraph 3 of the Order is not applicable to the Company.

xvi) Based on information and explanation given to us the Company is required to beregistered under Section 45-IA of the Reserve Bank of India Act 1934 and necessaryregistration has been obtained by the Company.

For Chaturvedi & Shah LLP
Chartered Accountants
Firm Registration No. 101720W/W100355
Jignesh Mehta
Partner
Place: Mumbai Membership No. 102749
Dated: 23rd June 2020 UDIN: 20102749AAAAWF3029

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT ON THE STANDALONE FINANCIALSTATEMENTS OF SUMMIT SECURITIES LIMITED (Referred to in paragraph 2 (f) under ‘Reporton Other Legal and Regulatory Requirements' of our report of even date)

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 Control over financial reporting of SummitSecurities Limited ("the Company") as of 31st March 2020 in conjunctionwith our audit of the standalone financial statements of the Company for the year thenended.

Management Responsibility for the 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 andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable 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 on Audit of Internal Financial Controls Over Financial Reporting(the ‘Guidance Note') and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud 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 standalone 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 (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standalonefinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorisations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the Company's assets that could have a material effect on the standalonefinancial 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 adequate internal financialcontrols over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2020 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note issued by ICAI.

For Chaturvedi & Shah LLP
Chartered Accountants
Firm Registration No. 101720W/W100355
Jignesh Mehta
Partner
Place: Mumbai Membership No. 102749
Dated: 23rd June 2020 UDIN: 20102749AAAAWF3029

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