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Titan Securities Ltd.

BSE: 530045 Sector: Financials
NSE: N.A. ISIN Code: INE090D01017
BSE 00:00 | 13 Mar 4.30 0
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NSE 05:30 | 01 Jan Titan Securities Ltd
OPEN 4.72
PREVIOUS CLOSE 4.30
VOLUME 1102
52-Week high
52-Week low
P/E 21.50
Mkt Cap.(Rs cr) 11
Buy Price 4.50
Buy Qty 2.00
Sell Price 4.30
Sell Qty 200.00
OPEN 4.72
CLOSE 4.30
VOLUME 1102
52-Week high
52-Week low
P/E 21.50
Mkt Cap.(Rs cr) 11
Buy Price 4.50
Buy Qty 2.00
Sell Price 4.30
Sell Qty 200.00

Titan Securities Ltd. (TITANSECURITIES) - Auditors Report

Company auditors report

TO THE MEMBERS OF TITAN SECURITIES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of TITAN SECURITIESLIMITED (the 'Company') which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss the Cash Flow Statement and the Statement of Changes inEquity for the year then ended and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone 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 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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial 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 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 financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the standalone financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the standalonefinancial 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 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 financial position of theCompany as at March 31 2017 and its financial performance its cash flows and thechanges in equity for the year 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 Section 143(11) of the Companies Act2013 and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to usduring the course of audit we give in the "Annexure A" a statement onthe matters specified in paragraphs 3 and 4 of the said 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 purpose of our audit;

b. In 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 the Cash Flow Statement andstatement of changes in equity dealt with by this Report are in agreement with the booksof 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 except Accounting Standard No. 15 relating to"Employee Benefits".

e. On the basis of written representations received from the Directors of the Companyas on March 31 2017 and taken on record by the Board of Directors none of the Directorsof the Company are disqualified as on March 31 2017 from being appointed as a Directorin terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls as required bysection 143(3)(i) of the Companies Act 2013 our separate Report is as per "AnnexureB".

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 on itsfinancial position in its standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

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

iv. The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with the books ofaccounts maintained by the Company.

For Sunita Agrawal & Co.
Chartered Accountants
ICAI FRN-515225C
CA. Sunita Agrawal
F.C.A. Partner
M.No.095196
Place: Delhi
Date: 30.05.2017

Annexure "A" to the Independent Auditors' Report

The Annexure referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements' in our Independent Report to the members of TITAN SECURITIES LIMITED('the Company') on the Standalone Financial Statements for the year ended March 312017:

Statement on Matters specified in paragraphs 3 and 4 of the Companies (Auditor'sReport) Order 2016:

1. Fixed Assets:

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

b) The Company has a programme for physical verification of its fixed assets atperiodic intervals. In our opinion the period of verification is reasonable having regardto the size of the Company and the nature of its assets. No material discrepancies werenoticed on such verification.

c) According to the information and explanations given to us and on the basis of therecords of the Company examined by us the fixed assets are held in the name of theCompany.

2. The Management has conducted physical verification of inventory at reasonableintervals. In our opinion and the procedures of physical verification of inventoryfollowed by the Management are reasonable in relation to the size of the Company andnature of its business. The discrepancies noticed on such physical verification ofinventory as compared to book records were not material.

3. During the year the Company has granted unsecured loans to companies firmsLimited Liability Partnerships or other parties covered in the Register maintained underSection 189 of the Companies Act 2013. The amount outstanding at the year-end wasRs.68276958/-.

4. In our opinion and according to the information and explanations given to us theCompany has advanced unsecured loans to parties covered under section 185 of the CompaniesAct 2013. The Company is holding an investment of Rs.32051300/- at the year-end andthe provisions of section 186 of the Act have been complied with.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public under the provisions of Sections 73to 76 or any other relevant provisions of the Companies Act 2013.

6. We have been informed by the management that the Central Government has notprescribed maintenance of cost records under sub-section (1) of Section 148 of theCompanies Act in respect of the products dealt with by the Company.

7. Statutory Dues:

a. According to the information and explanations given to us and on the basis of therecords examined by us the Company is regular in depositing undisputed statutory dueswith the appropriate authorities wherever applicable. We have been informed that there areno undisputed dues which have remained outstanding as at the last day of the financialyear for a period of more than six months from the date they become payable.

b. According to the information and explanations given to us there are no dues ofIncome-tax Sales-tax Service Tax Custom Duty Excise Duty Value added tax or cessoutstanding on account of any dispute other than the following:

Name of Statute Nature of Dues Amount Forum where dispute is pending
(Rs.in Lakhs)
Income Tax Act Income Tax Demand 24.33 ITAT New Delhi

8. According to the information and explanations given to us we are of the opinionthat the Company has not defaulted in repayment of dues to a financial institutions banksor debenture holders.

9. The Company did not raise any money by way of initial public offer of further publicoffer (including debt instruments) during the year and the Company has not taken any TermLoan during the relevant year. Although there are outstanding Vehicle loans from Banks andyear-end balance amount is Rs.2384761.98.

10. To the best of our knowledge and belief and according to the information andexplanations given to us by the Management no fraud by the Company and no fraud on theCompany by its officers or employees has been noticed or reported during the course of theaudit.

11. According to the information and explanations given to us and based on ourexaminations of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company.

13. According to the information and explanations given to us and based on ourexaminations of the records of the Company transactions with related parties are incompliance with Section 177 and 188 of the Act wherever applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations given to us and based on ourexaminations 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.

15. According to the information and explanations given to us and based on ourexaminations of the records of the Company the Company has not entered into non-cashtransactions with Directors or persons connected with them.

16. The Company is a Non-Banking Finance Company and is already registered underSection 45-1A of the Reserve Bank of India Act 1934 vide Certificate of RegistrationNo.B.14-01407 dated 03.01.2003.

For Sunita Agrawal & Co.
Chartered Accountants
ICAI FRN-515225C
CA. Sunita Agrawal
F.C.A. Partner
M.No.095196
Place: Delhi
Date: 30.05.2017

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph (f) 'Report on Other Legal and Regulatory Requirements' in ourIndependent Auditor's Report to the members of the Company on the Standalone FinancialStatements for the year ended March 31 2017.

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 TITANSECURITIES LIMITED ("the Company") as of March 31 2017 in conjunction with ouraudit of the Standalone Financial Statements of the Company for the year ended on thatdate.

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 respective company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the 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 ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting were established and maintained and if such controls operatedeffectively 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of Management and Directors of the company; and

3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 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 ICAI.

For Sunita Agrawal & Co.
Chartered Accountants
ICAI FRN-515225C
CA. Sunita Agrawal
F.C.A. Partner
M.No.095196
Place: Delhi
Date: 30.05.2017