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Vintage Securities Ltd.

BSE: 531051 Sector: Financials
NSE: N.A. ISIN Code: INE153C01015
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NSE 05:30 | 01 Jan Vintage Securities Ltd
OPEN 10.15
PREVIOUS CLOSE 10.15
VOLUME 5
52-Week high 10.69
52-Week low 5.90
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.15
CLOSE 10.15
VOLUME 5
52-Week high 10.69
52-Week low 5.90
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Vintage Securities Ltd. (VINTAGESECUR) - Auditors Report

Company auditors report

To the Members of Vintage Securities Limited Report on the Audit of theFinancial Statements

Opinion

We have audited the financial statements of Vintage Securities Limited(“the Company”) which comprise the balance sheet as at 31st March 2022 and thestatement of Profit and Loss statement of changes in equity and statement of cash flowsfor the year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2022 its loss its changes in equity and its cash flows for theyear 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 Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have identified the following to be the key audit matters:-

Key Audit Matters Method of dealing with the matter
1.) Ind AS 109 specifies that financial instruments are to be value at Fair value. Our audit procedure involves the following
Considering that there may be a significant increase in reserves due to fair valuation of investments we have identified it as a key audit matter. * Evaluating the management judgement about classification of investment in equity instruments as measured at fair value through other comprehensive income.
* Review of the valuation of equity instruments arrived at on the basis of valuation report.
* Review of corresponding deferred tax adjustments on fair valuation of equity instruments including the adjustments on disposal of the investments.

Other Information

The Company's Board of Directors is responsible for the otherinformation.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon. In connectionwith our audit of the financial statements our responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on the work we have performed onthe other information obtained prior to the date of this auditor's report weconclude that there is a material misstatement of this other information we are requiredto report that fact. We have nothing to report in this regard.

Responsibility of Management and Those Charged with Governance for IndAS Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 (“the Act”) with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance (changes in equity) and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgement and maintain professional scepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

* Obtain an understanding of internal financial controls relevant tothe audit in order to design audit procedures that are appropriate in the circumstances.Under section 143(3)@) of the Companies Act 2013 we are also responsible for expressingour opinion on whether the company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

* Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

* Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause theCompany to cease to continue as a going concern.

* Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements. We alsocommunicate with those charged with governance regarding among other matters the plannedscope and timing of the audit and significant audit findings that we identify during ouraudit. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

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 of the Companies Act 2013 we give in the Annexure “B” astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those book.

(c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with relevantrules issued thereunder. (e) On the basis of the written representations received from thedirectors as on 31stMarch 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2022 from being appointed as a director interms of Section 164 (2) of the Act. (f) With respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate Report in “Annexure A”. Our reportexpresses an unmodified opinion on the adequacy and operating effectiveness of theCompany's internal financial controls over financial reporting. (g) With respect tothe other matters to be included in the Auditor's report in accordance with therequirements of section 197(16) of the Act as amended in our opinion and to the best ofour information and according to the explanations given to us the Company did not paid orprovided any remuneration to its directors during the year. (h) With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: a. The Company has no pendinglitigations during the financial year. b. The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses. c.There has been no such sum which needs to be transferred to the Investor Education andProtection Fund by the Company.

d. i) The management has represented that to the best of its knowledgeand belief other than as disclosed in the notes to the accounts no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any othersources or kind of funds) by the company to or in any other person or entity includingforeign entities (“Intermediaries”) with the understanding whether recorded inwriting or otherwise that the Intermediary shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe company (“Ultimate Beneficiaries”) or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries.

ii) The management has represented that to the best of its knowledgeand belief other than as disclosed in the notes to the accounts no funds have beenreceived by the company from any person or entity including foreign entities(“Funding Parties”) with the understanding whether recorded in writing orotherwise that the company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party (“Ultimate Beneficiaries”) or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries. iii) Based on the audit procedures thathave been considered reasonable and appropriate in the circumstances nothing has come toour attention that has caused us to believe that the representations under sub-clause (i)and (ii) of Rule

11 (e) as provided under (a) and (b) above contain any materialmisstatement

e. The Company hasn't neither declared or paid any dividend duringthe year nor in the previous year.

For Vikash Sultania and Associates
Chartered Accountant
Firm Reg. No.: 332514E
Vikash Sultania
Proprietor
Place- Kolkata Membership No: 311429
Dated- 30" May 2022 UDIN- 22311429ATXCSG1879

ANNEXURE “A” TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date) Report on the InternalFinancial Controls Over Financial Reporting under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls over financialreporting of Vintage Securities Limited (“the Company”) as of March 31 2022 tothe extent of records available with us in conjunction with our audit of the financialstatements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the “Guidance Note”) issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and 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 aboutthe adequacy 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 judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial controlover financial 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 reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assetsthat could have a material effect on the financial statements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us 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 2022 based on theinternal control over financial reporting criteria established by the Company.

For Vikash Sultania and Associates
Chartered Accountant
kFirm Reg. No.: 332514E
Vikash Sultania
Proprietor
Place- Kolkata Membership No: 311429
Dated- 30" May 2022 UDIN-22311429ATXCSG1879

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date) i) In respect of theCompany's Property Plant and Equipment: (a) (A) The company has maintained properrecords showing full particulars including quantitative details and situation ofProperty Plant and Equipment and relevant details of right-of-use assets. (B) The Companydoes not have any intangible assets and hence reporting under this clause is notapplicable.

(b) The Company has a regular program of verification to cover all theitems of Property Plant and Equipment in a phased manner which in our opinion isreasonable having regard to the size of the Company and the nature of its assets.According to the information and explanations given to us no material discrepancies werenoticed on such verification.

(c) According to the information and explanations given to us and therecords examined by us including registered title deeds we report that the title deedscomprising all the immovable properties of land and buildings which are freehold are heldin the name of the Company as at the balance sheet date.

(d) The Company has not revalued any of its Property Plant andEquipment during the year.

(e) No proceedings initiated during the year or are pending against thecompany as at 31“ March 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

ii)

(a) The Company is engaged in the business of providing financialservices and is not required to maintain inventory records. Hence reporting under clause3(ii)(a) of the order is not applicable.

(b) According to the information and explanations given to us at anypoint of time of the year the Company has not been sanctioned any working capitalfacility from banks or financial institutions on the basis of security of current assetsand hence reporting under clause (1i)(b) of the Order is not applicable.

iii) According to the information and explanations given to us theCompany has made investments during the year in the companies. Accordingly we reportthat;

(a) During the year the Company has not provided loans advances in thenature of loans stood guarantee or provided security to companies firms LimitedLiability Partnerships or any other parties. Accordingly the requirement to report onclause 3(iii)(a) of the Order is not applicable to the Company.

(b) During the year the investments made by the Company is notprejudicial to Company's interest. The Company has not provided guarantees orsecurity and has not granted loans and advances in the nature of loans to companiesfirms Limited Liability Partnerships or any other parties and hence not commented upon.

(c) The Company has not granted loans and advances in the nature ofloans to companies firms Limited Liability Partnerships or any other parties.Accordingly the requirement to report on clause 3(iii)(c) to 3(ii)() of the Order is notapplicable to the Company and hence not commented upon.

iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theAct in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

v) In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits or amounts which are deemed to bedeposits from the public during the year in terms of directives issued by the Reserve Bankof India or the provisions of Sections 73 to 76 or any other relevant provisions of theAct and the rules framed there under. Accordingly paragraph 3(v) of the Order is notapplicable to the Company.

vi) In our opinion and according to information and explanations givento us the Company is not required to maintain cost records prescribed by the CentralGovernment under section 148(1) of the Companies Act 2013.

vii) According to the information and explanations given to us inrespect of statutory dues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income TaxGoods and Service Tax Cess and other material statutory dues applicable to it with theappropriate authorities and no undisputed dues are in arrears as at March 31 2022 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us thereare no dues of income tax sales tax value added tax service tax goods and service taxduty of customs duty of excise which have not been deposited with the appropriateauthorities on account of any dispute.

viii) According to the information and explanations given to us therewere no transactions relating to previously unrecorded income that have been surrenderedor disclosed as income during the year in the tax assessments under the Income Tax Act1961 (43 of 1961).

ix) The Company does not have any loans or borrowings from anyfinancial institutions banks or any other lender during the year. Hence reporting underclause (ix)(a) (b) (c) (d) of the Order is not applicable

(e) According to the information and explanations given to us and on anoverall examination of the financial statements of the Company we report that the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its associates as defined under the Act. The Company does not hold any investment inany subsidiary or joint venture (as defined under the Act) during the year ended 31 March2022;

(f) According to the information and explanation given to us andprocedure performed by us we report that the company has not raised loans during the yearon the pledge of securities held in its associate. The Company does not hold anyinvestment in any subsidiary or joint venture (as defined under the act) during the yearended 31st March 2022.

x) (a) The Company has not raised moneys by way of initial public offeror further public offer Gincluding debt instruments) during the year and hence reportingunder clause (x)(a) of the Order is not applicable.

(b) During the year the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully or partly oroptionally) and hence reporting under clause (x)(b) of the Order is not applicable.

xi)

(a) Based on examination of the books and records of the Company andaccording to the information and explanations given to us considering the principles ofmateriality as outlined in the Standards on Auditing we report that no fraud by theCompany or on the Company has been noticed or reported during the course of the audit. (b)To the best of our knowledge no report under sub-section (12) of section 143 of theCompanies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Auditand Auditors) Rules 2014 with the Central Government during the year and up to the dateof this report.

(c) To the best of our knowledge and according to the information andexplanations given to us there were no whistle-blower complaints received during the yearby the company.

xii) In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company and hence reporting under clause 3 (xii)of the Order is not applicable to the Company.

xiii) In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Section 177 and 188 of the Companies Act2013 where applicable for all transactions with the related parties and the details ofrelated party transactions have been disclosed in the financial statements as required bythe applicable Indian accounting standards.

xiv)

(a) In our opinion the Company has an adequate internal audit systemcommensurate with the size and the nature of its business.

(b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

Xv) According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered into anynon-cash transactions with its directors or persons connected with them. Accordinglyparagraph 3 (xv) of the Order is not applicable.

xvl)

(a) According to the information and explanation given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934 being a deemed Core investment company exempted from being getting registered.

(b) The Company is conducting Non-Banking Financial activities being adeemed core investment company as per RBI provisions.

(c) The company is a deemed Core Investment Company (CIC) as defined inthe regulations made by the Reserve Bank of India

(d) the Group has more than one deemed CIC as part of the Groupaccording to the information and explanation given to us the number of deemed CICs whichare part of the Group is two both of which are exempted from being getting registration.

XVil) The company has incurred cash losses amounting to Rs. 1.44 lakhsin the financial year but has not incurred any cash losses in the immediately precedingfinancial year;

Xviil) There has been no resignation of the statutory auditors duringthe year;

xix) On the basis of the financial ratios ageing and expected dates ofrealisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements our knowledge of the Board of Directors andmanagement plans we are of the opinion that no material uncertainty exists as on the dateof the audit report that company is capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

XX) As explained to us the provisions of second proviso to sub-section(5) of section 135 of the Companies Act are not applicable to the company and hencereporting under clause 3(xx) of the Order is not applicable.

XX1) The Company is not required to prepare consolidated financialstatements and hence reporting under clause (xxi) of the Order is not applicable.

For Vikash Sultania and Associates
Chartered Accountant
Firm Reg. No.: 332514E
Vikash Sultania
Proprietor
Place- Kolkata Membership No: 311429
Dated- 30" May 2022 UDIN-22311429ATXCSG1879

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