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M/s VINTAGE SECURITIES LIMITED
1. Report on the Financial Statements
We have audited the accompanying financial statements of M/s Vintage Securities Limited, which comprise the Balance Sheet as at 31St March 2017 and the Statement of Profit & Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.
2. Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performances of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate Accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
3. Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and the matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards of Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In Making those risk assessments, the auditor considers internal financial control relevant to the companys preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the companys Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2017;
ii) In the case of the Statement of Profit and Loss , of the Profit for the year ended on that date And
iii) In the case of the Cash Flow Statement, of the Cash flows of the Company for the year ended on that date.
Reort on Other Legal and Regulatory Requirements
(A) As required by the Companies(Auditors Report) Order, 2015 ("the Order") issued by the Central Government of India, in terms of sub-section (11) of Section 143 of Act, we give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of the Order.
(B) Further to our comments as above, we state that:
i) we have sought and obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;
ii) in our opinion, proper Books of Account, as required by law, have been kept by the Company, so far as appears from our examination of those books.
iii) the Balance Sheet and the Statement of Profit and Loss, dealt with by this report, are in agreement with the Books of Account;
iv) in our opinion, the aforesaid statements comply with the Accounting Standards specified under section 133 of the companies Act, 2013 read with the rule 7 of the Companies (Accounts) Rules 2014, to the extent applicable;
v) on the basis of the written representation received from the directors as on 31st March, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31St March 2017 from being appointed as a director in terms of Section 164(2) of the Act;
vi) The company has provided requisite disclosures in the financial statements as to holdings as well as dealing in specified bank notes during the period from 8th November, 2017 to 30th December, 2017. Based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with books of account maintained by the company and as produced to us by the management - Refer Note [17(B)(9)].
vii) with respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in Annexure B; and
viii) with respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014, in our opinion and to the best of our information and according to the explanations given to us:
a. As informed, the company does not have any pending litigation which would impact its financial position.
b. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
c. There are no amounts required to be transferred to the Investor Education and Protection Fund by the Company
ANNEXURE TO AUDITORS REPORT
Annexure to Auditors Report of M/s VINTAGE SECURITIES LIMITED
1. a) The Company, in our opinion, has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.
b) In our opinion, the Fixed Assets have been physically verified by the Management at reasonable intervals having regard to the size of the company and nature of its assets. No material discrepancies between Book records and the physical inventory are reported to have been noticed.
c) The Title Deeds of immoveable properties are held in the name of the company.
2. The Company has no inventory and, accordingly, provisions of clause 3(ii) of the order are not applicable.
3. a) In respect of loan given to the Companies, Firms, Limited liability Partnerships or other parties covered under Register maintained u/s 189 of the Companies Act, 2013, terms and conditions of such loan are not prejudicial to the interest of the Company.
b) No schedule for repayment of principle and interest has been stipulated and accordingly we are unable to comment as to whether or not, there are overdue amount for more than 90 days. However, parties are generally regular in payment.
4. In respect of loans, investment and guarantees, provisions of Section 185 and 186 of the Companies Act, 2013 have been complied with.
5. In our opinion and according to the information and explanation given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 and any other relevant provisions of the Companies Act and the rules framed thereunder, wherever applicable.
6. The Company has no product and accordingly clause 3(vi) of the order is not applicable.
7. a) According to the information and explanations given to us and according to the books and records produced before us and examined by us, in our opinion, the company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom duty, Excise duty, VAT, cess And other statutory dues applicable to it.
b) According to the information and explanations given to us, no undisputed amounts payable in respect of above dues were in arrears, as at the end of 31st March 2017 for a period of more than six months from the date they became payable.
c) According to the information and explanation given to us there are no dues at the end of the year of income tax, sales tax, wealth tax, service tax, custom duty, excise duty, VAT and cess which have not been deposited on account of any dispute.
8. According to the records of the Company and as per the information and explanation given to us, the Company has not taken any loan from Financial Institutions, Banks, Government or Debenture Holders.
9. On the basis of review of utilization of funds pertaining to Public Issue and/or term loan on overall basis as at the end of the year and related information, explanations and statements as made available to us and as represented to us by the Management, in our opinion, proceeds of the public issue/terms loan(s), obtained during the year, have been prima facie applied for the purposes for which they were obtained.
10. During the course of our examination of the books of accounts and records of the company carried out in accordance with the generally accepted accounting policies in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, by it officers/employees, noticed or reported during the year, nor have we been informed of such case by the Management.
11. No Managerial remuneration has been paid/provided during the year.
12. The Company is not Nidhi company and accordingly Clause 3(xii) of the Order is not applicable.
13. Transactions with the related parties have been made in compliance with Sections 177 and 188 of the Companies Act, 2013, wherever applicable and the details have been disclosed in the Financial Statements etc. as required by applicable accounting standards.
14. The Company has not made any preferential allotment/private placement of shares/convertible debentures during the year.
15. The Company has not entered into any non-cash transaction with Directors or persons connected with him except in the ordinary course of business
16. The Company is required to be registered u/s 45 IA of the Reserve Bank of India Act, 1934 and the registration has been so obtained.
|For KHETAWAT & CO.|
|[Regn No. 313185E I]|
|Place : Kolkata||Partner|
|Date : 30 May 2017||Mem No 300290|
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017, WE REPORT THAT:
1. Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/s Vintage Securities Limited as of 31-Mar-2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
2. Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal financial controls. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
3. Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with 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 be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance 168 Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence I/we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.
4. Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.
5. Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 -Mar-20 17.
|For KHETAWAT & CO.|
|[Regn No. 313185E I]|
|Place : Kolkata||Partner|
|Date : 30 May 2017||Mem No 300290|