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Moneycontrol.com ભારત | ઓડિટર રિપોર્ટ > Finance - Leasing & Hire Purchase > ઓડિટર રિપોર્ટ થી ઈન્ડિયા સિક્યુરિટીઝ - બીએસઈ: 500204, ઍનઍસઈ : INDIASEC

ઈન્ડિયા સિક્યુરિટીઝ

બીએસઈ: 500204  |  ઍનઍસઈ : INDIASEC  |  ISIN: INE134A01035  |  Finance - Leasing & Hire Purchase

શોધો ઈન્ડિયા સિક્યુરિટીઝ કનેક્શન � Mar 10
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '11
We have audited the attached Balance Sheet of India Securities Limited,
 as at March 31, 2011 and also the Profit and Loss Account for the year
 ended on that date annexed thereto and the Cash Flow Statement for the
 year ended on that date. These financial statements are the
 responsibility of the Company''s management. Our responsibility is to
 express an opinion on these financial statements based on our audit.
 
 We conducted our audit in accordance with auditing standards generally
 accepted in India. These Standards require that we plan and perform the
 audit to obtain reasonable assurance about whether the financial
 statements are free of material misstatement. An audit includes
 examining, on a test basis, evidence supporting the amounts and
 disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by management, as well as evaluating the overall financial statement
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 As required by the Companies (Auditor''s Report) Order, 2003 (as
 amended) issued by the Central Government of India in terms of sub-
 section (4A) of section 227 of the Companies Act, 1956, and on the
 basis of such checks as we considered appropriate and according to the
 information and explanations given to us, we enclose in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 Order.
 
 Further to our comments in the Annexure referred to above, we report
 that:
 
 (i) We have obtained all the information and explanations, which to the
 best of our knowledge and belief were necessary for the purposes of our
 audit;
 
 (ii) In our opinion, proper books of account as required by law have
 been kept by the company so far as it appears from our examination of
 those books.
 
 (iii) The Balance Sheet, Profit and Loss Account and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 (iv) On the basis of written representations received from the
 directors as on March 31, 2011 and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as on
 March 31, 2011 from being appointed as a director in terms of clause
 (g) of sub-section (1) of section 274 of the Companies Act, 1956;
 
 (v) In our opinion, the Balance Sheet, the Profit and Loss Account and
 Cash Flow Statement dealt with by this report comply with the
 accounting standards referred to in sub-section (3C) of Section 211 of
 the Companies Act, 1956;
 
 (vi) In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts, give the information
 required by the Companies Act, 1956 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, 2011;
 
 ii.  in the case of the Profit and Loss Account, of the loss of the
 Company for the year ended on that date; and
 
 iii.  in the case of cash flow statement, of the cash flows of the
 Company for the year ended on that date.
 
 ANNEXURE REFERRED TO THE REPORT OF EVEN DATE FOR THE YEAR ENDED MARCH
 31, 2011 OF INDIA SECURITIES LIMITED
 
 (i) (a) The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) All the assets other than leased assets have been physically
 verified by the management during the year as per programme of
 verification which, in our opinion, is reasonable having regard to the
 size of the company and the nature of its assets. As informed to us, no
 discrepancies were noticed on such verification.
 
 (c) During the year, the company has disposed off substantial part of
 the fixed asset; however it has not affected going concern status of
 the company.
 
 (ii) Since the company do not have inventory, the clause (ii) is not
 applicable to the company for the year.
 
 (iii) (a) The company has not granted any loans to companies, firms and
 other parties covered in the Register maintained under Section 301 of
 the Companies Act, 1956:
 
 (b) In view of clause (iii) (a) above, clause (iii) (b) is not
 applicable.
 
 (c) In view of clause (iii) (a) above, clause (iii) (c) is not
 applicable.
 
 (d) In view of clause (iii) (a) above, clause (iii) (d) is not
 applicable.
 
 (e) The company has not taken any loans from companies, firms and other
 parties covered in the Register maintained under Section 301 of the
 Companies Act, 1956.
 
 (f) In view of clause (iii) (e) above, clause (iii) (f) is not
 applicable.
 
 (g) In view of clause (iii) (e) above, clause (iii) (g) is not
 applicable.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the company and the nature of its business with regard
 to purchases of assets and rendering of services. During the course of
 our audit, no major weakness has been noticed in the internal controls
 system.
 
 (v) (a) Based on the audit procedures applied by us and according to
 the information and explanations provided by the management, we are of
 the opinion that there are no transactions during the year that need to
 be entered into the register maintained under section 301.
 
 (b) In view of clause (v) (a) above, clause (v) (b) is not applicable.
 
 (vi) During the year the company has not accepted or renewed any public
 deposits. As informed to us no order has been passed by the National
 Company Law Tribunal or Reserve Bank of India or any Court or any other
 Tribunal.
 
 (vii) In our opinion, the company has an internal audit system
 commensurate with the size and nature of its business.
 
 (viii) As informed to us, the maintenance of cost records have not been
 prescribed by the Central Government under clause (d) of sub-section
 (1) of section 209 of the Companies Act, 1956.
 
 (ix) (a) According to the records of the company, the company is
 generally regular in depositing undisputed statutory dues including
 provident fund, service tax in deposit of taxes with appropriate
 authorities, however there were delays in deposit of income tax. As per
 the books of account and according to information and explanations
 given to us there are no undisputed dues of Investor Education and
 Protection Fund, Employees'' State Insurance, Sales Tax, wealth tax,
 Custom Duty, Excise Duty and Cess. The arrears of income tax dues of
 Rs.1,990,766 were outstanding as at March 31, 2011 for a period of more
 than six months from the date they became payable.
 
 (b) According to the records of the company, there are no dues of
 Wealth Tax, Service Tax, Custom duty, excise duty/cess which have not
 been deposited on account of dispute. The details of Income Tax and
 Sales Tax, which have not been deposited on account of dispute are as
 under:
 
 Nature of 
 Liability    Statute      Amount 
                           (Rs. Lakhs)    Period      Authorities
                                                      before which 
                                                      pending dispute
 
 Sales tax (
 lease tax)   Rajasthan 
              Sales Tax       4.31       FY 1995-96   Sales Tax
                                                      Authorities, Jaipur
              Act            15.99       FY 1996-97
 
 Income Tax   Income Tax 
              Act, 1961      13.21       A.Y 2000-01  DCIT Appeal- Mumbai
 
                             54.78       A.Y. 2007-08 ACITAppeal-Mumbai
 
 (x) The accumulated losses of the company at the end of the financial
 year are not more than fifty percent of its networth and the company
 has not incurred any cash losses during the financial year covered by
 our audit and in the immediately preceding financial year.
 
 (xi) Based on our audit procedures and according to the books of
 account and information and explanations given by the management, we
 state that there are no dues to banks or financial institutions.
 
 (xii) Based on our examination of documents and records, the company
 has not granted loans and advances on the basis of security by way of
 pledge of shares, debentures and other securities.
 
 (xiii) Provisions of Chit Fund Nidhi/ Mutual Benefit Fund/Societies are
 not applicable.
 
 (xiv) In respect of dealing or trading in shares, securities,
 debentures and other investments by the company, proper records have
 been maintained of the transactions and contracts and timely entries
 have been made therein. Investments held by the company are since in
 its own name.
 
 (xv) The company has not given any guarantee for loans taken by others
 from bank or financial institutions.
 
 (xvi) During the year the company has not borrowed any term loan.
 
 (xvii) During the year the funds raised on short term basis have not
 been used for long term investments.
 
 (xviii) During the year the company has not made any preferential
 allotment of shares to parties and companies covered in the register
 maintained under section 301 of the Act.
 
 (xix) During the year, the company has not issued secured debentures.
 
 (xx) During the year, the company has not raised money by public
 issues.
 
 (xxi) Based upon the audit procedures performed and information and
 explanations given by the management, we report that no fraud on or by
 the company has been noticed or reported during the course of our
 audit.
 
 For NISAR & KUMAR
 
 Chartered Accountants
 Firm Regn. NO.127820W
 
 K. M. Mahadik
 
 Partner
 M. No. 48453
 
 Place : Mumbai
 
 Date  : December 1, 2011
 
સ્તોત્ર: રેલીગેર ટેકનોવા


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