| We have audited the accompanying financial statements of Gajanan
Securities Services Limited ("the company"), which comprise the
Balance Sheet as at 31 March 2015, the statement of profit and loss,
the Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give
a true and fair view of the financial position, financial performance
and cash flows 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 provisions of the Act for safeguarding 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
controls, 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.
Auditor's 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 matters which are required to be included
in the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with 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 auditor's 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 Company's 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 whether the Company has in place an adequate
internal financial controls system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements subject to Note No.
1(c) regarding valuation of inventories at cost amounting to higher
valuation by '42,025/- and overstating the profit by such amount, 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:
a. In the case of the balance sheet, of the state of affairs of the
company as at 31 March 2015,
b. In the case of the statement of profit and loss, of the profit for
the year ended on that date, and
c. In the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
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 best of our knowledge and belief were necessary for the
purposes of our audit.
b. 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.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account and the returns received from the branches not
visited by us.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7of the Companies (Accounts) Rules, 2014.
e. On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2015 from being appointed as a director in terms of Section 164(2) of
the Act.
f. With respect to the other matters to be included in the Auditor's
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:
i. The Company does not have pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure referred to in paragraph 1 of our Report of even date to the
Members of GAJAN SECURITIES SERVICES LIMITED on the accounts of the
company for the year ended 31st March, 2015
Re: Gajanan Securities Services Limited (the company)
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
2. (a) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion and according to the information given to us, the
Company is maintaining proper records of inventory. As per the
management during verification, there were no material discrepancies
noticed between physical stock and the book records.
3. In our opinion and according to the information given to us, the
company has not granted any loan to companies, firms or other parties
covered in the register maintained under section 189 of the Companies
Act, 2013.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. During the course of our audit, we have
not observed any continuing failure or major weakness in internal
controls.
5. In our opinion and according to the information and explanation
given to us, the company has not accepted any public deposits as per
the provisions of Section 73 to 76 of the Act and Rules framed there
under.
6. The provisions of section 148(1) of the Companies Act, 2013
relating to maintenance of cost records are not applicable to the
company.
7. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income Tax, Sales
tax, Wealth tax, Service Tax, Custom Duty, Excise Duty, Value Added
Tax, Cess and other statutory dues as applicable have been regularly
deposited by the Company during the year with the appropriate
authorities. There is no arrear statutory dues outstanding as at 31st
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues in respect of
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Value Added Tax and Cess as at 31st March, 2015, which have not
been deposited on account of any dispute.
(c) The company has not paid any dividend and therefore there is no
requirement to transfer any amount to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
8. The accumulated losses of the company are not more than fifty
percent of its net worth. The Company has not incurred cash losses
during the financial year immediately preceding financial year.
9. The company has no dues to financial institutions, banks or
debenture holders, hence para related to repayment of dues does not
apply.
10. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantees for loans taken
by others from bank or financial institutions.
11. In our opinion and according to the information and explanation
given to us, the Company has not availed term loans, hence para
related to term loans does not apply to the company.
12. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by company has
been noticed or reported during the course of our audit.
For P.K.C & Co.
Firm registration number: 322332E
Chartered Accountants
Sd/-
(CA P K Choudhary)
Proprietor
Membership no.: 055177
Place: Kolkata
Date: 30th May 2015 |