| We have audited the accompanying financial statements of Beryl
Securities Limited ("the Company"), which comprises the Balance Sheet
as at March 31, 2015, and the statement of Profit and loss and Cash
Flow Statement for the year then ended, and a summary of 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 financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with 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 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, in 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 gave a true and fair view and are free from material
misstatements, whether due to fraud or errors.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the provision
of the act, the accounting and auditing standards in 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 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 disclosures in the financial statement. 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 statement that gives 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 control
system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statement. 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.
Opinion
In our opinion and to the best of our information and according to the
explanation given to us 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 ,of the state of affairs of the Company as at March 31,2015, and
its profit and its cash flows for the year ended on that date.
Emphasis of Matter
Without qualifying our report, Attention is invited to following notes
to the financial statement:-
1. Note No. 26 : Balances under sundry debtors, sundry creditors and
loans and advances are subject to confirmation.
2. Note No. 31 (i) : Company has made the investment in equity shares
amounting to Rs.11500/- in Panjon Ltd. But no provision of Rs.9986/-
has been made for diminution in value of Securities [(Market Value Rs.
1514] due to temporary in nature.
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 explanation,
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
(b) In our opinion, the Company has kept Proper books of account as
required by the law 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 accounts.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014:
(e) On the basis of the written representations received from the
directors as on 31March 2015 taken on record by the Board of Directors,
none of the Directors is disqualified as on 31 march 2015 from
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 explanation given to us:
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 42 to the
financial statements.
(ii) The Company has not made any provision, as required under the
applicable law or accounting standards, since company did not have any
long term contract, including derivatives contract for which there were
any material forseable losses.
(iii) There were no amounts required to be transferred to the investor
Educations and Protections fund by the Company.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT
The Annexure referred to in our Independent Auditor' Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015, we report that:
1. a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programmee, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
2. The company is finance and Investment Company, hence having regards
to the nature of the business of the company, the Clause (a), (b) & (c)
of paragraph (ii) of the order is not applicable to the company.
3. The Company has not granted loans to any body corporate covered in
the register maintained under section 189 of the Companies Act,
2013('the Act'), hence clause (a) and (b) are not applicable.
4. 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 purchase of fixed assets. We have not observed any major weakness in
the internal control system during the course of the audit.
5. The Company has not accepted any deposits from the public.
6. The Central Government has not prescribed the maintanance of
records under section 148(1) of the Act, for the Company, since the
company is finance and Investment Company.
7. a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including income tax, wealth tax, and other material
statutory dues have been regularly deposited during the year by the
Company with the appropriate authorities. As explained to us, the
Company did not have any dues on account of employees' state insurance
and duty of excise. According to the information and explanations given
to us, no undisputed amounts payable in respect of income tax, wealth
tax and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they become
payable except the following :
Name of the Nature of Amount Period to which the
statue due amount is related
Professional Professional 37500 2000-01/ 2001-02/2002-03,
Tax Tax 2003-04
2004-05 & 2005-06,
2006-07,2007-08,
2008-09, 2009-10, 2010-11,
2011-12,
2012-13,2013-14.
Income Tax Income Tax 26400 2006-07
Income Tax Income Tax 13702 2010-11
Wealth Tax Wealth Tax 86175.33 2012-13,2013-14
b) According to the information and explanations given to us, there are
no material dues of wealth tax, duty of customs and cess which have not
deposited with the appropriate authorities on account of any dispute.
However, according to information and explanations given to us, the
following dues of income tax have not been deposited by the Company on
account of disputes:
Name of the Nature of Amount Period to Forum where
statute dues which amount dispute is
relates pending
Income Tax Act Penalty under 325000 2006-07 CIT(A)-1
sec. 271(1)(c) Indore
Income Tax Act Penalty under 65000 2007-08 CIT(a)-1
sec. 271(1)(c) Indore
8. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9. The company has not defaulted in repayment of dues to any financial
institution or bank or debenture holder.
10. In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
11. The Company has not taken any term loan during the year hence
comments regarding utilization of term loan is not applicable
12. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Subhash Chand Jain Anurag & Associates
Chartered Accountants
FRN No.: 004733C
Sd/-
(AKANKSHA SHRIVASTAVA )
Place : Indore Partner
Date : 24/07/2015 (M NO 425205)
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