| We have audited the accompanying financial statements of Titan
Securities Limited (the Company ) which comprise the Balance Sheet as
at 31 March 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Managements 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
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
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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 control relevant to the Company s preparation and
fair presentation 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 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 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 financial
statements.
Opinion
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, of the State of Affairs of the Company as at 31st March 2015, and
its Profit and its 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 Section
143(11) of the Companies Act 2013, we give in the Annexure a statement
on the matters specified in paragraphs 3 and 4 of the Order to the
extent applicable.
2. As required by Section 143(3) of the Act and Companies (Audit and
Auditors) Rules 2014, 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
purpose 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.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014 except Accounting
Standard No. 15 relating to Employee benefits .
e. On the basis of 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. Vith respect to the other matters to be included in the Auditor s
Report in accord ance 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 any 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; and
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
[Referred to in paragraph 1 under Report on Other Legal and Regulatory
Requirements section of our Report of even date to the me bers of Titan
Securities Li mited ( the Company ) on the accounts of the Company for
the year ended 31 IMarch 2015]
On the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of our
audit, we report that:
(i) In respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars,
Including quantitative details and situations of the fixed assets.
b. As explained to us, fixed assets have been physically verified by
the management during the year. The Company has a regular program of
physical verification of its assets which, in our opinion, is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
(ii) In respect of its Inventories:
a. The inventories have been physically verified at reasonable
intervals by the management. In our opinion, the frequency of
verification is reasonable.
b. In our view, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The Company is maintaining proper records of inventories. The
discrepancies noticed on verification between the physical stock and
the book records were not mate rial.
(iii) a. The Company has granted unsecured loans to companies, firms or
other parties covered in the Register maintained under Section 189 of
the Companies Act, 2013. The maximum amount outstanding during the year
'was Rs.3,98,56,307 and the year end balance of such loans was
Rs.1 ,30,00,000;
b. The principal amounts and interest are being received regularly as
per stipulations;
c. In respect of the aforesaid loans, there is no overdue amount more
than Rs. One lakh.
(iv) In our opinion and according to the information and explanations
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, fixed assets and also
for the sale of shares. During the course of our audit, we have not
observed any continuing failure to correct any major weaknesses in
internal control.
(v) The Company has not accepted any public deposits during the year.
(vi) Ve are informed by the management that the Central Government has
not prescribed maintena nce of cost records under sub - section (1) of
Section 148 of the Act, in respect of the activities carried on by the
Company.
(vii) In respect of statutory dues
a. According to the information and explanations given to us, the
Company has generally been regular in depositing undisputed statutory
dues applicable to it, 'with the appropriate authorities.
b. According to the information and explanations given to us, there
were no undisputed amounts payable in respect of statutory dues in
arrears/ 'were outstanding as at 31 March 2015 for a period of more
than six months from the date of becoming payable.
c. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
(viii) The company does not have any accumulated losses at the end of
financial year and has not incurred cash losses during the financial
year covered by our Audit and the immediately preceding financial year.
(ix) According to the information and explanations given to us, we are
of the opinion that the Company has not defaulted in repayment of dues
to a financial institutions, banks or debenture holders.
(x) The Company has not given any guarantees for loans taken by others
from banks or financial institutions during the year.
(xi) The Company has not taken any TerM Loan during the relevant year.
Although there is
Vehicle loan from Bank and year-end balance amount is Rs.1 8,95,394.55.
(xii) To the best of our knowledge and according to the information and
explanations given to us by the management, no fraud by the Company and
no material fraud on the company has been noticed or reported during the
year.
for Deepika Setia & Co
Chartered Accountants
FRN-01 3515N
D.S.Kajal
Place : Delhi F.C.A. Partner
Date : 28.05.2015 M.No.091609
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