| We have audited the accompanying financial statements of OASIS
SECURITIES LIMITED, which comprise the Balance Sheet as at March 31,
2015, the Statement of Profit & 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 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 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 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.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these standalone
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. 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 aforesaid 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company 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.
OTHER MATTERS
We did not audit the financial statements/information of M/s Azure
Capital Advisors Private Limited, a Subsidiary Company, included in the
standalone financial statements of the Company whose financial
statements / financial information reflect total assets of Rs 47,00,281
as at 31st March, 2015 and total revenues of Rs.1,05,53,515 for the
year ended on that date, as considered in the standalone financial
statements. The financial statements/information of these Subsidiary
have been audited by Singhvi, Dev & Unni auditors whose reports have
been furnished to us, and our opinion in so far as it relates to the
amounts and disclosures included in respect of these Subsidiary, is
based solely on the report of such Auditor. Our opinion is not modified
in respect of this matter
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.
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 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 has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts -to the financial
statements; and
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 "A" OF AUDITOR'S REPORT OF EVEN DATE
TO THE MEMBERS OF 'OASIS SECURITIES LIMITED' ON THE ACCOUNTS FOR THE
YEAR ENDED 31st MARCH 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:
In respect of its Fixed Assets
(a) The company is maintaining proper records to show full particulars,
including quantitative details and situation of fixed assets.
(b) According to information and Explanation given to us, the fixed
assets of the Company are physically verified by the management
according to a phased program designed to cover all items over a period
of time, which in our opinion, is reasonable having regards to the size
of the Company and the nature of its assets. Pursuant to the program,
fixed assets have been physically verified by the Management during the
year and no material discrepancies between the book records and the
physical inventories have been noticed.
In respect of its Inventories
(a) As informed to us, the inventories held in Dematerialized form,
have been verified by the management with supportive evidence during
the year. In our Opinion the frequency of verification is reasonable.
In our Opinion, the procedures for physical verification of inventory
followed by management are reasonable and adequate in relation to the
size of company and the nature of its business. On the basis of our
examination the records of inventory, we are of the opinion that
company is maintaining proper records of inventory. We are informed
that no discrepancies were noticed on physical verification.
(b) The company has inventories of Shares, and Inventories are valued
at Market cost or Book value whichever is lower.
In respect of its Loans given:
The company has not granted any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. As the Company has not
granted any loans, secured or unsecured, to parties listed in the
Registers maintained under Section 189 of the Companies Act, 2013,
consequently, clause 3(iii) (a) & (b) of the order are not applicable.
In our opinion and according to the information and explanations given
to us, there is adequate internal control system commensurate with the
size of the Company and the nature of its business, for the purchase of
fixed assets and for the sale of good s. Further, on the basis of our
examination of the books and records of the Company and according to
the information and explanations given to us, no major weakness has not
been noticed or reported.
In our opinion, and according to the information and explanations given
to us, the Company has not accepted any public deposits and hence
directives issued by the Reserve Bank of India and the provisions of
Sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed there under are not applicable. As per
the information and explanations given to us, no order has been
passed by Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal in this respect.
We have broadly reviewed the books of account maintained by the company
pursuant to subsection (1) ( section 148 of the Companies Act, 2013 and
are of the opinion that prima facie, the prescribed accoun and records
have been made and maintained. We have, however not undertaken a
detailed examination the records with a view to determine whether they
are accurate or complete.
(a) According to the information and explanation given to us and the
records of the Company examine by us, in our opinion, the Company is
generally regular in depositing undisputed statutory dues includin
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, VAT Wealth Tax, Excise Duty, Service Tax, Cess
and any other material statutory dues as applicable with th appropriate
authorities.
(b) According to the information and explanations given to us and based
on the records of the
company examined by us, disputed dues payable by company as on 31st
March 2015 of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs
Duty and Excise Duty are as under.
Sr Name of Nature of Amount Period to Forum where
no. Statue Dues which it dispute is
relates pending
2 Income Tax Deleting 3,17,100 2009-10 Commissioner
allocation of of Income tax
expenses made (Appeals)
by A.O and
Disallowance
u/s 14A r.w.rule
8D
3 Income Tax Deleting 41,35,240 2010-11 Commissioner
allocation of of Income tax
expenses made (Appeals)
by A.O and
Disallowance
u/s 14A r.w.rule
8D and
Dividend
stripping u/s
94(7)
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund.
10. According to Information and Explanation given to us , The Company
has not given any guarantee for loans taken by others from banks or
financial institutions
11. During the course of our examination of the books of accounts
carried out in accordance with the generally accepted auditing
standards in India and according to the information and explanations
given to us, we have not come across any instants of fraud, either
noticed or reported during the year, on or by the Company.
For M/s. Aalok Mehta & Co.
Chartered Accountants
CA. Aalok Mehta
[Proprietor]
Membership No. 114930
Firm Reg. No. 126756W
Place: Mumbai
Date: 29th May 2015
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