VERTEX SECURITIES LIMITED

Subsidiary ot Transwarr?nty Finanrs Limited)

Thonrdril

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ilrrlot

f,oad, Ernrkuhn.

Iochi.0820i0

Tdephonr : 0{8i1. 238tl8tl8

Frr : 0{84-

233d?0S

IYabsits : wu.wrurbroling,conr

VGr.TG,(

[mril : rrrlS{ortubrolinl.com

ctN

167 I 20KL I 993PLC007349

vsl/l6-17iSECl

2t. 04.20t6
The Manager,
Corporate Relations Dept.,
Bombay Stock Exchange Ltd.,
P.J. Towers,
Dalal Street, Fort
Murnbai
BSE Scrip Code: 53195O
Dear Sir,

Sub: Outcome of Board Meetinq held todav i.e. 21.O5.2O16

The Board of Directors of the Company at their meeting held today, have intera1ia, noted and approved the following:

1. Resignation of Mr. Kumar Nair, as the Managing Director of the

Company
1

2. Appointment of Mr. U. Ramachandran as the Managing Director of the

Company, subject to the approval of the shareholders.

3. Appointment of Mr. George Abraham as the Chief Finance Officer(CFO)

4. Resignation of Ms. Aswathi C. Madhavadas as the Company Secretary
5. Appointment of Ms. Pranali Kadam as the Company Secretary
6. Audited standalone and consolidated financial results of the Company
for the quarter and financial year ended 31"t March,2076.
Accordingly, please find enclosed the following:

1. Audited standalone and consolidated financial results of the Company

for the quarter and financial year ended 3lst March,2016.

VERTEX SECURITIES LIMITED

(A Subsidiary of Transwarranty Fin.nc Limited)

"ffi,
venreX

Thottithil Towsrr, ll

t-laor,

lfurlat 8ord, Ernrlulrm, l(oshi'882018

Tolophonc :

0tl8{- 2384848

2. Statement of Asset

& Liabilities as on 31st March, 2016

- Auditors Report in respect of the standalone
J.
and consolidated financial
results of the company for the quarter and financial year
ended 31st
March, 2076.
4. Form

B (Audit Report with modified opinion) in respect of the

standalone
and consolidated financial results of the company for the quarter
and

financial year ended 31"t March, 2016.

Kindly take the same on records.

..-.,,...

Thanking you,
Yours faithfully,
For Vertex Securities Limited

Managing Director
Encl.: as above

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RAHUL EiAUTAM DIVAN & ASEEtrIATES

Chartered Accountants
C/o MIDSNELL, 134 Mittal Tower 'C', Nariman Point, Mumbai 400 021, lndia.
Phone: (+ 91-22\ 6632 4991, 6632 4992. Fax: (+ 91'22) 2287 5374. E-mail: rdivan@vsnl'com

IN DEPENDENT AUDITOR,S REPORT

TO THE BOARD OF DIRESTORS OF

VERTEX SECURITIES LIMITED

WehaveauditedtheaccompanyingstatementoffinancialresultsofVERTEXSECURlTlEsLIMITED
(the "statement"), being submitted by the
(the ,,company,,) for the year ended 31st March 2016
33 of the sEBl (Listing obligations and
company pursuant to the requirement of Regulation
This statement, which is the responsibility of the
Disclosure Requirements) Regulations, 2015.
Board of Directors, has been prepared on the basis
company,s management and approved bythe
with the Accounting standards
of the related financial statements which is in accordance
with relevant rules issued
read
2013
prescribed under section 133 of the companies Act,
principles generally accepted in lndia' Our
thereunder as applicable and other accounting
Statement'
responsibility is to express an opinion on the

1.

2.

on Auditing issued by the lnstitute of

we conducted our audit in accordance with the standards
require that we comply with ethical
Chartered Accountants of lndia. Those standards
obtain reasonable assurance about whether the
requirements and plan and perform the audit to
Statement

is

free from material misstatement'

audit evidence about the amounts and the

An audit involves performing procedures to obtain
judgment,
selected depend upon the auditor's
disclosures in the stater"ni. The procedures
ln
of the Statement' whether due to fraud or error'
including the risks of material misstatement
Company,s
the
to
considers internal control relevant
making those risk assessments, the auditor
in order to design audit procedures that are
preparation and fair presentation of the statement
for the purpose of expressing an opinion on the
appropriate for the circumstances, but not

effectivenessoftheCompany'sinternalcontrol'Anauditalso'includesevaluatingthe
policies used and the reasonableness of the accounting
appropriateness of the accounting
estimatesmadebyManagement,aswellasevaluatingtheoverallpresentationoftheStatement.

we believe that the audit evidence we have obtained

3.

basis

for our audit oPinion'

Basis

for Qualified OPinion

is sufficient and appropriate

to provide

months amount to Rs' L6,824,885. Fu rther out

The sundry debtors outstanding for more than six
has initioted legal ond
of the toiot sundry debtors, for o sum of Rs' 5'022'725' the Compony
irrorrry octions, the proceedings of which are in different stqges'
the obove, the quontum of reotisability
initiated debts is not ascertoinoble at this stoge
ln'

view

of

of old outstonding sundry debtors/

Associated Firm: Chandabhoy & Jassoobhoy

605-607 Silver Oaks, Paldi, Ahmedabad 380 007.

legollY

RAHI.JL EiAUTAM DIVAN & ASSEtrIATEsi

4.

ln our opinion and to the best of our information and according to the explanations given to

us,

the Statement.

is presented in accordance with the requirements of Regulation 33 of the

SEBI (Listing

Obligations and Disclosure Requirements) Regulation, 2015; and

il.

5.

except for the possible effects of the matter described in the Basis for Qualified Opinion
paragraph 3 above, the statement gives a true and fair view in conformity with the
aforesaid Accounting Standards and other accounting principles generally accepted in lndia
of the net profit and other financial information of the Company for the year ended on 3Lst
March 2016.

The Statement includes the results for the quarter ended 31't March 2016 being the balancing
figure between audited figures in respect of the full financial year and the published year to date
figures up to the end of the third quarter of the current financial year which were subject to

limited review by us.

For RAHUL GAUTAM DTVAN & ASSOCIATES

CharLered Accountants
Chartered
ff'l# s Registration N u mber: 12O2g4Wl

4ilry

cF*DlvAN
Partner
Membership Number: 005457

^il,y

Place: Mumbai
Date: 21 May 2016

YGRTCXsacuRtrtcs
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CIN : L67120K1 1993P1C007349

FORM B (Standalone Accountsf

[As per Regulation 33(31(dl of SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 20151

1.

2.

for

statements
ended

3.

Vertex Securities Limited

frnancial 31"t March, 2016
the year

Name of the Company

Annual
Type

of

Audit Qualified

oualification
4.

Frequency

of Repetitive

qualification

The sundry debtors outstanding for more than six

months amount to Rs. L6,824,885. Further out of
the total sundry debtors, for a sum of Rs. 5,O22,L25,
the Company has initiated legal and recovery
actions, the proceedings of which are in different
stages.

In view of the above, the quantum of realisability of

o1d outstanding sundry debtors/ legally initiated
debts is not ascertainable at this stage

Additional comments
from the Board/Audit

Referring to observations given in The Independent

Auditors Report it is clarified that:

committee:
a) As the Company has initiated legal actions.for the
recovery of the dues, it will not be prudent to make
any provisions as the cases are in various stages in
different Courts.

.C#\
\
,rSrrsLr uy -

Kumar Nair

Chairman

&

Managing Director

Mr. Gautam Divan

Partner

Membership

No.

6457

Rahul
Divirn

Gautam
&

Associates
Firm Registration
Number:
120294W

Mr. James Pothen

Independent
Director
(Audit Committee
Chairman)

11",'

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RAHUL EiAUTAM DIVAN & AESBtrIATES

Chartered Accountants
C/o MIDSNELL, 134 Mittal Tower'C', Nariman Point, Mumbai 400 021,
tndia.
Phone: (+ 91-22) 6632 4991 ,6632 4992. Fax: (+ 91-22) 2287 5374. E-mait:
rdivan@vsnt.com

INDEPENDENT AUDITORS, REPORT

TO THE BOARD OF DIRECTORS OF
VERTEX SECURITIES I.IMITED

Report on the Consotidated Financial Statements

1.

We have audited the accompanying statement of Consolidated Financial Results of VERTEX

SECURITIES LIMITED (hereinafter referred to as "the Holding Company") and its subsidiary (the
Holding Company and its subsidiary together referred to as "the Group"), for the year ended
March 3L, 2016 ("the Statement"), being submitted by the Holding Company pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015. This Statement, which is the responsibility of the Holding Company's
Management and approved by the Board of Directors, has been prepared on the basis of the
related consolidated financialstatements which are in accordance with the Accounting Standard
prescribed under Section 133 of Companies Act,20L3, as applicable, and other accounting
principles generally accepted in lndia. Our responsibility is to express an opinion on the
Statement.
We conducted our audit in accordance with the Standards on Auditing issued by the lnstitute of
Chartered Accountants of lndia. Those Standards require that we plan and perform the audit to
obtain reasonable assurance about whether the Statement is free from material misstatement.
An audit includes examining, on a test basis, evidence supporting amounts disclosed in the
Statements. An audit also includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the significant accounting estimates made by the Management, as
well as evaluating the overall presentation of the Statement. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

3.

Basis

for Qualified Opinion

The sundry debtors outstanding for more thon six months amount to Rs. 26,151,826. Further out
of the totdl sundry debtors, for a sum of Rs. 10,017,298, the Company hos initiated legol ond

recovery octions, the proceedings of which are in different stoges.

ln view of the obove, the quantum of realisability of otd outstanding sundry debtors/ tegatty
initiated debts is not oscertainoble at this stage.
4.

ln our opinion and to the best of our information and according to the explanation given to us, the
Statement:
includes the result of Vertex Commodities and Finpro Private Limited
b.

is presented in accordance with the requirements of SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015; and

c.

except for the possible effects of the matter described in the Basis for Qualified Opinion
paragraph 3 above, the statement gives a true and fair view in conformity with the aforesaid
Accounting Standards and other accounting principles generally accepted in lndia,_*4$'*'

.{d:*1"'" {

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/ ,.,!

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Associated Firm: Chandabhoy & Jassoobhoy

605-607 Silver Oaks, Patdi, Ahmedabad 380 007.

}.

RAHUL EiAUTAM DIVAN & A,SSEtrIATEEi

consolidated net profit and other financial information of the Group for the year ended
March 31.,2016.
The Statement includes the results for the quarter ended March 31',2016 being the balancing
figure between audited figures in respect of the full financial year and the published year to date
filures up to the third quarter of the current financial year which were subject to limited review
by us.

GAUTAM DIVAN & ASSOCIATES

Chartered Accountants
ffirnfl Registration N u mber: L2O294WI
FoT RAHUL

A|uwr--r-

,'6:Y.xt\

/.

,,'l'"il.?,iE
aj (t' C"
l)1,,11n-rs) ]
Membership Number: 006457
Place: Mumbai
Date: 21 May 2016

e-t3i

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CIN : 167120KL 1993P1C007349

FORM B (Consolidated Accounts)

[As per Regulation 33(3)(dl of SEBI (Listing Obligations and Disclosure

Requirements) Regulations,
1.

2.

Vertex Securities Limited

financial 3l"t March, 2OL6

Name of the Companv

Annual

for the

statements
ended

3.

Tlpe

of

qualification

4.

2O151

Frequency

year

Audit Qualilied
of Repetitive

qualification

The sundry debtors outstanding for more than six

months amount to Rs. 26,15\,826. Further out of

the total sundry debtors, for a sum of

Rs.

10,017,298, the Company has initiated legal and

recovery actions, the proceedings of which are in
different stages.

In view of the above, the quantum of realisability of

old outstanding sundry debtors/ legally initiated
debts is not ascertainable at this stage.

Additional comments
from the Board/Audit

Referring to observations given in. The Independent

Auditors Report it is clarified that:

committee:
a) as the Company has initiated legal actions for the
recovery of the dues, it will not be pmdent to."make
any provisions as the cases are in various stages in
different Courts.

.ffi
\

Chairman

To be signed by

Kumar Nair

&

Managing Director

Mr. Gautam Divan

Partner

Membership

No.

6457

Rahul
Divan

Gautam
&

Associates
Firm Registration
Number:
t20294W

Mr. James Pothen

Independent
Director
(Audit Committee
Chairman)

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