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Integrated Financial Services Ltd.

BSE: 500212 Sector: Financials
NSE: N.A. ISIN Code: INE898B01017
BSE 00:00 | 20 Apr 37.05 -1.90
(-4.88%)
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37.05

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37.05

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37.05

NSE 05:30 | 01 Jan Integrated Financial Services Ltd
OPEN 37.05
PREVIOUS CLOSE 38.95
VOLUME 100
52-Week high 49.25
52-Week low 21.45
P/E 4.95
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 37.05
CLOSE 38.95
VOLUME 100
52-Week high 49.25
52-Week low 21.45
P/E 4.95
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Integrated Financial Services Ltd. (INTEGFINSERV) - Auditors Report

Company auditors report

To the Members

Integrated Financial Services Limited Report on the standalone Financial Statements

We have audited the accompanying standalone financial statements of IntegratedFinancial Services Limited ('the Company') which comprises the Balance Sheet as at 31stMarch 2017 the statement of Profit and Loss and Cash Flow Statement of the company forthe year ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the standalone financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ('the Act') with respect to preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the AccountingPrinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rule 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the standalonefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thestandalone financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by management as well as evaluatingthe overall presentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

a) In the case of the balance sheet of the state of affairs of the Company as at 31stMarch 2017; and

b) In the case of statement of profit and loss of the profit for the year ended onthat date.

c) In the case of the cash flow statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central

Government of India in terms of sub-section (11) of section 143 of the Act we give inthe Annexure 'A' a

statement on the matters specified in paragraphs 3 and 4 of the Order to extentapplicable.

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 bestof 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 theCompany 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 Statementdealt with by this report are in agreement with the books of account;

d) in our opinion the standalone financial statements for the year ended 31st March2017 comply with the Accounting Standards specified under section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014;

e) on the basis of written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on March 31st 2017 from being appointed as a director section 164(2) ofthe Companies Act 2013.

f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure 'B'; and

g) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

iii. there has been no delay in transferring the amounts required to be transferredto the Investor Education and Protection Fund during the year by the company.

iv. the Company has provided disclosures in the standalone financial statements. Basedon audit procedure and relying on the management representation we report that thedisclosure with books of account maintained by the Company and as produced to us by theManagement.

For Dua& Kumar

Chartered Accountants Firm Regn No. 007411N Sd/-

Mahesh Kumar Proprietor M. No. 085757

Annexure 'A' to the Independent Auditor's Report - 31 March 2017

The Annexure referred to in Independent Auditor's Report to the members of IntegratedFinancial Services Limited ('the Company') on the standalone financial statements for theyear ended 31st March 2017.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. a. The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

b. The Company has a regular programme of physical verification of its fixed assets bywhich all the fixed assets are verified in a phased manner at reasonable intervals. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and the nature of its assets. No material discrepancies were noticed onsuch verification.

2. The Company is a service Company primarily engaged in the business of CoreInvestment. Accordingly it does not hold any physical inventories. Thus paragraph 3 (ii)of the Order is not applicable.

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has given loans secured or unsecured tocompanies firms or other parties listed in the register maintained under Section 189 ofthe Companies Act 2013:

a. The amounts of principal as well as interest have been repaid regularly.

b. No amount of loan and advances is overdue.

4. In our opinion and according to the information and explanation given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investment made.

5. According to the information and explanation given to us the Company has notaccepted any deposits during the year and accordingly the provisions of Clauses V ofParagraph 3 of the Order and section 73 to section 76 of the Companies Act 2013 and anyother provisions are not applicable to the Company. There was no any amount is outstandingagainst any deposit of earlier years in the books of accounts of the Company.

6. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any services rendered by the Company. Accordinglyparagraph 3(iv) of the Order is not applicable to the Company.

7. (a) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company amounts deducted/accrued in the books ofaccounts in respect of undisputed statutory dues including provident fund income taxservice tax and other material statutory dues have generally been regularly depositedduring the year by the Company with the appropriate authorities. As explained to us theCompany did not have any dues on account of employees' state insurance sales tax customduty excise duty and cess. According to the information and explanation given to us nodisputed amounts payable in respect of provident fund income tax service tax valueadded tax and other material statutory dues were in arrears as at 31st March2017 for a period more than six months.

(b) According to the information and explanation given to us there are no dues ofprovident fund income tax and service tax which have not been deposited with theappropriate authorities on account of any dispute.

8. In our opinion and according to the information and explanation given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitutions banks and Government or debenture holders.

9. In our opinion and according to information and explanation given to us the Companyhas not raised any term loan during the year and accordingly the provisions of clause(xi) of paragraph 3 of the said order are not applicable for the relevant year.

10. During the course of our examination of the books and record of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed during the courseof our audit.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V of the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and the details have beendisclosed in the standalone financial statements as required by the applicable accountingstandards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly paragraph 3(ix) of the Order is not applicable.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16. The company is registered as Non-Banking Financial Company with Reserve Bank ofIndia under section 45-IA.

For Dua& Kumar

Chartered Accountants Firm Regn No. 007411N Sd/-

Mahesh Kumar Proprietor M. No. 085757

Place: New Delhi Date: 29.05.2017

Annexure 'B' to the Independent Auditors' Report

Annexure - B to the Independent Auditor's Report of even date on the standalonefinancial statements of Integrated Financial Services Limited

Report on the Internal Financial Controls under clause (i) of Sub-section (3) ofSection 143 of the Companies Act 2013 ('the Act')

We have audited the internal financial controls over financial reporting of IntegratedFinancial Services Limited ('the Company') as of 31st March 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over financial reporting('the Guidance Note') issued by the Institute of Chartered Accountants of India ('theICAI'). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to the Company'spolices the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involved performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial control systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that: (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial

statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the Company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not to be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subjects to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal controls stated in the Guidance Noteissued by the ICAI.

For Dua& Kumar

Chartered Accountants Firm Regn No. 007411N Sd/-

Mahesh Kumar Proprietor M. No. 085757

Place: New Delhi Date: 29.05.2017