To the Members of IM+ Capitals Limited
Report on the Consolidated Ind AS Financial Statements
We have audited the accompanying consolidated Ind AS financial statements of IM+capitals Limited ("the Holding Company") its subsidiary and a Limited LiabilityPartnership Firm (LLP) (collectively referred to as "the Group") comprising ofthe consolidated balance sheet as at 31stMarch 2018 the consolidated statement of profitand loss (including other comprehensive income) the consolidated cash flow statement andthe consolidated statement of changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information (hereinafterreferred to as "the consolidated Ind AS financial statements").
Management's Responsibility for the Consolidated Ind AS Financial Statements
The Holding Company's Board of Directors is responsible for the preparation of theconsolidated Ind AS financial statements in terms of the requirements of the CompaniesAct 2013 ("the Act") that give a true and fair view of the consolidatedfinancial position consolidated financial performance (including other comprehensiveincome) consolidated cash flows and the consolidated statement of changes in Equity inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards specified under Section 133 of the Companies Act 2013(hereinafter referred to as "the Act") read with Companies (Indian AccountingStandards) Rules 2015 as amended. The respective Board of Directors of the Companiesincluded in the group are responsible for maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Group andfor preventing and detecting frauds and other irregularities; the selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error which have been used for the purpose ofpreparation of the consolidated Ind AS financial statements by the Directors of theHolding Company as aforesaid.
Our responsibility is to express an opinion on the consolidated Ind AS financialstatements based on our audit. While conducting the audit we have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade there under.
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 consolidated Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the consolidated financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the consolidated Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theHolding Company's preparation of the consolidated Ind AS financial statements that give atrue and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the HoldingCompany's Board of Directors as well as evaluating the overall presentation of theconsolidated Ind AS financial statements.
We believe that the audit evidence obtained by us and the audit evidence obtained byother auditors in terms of their report referred to in other matters paragraph below issufficient and appropriate to provide a basis for our audit opinion on the consolidatedInd AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid consolidated Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the consolidated state ofaffairs of the Group as at 31stMarch 2018 their consolidated profit (including othercomprehensive income) their consolidated cash flows and consolidated changes in equityfor the year ended on that date.
We did not audit the financial statement / financial information of one LimitedLiability Partnership Firm (LLP) incorporated in India whose financial statement /financial information reflect total assets of ' 28.52 Lacs as at 31st March 2018 totalrevenues of ' 2.00 Lacs and net cash flows amounting to ' -(29.25) Lacs for the year endedon that date as considered in the consolidated Ind AS financial statements. Thesefinancial statements / financial information have been audited by other auditors whosereports have been furnished to us by the Management and our opinion on the consolidatedInd AS financial statements in so far as it relates to the amounts and disclosuresincluded in respect of said LLP and our reports in terms of sub-sections (3) and (11) ofSection 143 of the Act insofar as it relates to the aforesaid Limited LiabilityPartnership Firm (LLP)is based solely on the reports of the other auditors.
Our opinion on the consolidated Ind AS financial statements and our report on OtherLegal and Regulatory Requirements below is not modified in respect of the above matterswith respect to our reliance on the work done and the reports of the other auditors.
The Financial information of the Company for the year ended 31st March 17 and thetransition date opening balance sheet as at 1st April'2016 included in the Ind ASfinancial statements are based on the previously issued statutory financial statementsfor the years ended 31st March 17 and 31st March 16 prepared in accordance with theAccounting Standards as per section 133 of the Companies Act 2013 read with Rule 7 of theCompanies (Accounts) Rules 2014. These financial statements were audited by us on whichwe expressed an unmodified opinion dated 26th May'2017 & 30th May'2016 respectively.The adjustments to those financial statements for the differences in accounting principlesadopted by the Company on transition to Ind AS have been audited by us on which we haveexpressed an unmodified opinion vide our report dated 30th May2018.
Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by sub-section 3 of Section 143 of the Act we report to the extentapplicable that:
(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit of the aforesaidconsolidated Ind AS financial statements.
(b) In our opinion proper books of account as required by law relating to preparationof the aforesaid consolidated Ind AS financial statements have been kept so far as itappears from our examination of those books and the report of other auditors.
(c) The consolidated balance sheet the consolidated statement of profit and loss(including other Comprehensive income) the consolidated cash flow statement andconsolidated Statement of changes in equity dealt with by this Report are in agreementwith the relevant books of account maintained for the purpose of preparation of theconsolidated Ind AS financial statements.
(d) In our opinion the aforesaid consolidated Ind AS financial statements comply withthe Indian Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended.
(e) On the basis of the written representations received from the directors of theHolding Company as on 31stMarch 2018 taken on record by the Board of Directors of theHolding Company and the report of Limited Liability Partnership Firm (LLP)incorporated inIndia none of the Directors of the group companies incorporated in India are disqualifiedas on 31stMarch 2018 from being appointed as a Director in terms of sub-section 2 ofSection 164 of the Act.
(f) With respect to the adequacy of the internal financial controls over financialreporting of the Group and the operating effectiveness of such controls refer to ourseparate report in "Annexure 'A'; 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 Group has disclosed the impact of pending litigation on its financial positionin its Ind AS financial statements - Refer Note -35 to financial statements.
II. The Group does not have any material foreseeable losses on long term includingderivative contracts requiring provisions.
III. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Holding Company.
|For Doogar& Associates |
|Chartered Accountants |
|Firm's registration number: 000561N |
|(M S Agarwal) |
|Membership Number: 086580 |
|Place: New Delhi |
|Date: 30.05.2018 |