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Innovana Thinklabs Ltd.

BSE: 535036 Sector: IT
NSE: INNOVANA ISIN Code: INE403Y01018
BSE 05:30 | 01 Jan Innovana Thinklabs Ltd
NSE 00:00 | 11 Aug 280.05 -13.80
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Innovana Thinklabs Ltd. (INNOVANA) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

INNOVANA THINKLABS LIMITED.

Report on the standalone Ind AS Financial statement Opinion

We have audited the accompanying financial statements of INNOVANATHINKLABS LIMITED ("the company") which comprise the Balance Sheet as at 31stMarch 2021 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations givento us the aforesaid financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India

a) In the case of the Balance Sheet of the state of affairs of theCompany as at 31st March 2021;

b) In the case of the Statement of Profit and Loss of the profit forthe year ended on that date; and

c) In the case of the Statement of changes inequity d) In the case ofthe Cash Flow Statement of the cash flows for the year ended on that date.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters insection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance Statement of changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (‘Ind AS')specified under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibilityalso includes the maintenance of adequate accounting records in accordance with theprovision of the Act for safeguarding of the assets of the Company and for preventing anddetecting the frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error. In preparingthe financial statements management is responsible for assessing the Company'sability to continue as a going concern disclosing as applicable matters related togoing concern and using the going concern basis of accounting unless management eitherintends to liquidate the Company or to cease operations or has no realistic alternativebut to do so. Boards of Directors are also responsible for overseeing the company'sfinancial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement 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 and toissue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of the accounting estimates made byCompany's Directors as well as evaluating the overall presentation of the financialstatements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements

Basis of Opinion

We conducted our audit in accordance with the Indian AccountingStandards on Auditing (Ind AS) specified under section 143(10) of the Companies Act 2013.Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the financial statements under the provisions of the Companies Act 2013and the Rules there under and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion. Ind AS specified under section 133 of the Act of the state of affairs (financialposition) of the company as at 31st March 2021 and its profit and loss account(financial performance including other comprehensive Income)its cash flow and the changesin equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016("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 a statement on thematters 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:

1) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of our audit

2) In our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those 3) the Balance Sheetthe Statement of Profit and Loss (including other comprehensive income) the statement ofchanges in Equity and Cash Flow Statement dealt with by this Report are in agreement withthe books of account.[and the returns received from the branches which are prepared by us]

4) In our opinion the aforesaid standalone financial statements complywith Ind. AS specified under section 133 of the Act; read with Rule 7 of the Companies(Accounts) Rules2014.

5) On the basis of written representations received from the directorsas on 31st March 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2021 from being appointed as adirector in terms of Section 164(2) of the Act. 6) with respect to the adequacy of theinternal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate report in "Annexure B";and

7) With respect to the other matters included in the Auditor's Reportand to our best of our information and according to the explanations given to us:

The Company does not have any pending litigations which would impactits financial position.

The Company did not have any long-term contracts including derivativescontracts for which there were any material foreseeable losses.

There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company [or followingare the instances of delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company or there were no amounts whichrequired to be transferred]

For Amit Ramakant & Co. Chartered Accountants
Firm Registration No: 009184C
Date: 28-06-2021
Place: Jaipur
Amit Agarwal
Partner M.No.077407

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of INNOVANATHINKLABS LIMITED for the year ended 31st March 2021

On the basis of the information and explanation given to us during thecourse of our audit we report that:

1) The company has maintained proper records showing full particularsincluding quantitative details and situation of its fixed assets

a) These fixed assets have been physically verified by the managementat reasonable intervals there was no Material discrepancies were noticed on suchverification.

b) Total Assets of company includes Immovable property also and thetitle deeds of immovable properties are held in the name of the company

2) The company has granted loans secured or unsecured to companiesfirms Limited Liability Partnerships or other parties during the Financial Year 2020-21covered in the register maintained under section 189 of the Companies Act2013 a) Allterms and conditions are as per the benefits of company and are not prejudicial to thecompany's Interest. b) Schedule of repayment of principal and interest has beenstipulated and receipts are regular. c) There is no such amount which is overdue more than90 Days of above mentioned loan.

3) In respect of loans investments guarantees and security allmandatory provisions of section 185 and 186 of the Companies Act 2013 have been compliedwith.

4) The company has not accepted any deposits.

5) Maintenance of cost records has not been specified by the CentralGovernment under sub-section (1) of section 148 of the Companies Act 2013.

6) (a)The company is regular in depositing undisputed statutory duesincluding provident fund Employee's state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax cess and any other statutory duesto the appropriate authorities

(b) Dues of income tax or sales tax or service tax or duty of customsor duty of excise or value added tax have been deposited on time there is no dispute ispending on the part of company.

7) The company hasn't made any default in repayment of loans orborrowing to a financial institution bank Government or dues to debenture holders.

8) The company has Authorised Share Capital Rs. 11.00 Cr. (Nos. 11 LacsEquity Shares).

9) Neither company has done any fraud nor by its officers or employeesso nothing to be disclosed separately.

10) Managerial remuneration has been paid or provided in accordancewith the requisite approvals Mandated by the provisions of section 197 read with ScheduleV to the Companies Act.

11) Company is not a Nidhi Company hence nothing to be disclosed forany provisions applicable on Nidhi Company.

12) All transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards;

13) The company hasn't entered into any non-cash transactions withdirectors or persons connected with him.

14) The company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act1934.

For Amit Ramakant & Co. Chartered Accountants
Firm Registration No : 009184C
Place: Jaipur
Date: 28-06-2021
Amit Agarwal
Partner M.No.077407

ANNEXURE - B TO THE AUDITORS' REPORT

(Referred to in paragraph 2(f) of our report of even date under theheading "Report on Other Legal and Regulatory Requirements" to the members ofInnovana Thinklabs Limited on the IND AS Financial Statements as of and for the year endedMarch 31 2021)

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of INNOVANA THINKLABS LIMITED ("The Company") as of 31stMarch 2021 in conjunction with our audit of the IND AS Financial Statements of the companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2021 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Amit Ramakant & Co. Chartered Accountants
Firm Registration No: 009184C
Place: Jaipur
Date: 28-06-2021
Amit Agarwal
Partner M.No.077407

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