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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 | 20 Feb 352.00 -7.00
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Innovana Thinklabs Ltd. (INNOVANA) - Auditors Report

Company auditors report

To

The Members of

INNOVANA THINKLABS LIMITED

(Formerly known as PCVARK Software Limited)

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS Financial Statements of INNOVANATHINKLABS

LIMITED ("the company") which comprise the Balance Sheet as at 31 March2018 the Statement of Profit and

Loss the Cash Flow Statement for the year ended and a summary of significantaccounting policies and other explanatory information. (Herein after referred to as“Standalone Ind AS Financial Statements).

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Management and Board of Directors are responsible for the matters insection 134(5) of the

Companies Act 2013 ("the Act") with respect to the preparation of theseStandalone Financial Statements that give a true and fair view of the financial positionfinancial performance Statement of changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (‘Ind AS') specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the Standalone Ind ASFinancial Statements that give a true and fair view and are free from materialmisstatement whether due 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made 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 Standalone Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Financial Statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Financial Statements that give true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the Reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation 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 Financial Statements give the information required by the Actin the manner 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 the Company as at March31 2018; b) in the case of the Statement of Profit and Loss of the Profit for the yearended on that date; and c) in the case of the Cash Flow Statement of the cash flows forthe year ended on that date.

Report on Other Legal and Regulatory Requirements

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 ofthe Act we give in the Annexure-A a statement on the matters specified in theparagraph 3 and 4 of the order to the extent applicable.

As required by Section 143 (3) of the Act we report that:

1. 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.

2. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

3. The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the statement of changes in Equity and Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

4. In our opinion the aforesaid Standalone Financial Statements comply with Ind. ASspecified under section 133 of the Act; read with Rule 7 of the Companies (Accounts)Rules 2014.

5. On the basis of written representations received from the directors as on 31 March2018 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2018 from being appointed as a director in terms of Section 164(2) of theAct.

6. 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

7. With respect to the other matters included in the Auditor's Report and to our bestof 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 derivatives contractsfor which there were any material foreseeable losses. iii. There has been no delay intransferring amounts required to be transferred to the Investor Education and ProtectionFund by the Company.

iv. The disclosures regarding details of specified bank notes held and transactedduring 8 November 2016 to 30 December 2016 has not been made since requirement does notpertain to financial year ended 31 March 2018.

Place: Jaipur For Amit Ramakant & Co.
Date: May 30 2018 Chartered Accountants
Firm Registration No.: 009184C
Sd/-
Amit Agrawal
Partner
M. No.: 077407

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our report to the members of INNOVANA THINKLABS LIMITED forthe year ended 31st March 2018.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment on the basis ofavailable information. (b) The property plant and equipment covering significant valuewere physically verified during the year by the management at such intervals which in ouropinion provides for the physical verification of all the property plant and equipmentat reasonable intervals having regard to the size of the Company and nature of itsbusiness. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification; (c) According to the information andexplanations given to us and on the basis of our examination of the records of theCompany. The title deeds of immovable properties are held in the name of the company.

2. (a) As explained to us the management has conducted the Physical verification ofinventory at reasonable intervals and (b) The discrepancies noted on physical verificationof the inventory as compared to books records which has been properly dealt with in thebooks of account were not material.

3. The company has granted loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties during the Financial Year 2017-18 covered in theregister maintained under section 189 of the Companies Act 2013. (a) All terms andconditions of loan are for 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 morethan 90 Days of above mentioned loan.

4. In our opinion and according to the information and explanations given to us thecompany have been complied with provisions of section 185 and 186 of the Companies Act2013 in respect of loans investments guarantees and security all mandatory

5. The company has not accepted any deposits from public and hence the directivesissued by the Reserve Bank of India and the provisions of sections 73 to 76 or any otherrelevant provisions of the act and the Companies (Acceptance of Deposits) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6. As informed to us the maintenance of Cost Records has not been specified by theCentral Government under subsection (1) of Section 148 of the Act in respect of theactivities carried on by the company.

7 (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records The company is regular in depositingundisputed statutory dues including provident fund Employee's state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added tax cessand any other statutory dues to the appropriate authorities. (b) According to informationand explanations given to us and based on the records examined by us There is no pendingdues of income tax sales tax service tax Excise Duty Customs Duty value added taxwhich have not been deposited as on March 31 2018 on account of dispute.

8. In our opinion and according to information and explanations given to us Thecompany hasn't made any default in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

9. Based upon the audit procedures performed and the information and explanations givenby the management The company has raised money Rs. 770 Lakhs by issuing nos. 11 lacsequity shares of Rs. 10/- each at a premium of Rs. 60/- each by way of initial publicoffer (IPO) and the fund has been utilised for the purpose which it was raised. 10. Basedupon the audit procedures performed and the information and explanation given to usNeither company has done any fraud nor by its officers or employees so nothing to bedisclosed separately. 11. Based upon the audit procedures performed and the informationand explanations given by the management The Managerial remuneration has been paid orprovided in accordance with the requisite approvals Mandated by the provisions of section197 read with Schedule V to the Companies Act. 12. In our opinion and the information andexplanations given by the management Company is not a Nidhi Company hence nothing to bedisclosed for any provisions applicable on Nidhi Company. 13. In our opinion Alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards; 14. Based upon theaudit procedures performed and the information and explanations given by the managementThe company has issue 1400000 Equity shares of Rs. 10/- Each at a premium of Rs. 1/-each by way of preferential allotment but the company has not issued any fully or partlyconvertible debentures during the year. 15. Based upon the audit procedures performed andthe information and explanations given by the management the company has not entered intoany non-cash transactions with directors or persons connected with him. Accordingly theprovisions of clause 3 (xv) of the Order are not applicable to the Company and hence notcommented upon. 16. In our opinion the company is not required to be registered undersection 45 IA of the Reserve Bank of India Act 1934 and accordingly the provisions ofclause 3 (xvi) of the Order are not applicable to the Company and hence not commentedupon.

Place: Jaipur For Amit Ramakant & Co.
Date: May 30 2018 Chartered Accountants
Firm Registration No.: 009184C
Sd/-
Amit Agrawal
Partner
M. No.: 077407

ANNEXURE - B TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

("the Act")

We have audited the internal financial controls over financial reporting of INNOVANATHINKLABS LIMITED ("The Company") as of 31 March 2018 in conjunction withour audit of the Ind AS Financial Statements of the company for the year ended on thatdate.

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 Reportingissued by the Institute of

Chartered Accountants of India (‘ICAI'). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' 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 on Audit of Internal Financial Controls over Financial

Reporting (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 the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves 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 the 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 controls 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

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 be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject 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 31 March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Place: Jaipur For Amit Ramakant & Co.
Date: May 30 2018 Chartered Accountants
Firm Registration No.: 009184C
Sd/-
Amit Agrawal
Partner
M. No.: 077407