You are here » Home » Companies » Company Overview » Innovassynth Investments Ltd

Innovassynth Investments Ltd.

BSE: 533315 Sector: Financials
NSE: N.A. ISIN Code: INE690J01011
BSE 12:21 | 18 Jun 7.02 -0.08
(-1.13%)
OPEN

7.00

HIGH

7.74

LOW

7.00

NSE 05:30 | 01 Jan Innovassynth Investments Ltd
OPEN 7.00
PREVIOUS CLOSE 7.10
VOLUME 520
52-Week high 16.39
52-Week low 6.50
P/E
Mkt Cap.(Rs cr) 17
Buy Price 7.03
Buy Qty 100.00
Sell Price 7.35
Sell Qty 2.00
OPEN 7.00
CLOSE 7.10
VOLUME 520
52-Week high 16.39
52-Week low 6.50
P/E
Mkt Cap.(Rs cr) 17
Buy Price 7.03
Buy Qty 100.00
Sell Price 7.35
Sell Qty 2.00

Innovassynth Investments Ltd. (INNOVASSYNTHINV) - Auditors Report

Company auditors report

To the Members of Innovassynth Investments Limited Report on the Financial Statements

We have audited the accompanying financial statements of Innovassynth InvestmentsLimited (‘‘the Company'') which comprise the Balance Sheet as at 31stMarch 2017 and the Statement of Profit and Loss and the Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the 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 the preparation ofthese 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 Accounting Standards specified underSection 133 of the Act read with Rule 7 of Companies (Accounts) Rules 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 financial statements thatgive a true and fair view and are free from material misstatements whether due to fraudor error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the 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 of the state of affairs of the Company as at 31stMarch 2017 of its loss and its cash flows 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 Section 143(11) of the Act and onthe basis of such checks of the books and records of the Company as we consideredappropriate and according to the information and explanations given to us during thecourse of the audit we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c. The Balance Sheet the Statement of Profit and Loss andCash Flow Statement dealt with by this Report are in agreement with the books of account.d. In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of Companies (Accounts) Rules2014. 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 31st March 2017 from being appointed as a director in termsof Section 164(2) of the Act. f. The company has generally adequate internal financialcontrols system in place and the same are generally operating effectively. g. With respectto the other matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: (i) The Company has no pendinglitigations which has impact on its financial position.

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

(iv) The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016. The disclosures are in accordance withbooks of account maintained by the Company.

For N. M. RAIJI & CO.
Chartered Accountants
Firm Regn No: 108296W
CA. Y. N. THAKKAR
Place : Mumbai Partner
Date : 29.05.2017 Membership No: 33329

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE

{Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the members of Innovassynth Investments Limited(the Company)} The Clause No 3(i) 3(ii) and 3(iii) of the Order is not applicable to theCompany. i) The Company has not granted any loans secured or unsecured to CompaniesFirms Limited Liability Partnerships or other parties covered in the register maintainedunder Section 189 of the Act therefore sub clauses (a) (b) & (c) of clause 3(iii) ofthe Order are not applicable. ii) During the year the Company has neither granted anyloans nor made any investments nor has it given any guarantee or provided security inconnection with loans to others. iii) The Company has not accepted any deposits from thepublic. iv) The Central Government has not prescribed the maintenance of cost recordsunder section 148(1) of the Companies Act for the activities of the Company. v) a) TheCompany is generally regular in depositing undisputed statutory dues including servicetax Profession tax and Income Tax deducted at source with the appropriate authority.There are no arrears of undisputed statutory dues which remained outstanding as at March31 2017 for a period of more than six months from the date they became payable. b)According to the records made available to us and the information & explanations givenby the management there are no dues of income tax sales tax wealth tax service taxcustom duty excise duty value added tax or cess that have not been deposited on accountof any dispute. vi) The Company has not defaulted in repayment of loans or borrowings toany financial institutions banks government or debenture holders. vii) The Company didnot raise money by way of initial public offer or further public offer (including debtinstrument) or term loans during the year. viii) During the year no fraud by the Companyor any fraud on the Company by its officers or employees has been noticed or reportedduring the course of our audit. ix) During the year the Company has not paid anyManagerial Remuneration. Accordingly clause (xi) of the Order is not applicable. x) Allthe related party transactions are in compliance with the Section 177 & 188 of theAct and the details have been disclosed in the Financial Statement as required by theapplicable accounting standards. xi) The Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.xii) The Company has not entered into any non-cash transactions with directors or personconnected with them. xiii) The Company is not required to be registered under 45-IA of theReserve Bank of India Act 1934.

For N. M. RAIJI & CO.
Chartered Accountants
Firm Regn No: 108296W
CA. Y. N. THAKKAR
Place : Mumbai Partner
Date : 29.05.2017 Membership No: 33329