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Integrated Capital Services Ltd.

BSE: 539149 Sector: Others
NSE: N.A. ISIN Code: INE682B01023
BSE 12:30 | 05 Aug 3.52 -0.18
(-4.86%)
OPEN

3.88

HIGH

3.88

LOW

3.52

NSE 05:30 | 01 Jan Integrated Capital Services Ltd
OPEN 3.88
PREVIOUS CLOSE 3.70
VOLUME 3153
52-Week high 4.29
52-Week low 1.00
P/E 12.57
Mkt Cap.(Rs cr) 13
Buy Price 3.52
Buy Qty 350.00
Sell Price 3.65
Sell Qty 857.00
OPEN 3.88
CLOSE 3.70
VOLUME 3153
52-Week high 4.29
52-Week low 1.00
P/E 12.57
Mkt Cap.(Rs cr) 13
Buy Price 3.52
Buy Qty 350.00
Sell Price 3.65
Sell Qty 857.00

Integrated Capital Services Ltd. (INTEGCAPITAL) - Auditors Report

Company auditors report

To the members of Integrated Capital Services Limited Opinion:

We have audited the accompanying Standalone Ind-AS financial statementsof Integrated Capital Services Limited ("the Company") which comprises theBalance Sheet as at March 31 2020 the Statement of Profit and Loss (including OtherComprehensive Income) the Cash Flow Statement and the Statement of Changes in equity forthe year then ended and a summary of the significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Ind AS financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Ind AS and accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2020 and its financial performance changes in equity and its cash flows for the yearended on that date.

Basis for Opinion:

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made there under andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

Key Audit Matters:

Key Audit Matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone Ind AS financial statements ofthe current period. These matters were addressed in the context of our audit of theStandalone Ind AS financial statements as a whole and informing our opinion thereon andwe do not provide a separate opinion on these matters.

Information Other than the Financial Statements and Auditor's ReportThereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information; we are required to report that fact. Wehave nothing to report in this regard.

Responsibilities of Management and those charged with governance forthe Standalone Ind-AS financial statements:

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these Standalone Ind ASfinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income change in equity and cash flows of theCompany in accordance with the Indian Accounting Standards (Ind AS) and accountingprinciples generally accepted in India specified under section 133 of the Act read withthe Companies (Indian Accounting Standards) Rules 2015 as amended.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone Ind AS financial statement that give a trueand fair view and are free from material misstatement whether due to fraud or error.

In preparing the Standalone Ind AS financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of Standalone Ind AS FinancialStatement:

Our objectives are to obtain reasonable assurance about whether theStandalone Ind-AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Ind-AS financialstatements.

A further description of the auditor's responsibilities for the auditof the Standalone Ind-AS financial statements is included in "Annexure A". Thisdescription forms part of our auditor's report.

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 givein the "Annexure B" a statement on the matters

specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanationswhich to the best of 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 beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss the Cash FlowStatement and Statement of Changes in Equity dealt with by this Report are in agreementwith the books of account.

d) In our opinion the aforesaid Standalone Ind-AS financial statementscomply with the Accounting Standards specified under Section 133 of the Act read with ofthe Companies (Indian Accounting Standard) Rules 2015 as amended.

e) On the basis of written representations received from the directorsas on March 31 2020 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2020 from being appointed as a director in terms ofsection 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure C".

g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

(i) The Company does not have pending litigations which would impact onits financial position iRdyfteM&nd-

alone Ind-AS financial statements. I

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

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

For Sandeep Varshney & Associates
Chartered Accountants
Firm Registration No. 0513271C
By the hand of
Sandeep Kumar Gupta
July 31 2020 Proprietor
Anoopshahr UP (Camp New Delhi) Membership No. 092329
UDIN-20092329AAAAAT8296

ANNEXURE 'A"OF INDEPENDENT AUDITOR'S REPORT

(Annexure referred under the heading 'Auditor's Responsibilities forthe Audit of Standalone Ind AS Financial Statement' of our report of even date to theStandalone Ind AS financial statements of the Company for the year ended March 31 2020)

Responsibilities for Audit of Financial Statement:

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

(i) Identify and assess the risks of material misstatement of theStandalone Ind-AS financial statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

(ii) Obtain an understanding of internal control relevant to the auditin order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

(iii) Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

(iv) Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Standalone Ind-AS financial statements or if such disclosuresare inadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

(v) Evaluate the overall presentation structure and content of theStandalone Ind-AS financial statements including the disclosures and whether the Ind-ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the StandaloneInd-AS financial statements of the current period and are therefore the key audit matters.We describe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

For Sandeep Varshney & Associates
Chartered Accountants
Firm Registration No. 0513271C
By the hand of
Sandeep Kumar Gupta
July 31 2020 Proprietor
Anoopshahr UP (Camp New Delhi) Membership No. 092329
UDIN-20092329AAAAAT8296

"ANNEXURE B" TO INDEPENDENT AUDITOR'S REPORT

(Annexure referred under the heading 'Report on Other Legal andRegulatory Requirements' of our report of even date to the Standalone Ind AS financialstatements of the Company for the year ended March 31 2020)

i) (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation

of property plant and equipment.

(b) As per information and explanation given to us the property plantand equipment have been physically verified by the management in a phased periodicalmanner which in our opinion is reasonable having regard to the size of the Company andnature of its assets. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) The Company does not own any immovable property.

ii) The Company does not own any inventory.

iii) The Company has granted unsecured loans to its wholly ownedsubsidiary covered in register maintained under section 189 of the Act:

i) The terms and conditions of aforesaid loans are not prejudicial tothe interests of the Company.

ii) The receipts of principal and interest are as per mutually agreedstipulations.

iii) There is no overdue amount in respect of aforesaid loan.

iv) In our opinion and according to the information and explanationgiven to us the Company has complied with the provision of section 185 and 186 of theAct in respect of loans making investments and providing guarantees and securities asapplicable.

v) According to the information and explanation given to us theCompany has not accepted any deposits during the year within the meaning of sections 73 to76 or any other relevant provisions of the Act.

vi) According to the information and explanation given to us theCentral Government has not prescribed the maintenance of cost records under sub-section(1) of section 148 of the Act in respect of activities carried out by the Company.

vii) (a) According to the information and explanations given to us andon the basis of our examination of the books of

account the Company has been regular in depositing with appropriateauthorities undisputed statutory dues including investor education and protection fundincome-tax goods and service tax sales tax service tax cess and other statutory duesapplicable to it and no undisputed amounts payable in respect of aforesaid dues wereoutstanding as at March 31 2020 for a period more than six months from the date of thebecame payable.

(b) According to the information and explanations given to us thereare no dues of income tax goods and service tax sales tax service tax duty of customsduty of excise value added tax cess and other statutory dues which have not beendeposited on account of any dispute except Income tax demand of Rs. 127470/-.

viii) In our opinion and according to the information and explanationsgiven to us the Company does not have any loans or borrowings from financialinstitutions government and debenture holders.

ix) The company did not raised moneys by way of initial public offer orfurther public offer. The Company has also not obtained any term loan during the year.

x) To the best of our knowledge and according to the information andexplanations given to us we have neither come across any instances of fraud by theCompany or any fraud on the Company by its officers or employees noticed or reportedduring the year.

xi) According to the information and explanations give to us and basedon our examination of the records of the Company the managerial remuneration has beenpaid/provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii) The Company is not a nidhi company.

xiii) According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the standalone Ind AS financialstatements as required by the applicable accounting standards.

xiv) The Company has not made any preferential allotment or privateplacement of shares of fully or partly convertible debentures during the year underreview.

xv) On the basis of records made available to us and according to theinformation and explanation given to us the Company has not entered into any non-cashtransactions with directors or persons connected with him.

xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For Sandeep Varshney & Associates Chartered Accountants
Firm Registration No. 0513271C
By the hand of
Sandeep Kumar Gupta
July 31 2020 Proprietor
Anoopshahr UP (Camp New Delhi) Membership No. 092329
UDIN-20092329AAAAAT8296

ANNEXURE 'C' TO INDEPENDENT AUDITOR'S REPORT

(Report on the Internal Financial Controls under Clause (i) ofsub-section 3 of the section 143 of the Act)

We have audited the internal financial controls over financialreporting of INTEGRATED CAPITAL SERVICES LIMITED ("the Company") as of March 312020 in conjunction with our audit of the Standalone Ind AS financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for laying down and maintaininginternal financial controls based on 'the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance note on Audit of Internal Financial Controls Over FinancialReporting (Guidance Note) issued by the Institute of Chartered Accountants of India(ICAI). 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 Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013 (the Act).

Auditor's 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 in accordance with the Standards of Auditing tothe extent applicable to an audit of internal financial controls and the Guidance Noteboth issued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain the reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlssystem over financial reporting.

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 standalone Ind AS financial statements for externalpurposes in accordance with generally accepted accounting principles. A Company's internalfinancial control over financial reporting includes those policies and procedures that (i)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the Company; (ii) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone Ind AS financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and (iii)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the Company's assets that could have a material effecton the standalone Ind AS financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of its 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 to 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 March 31 2020 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the ICAI.

For Sandeep Varshney & Associates
Chartered Accountants
Firm Registration No. 0513271C
By the hand of
Sandeep Kumar Gupta
July 31 2020 Proprietor
Anoopshahr UP (Camp New Delhi) Membership No. 092329
UDIN-20092329AAAAAT8296

.