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Integrated Capital Services Ltd.

BSE: 539149 Sector: Financials
NSE: N.A. ISIN Code: INE682B01023
BSE 00:00 | 18 Jul 3.85 0
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3.85

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3.85

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NSE 05:30 | 01 Jan Integrated Capital Services Ltd
OPEN 3.85
PREVIOUS CLOSE 3.85
VOLUME 100
52-Week high 6.63
52-Week low 2.29
P/E 29.62
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.85
CLOSE 3.85
VOLUME 100
52-Week high 6.63
52-Week low 2.29
P/E 29.62
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Integrated Capital Services Ltd. (INTEGCAPITAL) - Auditors Report

Company auditors report

ON STANDALONE FINANCIAL STATEMENTS

To

The members of

Integrated Capital Services Limited

1) Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Integrated CapitalServices Limited("the Company") which comprise the Balance Sheet as at March312017 the Statement of Profit and Lossthe Cash Flow Statement for theyear then endedand a summary of the significant accounting policies and other explanatory information.

2) Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash lows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial 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 arefree from materialmisstatement whether due to fraud or error.

3) 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 thereunder.

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 financial statements are free from material misstatement.

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 circumstance. 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 standalone financial statements.

4) Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 312017 and its profit and its cash flows for the year ended on that date.

5) Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 (the Order) issued by theCentral Government of India in terms of section 143 (11)of the Act we give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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

a) We have sought and obtained all the information and explanations which to the bestof 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 been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rule 2014.

e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164 (2) ofthe Act.

f) 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 "AnnexureB".

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) Rules2014 in our opinionand to the best of 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 derivative contracts forwhich 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 disclosure in its standalone financialstatements as to holdings as well as dealings in Specified Banks Notes during the periodNovember 8 2016 to December 30 2016 and these are in accordance with the books ofaccount maintained by the Company. Refer Note 30 to the standalone financial statements.

PU-53 Vishakha Enclave KR & Co
Pitampura Chartered Accountants
New Delhi- 110088 Firm Registration No. 025217N
By the hand of
Sd/-
Kamal Ahluwalia
April 14 2017 Partner
New Delhi. Membership No.093812

"ANNEXURE A" TO INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 5)

i) (a) The Company has maintained proper records showing full particulars includingquan titative details and situation of fixed assets.

(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such verification.

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

ii) The Company does not own any inventory.

iii) The Company has granted unsecured loans to its wholly owned subsidiarycovered inregister maintained under section 189 of the Act:

(a) The terms and conditions of aforesaid loans are not prejudicial to the interests ofthe Company.

(b) The repayment of principal receipts of principalare as per mutually agreedstipulations.

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

iv) The Company has complied with provisions of sections 185 and 186 of the Act inrespect of loans and investments to the extent applicable.

v) The Company has not accepted any deposits within the meaning of sections 73 to 76 orany other relevant provisions of the Act and the rules framed thereunder.

vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act in respect of services rendered by the Company.

vii) (a) According to the information and explanations given to us the provisions ofEmploy ees Provident Fund Act 1952 and Employees' State Insurance Act 1948 are notapplicable to the Company and on the basis of our examination of the books of account theCompany has been regular in depositing the undisputed statutory dues applicable to theCompany. According to the information and explanations given to us no undisputed amountspayable in respect of aforesaid dues were outstanding as at March 312017 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added tax andcess that have not been deposited by the Company with appropriate authorities on accountof dispute.

viii) The Company does not have any loans or borrowings from any financialinstitutions banks Government or debenture holders during the year.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer and term loans during the year.

x) To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or any fraud on the Company by its officers or employeeshas been noticed or reported during the year.

xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration

in accordance with the provisions of section 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 and based on ourexamination of the records of the Company all transactions with the related parties arein compliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) The Company has not made any preferential allotment or private placement of sharesduring the year under review.

xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him.

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

PU-53 Vishakha Enclave KR & Co
Pitampura Chartered Accountants
New Delhi- 110088 Firm Registration No. 025217N
By the hand of
Sd/-
Kamal Ahluwalia
April 14 2017 Partner
New Delhi. Membership No.093812

"ANNEXURE B" TO INDEPENDENT AUDITOR'S REPORT

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

We have audited the Internal Financial Controls over financial reporting of IntegratedCapital Services Limited("the Company")as of March 312017 in conjunction withour audit of the standalone 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 laying down 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 Reporting(Guidance Note) issued by the Institute Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditor's 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 accordance with the Standards of Auditing to the extentapplicable to an audit of internal financial controls and the Guidance Note both issuedby the ICAI. Those Standards and the Guidance Note require thatwe comply with ethicalrequirements and plan and perform the audit to obtain the reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively 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 standalone financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancial 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 (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (ii) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of standalone financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of its 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 to 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 March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

PU-53 Vishakha Enclave KR & Co
Pitampura Chartered Accountants
New Delhi- 110088 Firm Registration No. 025217N
By the hand of
Kamal Ahluwalia
April 14 2017 Partner
New Delhi. Membership No.093812