You are here » Home » Companies » Company Overview » Intellivate Capital Ventures Ltd

Intellivate Capital Ventures Ltd.

BSE: 506134 Sector: Financials
NSE: N.A. ISIN Code: INE512D01028
BSE 00:00 | 08 Feb 7.52 0
(0.00%)
OPEN

7.52

HIGH

7.52

LOW

7.52

NSE 05:30 | 01 Jan Intellivate Capital Ventures Ltd
OPEN 7.52
PREVIOUS CLOSE 7.52
VOLUME 50
52-Week high 9.50
52-Week low 6.51
P/E
Mkt Cap.(Rs cr) 22
Buy Price 7.17
Buy Qty 48.00
Sell Price 7.52
Sell Qty 500.00
OPEN 7.52
CLOSE 7.52
VOLUME 50
52-Week high 9.50
52-Week low 6.51
P/E
Mkt Cap.(Rs cr) 22
Buy Price 7.17
Buy Qty 48.00
Sell Price 7.52
Sell Qty 500.00

Intellivate Capital Ventures Ltd. (INTELLIVATECAPI) - Auditors Report

Company auditors report

TO THE MEMBERS OF

INTELLIVATE CAPITAL VENTURES LIMITED.

Report on the Audit of Ind AS Financial Statements

We have audited the accompanying financial statements of INTELLIVATE CAPITAL VENTURESLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss(including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information(hereafterreferred to as IndAS Financial statements")

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of Companies Act 2013 ("the Act") with respect to the preparation of theseInd AS financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including Indian Accounting Standards (Ind AS) specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provision ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statement that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the company or to cease operations or has no realisticalternative but to do so.

Auditors' Responsibility

Our responsibility is to express an opinion on these IndAS financial statements basedon 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 and the Order under section 143(11) oftheAct.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143 (10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the IndAS financial statements are free from materialmisstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation and presentation of the Ind AS financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the IndAS financial statements.

We are also responsible to conclude on the appropriateness of management's use of 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 theentity's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in the auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify the opinion. Our conclusions are based on the audit evidence obtained up to thedate of auditor's report. However future events or conditions may cause an entity tocease to continue as a going concern.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

Corresponding figures for the year ended 31st March 2017 have been audited by anotherauditor who expressed unmodified opinion dated 20th May 2017 on the financial statementsof the company for the year ended 31st March 2017.

Our opinion on the Ind AS financial statements is not modified in respect of the abovematter.

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2018;

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

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Other Matter

Corresponding figures for the year ended 31st March 2017 have been audited by anotherauditor who expressed unmodified opinion dated 20th May 2017 on the financial statementsof the company for the year ended 31st March 2017.

Our opinion on the IndAS financial statements is not modified in respect of the abovematter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report ) Order 2016 ("theOrder") 'issued by the Central Government of India in terms of sub section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) of theAct 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 ourAudit.

b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the Books of Account.

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of theAct read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the Directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 from being appointed as a director in terms of Section 164 (2) oftheAct.

f) With respect to the adequacy of the Internal Financial Controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

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) Rules 2014 in our opinionand to the best of our information and according to the explanation given to us;

i. The Company has disclosed its pending litigations in its IndAS financial statementsas referred to in Note 24 to the IndAS financial statements.

ii. The Company did not have any long term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For K. J. Shah & Associates
Chartered Accountants
FRN : 127308W
Sd/-
Place : Mumbai K. J. Shah (Proprietor)
Date : 28 th May 2018 Membership No. 030784

Annexure - A

(Referred to in Paragraph 1 of the Report on Other Legal and Regulatory Requirements'in our report of even date)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets on the basis of availableinformation.

(b) As explained to us fixed assets have been physically verified by the managementduring the year at regular intervals and no material discrepancies were noticed on suchverification.

(c) The title deeds of Immovable Properties as disclosed in Note 5 on Fixed Assets tothe Ind AS financial statements are held in the name of the Company.

(ii) The management has conducted physical verification of inventory at reasonableintervals. No material discrepancies were noticed on physical verification.

(iii) As informed to us during the year the Company has not granted any loans securedor unsecured to companies firms Limited Liability Partnerships or other parties coveredin the register maintained under Section 189 of the Act. Therefore the provisions ofClause 3(iii) (iii)(a) (iii)(b) and (iii)(c) of the said Order are not applicable to theCompany.

(iv) The Company has not granted any loans or made any investments or provided anyguarantees or security to the parties covered under Section 185 and 186. Therefore theprovisions of Clause 3(iv) of the said Order are not applicable to the Company.

(v) The company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Companies Act 2013 and the rules framed there under tothe extent notified.

(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of theAct.

(vii) (a) According to the records information and explanation provided to us thecompany is regular in depositing with appropriate authorities undisputed amount ofProvident Fund Employees' State Insurance Income Tax Sales Tax Wealth Tax CustomDuty Excise Duty Service Tax Cess and other statutory dues applicable to it and noundisputed amounts payable were outstanding as at 31st March 2018 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us the dues in respect ofIncome Tax have not been deposited with appropriate authority on accounts of disputes asunder. Income Tax Demand Rs. 62370/- due to Disallowance U/s 14A- in respect of FinancialYear 2010-11(A.Y. 2011-12). CIT (Appeal) partially allowed. Company has made furtherappeal with ITAT Mumbai. The above matter is heard and remanded back to the Assessingofficer for further action which is pending.

(viii) Based on our audit procedures and on the information and explanation given tous the company has not defaulted in repayment of dues or borrowings to any financialinstitution or bank or Government or dues to Debenture holders as at the balance sheetdate. (ix) The company has not raised any money by way of initial public offer furtherpublic offer (including debt instruments) and money raised by term loans have been appliedby the company during the year for the purpose for which those are raised.

(x) During the course of our examination of the books of account carried out inaccordance with the generally accepted auditing practices in India and according to theinformation and explanation given to us we have neither come across any instance ofmaterial fraud on or by the Company by its officers or employees noticed or reportedduring the year nor have we been informed of such case by the management.

(xi) The Company has paid / provided for Managerial Remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V oftheAct.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of Clause 3(xii) of the Order are not applicable to theCompany.

(xiii) The Company has entered into transactions with related parties in compliancewith the provisions of Section 177 & 188 of theAct. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandards (AS) 18 Related Party Disclosures specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

(xiv) During the year the company has not made any preferential allotment of shares toparties and companies covered in the register maintained u/s 42 of the Companies Act2013. Accordingly the provisions of Clause 3(xiv) of the Order are not applicable to theCompany.

(xv) In our opinion and according to information and explanation given to us theCompany has not entered into any Non Cash Transactions with the Directors or personconnected with him during the year. Accordingly the provisions of Clause 3(xv) of theOrder are not applicable to the Company.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For and on behalf of
K. J. Shah & Associates
Chartered Accountants
FRN : 127308W
Sd/-
Place : Mumbai K. J. Shah (Proprietor)
Date : 28 th May 2018 Membership No. 030784

Annexure - B

(Referred to in Paragraph 2(f) of the Report on Other Legal and RegulatoryRequirements' in our report of even date)

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

1. We have audited the internal financial controls over financial reporting ofIntellivate Capital Ventures Limited ("the Company") as of 31 March 2018 inconjunction with our audit of the IndAS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on internal controls over financial reporting criteriaestablished by the company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ("ICAI").These responsibilities include 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 CompaniesAct 2013 (" theAct").

Auditor' Responsibility

3. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") and the Standards on Auditing deemed to be prescribed underSection 143 (10) of the Act to the extent applicable to an audit of internal financialcontrols both applicable to an audit of internal financial controls and both issued byICAI. Those Standards and the Guidance Note require that we comply with the 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.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 risk ofmaterial misstatement of the Ind AS financial statements whether due to fraud or error.

5. 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 control systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6. A company's internal financial controls over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability if financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of 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 (3) 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 financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. 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 controlsover 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 controls over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note onAudit ofInternal Financial Controls Over Financial reporting issued by ICAI.

For and on behalf of
K. J. Shah & Associates
Chartered Accountants
FRN : 127308W
Sd/-
Place : Mumbai K. J. Shah (Proprietor)
Date : 28 th May 2018 Membership No. 030784