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Interactive Financial Services Ltd.

BSE: 539692 Sector: IT
NSE: N.A. ISIN Code: INE064T01018
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NSE 05:30 | 01 Jan Interactive Financial Services Ltd
OPEN 27.50
PREVIOUS CLOSE 27.50
VOLUME 600
52-Week high 47.50
52-Week low 24.50
P/E 16.67
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 27.50
CLOSE 27.50
VOLUME 600
52-Week high 47.50
52-Week low 24.50
P/E 16.67
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Interactive Financial Services Ltd. (INTERACTIVEFIN) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

INTERACTIVE FINANCIAL SERVICES LIMITED AHMEDABAD

Report on the Financial Statements

We have audited the accompanying financial statements of INTERACTIVE FINANCIALSERVICES LIMITED (‘the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss and the Cash flow statement for the yearthen 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 are free from materialmisstatement whether due to fraud or 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 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 the 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 and its profit 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 we givein the Annexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder.

2. 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 purposes 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the 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) 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

(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 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. During the year there has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company and

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 8November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer Note 36 to the financial statements

For Devadiya & Associates
Chartered Accountants
CA Sanjay Devadiya Place: Ahmedabad
(Partner) Date: 30.05.2017
M No. 112495
F R No. 123045W

INTERACTIVE FINANCIAL SERVICES LIMITED

ANNEXURE-A: ANNEXURE TO INDEPENDENT AUDITORS' REPORT

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended 31 March 2017 we report that:

(i)(a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) According to the information and explanations given to us the fixed assets areverified in a phased manner by the management during the year which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the company.

(ii) As explained to us and as per information and explanation given to us the natureof the business of the company is of providing services and hence company do not requiredto hold inventory and hence this clause does not apply.

(iii) (a) The company has granted Interest free unsecured loans of Rs. NIL (P.Y. 86.17Lakh) to three companies covered in the register maintained under section 189 of the Act.

(b) The loans granted is interest free. Other terms and condition of such loans areprima facie not prejudicial to the interest of the company.

(c) As per information and explanation given to us the repayment of the loan was ondemand and hence there was no overdue amount in respect of the Loan granted to thecompanies covered in the register maintain under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us thecompany had complied with the provision of Section 185 and Section 186 of the Act inrespect of the loans granted and investment made. The company has not given any guaranteeor provided any security in connection with such loan to the porson covered under section186 and 186 of the Act.

(v) According to the information and explanation given to us the Company has notaccepted any deposits from the public within the meaning of Section 73 to 76 of the Actand rules framing thereunder. There fore the provision of Clause of 3(v) of the Order isnot applicable to the Company.

(vi) As per the information and explanation given to us the provision of themaintenance of Cost records as prescribed under sub section (1) of section 148 ofCompanies Act 2013 are not applicable to the company during the year under consideration.Therefore the provision of Clause 3(vi) of the order is not applicable to the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees stateInsurance income-tax sales tax value added tax duty of customs duty of exciseservice tax cess and other material statutory dues have been regularly deposited duringthe year by the Company with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees state insurance income tax sales taxvalue added tax duty of customs duty of excise service tax cess and other materialstatutory dues (except professional tax) were in arrears as at 31st March 2017 for aperiod of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no materialdues of income tax sales tax duty of excise service tax value added tax and duty ofcustoms which have not been deposited with the appropriate authorities on account of anydispute.

(viii) According to information & explanations given to us the company has notborrowed funds from Bank Financial Instituitions Government or debenture holders.Therefore the provisions of Clause 3(viii) of the order are not applicable to the Company.

(ix) According to the information & explanations given to us the Company did notraise any money by way of initial public offer or further public offer (including debtinstruments) and term loans during the year under review. Accordingly Clause 3(ix) ofthe Order is not applicable.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit. Nor we have been informed of such case by the Management.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance 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) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into noncashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) In our opinion and as per the information and explanation given to us TheCompany is required to be registered under section 45-IA of the Reserve Bank of India Act1934. However the company has not obtained the registration.

For Devadiya & Associates
Chartered Accountants
CA Sanjay Devadiya Place: Ahmedabad
(Partner) Date: 30.05.2017
M No. 112495
F R No. 123045W

Annexure B to the Auditor's 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 INTERACTIVEFINANCIAL SERVICES LIMITED ("the Company") as of 31 March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

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')". 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 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 ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with 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.

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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 unauthorised 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

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 to the best of our information & according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2017 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Devadiya & Associates
Chartered Accountants
CA Sanjay Devadiya Place: Ahmedabad
(Partner) Date: 30.05.2017
M.No. 112495
F.R.No. 123045W