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Interworld Digital Ltd.

BSE: 532072 Sector: IT
NSE: N.A. ISIN Code: INE177D01020
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NSE 05:30 | 01 Jan Interworld Digital Ltd
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OPEN 0.15
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VOLUME 200
52-Week high 0.16
52-Week low 0.15
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
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Interworld Digital Ltd. (INTERWORLDDIGI) - Auditors Report

Company auditors report

Independent Auditor's Report

To the Members of

INTERWORLD DIGITAL LIMITED New Delhi

Report on the Financial Statements

We have audited the accompanying financial statements of INTERWORLD DIGITAL LIMITED("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

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 the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the 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 misstatement whether due to fraud orerror.

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.

Basis for Qualified Opinion

The Company has increased its authorized capital from Rs. 21 Crores to Rs. 70 Croresduring the period From FY 2010-11 ROC fees of Rs. 5597309 towards the same standspayable under the head "Current Liabilities" in the Financial Statements.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph above the aforesaid 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 31st March 2017 and 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")as amended 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 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) Rules 2014.

e) On the basis of written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

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".

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. Detail of pending litigations which would impact company' financial position isgiven as under:-The company filed writ petition before the Hon'ble Delhi High Court withregard to increase in ROC fees for increasing authorized capital (impact of Companies Act2013 provisions) challenging the applicability of provisions prescribed under para 3 ofTable B under Registration of Offices and Fees Rules 2014 vide Dairy no. 159963 dated30.05.2016.

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 disclosures in Note 26 to these standalone IndAS financial statements as to the holding of Specified Bank Notes on November 8 2016 andDecember 30 2016 as well as dealings in Specified Bank Notes during the period fromNovember 8 2016 to December 30 2016. Based on our enquiries test check of the books ofaccount and other details maintained by the Company and relying on the managementrepresentation regarding the holding and nature of cash transactions including SpecifiedBank Notes we report that these disclosures are in accordance with the books of accountsmaintained by the Company.

For and on behalf of
M/s. RMA & Associates LLP
Chartered Accountants
Firm Regn. No. 000978N/N500062
Sd/-
Pankaj Chander
Place: New Delhi Partner
Dated: 30th May 2017 M. No. 089065

INTERWORLD DIGITAL LIMITED

"Annexure A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal RegulatoryRequirement' of our report of even date to the financial statements of the Company for theyear ended March 31 2017:

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we further state as under:

1. (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) All the fixed assets have been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties is not held in the name of the company.

2. The inventories have been physically verified by the management during the year. Inour opinion the frequency of physical verification is reasonable. The discrepanciesnoticed on verification between the physical stocks and the book stocks were not materialand have been properly dealt with in the books of account.

3. Accordingly to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Act. Accordingly paragraph 3 (iii) ofthe order is not applicable.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

5. The Company has not accepted any deposits from the public. Therefore the directiveissued by the Reserve Bank of India and the provision of section 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the rules framed there under does notarise.

6. As informed to us maintenance of cost records has not been prescribed by theCentral Government U/s. 148(1) of the Companies Act 2013.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account of Company undisputed statutory dues includingprovident fund employees state insurance income-tax service tax duty of customs dutyof excise value added tax cess and other material statutory dues have generally beenregularly deposited with the appropriate authorities except following:-

Sr. No. Nature of Statutory Dues Amount Payable for more than 6 months
1. Service tax 17852685
2. TDS u/s 192 1368791

(b) According to the information and explanation given to us there are no statutorydues which have not been deposited on account of any dispute.

Sr. No. Nature of Statutory Dues Amount Payable under Dispute
1. ROC fee for increase of authorized share capital Rs. 5597309

8. According to the information and explanations given to us the company has notdefaulted in repayment of dues to any financial institution or banks.

Sr. No. Name of Bank Type of credit Facility Amount outstanding as on 31.03.2017 Nature and amount of Default
1. Kotak Mohindra Prime Ltd Car Loan 970534.00 4 installments of Rs. 110600/each are overdue.
2. Bank of India Cash credit 5189500.00 There is no credit in the cash credit account in last 3 months from January to March 2017.

9. According to the information & explanation given to us and the records of theCompany examined by us the Company has not raised any money by way of initial public offeror further public offer (including debt instruments) or term loans during the year.

10. Based on the audit procedures performed and the information and explanations givenby the management we report that no fraud by the company and nor any fraud on the companyby its officers or employees has been noticed or reported during the year.

11. No Managerial Remuneration is paid by the company during the year hence provisionsof Section 197 read with Schedule V to Companies Act 2013 are not applicable.

12. In our opinion the company is not a Nidhi company within the meaning of relevantlaw.

13. Based on the audit procedures performed and the information and explanations givenby the management all transactions with related parties are in compliance with theprovisions of section 177 and 188 of the Companies Act 2013 and requisite details havebeen disclosed in the financial statements as required by the applicable accountingstandards.

14. Based on the audit procedures performed and the information and explanations givenby the management the company has not made any preferential allotment or privateplacement of shares or partly convertible debentures u/s 42 of the Companies Act 2013during the year.

15. Based on the audit procedures performed and the information and explanations givenby the management the company has not entered in to any non-cash transaction withdirectors or others in contravention of section 192 of the Companies Act 2013.

16. In our opinion the company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934.

For and on behalf of
M/s. RMA & Associates LLP
Chartered Accountants
Firm Regn. No. 000978N/N500062
Sd/-
Pankaj Chander
Place: New Delhi Partner
Dated: 30th May 2017 M. No. 089065