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Intrasoft Technologies Ltd.

BSE: 533181 Sector: IT
NSE: ISFT ISIN Code: INE566K01011
BSE 00:00 | 22 Feb 119.10 0.30
(0.25%)
OPEN

119.50

HIGH

119.50

LOW

114.00

NSE 00:00 | 22 Feb 116.30 -0.30
(-0.26%)
OPEN

115.30

HIGH

119.80

LOW

115.20

OPEN 119.50
PREVIOUS CLOSE 118.80
VOLUME 288
52-Week high 745.90
52-Week low 107.70
P/E 794.00
Mkt Cap.(Rs cr) 175
Buy Price 115.25
Buy Qty 50.00
Sell Price 119.10
Sell Qty 116.00
OPEN 119.50
CLOSE 118.80
VOLUME 288
52-Week high 745.90
52-Week low 107.70
P/E 794.00
Mkt Cap.(Rs cr) 175
Buy Price 115.25
Buy Qty 50.00
Sell Price 119.10
Sell Qty 116.00

Intrasoft Technologies Ltd. (ISFT) - Auditors Report

Company auditors report

To The Members Of Intrasoft Technologies Limited

Report On The Standalone Financial Statements

1. We Have Audited The Accompanying Standalone Financial Statements OfIntrasoft Technologies Limited (‘The Company') Which Comprise The Balance SheetAs At 31 March 2018 The Statement Of Profit And Loss (Including Other ComprehensiveIncome) The Cash Flow Statement And The Statement Of Changes In Equity For The Year ThenEnded And A Summary Of The Significant Accounting Policies And Other ExplanatoryInformation.

Management's Responsibility For The Standalone FinancialStatements

2. The Company's Board Of Directors Is Responsible For The MattersStated In Section 134(5) Of The Companies Act 2013 (‘The Act') With Respect ToThe Preparation Of These Standalone Financial Statements That Give A True And Fair View OfThe State Of Affairs (Financial Position) Profit Or Loss (Financial Performance IncludingOther Comprehensive Income) Cash Flows And Changes In Equity Of The Company In AccordanceWith The Accounting Principles Generally Accepted In India Including The IndianAccounting Standards (‘Ind AS') Specified Under Section 133 Of The Act. 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 Standalone FinancialStatements That Give A True And Fair View And Are Free From Material Misstatement WhetherDue To Fraud Or Error.

Auditor's Responsibility

3. Our Responsibility Is To Express An Opinion On These StandaloneFinancial Statements Based On Our Audit.

4. We Have Taken Into Account The Provisions Of The Act The AccountingAnd Auditing Standards And Matters Which Are Required To Be Included In The Audit ReportUnder The Provisions Of The Act And The Rules Made Thereunder.

5. We Conducted Our Audit In Accordance With The Standards On AuditingSpecified Under Section 143(10) Of The Act. Those Standards Require That We Comply WithEthical Requirements And Plan And Perform The Audit To Obtain Reasonable Assurance AboutWhether These Standalone Financial Statements Are Free From Material Misstatement.

6. An Audit Involves Performing Procedures To Obtain Audit EvidenceAbout The Amounts And The Disclosures In The Financial Statements. The Procedures SelectedDepend On The Auditor's Judgment Including The Assessment Of The Risks Of MaterialMisstatement Of The Financial Statements Whether Due To Fraud Or Error. In Making ThoseRisk Assessments The Auditor Considers Internal Financial Controls Relevant To TheCompany's Preparation Of The Financial Statements That Give A True And Fair View InOrder To Design Audit Procedures That Are Appropriate In The Circumstances. An Audit AlsoIncludes Evaluating The Appropriateness Of The Accounting Policies Used And TheReasonableness Of The Accounting Estimates Made By The Company's Directors As WellAs Evaluating The Overall Presentation Of The Financial Statements.

7. We Believe That The Audit Evidence We Have Obtained Is SufficientAnd Appropriate To Provide A Basis For Our Audit Opinion On These Standalone FinancialStatements.

Opinion

8. In Our Opinion And To The Best Of Our Information And According ToThe Explanations Given To Us The Aforesaid Standalone Financial Statements Give TheInformation Required By The Act In The Manner So Required And Give A True And Fair View InConformity With The Accounting Principles Generally Accepted In India Including Ind ASSpecified Under Section 133 Of The Act Of The State Of Affairs (Financial Position) OfThe Company As At 31 March 2018 And Its Profit (Financial Performance Including OtherComprehensive Income) Its Cash Flows And The Changes In Equity For The Year Ended On ThatDate.

Other Matter

9. The Company Had Prepared Separate Sets Of Statutory FinancialStatements For The Year Ended 31 March 2017 And

31 March 2016 In Accordance With Accounting Standards Prescribed UnderSection 133 Of The Act Read With Rule 7 Of The Companies (Accounts) Rules 2014 (AsAmended) On Which We Issued Auditor's Reports To The Shareholders Of The CompanyDated 24 May 2017 And 27 May 2016 Respectively. These Financial Statements Have BeenAdjusted For The Differences In The Accounting Principles Adopted By The Company OnTransition To Ind AS Which Have Also Been Audited By Us. Our Opinion Is Not Modified InRespect Of This Matter.

Report Onotherlegal And Regulatory Requirements

10. As Required By The Companies (Auditor's Report) Order 2016(‘The Order') Issued By The Central Government Of India In Terms Of Section143(11) Of The Act We Give In The Annexure A A Statement On The Matters Specified InParagraphs 3 And 4 Of The Order.

11. Further To Our Comments In Annexure A As Required By Section143(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 Standalone Financial Statements Dealt With By This Report Are InAgreement With The Books Of Account;

D) In Our Opinion The Aforesaid Standalone Financial Statements ComplyWith Ind AS Specified Under Section 133 Of The Act;

E) On The Basis Of The Written Representations Received From TheDirectors And Taken On Record By The Board Of Directors None Of The Directors IsDisqualified As On 31 March 2018 From Being Appointed As A Director In Terms Of Section164(2) Of The Act;

F) We Have Also Audited The Internal Financial Controls Over FinancialReporting (Ifcofr) Of The Company As On 31 March 2018 In Conjunction With Our Audit Of TheStandalone Financial Statements Of The Company For The Year Ended On That Date And OurReport Dated 28 May 2018 As Per Annexure B Expresses Our Unmodified Opinion On AdequacyAnd Operative Effectiveness Of Internal Controls Over Financial Reporting; And G) WithRespect To The Other Matters To Be Included In The Auditor's Report In AccordanceWith Rule 11 Of The Companies (Audit And Auditors) Rules 2014 (As Amended) In OurOpinion And To The Best Of Our Information And According To The Explanations Given To Us:I. The Company As Detailed In Note 24 To The Standalone Financial Statements HasDisclosed The Impact Of Pending Litigations On Its Financial Position; Ii. The Company DidNot Have Any Long-Term Contracts Including Derivative Contracts For Which There Were AnyMaterial Foreseeable Losses; Iii. There Has Been No Delay In Transferring AmountsRequired To Be Transferred To The Investor Education And Protection Fund By The Company;Iv. The Disclosure Requirements Relating To Holdings As Well As Dealings In Specified BankNotes Were Applicable For The Period From 8 November 2016 To 30 December 2016 Which AreNot Relevant To These Standalone Financial Statements. Hence Reporting Under This ClauseIs Not Applicable.

For Walker Chandiok & Co Llp

Chartered Accountants Firm's Registration No.: 001076N/N500013 PerAnamitra Das

Partner Membership No.: 062191

Place : Gurugram Date : 28 May 2018

Annexure A

Based On The Audit Procedures Performed For The Purpose Of Reporting ATrue And Fair View On The Financial Statements Of The Company And Taking IntoConsideration The Information And Explanations Given To Us And The Books Of Account AndOther Records Examined By Us In The Normal Course Of Audit And To The Best Of OurKnowledge And Belief We Report That:

(I) (A) The Company Has Maintained Proper Records Showing FullParticulars Including Quantitative Details And Situation Of Fixed Assets.

(B) The Fixed Assets Have Been Physically Verified By The ManagementDuring The Year And No Material Discrepancies Were Noticed On Such Verification. In OurOpinion The Frequency Of Verification Of The Fixed Assets Is Reasonable Having Regard ToThe Size Of The Company And The Nature Of Its Assets.

(C) The Title Deeds Of All The Immovable Properties (Which Are IncludedUnder The Head ‘Fixed Assets') Are Held In The Name Of The Company.

(Ii) The Company Does Not Have Any Inventory. Accordingly TheProvisions Of Clause 3(Ii) Of The Order Are Not Applicable.

(Iii) The Company Has Not Granted Any Loan Secured Or Unsecured ToCompanies Firms Limited Liability Partnerships (Llps) Or Other Parties Covered In TheRegister Maintained Under Section 189 Of The Act. Accordingly The Provisions Of Clauses3(Iii)(A) 3(Iii)(B) And 3(Iii)(C) Of The Order Are Not Applicable.

(Iv) In Our Opinion The Company Has Complied With The Provisions OfSection 185 And 186 Of The Act In Respect Of Loans Given. Further In Our Opinion TheCompany Has Complied With The Provisions Of Section 186 Of The Act In Respect OfInvestments Guarantees And Security.

(V) In Our Opinion The Company Has Not Accepted Any Deposits WithinThe Meaning Of Sections 73 To 76 Of The Act And The Companies (Acceptance Of Deposits)Rules 2014 (As Amended). Accordingly The Provisions Of Clause 3(V) Of The Order Are NotApplicable.

(Vi) The Central Government Has Not Specified Maintenance Of CostRecords Under Sub-Section (1) Of Section 148 Of The Act In Respect Of Company'sServices. Accordingly The Provisions Of Clause 3(Vi) Of The Order Are Not Applicable.

(Vii) (A) The Company Is Regular In Depositing Undisputed StatutoryDues Including Provident Fund Employees' State Insurance Income-Tax Sales-TaxService Tax Duty Of Customs Duty Of Excise Value Added Tax Cess And Other MaterialStatutory Dues As Applicable To The Appropriate Authorities. Further No UndisputedAmounts Payable In Respect Thereof Were Outstanding At The Year-End For A Period Of MoreThan Six Months From The Date They Become Payable.

(B) There Are No Dues In Respect Of Income-Tax Sales-Tax Service TaxDuty Of Customs Duty Of Excise And Value Added Tax That Have Not Been Deposited With TheAppropriate Authorities On Account Of Any Dispute.

(Viii) The Company Has No Loans Or Borrowings Payable To A FinancialInstitution Or A Bank Or Government And No Dues Payable To Debenture-Holders During TheYear. Accordingly The Provisions Of Clause 3(Viii) Of The Order Are Not Applicable.

(Ix) The Company Did Not Raise Moneys By Way Of Initial Public Offer OrFurther Public Offer (Including Debt Instruments) And Did Not Have Any Term LoansOutstanding During The Year. Accordingly The Provisions Of Clause 3(Ix) Of The Order AreNot Applicable.

(X) No Fraud By The Company Or On The Company By Its Officers OrEmployees Has Been Noticed Or Reported During The Period Covered By Our Audit.

(Xi) Managerial Remuneration Has Been Paid / Provided By The Company InAccordance With The Requisite Approvals Mandated By The Provisions Of Section 197 Of TheAct Read With Schedule V To The Act.

(Xii) In Our Opinion The Company Is Not A Nidhi Company. AccordinglyProvisions Of Clause 3(Xii) Of The Order Are Not Applicable.

(Xiii) In Our Opinion All Transactions With The Related Parties Are InCompliance With Sections 177 And 188 Of Act Where Applicable And The Requisite DetailsHave Been Disclosed In The Financial Statements Etc. As Required By The Applicable IndAS.

(Xiv) During The Year The Company Has Not Made Any PreferentialAllotment Or Private Placement Of Shares Or Fully Or Partly Convertible Debentures.

(Xv) In Our Opinion The Company Has Not Entered Into Any Non-CashTransactions With The Directors Or Persons Connected With Them Covered Under Section 192Of The Act.

(Xvi) The Company Is Not Required To Be Registered Under Section 45-IAOf The Reserve Bank Of India Act 1934.

For Walker Chandiok & Co Llp

Chartered Accountants Firm's Registration No.: 001076N/N500013

Per Anamitra Das

Partner

Membership No.: 062191

Place : Gurugram Date : 28 May 2018

Annexure B

Independent Auditor's Report On The Internal Financial ControlsUnder Clause (I) Of Sub-Section 3 Of Section 143 Of The Companies Act 2013 (‘TheAct')

1. In Conjunction With Our Audit Of The Standalone Financial StatementsOf Intrasoft Technologies Limited (‘The Company') As At And For The Year Ended31 March 2018 We Have Audited The Internal Financial Controls Over Financial Reporting(‘Ifcofr') Of The Company As At That Date.

Management's Responsibility For Internal Financial Controls

2. The Company's Board Of Directors Is Responsible ForEstablishing And Maintaining Internal Financial Controls Based On The Internal ControlOver Financial Reporting Criteria Established By The Company Considering The EssentialComponents Of Internal Control Stated In The Guidance Note On Audit Of Internal FinancialControls Over Financial Reporting (The "Guidance Note") Issued By The InstituteOf Chartered Accountants Of India ("ICAI"). These Responsibilities Include TheDesign Implementation And Maintenance Of Adequate Internal Financial Controls That WereOperating Effectively For Ensuring The Orderly And Efficient Conduct Of The Company'sBusiness Including Adherence To The Company's Policies The Safeguarding Of ItsAssets The Prevention And Detection Of Frauds And Errors The Accuracy And CompletenessOf The Accounting Records And The Timely Preparation Of Reliable Financial InformationAs Required Under The Act.

Auditor's Responsibility

3. Our Responsibility Is To Express An Opinion On The Company'sIfcofr Based On Our Audit. We Conducted Our Audit In Accordance With The Standards OnAuditing Issued By The Institute Of Chartered Accountants Of India (‘ICAI') AndDeemed To Be Prescribed Under Section 143(10) Of The Act To The Extent Applicable To AnAudit Of Ifcofr And The Guidance Note On Audit Of Internal Financial Controls OverFinancial Reporting (‘The Guidance Note') Issued By The ICAI. Those StandardsAnd The Guidance Note Require That We Comply With Ethical Requirements And Plan AndPerform The Audit To Obtain Reasonable Assurance About Whether Adequate Ifcofr WereEstablished And Maintained And If Such Controls Operated Effectively In All MaterialRespects.

4. Our Audit Involves Performing Procedures To Obtain Audit EvidenceAbout The Adequacy Of The Ifcofr And Their Operating Effectiveness. Our Audit Of IfcofrIncludes Obtaining An Understanding Of Ifcofr Assessing The Risk That A Material WeaknessExists And Testing And Evaluating The Design And Operating Effectiveness Of InternalControl Based On The Assessed Risk. The Procedures Selected Depend On The Auditor'sJudgement Including The Assessment Of The Risks Of Material Misstatement Of The FinancialStatements Whether Due To Fraud Or Error.

5. We Believe That The Audit Evidence We Have Obtained Is SufficientAnd Appropriate To Provide A Basis For Our Audit Opinion On The Company's Ifcofr.

Meaning Of Internal Financial Controls Over Financial Reporting

6. A Company's Ifcofr Is A Process Designed To Provide ReasonableAssurance Regarding The Reliability Of Financial Reporting And The Preparation OfFinancial Statements For External Purposes In Accordance With Generally AcceptedAccounting Principles. A Company's Ifcofr Include Those Policies And Procedures That(1) Pertain To The Maintenance Of Records That In Reasonable Detail Accurately AndFairly Reflect The Transactions And Dispositions Of The Assets Of The Company; (2) ProvideReasonable Assurance That Transactions Are Recorded As Necessary To Permit Preparation OfFinancial Statements In Accordance With Generally Accepted Accounting Principles And ThatReceipts And Expenditures Of The Company Are Being Made Only In Accordance WithAuthorisations Of Management And Directors Of The Company; And (3) Provide ReasonableAssurance Regarding Prevention Or Timely Detection Of Unauthorised Acquisition Use OrDisposition Of The Company's Assets That Could Have A Material Effect On TheFinancial Statements.

Inherent Limitations Of Internal Financial Controls Over FinancialReporting

7. Because Of The Inherent Limitations Of Ifcofr Including ThePossibility Of Collusion Or Improper Management Override Of Controls MaterialMisstatements Due To Error Or Fraud May Occur And Not Be Detected. Also Projections OfAny Evaluation Of The Ifcofr To Future Periods Are Subject To The Risk That The Ifcofr MayBecome Inadequate Because Of Changes In Conditions Or That The Degree Of Compliance WithThe Policies Or Procedures May Deteriorate.

Opinion

8. In Our Opinion The Company Has In All Material Respects AdequateInternal Financial Controls Over Financial Reporting And Such Controls Were OperatingEffectively As At 31 March 2018 Based On The Internal Control Over Financial ReportingCriteria Established By The Company Considering The Essential Components Of InternalControl Stated In The Guidance Note Issued By The ICAI.

For Walker Chandiok & Co Llp

Chartered Accountants Firm's Registration No.: 001076N/N500013 PerAnamitra Das

Partner Membership No.: 062191

Place : Gurugram Date : 28 May 2018