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ISF Ltd.

BSE: 526859 Sector: Financials
NSE: N.A. ISIN Code: INE973B01026
BSE 00:00 | 21 Sep 0.75 0.01
(1.35%)
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0.74

HIGH

0.75

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0.74

NSE 05:30 | 01 Jan ISF Ltd
OPEN 0.74
PREVIOUS CLOSE 0.74
VOLUME 1843
52-Week high 0.75
52-Week low 0.22
P/E 12.50
Mkt Cap.(Rs cr) 7
Buy Price 0.75
Buy Qty 1390.00
Sell Price 0.75
Sell Qty 1200.00
OPEN 0.74
CLOSE 0.74
VOLUME 1843
52-Week high 0.75
52-Week low 0.22
P/E 12.50
Mkt Cap.(Rs cr) 7
Buy Price 0.75
Buy Qty 1390.00
Sell Price 0.75
Sell Qty 1200.00

ISF Ltd. (ISF) - Auditors Report

Company auditors report

To the Members of ISF Limited

Report on the Financial Statements Opinion

We have audited the financial statements of ISF LIMITED ("the Company")which comprise the Balance Sheet as at 31 st March 2019 the Statement of Profit and Lossand Statement of Cash Flows for the year then ended and notes to the FinancialStatements including a summary of significant accounting policies and other explanatoryinformation.

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 31 stMarch 2019 and its profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by The Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthere-under and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Management's Responsibility for the 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 financial statements that give a true and fan- 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 ( AS)prescribed under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgements and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 management either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained upto the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outway the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure-A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 31 stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2019 from being appointed as a director in terms ofSection 164(2) oftheAct.

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) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - refer Note 21 to financial statements.

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.

For V S S A & Associates
Chartered Accountants
{Firm Registration No 012421N}
Sd/-
CA SAMIR VAID
Place: New Delhi Partner
Dated: 28.05.2019 Membership No. 091309

Annexure A to the Independent Auditors' Report on the financial statements of ISFLIMITED

(Referred to in paragraph 1 under Report on other Legal and Regulatory Requirements ofour Report of even date)

I. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The Fixed Assets have been physically verified by the management at the year end. Inour opinion this periodicity of physical verification is reasonable having regard to thesize of the Company and the nature of its assets. As informed to us no materialdiscrepancies were noticed on such verification as carried out under the above programduring the current year.

c) As the Company does not hold any immovable properties the provisions of clause 3(i) (c ) of the Order are not applicable.

ii. As per information and explanations given to us and taking into consideration thenature of business of the Company provisions of clause 3(ii) of the Order are notapplicable.

iii. The Company has granted unsecured loans to a company covered in the Registermaintained under Section 189 of the Companies Act 2013 which is not prejudicial tointerest of the Company as per information and explanations given to us. Further as thereare no stipulations attached to the above loan provisions of clauses 3 (iii)(b) and 3(iii)(c) of the Order are not applicable.

iv. In our opinion and according to the information and explanations given to us inrespect of loan given by the company provisions of section 185 and 186 of the CompaniesAct 2013 have been complied with. There are no investments guarantees and securities towhich provisions of section 185 & 186 of the Companies Act 2013 are applicable.

v. As per information and explanations given to us the Company has not accepted anydeposits from the public other than from directors and relatives of directors andCompanies( Acceptance of Deposits) Rules2014 are not applicable to a Non BankingFinancial Company hence the provisions of clause 3 (v) of the Order are not applicable.

vi. The provisions of clause 3 (vi) of the Order regarding maintenance of cost recordsas prescribed by the Central Government under Section 148( 1) of the Companies Act 2013are not applicable to the Company.

vii. a) According to the information and explanations given to us and the records ofthe company examined

by us the Company has been generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Duty of Customs Goods& Services Tax and other statutory dues with the appropriate authorities during theyear to the extent applicable .We are informed that there are no undisputed statutory duesas at the year end outstanding for a period of more than six months from the date theybecome payable.

b) There are no dues in respect of income tax duty of customs Goods & ServicesTax that have not

been deposited with the appropriate authorities on account of any dispute other thanmentioned

below

Name of the Statute Amount involved (Rs.) Year Forum where the dispute is pending
Income Tax Act 174954/. 2008-09 Assessing Officer
Income Tax Act 12510/- 2016-17 CPC Bengaluru
Income Tax Act 140190/- 2015-2016 And prior yearf Assessing Officer: TDS i

viii. According to the records of the Company examined by us and on the basis ofinformation and explanations

given to us the Company has not defaulted in repayment of dues to Government. TheCompany has not obtained any borrowings from banks financial institutions or by way ofdebentures.

ix. In our opinion and according to the information and explanations given to us thereare no term loans from banks. The Company has not raised any monies by way of initialpublic offer or further public offer (including debt instruments).

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

xi. In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of clause 3 (xii) of the Orderare not applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 of theCompanies Act 2013 where applicable and details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

xiv. According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year. Accordingly provisions of clause 3(xiv) of theOrder are not applicable to the Company.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with them andhence provisions of clause 3(xv) of the Order are not applicable to the Company.

xvi. In our opinion and according to the information and explanations given to us theCompany is required to be registered under section 45-IA of the Reserve Bank of IndiaAct1934 which is duly obtained.

For V S S A & Associates
Chartered Accountants
{Firm Registration No 012421N}
SAJ-
CA SAMIR VAID
Place: New Delhi Partner
Dated: 28.05.2019 Membership No. 091309

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON

THE FINANCIAL STATEMENTS OF ISF LIMITED

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 ISF Limited("the Company") as of 31st March 2019 in conjunction with our audit of thefinancial statements of the Company for the year ended on 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 ("the 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") issued by the Institute of Chartered Accountants of Indiaand the standards on auditing issued by ICAI and deemed to be prescribed under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls both issuedby the Institute of Chartered Accountants of India. Those standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 judgement 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 unauthorized acquisition use or disposition of theCompany's assets that couldhave a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls oyer 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 and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 st March 2019 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For V S S A & Associates
Chartered Accountants
{Firm Registration No 012421N}
Sd/-
CA SAMIR YAID
Place: New Delhi Partner
Dated:28.05.2019 Membership No. 091309

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