You are here » Home » Companies » Company Overview » ISF Ltd

ISF Ltd.

BSE: 526859 Sector: Financials
NSE: N.A. ISIN Code: INE973B01026
BSE 00:00 | 31 Jan 0.36 0
(0.00%)
OPEN

0.36

HIGH

0.36

LOW

0.36

NSE 05:30 | 01 Jan ISF Ltd
OPEN 0.36
PREVIOUS CLOSE 0.36
VOLUME 3000
52-Week high 0.50
52-Week low 0.35
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.36
CLOSE 0.36
VOLUME 3000
52-Week high 0.50
52-Week low 0.35
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ISF Ltd. (ISF) - Auditors Report

Company auditors report

To the Members of ISF Limited

Report on the Financial Statements

We have audited the accompanying financial statements of ISF Limited ("theCompany") which comprise the B alance Sheet as at March 312018 the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Managements' 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 fair view of the financial positionfinancial performance and cash flows of die Company in accordance with the accountingprinciples generally accepted in India including die Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. 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.

Auditors' 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 thereunder.

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 theauditors'judgment including the assessment of the risks of material misstatement of diefinancial statements whether due to fraud or error. In making those risk assessments theauditors consider 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 informati on required by the Actin the manner s o 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 March312018 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 (Auditors 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-I 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 written representations received from the directors as on March 312018 taken on record by the Board of Directors none of die directors is disqualified ason March 312018 from being appointed as a director in terms of Section 164 (2) of theAct.

f) Our Report on the Internal Financial Controls under clause (i) of sub-section 3 ofsection 143 of the Companies Act 2013 is given as Annexure-H to this Report.

g) Withrespecttotheothermatters tobeincludedin theAuditor'sReportinaccordance withRule11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best ofour 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 die Company.

Annexure-I to the Independent Auditors' Report

(Referred to in paragraph 1 under Report on other Legal & Regulatory requirements'of our 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 fiscally 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 pro gramduring 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 die 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 to of theCompany as per information and explanations given to us. Further as there are nostipulations attached to the above loans provisions of clauses

3 (iii)(b) and 3 (iii)(c) of the Order are not applicable.

iv. In our opinion and according to die information and explanations given to us inrespect of loans given by die 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 Banking FinancialCompany and hence die provisions of clause 3 {v) of die 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 Sales Tax Service TaxDuty of Customs Duty of Excise Value Added Tax Cess and other statutory dues with theappropriate authorities during the year to the extent applicable .We are informed thatthere are no undisputed statutory dues as at the year end outstanding for a period ofmore than six months from the date they become payable.

b) There are no dues in respect of income tax sales tax service tax duty of customsduty of excise and value added tax that have not been deposited with the appropriateauthorities on account of any dispute other than mentioned below

Name of the Statute Amount involved (Rs.) Year Forum where the dbroute to wending
Income T^xAct 1749547- 2008-09 Assessing Officer
Income Tax Act 148270/- 2017-182015-16
2014-2015 and prior years Assessing Officer; TDS

viii. According to die records of die Company examined by us and on the basis ofinformation and explanations given to us the Company has not defaulted in repayment ofdues to banks financial institutions and Government. The Company has not obtained anyborrowing by way of debentures.

ix. In our opinion and according to the information and explanations given to us theCompany has repaid term loans raised from banks. The Company has not raised any monies byway of initial public 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 totheCompaniesAct.

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 (xii) of the Order arenot 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 die 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 under review other than allotment of ConvertibleEquity Warrants to a strategic investor non-promoter entity.

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.

xvi. In our opinion and according to the information and explanations given to us theCompany is required to be registered under section 45-1A of the Reserve BankoflndiaAct1934 which is duly obtained.

ANNEXURE-H TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF 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") aa of March 312018 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 die 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies die safeguarding of its assets dieprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 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 die 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 authorisations 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 die 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 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 March 312018 based on theinternal control over financial reporting criteria established by die Company consideringdie essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For V S S A & Associates
Chartered Accountants
{Firm Registration No 012421N}
Sd/-
CA SAMIR VAID
Place: New Delhi Partner
Dated: 30.05.2018 Membership No. 091309