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ISL Consulting Ltd.

BSE: 511609 Sector: Financials
NSE: N.A. ISIN Code: INE569B01022
BSE 00:00 | 22 Sep 14.34 0.09
(0.63%)
OPEN

14.25

HIGH

14.80

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14.25

NSE 05:30 | 01 Jan ISL Consulting Ltd
OPEN 14.25
PREVIOUS CLOSE 14.25
VOLUME 4700
52-Week high 14.83
52-Week low 9.80
P/E
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.25
CLOSE 14.25
VOLUME 4700
52-Week high 14.83
52-Week low 9.80
P/E
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ISL Consulting Ltd. (ISLCONSULTING) - Auditors Report

Company auditors report

To the Members of ISL CONSULTING LIMITED Report on the Audit of Ind AS FinancialStatements Opinion

We have audited the accompanying Ind AS financial statements of M/S. ISL CONSULTINGLTD which comprise the Balance Sheet as at March 31 2020 the Statement of Profit andLoss including other Comprehensive Income for the year ended and a summary of significantaccounting policies and other explanatory information. In our opinion and to the best ofour information and according to the explanations given to us the aforesaid Ind ASfinancial statements give the information required by the Act in the manner so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in India:

(a) In case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2020;

(b) In case of the Statement of Profit and Loss the loss of the Company for the yearend on that date and

(c) In case of the Statement of Cash Flow of the Company for the year end on that date

Basis of Opinion

We conducted our audit of the Ind AS financial Statements in accordance with thestandards on auditing specified under section 143 (10) of the Companies Act 2013. Ourresponsibilities under those Standards are further described in the auditor'sresponsibilities for the audit of the Ind AS financial statements section of our report.We are independent of the Company in accordance with the code of ethics issued by theInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the Ind AS financial statements under the provisions of theAct and the rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the code of ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion.

Key Audit matters :-

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS financial statements of the current period. Thesematters were addressed in the context of our audit of the Ind AS financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Information other than the financial statements and auditors' report thereon

The Company's board of directors and management are responsible for the preparation ofthe other information. The other information comprises the information included in theBoard's Report including Annexures to Board's Report Business Responsibility Report butdoes not include the Ind AS financial statements and our auditor's report thereon. Ouropinion on the financial statements does not cover the other information and we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Ind AS Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act') with respect to thepreparation of these Ind AS financial statements that give a true and fair view of thefinancial position financial performance of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The board of directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.

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

• Identify and assess the risks of material misstatement of the Ind AS financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

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

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 Ind AS financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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 withthose charged with governance we determine those matters that were of most significancein the audit of the Ind AS financial statements of the current period and are thereforethe key audit matters. We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

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 sub-section (11) of section143 ofthe Act we give in the Annexure A statement on the matters Specified in paragraphs 3 and4 of the Order.

2. As required by section 143(3) of the Act we further 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 appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d) In our opinion the aforesaid Ind AS financial statements comply with the applicableAccounting 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 312020 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 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 refers to ourseparate report in Annexure – B.

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

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; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the company during the year ended on 31st March2020.

ANNEXURE A TO THE AUDITOR'S REPORT

(Referred to in Paragraph 1 of our report of even date on the accounts of to themembers of ISL CONSULTING LIMITED on for the year ended on 31st March 2020)

Based on the audit procedures performed for the purpose of reporting a true and fairview on the Ind AS financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:-

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

(b) As explained to us the fixed assets have been physically verified by theManagement during the period in a phased periodical manner 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) According to information and explanation provided to us during the period thecompany has not disposed off any substantial/major part of fixed assets and we are of theopinion that it has not affected the going concern status of the company.

2. As explained to us the company is dealing into shares securities & commoditiesand hence inventories maintained in the demat account and in physical form. As per thedata provided before us for the purpose of verification we have verified the dematstatement and reconcile all inventories on hand as on 31st March2020

3. According to information and explanation provided to us the Company has not takenloan from parties covered in the Register maintained u/s. 189 of the Companies Act 2013.During the Year under review company has not granted unsecured loans and advances to theparties covered under Section 189 of the Companies Act 2013. During the year under reviewCompany have entered transaction for the purpose of business with the parties coveredunder Section 185 of the companies Act 2013. As per the information provided to us forthe verification company has complied with provisions of Section 185 & 186 ofCompanies Act 2013 wherever applicable.

4. According to information and explanation provided to us the Company not acceptedany deposits from the public under Section 73 to 76 or any other relevant provisions ofthe Companies Act2013 and rule framed there under where applicable.

5. We are informed that the Central Government has not prescribed the maintenance ofcost records under section 148 (1) of the Companies Act 2013 in respect of the activitiescarried on by the Company.

6. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the company has been generally regular indepositing undisputed statutory dues except in few cases of in payment of Income Tax GSTduring the period with the appropriate authorities. However at 31st March 2020 there areno undisputed dues payable for a period of more than six months from the date they becamepayable.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of Income-tax GST which have not been deposited on account of anydispute.

(c) Details of dues of Income Tax Sales Tax Service Tax Excise Duty and Value AddedTax which have not been deposited as at March 31 2020 on account of dispute are givenbelow:

Nature of the Statute Nature of dues Forum where dispute is pending Period to which amount relates Amount Amount paid under protest
The Income Tax Act 1961 Income Tax Commissioner of Income Tax A.Y. 2012-13 1208370/- 1208370/-
The Income Tax Act 1961 Income Tax Commissioner of Income Tax A.Y. 2018-19 12500200/- 12500200/-

7. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of any dues to its financial institutes bankersand government. The Company did not have any outstanding debentures during the year.

8. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3 (ix)of the Order is not applicable to the Company.

9. As per our verification of records Company has not taken term loan during thefinancial year under review or has raised any money through initial public offering.

10. According to the information and explanations given to us no material fraud by thecompany or on the company by its officer or employees has been noticed or reported duringthe course of our audit. During the course of our examination of the books and records ofthe company carried in accordance with the auditing standards generally accepted inIndia we have neither come across any instance of fraud on or by the Company noticed orreported during the course of our audit nor have we been informed of any such instance bythe Management.

11. According to the information provided to us and based on our examination of therecords of the company the company had paid managerial remuneration to its managingdirector as permissible as per provisions of Section 197 of read with Schedule V of theCompanies Act 2013.

12. As per our verification of records there was no preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview.

13. According to the information and explanation provided to us and based on ourexamination of records of the company transactions with the related parties are incompliance with the Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Ind AS financial statements as required by theapplicable accounting standards and Companies Act 2013.

14. According to the information and explanation provided to us company is not NidhiCompany. Accordingly paragraph 3(xii) of the order is not applicable.

15. According to the information and explanation provided to us and based on ourexamination of records of the company the company has not entered into non cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe order is not applicable.

16. According to the information and explanation provided to us company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

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 M/S. ISLConsulting Limited (‘the Company') as at 31st March 2020 in conjunction with ouraudit of Standalone Financial Statements of the company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Respective Board of Directors of the Company and which are company incorporated inIndia are responsible for establishing and maintaining internal financial controls basedon the 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 (‘ICAI'). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies 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 ICAI and the Standards on Auditing issued by ICAIand deemed to be prescribed under Section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both issued by the Instituteof Chartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 auditors' 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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 the Company which are company incorporated in India have in allmaterial respects an adequate internal financial controls system over financial reportingand such internal financial controls over financial reporting were operating effectivelyas at 31 March 2020 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 ICAI.

In the absence of adequate information regarding Future & options transactions weare unable to express our opinion on internal control system for the transactions. Howeverwe recommended to the management to have strengthen the internal control system.

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