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Onelife Capital Advisors Ltd.

BSE: 533632 Sector: Financials
NSE: ONELIFECAP ISIN Code: INE912L01015
BSE 00:00 | 18 Jul 16.65 -0.80
(-4.58%)
OPEN

16.80

HIGH

16.80

LOW

16.60

NSE 00:00 | 18 Jul 16.25 -0.75
(-4.41%)
OPEN

16.65

HIGH

17.75

LOW

16.15

OPEN 16.80
PREVIOUS CLOSE 17.45
VOLUME 20
52-Week high 35.50
52-Week low 16.25
P/E 237.86
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 16.80
CLOSE 17.45
VOLUME 20
52-Week high 35.50
52-Week low 16.25
P/E 237.86
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Onelife Capital Advisors Ltd. (ONELIFECAP) - Auditors Report

Company auditors report

TO THE MEMBERS OF

ONELIFE CAPITAL ADVISORS LIMITED

1 Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of ONELIFE CAPITALADVISORS LIMITED ("the

Company") which comprises the Balance Sheet as at March 31 2017 the Statementof Profit and Loss and the Cash Flow Statement for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

2 Management's Responsibility for the Standalone 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 of these standalone financial statementsthat give a true and fair view of the financial position financial performance and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Accounting Standards prescribed 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 preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3 Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone 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 well asevaluating the overall presentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements

4 Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone 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 March 31 2017 and its loss and its cash flows for the year ended on that date.

5 Report on Other Legal and Regulatory Requirements

(A) As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act ("theOrder") and on the basis of such checks of the books and records of the Company aswe considered appropriate and according to the information and explanations given to uswe give in the Annexure "A" a statement on the matters specified in paragraphs3 and 4 of the Order

(B) 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 best ofour 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 standalone financial statements comply with theAccounting Standards prescribed under Section 133 of the Act.

e On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on 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 The Company has disclosed the impact of pending litigations as at March 31 2017 onits financial position in its standalone financial statements Refer note no. 19 to thestandalone financial

ii As at March 31 2017 the Company did not have any outstanding long term contractsincluding derivative contracts for which there were any material forseeable losses ReferNote No. 30(a) to the standalone financial statements;

iii There was no amount required to be transferred to the Investor Education andProtection Fund by the Company during the year - Refer Note No. 30(b) to the standalonefinancial statements;

(iv) The company has provided requisite disclosures financial statements as asregards the the standalone holdings as well as dealings in Specified Bank Notes as definedin the Notification S.O.3407(E) dated 8th November 2016 of the Ministry of Financeduring the period from November 08 2016 to December 30 2016. Based on audit proceduresperformed and the representations provided to us by the management we report that thedisclosures are in accordance with the books of account maintained by the Company and asproduced to us by the management - Refer to Note No. 36 to the standalone financialstatements

For KHANDELWAL JAIN & CO.

Chartered Accountants

Firm Registration No.: 105049W

(S. S. SHAH)

PARTNER

Membership No.: 33632

Place: Mumbai

Date : - 11th August 2017

Annexure "A" to Independent Auditors' Report

(Referred to in paragraph 5A under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

i a The Company has maintained proper records showing full particulars includingquantitative details and situations of fixed assets.

b The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

c According to the information and explanations given to us and on the basis of ourexamination of the records of the company the Company owns no immovable properties andhence reporting under paragraph 3(i)(c) of the said Order is not applicable.

ii The Company's nature of operations does not require it to hold inventories.Accordingly paragraph 3(ii) of the Order is not applicable to the Company.

iii According to information and explanations given to us the Company has grantedunsecured loans to two subsidiary companies covered in the register maintained underSection 189 of the Act. The Company has not granted any secured / unsecured loans tofirms LLPs or other parties covered in the register maintained under Section 189 of theAct a In respect of the aforesaid loans the terms and conditions under which such loanswere granted are not prejudicial to the Company's interest.

b The repayment terms are not stipulated as the loans are repayable on demand and theparties are regular in payment of interest where applicable. There is no outstanding asat the year end in respect of one subsidiary Company. In respect of the other subsidiarycompany whose loan is outstanding at the year end there is no amount which is overdue formore than ninety days.

iv In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

v According to the information and explanations given to us the Company has notaccepted any deposits during the year from the public within the meaning of sections 73 to76 of the Act or any other provisions of the Act and the rules framed there under.Accordingly paragraph 3(v) of the Order is not applicable to the Company.

vi According to information and explanations given to us maintenance of cost recordsas prescribed by the Central Government under sub section (1) of section 148 of the Act isnot applicable as the Company has not done any activity prescribed under the said section.

vii (a) According to the information and explanations given to us and records examinedby us the Company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other material statutory dues asapplicable to it with the appropriate authorities.

According to information and explanations given to us there were no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income Tax Sales TaxService Tax Value Added Tax duty of Customs duty of Excise Cess and other materialstatutory dues in arrears as at March 31 2017 for a period of more than six months fromthe date they became payable.

(b) According to the records of the Company the dues of income tax or sales tax orservice tax or duty of customs or duty of excise or value added tax which have not beendeposited on account of any dispute amount involved and the forum where dispute ispending are as under:

(Rs. in lakhs
Name of the Statute Nature o the Dues Amount Involved * Amount Paid Under Protest Period to which the amount relates Forum where dispute is pending
Finance Act 1994 (Service Tax) Service Tax (Cenvat Credit) 163.34 Financial Year 2011-12
8.58 Financial Year 2014-15 Commissioner of Appeals – I
163.34 86.25 Financial Year 2011-12 Service Tax - I Mumbai
Service Tax (Penalty) 0.86 Financial Year 2014-15

* Interest amount at applicable rate is not quantified and not included viii In ouropinion and according to the information and explanations given to us there are no loansor borrowings from financial institution or bank or Government and the Company has notissued any debentures.

ix The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) during the year. In our opinion and according to theinformation and explanations given to us the term loans have been applied for the purposefor which they were raised.

x During the course of our examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations given to us we have neither come across any instanceof material fraud by the Company or on the Company by its officers during the year norhave we been informed of any such case by the management.

xi According to the information and explanations given to us and the books of accountsverified by us the Managerial remuneration has been paid and provided in accordance withthe requisite approvals mandated by the provisions of section 197 read with the Schedule Vto the Companies Act.

xii In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the said Order is notapplicable to the Company.

xiii According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

xiv According to information and explanations given to us and based on our examinationof the records of the Company during the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly paragraph 3(xiv) of the said Order is not applicable to theCompany.

xv According to the information and explanations given to us and based on ourexamination of the records of the company the Company has not entered into non-cashtransactions for acquisition of assets for consideration other than cash referred to insection 192 of the Act with its directors or persons connected with them.

xvi According to the information and explanations given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For KHANDELWAL JAIN & CO.

Chartered Accountants

Firm Registration No.: 105049W

(S. S. SHAH)

PARTNER

Membership No.: 33632

Place: Mumbai

Date : - 11th August 2017

Annexure "B" to the Independent Auditors' Report

(Referred to in paragraph 5B(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date) Report on the Internal FinancialControls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reportingof ONELIFECAPITAL ADVISORS LIMITED ("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 Control over Financial Reporting(‘the Guidance Note') issued by the Institute of Chartered Accountants of India.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's 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 India andthe Standards on Auditing as specified under Section 143 (10) of the Act to the extentapplicable to an audit of internal financial controls. Those Guidance Note and thestandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether adequate internal financial controls overfinancial reporting were established and maintained and if such controls effectively inall material respects. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial control system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the standalone financial statementswhether 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 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 the 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; (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 the the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 March 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal controls stated in the Guidance Note.

For KHANDELWAL JAIN & CO.

Chartered Accountants

Firm Registration No.: 105049W

(S. S. SHAH)

PARTNER

Membership No.: 33632

Place: Mumbai

Date : - 11th August 2017