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Thirdwave Financial Intermediaries Ltd.

BSE: 531652 Sector: Financials
NSE: N.A. ISIN Code: INE528C01018
BSE 00:00 | 03 Jan Thirdwave Financial Intermediaries Ltd
NSE 05:30 | 01 Jan Thirdwave Financial Intermediaries Ltd
OPEN 18.55
PREVIOUS CLOSE 18.55
VOLUME 1
52-Week high 38.80
52-Week low 18.55
P/E 10.91
Mkt Cap.(Rs cr) 4
Buy Price 25.20
Buy Qty 1.00
Sell Price 18.55
Sell Qty 50.00
OPEN 18.55
CLOSE 18.55
VOLUME 1
52-Week high 38.80
52-Week low 18.55
P/E 10.91
Mkt Cap.(Rs cr) 4
Buy Price 25.20
Buy Qty 1.00
Sell Price 18.55
Sell Qty 50.00

Thirdwave Financial Intermediaries Ltd. (THIRDWAVEFIN) - Auditors Report

Company auditors report

TO THE MEMBERS OF THTRDWAVE FINANCIAL INTERMEDIARIES LIMITED Report onStandalone Financial Statements

We have audited the accompanying Financial Statements of M/s. THIRDWAVEFINANCIAL INTERMEDIARIES LIMITED ("the Company") which comprise the BalanceSheet as at 31st March 2018 and the Statement of Profit and Loss Account and Cash FlowStatement for the year ended and a summary of significant accounting policies and otherexplanatory information.

Management Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the company in accordance with theaccounting principles generally accepted in India including Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. The responsibility also 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; and design implementation and maintenance of internal 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 misstatements whether due to fraudor error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit repot under the provisions of the Act and the Rules made there-under.

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 the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial statements. The Procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give information required bythe 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 31st March 2018 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 (Auditor's Report) Order 2016("the order") issued by the Central Government of India in terms of sub section(11) of section 143 of the Act we give in the Annexure "B" a statement on thematters specified 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the company so far as it appears from our examination of those books.

(c) The Balance Sheet the statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from thedirectors as on 31st March 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2018 from being appointed as a director interms of Section 164 (2) of the Act.

(f) With respect to the adequacy of internal financial controls overfinancial reporting of the company and the operating effectiveness of such controls referto our separate report in Annexure "A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the company's internal financialcontrols over financial reporting.

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous :

i) The company does not have any pending litigations that may haveimpact on its financial position in its financial statements;

ii) The company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

iii) There has been no delay in transferring amounts required to betransferred to the Investor Education And Protection Fund by the company.

For M.L Kansal & Co.

Chartered Accountants (FRN:312185E) (MADAN LAL KANSAL)

Proprietor

Membership No. 050817

Place : Kolkata Dated : 24th May 2018

ANNEXURE "A" TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Thirdwave Financial Intermediaries Limited ("the Company") as of 31March 2018 in conjunction with our audit of the financial statements of the Company forthe year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding 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 Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") 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 applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2018 based onthe 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

For M.L Kansal & Co.

Chartered Accountants (FRN:312185E) (MADAN LAL KANSAL)

Proprietor

Membership No. 050817

Place : Kolkata Dated : 24th May 2018

ANNEXURE "B" TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of the companyfor the year ended on 31st March 2018. We report that:

(i) (a) The company does not have any fixed assets. Therefore matter ofphysical verification does not arise.

(ii) (a)The inventories have been physically verified during the yearby the management. In our opinion the

frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the company andnature of its business.

(c) The company has maintained proper records of its inventories. Thediscrepancies noticed on verification between the physical stocks and book records werenot material.

(iii) The company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Act.

(iv) In our opinion and according to the information and explanationsgiven to us the company has complied with the provisions of section 185 and 186 of theCompanies Act 2013 as applicable.

(v) The Company has not accepted any deposits from the public withinthe meaning of Sections 73 to 76 or any other relevant provisions of the Act and the rulesframed there under to the extent notified.

(vi) In our opinion and according to the information and explanationsgiven to us the company is not required to maintain accounts and records prescribed bythe central Government under sub-section (1) of section 148 of the Act.

(vii) (a) According to the information and explanations given to us andthe records of the company examined by us

the company is regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax value addedtax cess and any other statutory dues as applicable with the appropriate authorities andthere were no arrears of outstanding statutory dues as at the last day of the financialyear concerned for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and therecords of the company examined by us the particulars of income-tax sales-tax valueadded tax wealth tax service tax customs duty excise duty or cess as at 31st March2018 which have not been deposited on account of any dispute pending are nil.

(viii) The company has not defaulted in repayment of dues to afinancial institutions or banks.

(ix) In our opinion and according to the information and explanationsgiven to us the Company has not taken any term loans and hence matter of utilizationthereof does not arise.

(x) To the best of our knowledge and belief and according to theinformation and explanations given to us no fraud on or by the company was noticed orreported during the year.

(xi) In our opinion and according to the explanations given to us thecompany has paid managerial remuneration in accordance with provisions of section 197 readwith Schedule V of the Companies Act 2013.

(xii) The Company is not a nidhi company and hence reporting underClause 3(xii) of the CARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Section 177 and 188 of the Companies Act2013 where applicable for all transactions with the related parties and the details ofrelated party transactions have been disclosed in the financial statements as required bythe applicable accounting standards.

(xiv) During the year the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures andhence reporting under Clause 3(xiv) of CARO 2016 is not applicable to the Company.

(xv) In our opinion and according to the explanations given to usduring the year the company has not entered into any non-cash transactions with itsdirectors and hence provisions of Section 192 of the Companies Act 2013 are notapplicable.

(xvi) The Company has obtained registrations under Section 45-IA of theReserve Bank of India Act 1934.

For M.L Kansal & Co.

Chartered Accountants (FRN:312185E) (MADAN LAL KANSAL)

Proprietor

Membership No. 050817

Place : Kolkata Dated : 24th May 2018