Mar 31, 2018
Report on the Financial Statements
1. We have audited the accompanying financial statements of INTELLIVATE CAPITAL ADVISORS LIMITED (âthe Companyâ) which comprise the Balance Sheet as at 31s March, 2018, the Statement of Profit and Loss (Including Other Comprehensive Income), the Cash Flow statement and the Statement of Changes in the Equity for the year ended on that date and a summary of significant accounting policies and other explanatory information (herein after referred to as Ind AS Financial Statements).
Management''s Responsibility for the Financial Statements
2. The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including Other Comprehensive Income, Cash Flow and Changes in the Equity of the Company in accordance with the Accounting principles generally accepted in India, including the Indian Accounting Standards (âInd ASâ) specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safe guarding of the assets of the company and for preventing and detecting the frauds and other irregularities, selection and application of appropriate accounting policies, making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
4. We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
5. We conducted our audit of the Ind AS Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation and presentation of the Ind AS financial statement that give a true & fair view, in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Director''s, as well as evaluating the overall presentation of the Ind AS financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS of the state of affairs of the company as at March 31,2018, and its profit including Other Comprehensive Income, its cash flow, and Changes in the Equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. 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( herein after referred to as the âOrder"), and on the basis of such checks of the books and records of the company as we consider appropriate and according to the information and explanation given to us. We give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
10. 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 best of 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 the Company so far as it appears from our examination of those books;
c. the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive income, the Cash Flow Statement and Changes in Equity dealt with by this Report are in agreement with the books of account;
d. in our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014.
e. on the basis of written representations received from the directors as on March 31,2018, taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2018, from being appointed as a director in terms of section 164(2)of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B.
g. With respect to other matters to be included in the Auditor''s Report in accordance with the Rule 11 of the Companies ( Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position and its financial statements.
ii. The company did not have any long term contracts including derivative contracts as at March 31,2018, as such the question of commenting for any material force able losses there on does not arise.
iii. There has not been an occasion in case of the company during the year ended March 31,2018 under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.
ANNEXURE A TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 9 of the Independent Auditors ''Report of even date to the members of INTELLIVATE CAPITAL ADVISORS LIMITED on the financial statements as of and for the year ended March 31,2018.
1.(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its Property, Plant and Equipment.
(b) As explained to us, the Property, Plant and Equipment have been physically verified by the management during the year at regular intervals and no material discrepancies were noticed on such physical verification. In our opinion the frequency of the verification is reasonable having regard to the size of the company and the nature of its assets.
(c) The company does not own any immovable property; therefore the clause Title deeds of immovable properties are held in the name of the company is not applicable.
2. The Company is engaged in the business of providing Advisory, Consultancy and Investment Services. Accordingly, it does not hold any Physical inventories. Thus paragraph 3 of the order is not applicable.
3. According to the information and explanations given to us and on the basis of our examination of the books of account, the company has not granted any loans, secured or unsecured to the companies, firms, Limited Liability Partnership and other parties listed in the register maintained under section 189 of the Companies Act, 2013. Therefore the provision of the clause 3 (iii), (iii)(a), (iii)(b) and (iii)(c) of the said order are not applicable to the company.
4. The company has not granted any loans or made any Investments or provided any guarantee or security to the parties covered under section 185 and 186. Therefore the provision of the clause 3(iv) of the said order is not applicable to the company.
5. The company has not accepted any deposit from the public within the meaning of section 73,74,75 and 76 of the Companies Act, 2013 and rules framed there under to the extent notified.
6. As informed to us, the Central Government has not prescribed maintenance of cost record under sub section (1) of section 148 of the Act.
7. According to the record, information and explanations given to us in respect of statutory dues, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, employee state insurance, Income Tax, Sales Tax, Custom duty, Excise duty, Service Tax, Cess, and other statutory dues applicable to it and no undisputed amount payable were outstanding as at March 31,2018, for a period of more than Six months from the date they become payable.
8. According to the records of the company examined by us and the Information and explanation given to us, the company does not have any loans or borrowings from any Financial Institution, Bank, Government or debenture holders during the year. Accordingly the provision of Clause 3(viii) of the order is not applicable to the company.
9. The company has not raised any moneys by way of initial public offer, further public offer (including debt instruments) and Term Loans. Accordingly the provision of Clause 3(ix) of the order is not applicable to the company.
10. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted Auditing practices in India and according to the information and explanation given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the management.
11. The Company has not paid / provided for Managerial Remuneration therefore provisions of Clause 3(xi) of the order are not applicable to the company.
12. As the company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. The provisions of clause 3(xii) of the order are not applicable to the company.
13. The company has entered into Transaction with related parties in compliance with the provisions of section 177 and 188 of the Act. The details of such related party transaction have been disclosed in the Financial Statement as required under Accounting Standard (AS) 18. Related Party Disclosures specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014.
14. During the year, the Company has not made any preferential allotment or private placement of Shares or fully or partly convertible Debentures during the year under review. Accordingly the provisions of Clause 3(xiv) of the order are not applicable to the company.
15. The Company has not entered into any Non Cash Transaction with its Directors or person connected with him, during the year. Accordingly the provisions of the Clause 3 (xv) of the order are not applicable to the company.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly the provisions of the Clause 3 (xvi) of the order are not applicable to the company.
ANNEXURE - B TO INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 10 (f) of the Independent Auditors'' Report of even date to the members of INTELLIVATE CAPITAL ADVISORS LIMITED on the financial statements as of and for the year ended March 31,2018.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act.
1. We have audited the internal financial controls over financial reporting of INTELLIVATE CAPITAL ADVISORS LIMITED (âThe Companyâ) as of March 31,2018, in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
2. The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31,2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For J. B. Dudhela & Co.
Chartered Accountants
FRN: 102777W
Sd/-
(J. B. Dudhela)
Place: Mumbai Proprietor
Date: 28/05/2018 Memb. No. 035354
Mar 31, 2015
We have audited the accompanying financial statements of Intellivate
Capital Advisors Limited ("the Company") which comprise the balance
sheet as at 31 March 2015, the statement of profit and loss, the Cash
Flow statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Management and Board of Directors of company are responsible for
the matters stated in section 134(5) of the Companies Act 2013 ("the
Act") with respect to the preparation of these financial statements
that give a true and fair view of the financial position, financial
performance and Cash Flow of the Company in accordance with the
Accounting principles generally accepted in India, including the
Accounting Standards specified under section 133of theca read with
Rule7of the Companies (Accounts ) Rules, 2014. This responsibility also
includes the maintenance of adequate accounting records in accordance
with the provision of the Act for safeguarding of the assets of the
company and for preventing and detecting the frauds and other
irregularities , selection and application of appropriate accounting
policies , making judgments and estimates that are reasonable and
prudent , and design, implementation and maintenance of internal
financial control , that were operating effectively for ensuring the
accuracy and completeness of the accounting records , relevant to the
preparation and presentation of the financial statements that give true
and fair view and are free from material misstatement, whether duet
fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specifies under section 143(10) of the Act .Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statement , that give
true & fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by Company's Management and Board of
Director's , as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate 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 the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(I) in the case of the Balance Sheet, of the state of affairs of the
Company as at31March 2015
(ii) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date
(iii) in the case of the Cash Flow Statement, of the 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, 2015 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (11) of section 143of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3and4 of the Order.
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 best of 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 the Company so far as appears from our examination of those
books;
c. the Balance Sheet, and Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the Books of
account;
d. in our opinion, the aforesaid financial statements comply with the
applicable Accounting Standards specified under section 133oftheAct,
read with Rule7 of the Companies (Accounts) Rule ,2014 .
e. on the basis of written representations received from the directors
as on 31 March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2015, from being
appointed as a director in terms of section 164(2)of the Act .
f. in our opinion and to the best of our information and according to
the explanations given to us , we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014 :
i. The company does not have any pending litigations which would
impact its financial position.
ii. The company did not have any long term contract including
derivative contract ,as such the question of commenting on any material
foreseeable losses thereon does not arise .
iii. There has not been an occasion in case of the company during the
year under report to transfer any sums to the Investor Education and
Protection Fund .The Question of delay in transferring such sums does
not arise
ANNEXURE TO THE AUDITORS'REPORT
Referred to our Report of even date on the accounts of Indelicate
Capital Advisors Limited for the year ended 31st March, 2015.
On basis of such checks as we considered and appropriate and according
to the information and explanation given to us during the course of our
audit we report that :
1.(a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
(b) As explained to us ,the Fixed Assets have been physically verified
by the management at regular interval , as informed to us nonmaterial
discrepancies were noticed on such physical verification.
(c) In our opinion, the Company has not disposed off substantial part
of Fixed Assets, during the year, which will affect the going concern
status of the Company.
2. The Company is engaged in the business of providing Advisory,
Consultancy, and Investment Services. Accordingly, it does not hold any
Physical inventories. Thus paragraph3 of the order is not applicable.
3. The company has neither granted nor taken any loans, secured or
unsecured to/from the companies ,firms and other parties covered in the
register maintained under section 189 of the Act. Thus sub clause (a)
and (b) are not applicable to the company .
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the company and nature of its business , for the
purchase of Fixed Assets and for Sale of Services. Further , on the
basis of our examination of the books and records of the company and
according to the information and explanation given to us ,nomajor
weakness has not been noticed or reported
5. In our opinion and according to the information and explanation
given to us the company has not accepted any deposits from the public
covered under sections73to76 of the Companies Act 2013 .
6. As informed to us the maintenance of cost records has not been
prescribed by the Central Government U/s 148 (1) (d) of the Act,
7.(a) According to the information and explanation given to us , and on
the basis of our examination of the records of the company. The company
is regular in depositing the undisputed statutory dues including
Investor Education and Protection Fund , Provident Fund , Employees '
State Insurance , Income Tax, Wealth Tax , Sales Tax , Service Tax,
Custom Duty, Excise duty and other material Statutory dues as
applicable, with the appropriate authorities in India.
(b) According to the information and explanation given to us , there is
no undisputed amount payable in respect of Investor Education and
Protection Fund , Provident Fund , Employees ' State Insurance , Income
Tax, Wealth Tax , Sales Tax , Service Tax, Custom Duty, Excise duty and
other material Statutory dues were outstanding , at the year end , for
a period of more than 6months from the date of they became payable .
8. According to the information and explanation given to us the
company does not have any accumulated losses at the end of the
financial Year, and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9. According to the records of the company examined by us and as per
the information and explanations given to us , the company has not
availed any loans from any financial institution or banks and has not
issued any debentures .
10. According to the information and explanation given to us , the
Company has not given any guarantees for loans taken by others from a
bank or financial institutions during the year .
11. The Company has not obtained any term loan during the financial
year.
12. Based on the audit procedures performed and the information and
explanation given to us, were port that no fraud on or by the company
has been noticed or reported during the year, nor have we been informed
of such casebythe management.
For J. B. Dudhela & Co.
Chartered Accountants
(Firm Registration No 102777W)
Sd/-
J. B. Dudhela
Place: Mumbai Proprietor
(Membership No. 035354)
Date: 30 May 2015
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of Intellivate
Capital Advisors Limited ("the Company") which comprise the Balance
Sheet as at 31 March 2014, the statement of profit and loss and Cash
Flow Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and Cash Flow of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act,1956 ("the Act"). (which continue to be applicable
in respect of section 133 of the Companies Act, 2013 in terms of
General Circular 15/2013 dated 13September issued by the Ministry of
Corporate Affairs w.e.f. 12 September, 2013) and in accordance with
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the accompanying financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31st March 2014
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date
(iii) in the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary forthe purpose of our
audit;
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(c) the Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956;( which continue to be applicable in respect of section 133 of the
Companies Act, 2013 in terms of General Circular 15/2013 dated 13
Sepetember issued by the Ministry of Corporate Affairs w.e.f. 12
September, 2013)
(e) on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
Referred to our Report of even date on the accounts of Intellivate
Capital Advisors Ltd. for the year ended 31st March, 2014.
In terms of the information and explanation given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
(1) (a) The Company has maintained proper records showing full
particulars, including details of quantity & the situation of its fixed
assets.
(b) The Fixed assets has been physically verified by the management
during the year in accordance with a phased periodical manner, which in
our opinion is reasonable having regard to the size of the company &
nature of it''s assets. No material discrepancies were noticed on such
physical verification.
* In our opinion, the Company has not disposed off substantial part of
Fixed Assets, during the year, which will affect the going concern
status of the Company.
2. The Company is engaged in the business of providing Consultancy and
Advisory Services. Accordingly, it does not hold any Physical
inventories. Thus paragraph 4(ii) of the order is not applicable.
3. The company has neither granted nor taken any loans, secured or
unsecured to/from the companies, firms and other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Therefore, the provisions of Clause 4(ii), (b), (c) ,(d) (e),(f) and
(g) of the said order are not applicable to the company.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control procedure
commensurate with the size of the company and nature of its business
with the regard to purchase of inventories and fixed assets and for
sale of goods and Services. We have not observed any majorweakness in
internal controls.
5. (a) In our opinion and according to the information and explanation
given to us there are no transaction that needs to be entered in to the
register in pursuance to the section 301 of the Company Act, 1956.
(b) In our opinion and according to the information and explanation
given to us there are no transaction in pursuance of contracts or
arrangements entered in the register maintained U/s 301 of the
Companies Act, aggregating during the year to Rupees Five Lakhs or more
in respect of any party.
6. In our opinion and according to the information and explanation
given to us the company has not accepted any deposits from the public
which fall within the meaning of the section 58 A and 58 AA of the
Company Act ,1956 and rules framed there under.
7. According to the information and explainations given to us, there
is no formal internal audit system in the company, however in our
opinion the company has adequate internal control system commensurate
with the size and nature of its business.
8. As informed to us the maintenance of cost records has not been
prescribed by the Central Government U/s 209 (1) (d) of the Companies
Act, 1956.
9. According to the information and explanation given to us and on the
basis of our examination of the records of the company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including Provident Fund , Employees '' State Insurance ,
Income Tax, Wealth Tax , Sales Tax , Service Tax, Custom Duty, Excise
duty and other material Statutory dues have generally been deposited on
a regular basis during the year by the Company with appropriate
authorities. There are no arrears of undisputed statutory dues as at
31st March, 2014 for a period of more than 6 months from the date they
became payable. As explained to us the company did not have any dues on
account of Investor Education and Protection Fund.
10. According to the information and explanation given to us ,the
company does not have any accumulated losses at the end of the
financial Year, and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to a financial
institution, banks debenture holders as at Balance Sheet date.
12. The Company has not granted any loans and advances on the bases of
security by way of pledge of share, debentures and other securities.
13. The Company is not a chit fund, nidhi fund or mutual benefit fund
/ society. Therefore, the provision of clause 4 (xiii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
14. According to the information and explainations given to us, the
Company is not dealing in or Trading in shares, securities, debentures
and other investments.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions during the year.
16. The Company has not obtained any term loan during the financial
year.
17. According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that
no funds raised on short-term basis have been used for long term
investments and vice-versa.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained undersection
301 of the Act.
19. No Debentures has been issued by the Company during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books and records of
the Company carried out in accordance with the generally accepted
auditing practices in India and according to the Information and
explanation given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the management.
For J. B. Dudhela & Co
Chartered Accountants.
(Firm Registration No 102777W)
Sd/-
J. B. Dudhela
Place: Mumbai Proprietor
Date : May 30, 2014 (Membership No. 035354)
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. Intellivate
Capital Advisors Limited ("the Company") as at 31st March, 2012,
Statement of Profit & Loss account of the company for the period ended
on that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our Audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of materials misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimate made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditor's Report) Order,2003 as
amended by the Companies (Auditor's Report) (Amendment)Order, 2004
issued by the Central Government of India in terms of section 227(4A)
of the Companies Act 1956 ("the Act"),and on the basis of such checks
of the books and records of the Company, as we considered appropriate
and according to the information and explanations given to us during
the course of our audit. We give in the Annexure a statement on the
matters specified in paragraph 4 & 5 of the said Order.
4. We draw reference to
Note No 1(A) regarding scheme of arrangement U/s 391 to 394 and other
applicable provisions of the Companies Act,1956. There was demerger of
Advisory Division of the Intellivate Capital Ventures Limited with the
company. Pursuant to the scheme of demerger is sanctioned and approved
by the Hon'ble High Court of judicature at Bombay on 16th December
2011, and upon filing the said order with Registrar of Companies, with
Maharashta on 20th January,2012, the said scheme became effective. The
said approved scheme of arrangement has been given effect with effect
from Appointed date i.e. April 1, 2011 in these financial statements.
Accordingly the Assets & Liabilities of Advisory division of
Intellivate Capital Venture Limited are vested and transferred to the
company, being First resultant company at book values on the appointed
date i.e. April 1, 2011 and on a going concern basis, in accordance
with Section 2(19AA) of the Income Tax Act, 1961.
5. Further to our comments in the Annexure referred to in paragraph 3
in above, we report that:
a) We have obtained all the information and explanations which to the
best of 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 the company ,so far as appear from our examinations of those
books;
c) The Balance Sheet, Statement of Profit and Loss account dealt with
by this report are in agreements with the books of account.
d) In our opinion the Statement of Profit and Loss account and Balance
Sheet comply with the accounting standards referred to in sub section
(3c) of section 211 of the Companies Act, 1956.
e) On the basis of written representations received by the company from
the Directors, taken on record by the Board of Directors, we report
that none of the Directors are disqualified as on 31st March, 2012,
from being appointed as a Director u/s 274 (1) (g) of the Companies
Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
other notes thereon, give the information required by the Companies
Act, 1956, in the manner so required and , give a true and fair view in
confirmity with the accounting principles generally accepted in India :
(i) in the case of Balances Sheet, of the state of affairs as at 31st
March, 2012. (ii) in the case of statement of profit and Loss account,
of the Loss of the company for the period ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
Referred to in paragraph 3 of the Auditor's Report of even date to the
members of INTELLIVATE CAPITAL ADVISORS LTD on the Financial statements
for the period ended March 31, 2012.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) The Company has a regular program of physical verification of its
Fixed Assets by which all fixed assets are verified in a phased manner
over a period of three years. In our opinion, the periodicity of
physical verification is reasonable having regard to the size of the
Company and nature of its assets. As informed, no material
discrepancies were noticed on such verification.
(c) During the year, there was no disposal of substantial part of fixed
assets.
2. As explained to us, there is no inventory during the year therefore
sub-clause (a),(b),(c) of Clause 2 is not applicable.
3. According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to/from Companies, firms or other parties covered in the register
maintained U/s 301 of the Companies Act, 1956. Accordingly clause
(iii)(a),(b),(c),(d),(e),(f) and (g) of the order are not applicable.
Advances received/paid in temporary Debit/Credit balances with related
parties are not considered to be borrowing/lending.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets and for sale of goods
and services. During the course of Audit, we have not observed any
major weaknesses in internal controls.
5. (a) On the basis of the Audit procedures performed by us, and
according to the information, explanations and representation given to
us, we are of the opinion that the particulars of contracts or
arrangements in which directors were interested as contemplated under
section 297 and sub-section (6) of section 299 of the Companies Act,
1956 and which were required to be entered in the register maintained
under section 301 of the said Act have been so entered.
(b) In our opinion and according to the information, explanations and
representation given to us, transactions made in pursuance of contracts
or arrangements entered into the register maintained u/s 301 of the
Companies Act, 1956 and exceeding the value of Rupees Five Lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to the market prices prevailing at that time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of Section 58A and 58AA of the Act and rules framed
there under.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8 As informed to us, the maintenance of cost records has not been
prescribed by the Central Government u/s 209(1) (d) of the Companies
Act, 1956
9. (a) According to the information and explanations given to us and
the records of the Company examined by us, the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income Tax, Wealth Tax, Service Tax, Sales
Tax, Customs duty, Excise duty, Cess and other statutory dues
applicable to it.
(b) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs duty, Excise duty and Cess outstanding
as at the 31st March, 2012, for a period more than six months from the
date they became payable.
10. The Company has no accumulated losses as at 31st March,2012. The
company has incurred cash losses of Rs.65001/- during the period ended
under report. This is the first accounting period of the company
therefore, there is no cash loss in the immediately preceding financial
year.
11. The Company has not defaulted in repayments of dues to banks and
financial institutions during the year.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi/mutual benefit
fund/society.
14. In our opinion, the company is dealing in & trading in shares,
securities, debentures and other investments. Proper records have been
maintained of the transactions & contracts and timely entries have been
made there in and shares are held by the company in its own name.
15. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. The Company has not obtained any term loan during the year.
17. According to the information and explanations given to us and an
overall examination of the balance sheet of the company, we report that
no funds raised on short-term basis have been used for long term
investments.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 during the year.
19. The company has not issued any debentures during the year.
20. The company has not raised money by public issue during the year.
21. According to the information and explanations given to us and to
the best of our knowledge and belief, no fraud on or by the company,
has been noticed or reported by the company during the period ended,
nor have we been informed of such case by the management.
For J. B. DUDHELA & CO.
Chartered Accountants
FRN. No.102777W
Sd/-
J. B. DUDHELA
Proprietor
Membership no. 035354
Place: Mumbai
Date : 27-08-2012