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Interactive Financial Services Ltd.

BSE: 539692 Sector: IT
NSE: N.A. ISIN Code: INE064T01018
BSE 00:00 | 24 Apr 2020 Interactive Financial Services Ltd
NSE 05:30 | 01 Jan 1970 Interactive Financial Services Ltd

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OPEN 20.30
PREVIOUS CLOSE 19.35
VOLUME 1
52-Week high 26.70
52-Week low 11.35
P/E 13.10
Mkt Cap.(Rs cr) 6
Buy Price 17.60
Buy Qty 50.00
Sell Price 18.40
Sell Qty 1964.00
OPEN 20.30
CLOSE 19.35
VOLUME 1
52-Week high 26.70
52-Week low 11.35
P/E 13.10
Mkt Cap.(Rs cr) 6
Buy Price 17.60
Buy Qty 50.00
Sell Price 18.40
Sell Qty 1964.00

Interactive Financial Services Ltd. (INTERACTIVEFIN) - Auditors Report


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Company auditors report

To The Members Interactive Financial Services Limited

Report on the Financial Statements Opinion

We have audited the accompanying financial statements of Interactive FinancialServices Limited ("the Company") which comprise the Balance sheet as atMarch 31 2019 the Statement of Profit and Loss (including other comprehensive income)the Statement of changes in equity the Cashflow Statement for the year then ended andnotes to the financial statements including a summary of Significant Accounting policiesand other explanatory information.( (hereinafter referred to as the financial statements).

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("Act") in the manner so required and give a true and fairview in conformity with the Indian Accounting Standards prescribed under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended(" Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2019 and its profit total comprehensiveincome the changes in equity and cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified undersection 143 (10) of the Companies Act 2013. Our responsibilities under those Standardsare further described in the auditor's responsibilities for the audit of the financialstatements section of our report. We are independent of the Company in accordance with thecode of ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance 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 on the financial statements

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to becommunticated in our report.

Revenue Recognition

Key Audit Matter Description

Accuracy of recognition measurement presentation and disclosures of revenue and otherrelated balances in view of adoption of Ind AS 115 "Revenue from Contracts withCustomers". Further onerous obligations in respect of fixed price contracts involvescritical estimates.

The application of the new revenue accounting standard (Ind AS 115) involvessignificant judgments/material estimates relating to identificationof distinct performanceobligations determination of transaction price of the identified performance obligationsthe appropriateness of the basis used to measure revenue recognized over a period.Further in case of fixed price contracts estimated efforts is a critical estimate todetermine revenues. This estimate has a high inherent uncertainty as it requiresconsideration of progress of the contract and efforts required to complete the remainingperformance obligations.

How the Key Audit Matter Was Addressed in the Audit

We assessed the Company's process in relation to overall revenue recognition process.Our audit approach consisted testing of the design and operating effectiveness of theinternal controls and substantive testing as follows

Recording of efforts incurred and estimation of efforts required to completethe performance obligations.

Tested the relevant information technology systems' access and changemanagement controls relating to contracts and related information used in recording anddisclosing revenue in accordance with the new revenue accounting standard.

Reviewed the contract and analysed and identified the distinct performanceobligations in the contract.

Performed analytical procedures towards reasonableness of revenue disclosed.

Information other than the financial statements and auditors' report thereon

The Company's board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Business Responsibility Report CorporateGovernace report and shareholder's information but does not include the financialstatements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other informationand we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse 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 Financial Statements

The Company's board of directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give atrue and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read withthe Companies (Indian Accounting Standards) Rules 2015 as amended from time to time andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany'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 responsibilities for the audit of the financial statements

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

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

• Identifyand assess the risks of material misstatement of the 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

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 significanceinthe audit of the financial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits 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 section 143 ofthe Companies Act 2013 we give in Annexure "A" a statement on the mattersspecified in paragraphs 3 and 4 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 bestof our knowledge and belief were necessary for the purpose of our audit.

(b) in our opinion the Company has kept proper books of account as required by law sofar as appears from our examination of the 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 afrosaid financial statements comply with the AccountingStandards specified under section 133 of the Act read Rule 7 of the Companies (Accounts)Rules 2014.

(e) on the basis of written representations received from the directors as on March 312019 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2019 from being appointed as a director in terms of section 164 (2) of theCompanies Act 2013.

(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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197 (16) of the Act as amended in ouropinion and to the best of our information and according to the explanations given to usthe remuneration paid by the Company to its directors during the year is in accordancewith the provisions of section 197 of the Act; and

(h) 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 :(a) Thecompany does not have any pending litigations which would impact its financial position.

(b) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For KPND & Co.
Chartered Accountants
Firm Registration No.133861W
SD/-
Ketan Poojara
Place : Ahmedabad Partner
Date : 30th May 2019 Membership No. 143643

Interactive Financial Services Limited

ANNEXURE A INDEPENDENT TO AUDITORS' REPORT

Referred to in paragraph 1 under the heading of "report on other legal andregulatory requirements" of our report of even date On the basis of such checks as weconsidered appropriate and according to the information and explainations given to usduring the course of our audit we report that.

(i) a. The Company has maintained proper records showing full particulars includingquantitative details and location of the fixed assets.

b. As explained to us the management during the year has physically verified all thefixed assets. According to the information and explanations given to us there is aregular programme of verification which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. No material discrepancies were noticedon such verification.

c. Based on the information and explanations given to us and according to the recordsof the Company the title deed of the immovable property is held in the name of thecompany.

(ii ) The company's nature of operation (Service provider) does not require it to holdinventories. Therefore the provisions of clause 3(ii) of the Order are not applicable tothe Company.

(iii ) As the company has not granted any loans secured or unsecured to companiesFirms or other parties covered in the register maintained u/s.189 of the Companies Act2013 paragraphs (iii) (a) and (b) of the order are not applicable.

(iv) The Company has not granted any loans or given any guarantee or provided anysecurity in connection with such loan or made any investment to the persons covered undersection 185 and 186 of the Act.

(v) According to the information and explanations given to us the Company has notaccepted any deposit from the public within the meaning of Sections 73 to 76 of the Actand the rules framed thereunder. Thereforethe provisions of clause 3(v) of the Order arenot applicable to the Company.

(vi) As per the information and explanations given to us the provisions of maintenanceof cost records specified by the Central Government under section 148(1) of the CompaniesAct 2013 are not applicable to the company during the year under reference.Thereforetheprovisions of clause 3(vi) of the Order are not applicable to the Company.

(vii) a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including Income Tax Service tax Goodsand Services Tax employees' state insurance providend fund and other material statutorydues have been regularly deposited during the year by the Company with the appropriateauthorities. As explained to us the Company did not have any dues on account of Salestax VAT cess duty of excise and duty of customs.

b. According to information and explanation given to us there are no dues of incometax sales tax service tax customs duty excise duty GST and value added tax which havenot been deposited on account of any dispute.

(viii) According to information and explanations given to us and on overall examinationof the Balance Sheet the Company has not borrowed funds from Banks FinancialInstitution Government or Debenture holders.

Therefore the provisions of clause 3(viii) of the Order are not applicable to theCompany.

(ix) According to information provided to us and on overall examination of the BalanceSheet the Company has not raised any money by way of initial public offer or furtherpublic offer (Including Debt Instruments) and term loans during the year. Therefore theprovisions of clause 3(ix) of the Order are not applicable to the Company.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsprovided by the management we report that no fraud by the company or on the company byits officers or employees have been noticed or reported during the year nor we have beeninformed of such case by the management.

(xi) According to information and explanation provided by the management the companyhas paid/provided managerial remuneration in accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company.

(xiii) According to information and explanation provided by the management thetransactions with related parties are in compliance with Section 177 and 188 of CompaniesAct 2018 where applicable and details have been disclosed in the financial statements asrequired by the applicable accounting standard.

(xiv) According to information and explanations provided by the management and onoverall examination of the Balance Sheet the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.Therefore the provisions of clause 3(xiv) of the Order are notapplicable to the Company.

(xv) According to information and explanations provided by the management the companyhas not entered into any non-cash transactions with directors or persons connected withhim as specified under Section 192 of the Act.

(xvi) According to information and explanation provided by the management the companyis not required to be registered under Section 45-1A of the Reserve Bank of India Act1934. Accordingly the provisions of clause 3(xvi) of the Order are not applicable to theCompany.

For KPND & Co.
Chartered Accountants
Firm Registration No.133861W
SD /-
Ketan Poojara
Place : Ahmedabad Partner
Date : 30th May 2019 Membership No. 143643

ANNEXURE - B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF INTERACTIVE FINANCIAL SERVICES LIMITED.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of InteractiveFinancial Services Limited ("the Company") as of 31st March 2019 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on "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 Institute of Chartered Accountants of India (ICAI)". Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to 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 has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 based on "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.

For KPND & Co.
Chartered Accountants
Firm Registration No.133861W
SD /-
Ketan Poojara
Place : Ahmedabad Partner
Date : 30th May 2019 Membership No. 143643


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