TO THE MEMBERS OF INTEGRATED CAPITAL SERVICES LIMITED
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Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Integrated Capital Services Limited ("the
Company"), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant accounting policies and other explanatory
information.
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Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134 (5) of the Companies Act, 2013
("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of
the financial position, financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting 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 adequate internal financial controls, 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 a true and fair view and are free from material misstatement, whether due to fraud or error.
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Auditor's Responsibility
Our responsibility is to express an opinion on these standalone 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 thereunder.
We conducted our audit 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 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 statements
that give a true and fair view in order to design audit procedures that are appropriate in the circumstance. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by the Company's Directors, 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 standalone financial statements.
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Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone 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, of the state of affairs of the
Company as at March 31, 2016, and its profit and its cash flows for the year ended on that date.
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Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2016 (the Order) issued by the Central Government of India
in terms of section 143 (11) of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs
3 and 4 of the Order.
As required by section 143 (3) of the Act, we report that:
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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.
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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.
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The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are
in agreement with the books of account.
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In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule 2014.
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On the basis of written representations received from the directors as on March 31, 2016, and taken on record
by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a
director in terms of section 164 (2) of the Act.
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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".
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With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us:
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The Company does not have any pending litigations which would impact its financial position.
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The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.
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There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.
PU - 53, Vishakha Enclave, KR & Co.
Pitampura, Chartered Accountants
New Delhi- 110088 Firm Registration No. 025217N
By the hand of
April 08, 2016
New Delhi Kamal Ahluwalia
Partner
Membership No. 093812
"ANNEXURE A" TO INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 5)
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(a) The Company is maintaining proper records showing full particulars, including quantitative details and situation
of fixed assets.
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As explained to us , all the fixed assets have been physically verified by the management in a phased periodical
manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such verification.
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The Company does not hold any immovable property.
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The Company does not own any inventory. Accordingly, provisions of clause (ii) (a), (ii) (b) and (ii) (c) of paragraph 3 of
the Order are not applicable to the Company.
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The Company has granted unsecured loans to its wholly owned subsidiary covered in register maintained under
section 189 of the Act:
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The terms and conditions of aforesaid loans are not prejudicial to the interests of the Company.
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The repayment of principal receipts of principal are as per mutually agreed stipulations.
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There is no overdue amount in respect of aforesaid loan.
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The Company has complied with provisions of sections 185 and 186 of the Act in respect of loans and investments, to
the extent applicable.
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The Company has not accepted any deposits within the meaning of sections 73 to 76 or any other relevant provisions
of the Act.
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The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act in
respect of services rendered by the Company.
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(a) According to the information and explanations given to us the provisions of Employees Provident Fund Act,
1952, and Employees' State Insurance Act, 1948, are not applicable to the Company and on the basis of our
examination of the books of account, the Company has been regular in depositing the undisputed statutory
dues applicable to the Company. According to the information and explanations given to us, no undisputed
amounts payable in respect of aforesaid dues were outstanding as at March 31, 2016, for a period of more than
six months from the date they became payable.
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According to the information and explanations given to us, there are no dues of income tax, sales tax, wealth
tax, service tax, duty of customs, duty of excise, value added tax and cess that have not been deposited by the
Company with appropriate authorities on account of dispute.
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The Company does not have any loans or borrowings from any financial institutions, banks, Government or
debenture holders during the year.
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The Company did not raise any money by way of initial public offer or further public offer and term loans during the
year.
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To the best of our knowledge and according to the information and explanations given to us, no fraud by the
Company or any fraud on the Company by its officers or employees has been noticed or reported during the year.
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The Company has not paid any managerial remuneration during the year.
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The Company is not a nidhi company.
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According to the information and explanations given to us and based on our examination of the records of the
Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where
applicable and details of such transactions have been disclosed in the financial statements as required by the
applicable accounting standards.
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The Company has not made any preferential allotment or private placement of shares during the year under review.
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The Company has not entered into any non-cash transactions with directors or persons connected with him.
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The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
PU - 53, Vishakha Enclave, KR & Co.
Pitampura, Chartered Accountants
New Delhi- 110088 Firm Registration No. 025217N
By the hand of
April 08, 2016 Kamal Ahluwalia
New Delhi Partner
Membership No. 093812
"ANNEXURE B" TO INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of the section 143 of the Act
We have audited the Internal Financial Controls over financial reporting of Integrated Capital Services Limited ("the
Company") as of March 31, 2016, in conjunction with our audit of the standalone 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 laying down 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 (Guidance
Note) issued by the Institute 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.
Auditor's Responsibility
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 Standards of Auditing, to the extent applicable to an audit of internal
financial controls and the Guidance Note, 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 the 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.
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 standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
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 (i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of standalone 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 (iii) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that
could have a material effect on the standalone financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of its 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
to 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
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, 2016,
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 issued by the ICAI.
PU - 53, Vishakha Enclave,
Pitampura,
New Delhi- 110088
April 08, 2016
New Delhi
KR Co.
Chartered Accountants
Firm Registration No. 025217N
By the hand of
Kamal Ahluwalia
Partner
Membership No. 093812
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