TO THE MEMBERS OF
CASPIAN CORPORATE SERVICES LIMITED
(Formerly Known as INTELLIVATE CAPITAL ADVISORS LIMITED)
Report on the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Caspian Corporate
Services Limited (Formerly Known as Intellivate Capital Advisors Limited) ("the
Company"), which comprise the Balance Sheet as at March 31, 2023, the Statement of
Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity
and the Statement of Cash Flows for the year ended on that date, and a summary of the
significant accounting policies and other explanatory information (hereinafter referred to
as "the standalone financial statements").
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 Companies Act, 2013 ("the Act") in the manner so required and give a true
and fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2023, the profit and total
comprehensive income, changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone financial statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAI) together with the independence
requirements that are relevant to our audit of the standalone financial statements under
the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAIs Code of
Ethics. 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, where of most
significance in our audit of the standalone financial statements of the current year.
These matters, where addressed in the contacts of our audit of the statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
Managements Responsibility for the Standalone financial statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these standalone financial statement
that give a true and fair view of the financial position, financial performance, total
comprehensive income, changes in equity and cash flows of the Company in accordance with
the Ind AS and other accounting principles generally accepted in India. 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 standalone financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so. The Board of Directors are responsible for overseeing the
Companys financial reporting process.
Auditors Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion The risk of
not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in
order to design audit procedures that are appropriate in the circumstances. Under section
143(3Xi) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. lf we conclude that a material uncertainty exists,
we are required to draw attention in our auditor/s report to the related disclosures in
the standalone 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
auditors report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government 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 for the company (excluding its joint operations), to the extent applicable.
2. (A) As required by Section 143(3) of the Act, we report, to the extent applicable
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 purposes 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 standalone Balance Sheet, the standalone Statement of Profit and Loss and
standalone statement of change in equity and standalone Cash Flow Statement dealt with by
this Report are in agreement with the books of account.
d) 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) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2023 from being appointed as a director in terms of Section
164 (2) of the Act.
f) With respect to the other matters to be included in the Auditors 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:
i. The Company has no pending litigations as on 31st March, 2023 on its financial
position in its standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. (a) The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the company to or in any other person(s) or entity(ies), including
foreign entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of
the company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries
(b) The management has represented, that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been received by the
company from any person(s) or entity(ies), including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused them to
believe that the representations under sub-clause (i) and (ii) contain any material
mis-statement.
(d) The Company has neither declared nor paid any interim dividend during the year,
Hence reporting in compliance with section 123 of the Companies Act, 2013 by the by the
company is not applicable.
(e) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit
log) facility is applicable to the Company w.e.f. April 1, 2023, and accordingly,
reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable
for the financial year ended March 31, 2023.
3. As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the "Annexure-A" a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
4. As required with reference to the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act"), we give in
the "Annexure-B" a statement on the matters specified to the extent applicable.
|
For, MAAK and Associates |
|
[Firm Registration No. 135024W] |
|
Chartered Accountants |
|
SD/- |
| Place: Ahmedabad |
Marmik Shah |
| Date: 30/05/2023 |
Partner |
| UDIN: 23133926BGWEUF3810 |
Mem. No. 133926 |
ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 3 under Report on Other Legal and Regulatory Requirements
section of our Report of even date)
(i) (a) (A) According to information and explanation given to us, the Company does not
have Property,
Plant and Equipment, therefore, requirement for maintaining proper records showing full
particulars, including quantitative details of Property, Plant and Equipment is not
applicable to the Company.
(B) According to information and explanation given to us, the Company does not have any
intangible assets and therefore, requirement of this clause is not applicable.
(b) According to information and explanation given to us, the Company does not have
Property, Plant and Equipment, therefore the clause for physical verification is not
applicable.
(C) There are no immovable properties held by the Company, hence this clause is not
applicable.
(d) The company does not have Property, Plant and Equipment (including Right of Use
assets) or intangible assets, the clause for revaluation of Property, Plant and Equipment
(including Right of Use assets) or intangible assets or both is not applicable.
(e) No any proceedings have been initiated or are pending against the company for
holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and rules made there under.
(ii) (a) Since, the company is engaged in business of providing Manpower Service, hence
there is no inventory with the company, Accordingly, the clause for physical verification
of inventory at reasonable interval by the management is not applicable.
(b) During any point of time of the year, the company has not been sanctioned working
capital limits in excess of five crore rupees, in aggregate, from banks or financial
institutions on the basis of security of current assets. Accordingly, point of
reconciliation of books of accounts and quarterly returns or statements filed with the
banks is not applicable to the company.
(iii) (a) In our opinion and according to information and explanation given to us, the
Company has granted loans, secured or unsecured to companies, firms, Limited Liability
Partnerships or other parties covered in the register maintained under section 189 of the
Companies Act, 2013 within applicable limits.
(b) In our opinion and according to information and explanations given to us the
investments made, guarantees provided, security given and the terms and conditions of the
grant of all loans and advances in the nature of loans and guarantees provided are not
prejudicial to the companys interest;
(b) According to information and explanation given to us, in respect of loans and
advances in the nature of loans, the schedule of repayment of principal and payment of
interest has been stipulated and the repayments or receipts are regular;
(c) According to information and explanation given to us the company has given loan to
the party, the clause for total amount overdue for more than 90 days, and reasonable steps
have been taken by the company for recovery of the principal and interest;
(d) According to information and explanation given to us the company has not given any
loan to the party, the clause for any loan or advance in the nature of loan granted which
has fallen due during the year, has been renewed or extended or fresh loans granted to
settle the overdue of existing loans given to the same parties, is not applicable to the
company.
(e) According to information and explanation given to us the company has granted loans
or advances to Promoters, related parties as defined in clause (76) of section 2 of the
Companies Act, 2013 in the nature of loans either repayable on demand or without
specifying any terms or period of repayment;
iv. In our opinion and according to information and explanations given to us, the
Company has not given any loan to directors the requirement to complied with the
provisions of section 185 and 186 of the Companies Act, 2013, is not applicable to the
company
v. According to information and explanation given to us, the Company has not accepted
any deposits as defined in the Companies (Acceptance of Deposits) Rules, 2014.
Accordingly, the provision of Clause 3(v) of the order is not applicable to the Company.
vi. The provision of Section 148 (1) is not applicable to the Company for the FY
2022-23, the requirement of maintaining cost records in pursuant to Companies (Cost
records and Audit) Rules, 2014 is not applicable to the company.
vii. According to the information and explanations given to us, in respect of statutory
dues:
(a) The Company has generally been regular in depositing undisputed statutory dues.
(b) There were no undisputed amounts payable as at March 31, 2023 for a period of more
than six months from the date they became payable.
(c) The Company has no disputed outstanding statutory dues as at 31st March, 2023.
viii. According to the information and explanations given to us, there is no any
transactions found which is not recorded in the books of account, accordingly provision of
tax assessments under the Income Tax Act, 1961 (43 of 1961), is not applicable to company;
ix. (a) According to opinion and according to information and explanations given to us,
the Company has not applied for loan hence the clause for reporting of defaulted in the
repayment of loans and borrowings to financial institutions and bank is not applicable to
the company
(b) In our opinion and according to information and explanations given to us the
company is not a declared willful defaulter by any bank or financial institution or other
lender;
(c) In our opinion and according to information and explanations given to us the
company has not applied for term loans.
(d) In our opinion and according to information and explanations given to us the
company has not utilized fund raised on short term basis have been utilized for long term
purposes.
(e) In our opinion and according to information and explanations given to us the
company has not taken any funds from any entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures, this clause is not
applicable to the company.
(f) In our opinion and according to information and explanations given to us the
company has not raised loans during the year on the pledge of securities held in its
subsidiaries, joint ventures or associate companies.
x. (a) In our opinion and according to information and explanations given to us, the
Company has not raised moneys by way of initial public offer or further public offer
(including debt instruments).
(b) During the year, the Company has made preferential allotment or private placement
of shares and requirements of section 42 and section 62 of the Companies Act, 2013 have
been complied with and the funds raised have been used for the purposes for which the
funds were raised.
xi. (a) To the best of our knowledge and according to the information and explanations
given to us,
there has been no fraud committed by the Company and no material fraud on the Company
by its officers or employees has been noticed or reported during the course of our audit.
(b) To the best of our knowledge and according to the information and explanations
given to us no report under sub-section (12) of section 143 of the Companies Act has been
filed in Form ADT- 4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules,
2014 with the Central Government, during the year and up to the date of this report.
(c) To the best of our knowledge and according to the information and explanations
given to us, there are no whistle-blower complaints received during the year by the
company and accordingly, no reporting is required under this clause.
xii. In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi company. Accordingly reporting under clause 3(xii) of the Order is
not applicable.
xiii. In our opinion and according to the information and explanations given to us, the
Company is in compliance with sections 177 and 188 of the Companies Act, 2013 where
applicable for all transactions with related parties and details of such transactions have
been disclosed in the standalone financial statements as required by the applicable
accounting standards.
xiv. a) In our opinion and according to the information and explanations given to us
the Company has an internal audit system commensurate with the size and nature of its
business
b) We have considered the reports of the Internal Auditors for the period under audit
and there are no adverse comments made by the Internal Auditors.
xv. In our opinion and according to the information and explanations given to us,
during the year the Company has not entered into non-cash transactions with directors or
persons connected with him and hence provisions of section 192 of the Companies Act, 2013
are not applicable to the Company.
xvi. (a) The Company is not required to be registered under section 45-IA of the
Reserve Bank of India Act, 1934. Therefore, the reporting under clause (xvi) of the Order
is not applicable to the company.
(b) ln our opinion and according to the information and explanations given to us, the
company has not conducted any Non-Banking Financial or Housing Finance activities without
a valid Certificate of Registration (COR) from the Reserve Bank of India as per the
Reserve Bank of India Act, 1934
(c) The company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India; accordingly, this clause is not applicable to the
company.
(d) The company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India; accordingly, this clause is not applicable to the
company.
xvii. In our opinion and according to the information and explanations given to us
Company has not incurred cash losses in the financial year and in the immediately
preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year.
xix. On the basis of the financial ratios, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
standalone financial statements and our knowledge of the Board of Directors and Management
plans and based on our examination of the evidence supporting the assumptions, nothing has
come to our attention, which causes us to believe that any material uncertainty exists as
on the date of the audit report indicating that Company is not capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a
period of one year from the balance sheet date. We, however, state that this is not an
assurance as to the future viability of the Company.
We further state that our reporting is based on the facts up to the date of the audit
report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the
Company as and when they fall due.
xx. (a) In our opinion and according to the information and explanations given to us,
that other than ongoing projects, there were no unspent amounts that are required to
transferred unspent amount to a Fund specified in Schedule VII to the Companies Act (the
act), in compliance with second proviso to sub section (5) of section 135 of the act.
xxi.
(b) There is no unspent amount towards Corporate Social Responsibility (CSR) on other
than ongoing projects requiring a transfer to a Fund specified in Schedule VII to the
Companies Act or special account in compliance with the provision of sub-section (6) of
section 135 of the said Act. Accordingly, reporting under clause (xx)(a) of the Order is
not applicable to the Company.
xxi In our opinion and according to the information and explanations given to us, there
are no qualifications or adverse remarks by the respective auditors in the Companies
(Auditors Report) Order (CARO) reports of the companies included in the consolidated
financial statements.
|
For, MAAK and Associates |
|
[Firm Registration No. 135024W] |
|
Chartered Accountants |
|
SD/- |
| Place: Ahmedabad |
Marmik Shah |
| Date: 30/05/2023 |
Partner |
| UDIN: 23133926BGWEUF3810 |
Mem. No. 133926 |
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL
STATEMENTSOF CASPIAN CORPORATE SERVICES LIMITED (FORMERLY known as INTELLIVATE CAPITAL
ADVISORS LIMITED)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
1. We have audited the internal financial controls over financial reporting of CASPIAN
CORPORATE SERVICES LIMITED (FORMERLY known as INTELLIVATE CAPITAL ADVISORS LIMITED)
("the Company") as of March 31, 2023 in conjunction with our audit of the
standalone financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
2. The Companys 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". 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 companys 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 Companies Act, 2013.
Auditors Responsibility
3. Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We have conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI
and deemed to be prescribed under section 143(10) of the Companies Act, 2013, 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 Institute of Chartered Accountants
of India. 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 auditors 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 I/we have obtained is sufficient and appropriate
to provide a basis for my /our audit opinion on the Companys internal financial controls
system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A companys 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 companys 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
unauthorized acquisition, use, or disposition of the companys 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 Guidance Note on Audit of 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, 2023, 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, MAAK and Associates |
|
[Firm Registration No. 135024W] |
|
Chartered Accountants |
|
SD/- |
| Place: Ahmedabad |
Marmik Shah |
| Date: 30/05/2023 |
Partner |
|
Mem. No. 133926 |
|
UDIN: 23133926BGWEUF3810 |
+91-9892691696
