We have audited the accompanying standalone financial statements of
Intense Technologies Limited (the Company), which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss
and the Cash Flow Statement for the year then ended, and a summary of
the significant accounting policies and other explanatory information.
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 preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash lows of the Company in accordance with 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 provision
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.
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
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 the 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 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 the 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.
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 31,2015, and its profit and its cash lows 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) issued by the Central Government in terms of Section 143(11) of
the Companies Act, 2013, we give in the Annexure, a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent
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
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
(c) 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.
(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 March 31, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015
from being appointed as a director in terms of Section 164 (2) of the
(f) 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:
a. As per the information and explanations provided to us by the
Company there would be no impact of pending litigations on its
financial position in its financial statements.
b. The Company did not have any material foreseeable losses relating to
long-term contracts including derivative contracts.
c. There has been no delay in transferring amounts, required to be
transferred, to the Investors Education and Protection Fund by the
Annexure to the Independent Auditors'' Report on the Standalone
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report on the standalone financial
statements of even date)
(i) Having regard to the nature of the Company''s business during the
year, clauses (ii), (v), (vi), (viii), (ix), (x) and (xi) of paragraph
3 of the Order are not applicable to the Company.
(ii) In respect of its fixed assets:
a) The Company has generally maintained proper records showing
particulars, including quantitative details and situation of the fixed
(b) All the fixed assets have been physically verified by the
Management in accordance with a phased programme of verification, which
in our opinion is reasonable, having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
(iii) According to the information and explanations given to us, the
Company has granted loans, secured or unsecured, to companies, firms or
other parties covered in the Register maintained under Section 189 of
the Companies Act, 2013. In respect of such loans: There are delays in
receipt of interest and principal amount and the account is over due at
the end of the year.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for the sale of services and during the
course of our audit we have not observed any continuing failure to
correct major weaknesses in such internal control system.
(v) 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, including Provident Fund, Employees'' State Insurance,
Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Value
Added Tax, Cess and other material statutory dues applicable to it with
the appropriate authorities. Excise Duty is not applicable to the
b) There were no undisputed amounts payable in respect of Provident
Fund, Employees'' State Insurance, Income tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Value Added Tax, Cess and other material
statutory dues in arrears as at March 31, 2015 for a period of more
than six months from the date they became payable. Excise Duty is not
applicable to the Company.
c) There are no disputed dues of Income tax, Wealth Tax, Customs Duty
and Cess which have not been deposited as on March 31, 2015. Excise
Duty is not applicable to the Company. There is a demand Rs. 2.08
crores from the service tax department, which the company is
d) There are no amounts that are due to be transferred to the Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and Rules made there
(vi) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For Srinivas P & Associates
Membership No. 204098
Date: 30th May, 2015