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Antarctica Ltd.

BSE: 526715 Sector: Services
NSE: ANTGRAPHIC ISIN Code: INE414B01021
BSE 05:30 | 01 Jan Antarctica Ltd
NSE 00:00 | 25 May 0.65 -0.05
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Antarctica Ltd. (ANTGRAPHIC) - Auditors Report

Company auditors report

To the Members of M/s. Antarctica Limited Report on the Financial Statements

We have audited the accompanying financial statements of Antarctica Limited 1AVIDYASAGAR STREET KOLKATA-700 009 which comprise the balance sheet as at 31 March 2017the statement of profit and loss and the cash flow statement for the year then ended anda summary of 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters.

Which are required to be included in the audit report under the provisions of the Actand the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2016 and its profit and its 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 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsider appropriate and according to the information and explanation given to us we givein the Annexure A a statement on the matters specified in the paragraph 3 and 4 of theorder.

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 purposes of our audit.

(b) in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) the balance sheet the statement of profit and loss and the cash flow statementdealt with by this Reports are in agreement with the books of account;

(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) on the basis of the written representations received from the directors as on 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act;

(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"; and

(g) 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:

i. The Company has pending litigations the impact of which has not considered on itsfinancial position in its financial statements .

ii. The Company has no long term contracts as at 31st March 2017 for whichthere were no material foreseeable losses.

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

iv. The company has provided requisite disclosures n the financial statement as toholdings as well as dealings in specified bank notes during the period from 8th November2016to 30th December2016. Base on Audit procedures relying on the managementrepresentation we report that disclosures are in accordance with books of accountsmaintained by the Company as produced to us by the management.

for A.K.S & ASSOCIATES
(Chartered Accountants)
Dated Howrah the 30th May2017 (C.A. ASHOK KUMAR SAMANTA)
Firm's Regn. No.- 318100E
M. No.- 053747

Annexure - A to the Auditors' Report

Re: Antarctica Limited.

Referred to in paragraph I under the heading "Report on other Legal andRegulatory requirements" of our report of even date (i) (a) The Company hasmaintained proper records showing full particulars including quantitative details andsituation of fixed assets.

(b) Some of the fixed assets are physically during the year by the Managementaccordance with a program of verification which in our opinion is provides for physicalverification of all the fixed assets at reasonable intervals. According to the informationand explanations given to us on material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the company. (ii)

(a) The inventories have been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

(b) In our opinion and accounting to the information and explanation given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventories . As per information andexplanation given to us no material discrepancies were noted on physical verification.

(iii) The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct. Consequently requirement of causes iii a iii b iii c of paragraph iii of theorder are not applicable.

(iv) the company has not advance any loan or given any guarantee or provided anysecurity or made any investment cover under sec 185 and sec 186 of Act . Consequentlyrequirement of clause iv of paragraph 3 of the order are not applicable.

(v) The company has not accepted any deposit from public.

(vi) the Central Government has not prescribed the maintenance of cost records undersection 148(1) of the act for any of the product/services rendered by the company.

(vii) (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund Income Tax Sales Tax Value Added Tax Duty ofCustoms Service Tax cess and other material statutory dues applicable to it. Accordingto the information and explanations given to us no undisputed amount payable in respect ofprovident fund income tax sales tax value added tax duty of customs service tax cessand other material statutory dues were in arrears as at 31st March 2017 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us no undisputed amountspayable were in arrears as at 31 March 2016.

(c) According to information and explanations given to us the following dues of incometax and value added tax Entry Tax have not been deposited by the Company on account ofdisputes:

Sl. No. Name of the statute Nature of dues Amount* (in Rs) Period to which the amount relates Forum where dispute is pending
1 VAT Act 2003 WB VAT 409765 2011-12 West Bengal Revisional Board & Taxation Tribunal
2 VAT Act 2003 WB VAT 13000 2010-11 ‘DO'
3 VAT Act 2003 WB VAT 120000 2008-09 ‘DO' Commercial Taxes
4 INCOME TAX ACT 1961 INCOME TAX 95000 2008-09 Commissioner of Income Tax (Appeal)
5 INCOME TAX ACT 1961 F.B.T 143000 2007-08 ‘DO'
6 INCOME TAX ACT 1961 F.B.T 385804 2007-08 ‘DO'
7 West Bengal Entry of Goods into local Areas Act 2012 ENTRY TAX 31850.32 2012-13 High Court Calcutta

* net of amounts payable under protest.

(viii) According to the information and explanations given to us The Company does nothave any loans or borrowings from any financial institution banks government ordebenture holders during the year. Accordingly paragraph 3(viii) of the Order is notapplicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3(ix) of the order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the company by its officers or employees noticed or reported during thecourse of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the provisions of section 197 read with schedule V to theAct.

(xii) In our opinion and According to the information and explanations give to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with the sections 177 and 188 of the Act where applicable .

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him .Accordingly paragraph 3(xv) ofthe order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

for A.K.S & ASSOCIATES
(Chartered Accountants)
Dated Howrah the 30th May2017 (C.A. ASHOK KUMAR SAMANTA)
Firm's Regn. No.- 318100E
M. No.- 053747

Annexure - B to the Auditors' Report

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 AntarcticaLimited" as of 31st March 2016 in conjunction with our audit of thefinancial 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 Companies Act 2013.

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 audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

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 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

for A.K.S & ASSOCIATES
(Chartered Accountants)
Dated Howrah the 30th May2017 (C.A. ASHOK KUMAR SAMANTA)
Firm's Regn. No.- 318100E
M. No.- 053747