To the members of CALCOM VISION LIMITED Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of CALCOM VISIONLIMITED which comprise the Balance Sheet as at March 31 2017 the Statement of Profit& Loss and Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
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 theprovisions of the Act and the Rules made there under.
We have conducted our audit in accordance with 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 misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of risks of material misstatements of financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders the internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.
(a) In case of the Balance Sheet of the state of affairs of the Company as at March31 2017;
(b) In case of the Statement Profit and Loss Account of the profit for the year endedon that date;
(c) In case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) order 2016 issued by the CentralGovernment of India in terms of sub -section (11) of section 143 of the Companies Act2013 we give in Annex hereto a statement on the matters specified in paragraph 3 and 4 ofthe said 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 purposes of our audit;
(b) in our opinion proper books of accounts as required by law have been kept by thecompany so far as appears from our examination of those books;
(c) the Balance Sheet Statement of Profit & Loss and Cash Flow Statement dealtwith by this Report are in arrangement with the books of accounts;
(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 written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the director is disqualifiedas on March 31 2017 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Companies 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-A'.
(g) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to ourbest of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 28 to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any 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 in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedures and relying on themanagement representation we report that the disclosures are in accordance with books ofaccount maintained by the Company and as produced to us by the Management - Refer Note 17;
For Shanti Prashad &Co.
Ashish Kumar Aggarwal
M No. 522443
Place: New Delhi
ANNEXURE-A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF CALCOM VISION 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 CalcomVision Limited ("the Company") as of March 31 2017 in conjunction with ouraudit 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.
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 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 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.
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 2017.
For Shanti Prashad & Co.
Ashish Kumar Aggarwal
M No. 522443
Place: New Delhi
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE OF CALCOM VISION LIMITED
1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us all the assets have not been physically verified by themanagement during the year but there is a regular programme of verification which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. No material discrepancies were noticed on such verification.
(c) The title deeds of immoveable properties are held in the name of the Company.
2. As explained to us the physical verification of inventory has been conducted atreasonable intervals by the management and no material discrepancies were noticed.
3. The company has not granted any secured or unsecured loans to companies firms ofother parties covered in the registers maintained under Section 189 of the Companies Act2013 therefore clause 3 (iii)(a) (b) & (c) of the Companies (Auditor Report) Order2016 are not applicable.
4. As per information & explanation provided to us the provisions of section 185& 186 of the Companies Act 2013 have been complied in respect of loans investmentguarantees and security.
5. In our opinion and according to the information and explanations given to us theprovisions of Section 73 to 76 or any other relevant provisions of the Companies Act 2014and Companies (Acceptance of Deposit) Rules 2014 with regard to the deposits acceptedfrom the public are not applicable on the Company as the company has not accepted anydeposits.
6. As explained to us the company is not required to maintain cost record as persub-section (1) of Section 148 of the Companies Act 2013.
7. (a) According to the records of the Company it is regular in depositing withappropriate authorities undisputed statutory dues including income tax and other materialstatutory dues applicable to it. As explained to us there was no amount payable inrespect of sales tax Service Tax excise duty provident fund and employee's stateinsurance act during the year. According to the information and explanations given to usno undisputed amount payable in respect of income tax wealth tax sales tax Service Taxcustom duty excise duty and cess were in arrears as at 31st March 2017 fora period of more than six months from the date they become payable.
(b) According to the information and explanations given to us there are followingstatutory due which are pending on account of dispute:-
|Name of the Statute ||Nature of the Dues ||Amount (Rs. In Lakhs) ||Period to which the amount relates ||Forum where pending |
|Delhi Sales Tax Act ||DST ||3.61 ||1996-97 ||Dy.Comm.(Appeals) - Delhi |
|Central Sales Act. ||CST ||2.34 ||1996-97 ||Dy.Comm.(Appeals) - Delhi |
|Delhi Sales Tax Act ||DST ||52.71 ||1997-98 ||Add.Comm.(Appeals)- Delhi |
|Central Sales Act. ||CST ||8.45 ||1997-98 ||Add.Comm.(Appeals)- Delhi |
|Delhi Sales Tax Act ||DST ||17.42 ||1998-99 ||Add.Comm.(Appeals)- Delhi |
|Central Sales Act. ||CST ||1.82 ||1998-99 ||Add.Comm.(Appeals)- Delhi |
|Delhi Sales Tax Act ||DST ||3.34 ||1999-00 ||Dy.Comm.(Appeals) - Delhi |
|Central Sales Act. ||CST ||0.16 ||1999-00 ||Dy.Comm.(Appeals) - Delhi |
|UP VAT Act ||UPVAT ||17.82 ||2013-14 ||Add.Comm.(Appeals)- UP |
|UP VAT Act ||UPVAT ||5.49 ||2013-17 ||Add.Comm.(Appeals)- UP |
8. The company has not defaulted in repayment of any loan from financial institutionbank or government and has not issued any debentures.
9. The company has not raised money by way of initial public offer or further publicoffer (including debt instruments) and term loan. Therefore the question of utilizationand default in repayment does not arise.
10. According to the information and explanations given to us no fraud by the companyor on the company by its officers or employees has been noticed or reported during theyear.
11. According to the information and explanations given to us the Company has not paidmanagerial remuneration during the year; hence provisions of section 197 read withSchedule V to the Companies Act shall not apply here.
12. The Company is not a nidhi company. Therefore Clause (3) (xii) of the Companies(Auditor's Report) order 2016 are not applicable on the Company
13. According to the information and explanations given to us the related partytransactions are in compliance of section 177 and 188 of the Companies Act and disclosuresof the same have been made in financial statements.
14. The Company has not made any private placement/ preferential allotment of shares.Therefore the question of compliance of Section 42 of Companies Act 2013 does not arise.
15. The company has not entered into any non-cash transactions with directors orpersons connected with them. Therefore Clause (3) (xv) of the Companies (Auditor'sReport) order 2016 are not applicable on the Company.
16. In our opinion the company is not required to be registered under section 45-IA ofRBI Act 1934.
| ||For Shanti Prashad & Co. |
| ||Chartered Accountants |
| ||(ASHISH KUMAR AGGARWAL) |
|Place: New Delhi ||PARTNER |
|Dated: 27.05.2017 ||M No. 522443 |