To the Members of Calcom Vision Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Calcom Vision Limited("the Company") which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese 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 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 theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with Standards on Auditing specified under section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements 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 theauditors judgment including the assessment of risks of material misstatements ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers the internal financial control relevant to the Companyspreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing as opinion on whether the company has in place as adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Companys directors as wellas evaluating the overall presentation of 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.
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 subject to Emphasis of Matter Paragraph give a trueand fair view in conformity with the accounting principles generally accepted in India.
(a) In case of the Balance Sheet of the state of affairs of the Company as at March312015; (b) In case of the Statement of Profit and Loss of the loss for the year endedon that date; (c) In case of the Cash Flow Statement of the cash flows for the year endedon that date.
Emphasis of Matter
We draw attention to Note No. 16 regarding management opinion that Sundry Debtorsoutstanding for a period of more than six months considered good amounting to Rs. 27.21Lacs are fully recoverable and hence no provision is made there against.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified in paragraphs 3 and 4 of the 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 purpose 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 Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e. On the basis of written representations received from the Directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.
f. with respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) 2014 in our opinion and tothe best 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 to the point no. 28 of notes to account
ii. In our opinion and as per the information and explanations provides to us theCompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For Shanti Prashad & Company |
| ||Chartered Accountants |
| ||Ashish Kumar Aggarwa |
|Place: New Delhi ||(Partner) |
|Date: 30.05.2015 ||Mem No.522443/FRN No. 019923N |
ANNEXURE TO THE INDEPENDENT AUDITORSREPORT:
(Referred to in Paragraph 1 under section (Report on Other Legal and RegulatoryRequirements of our report of even date)
1.1. The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.
1.2. All the fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification.
2.1. The inventories have been physically verified at reasonable intervals by themanagement.
2.2 In our opinion and according to the information and explanations 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.
2.3 In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of its inventories and no material discrepancieswere noticed on such physical verification.
3 As informed to us the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act. Accordingly the sub-clauses (a) and (b) are not applicable to thecompany.
4 In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of inventory fixed assets and for the sale ofgoods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.
5 According to the information and explanations given to us the Company has notaccepted any deposits in terms of directives issued by Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed there under.
6 We have broadly reviewed the books of account maintained by the Company pursuantsub-section (1) of Section 148 of the Companies Act and are of the opinion that primafacie the prescribed accounts and records have been made and maintained.
7 (i) The company is generally regular in depositing undisputed statutory duesincluding provident fund employees state insurance income tax sales tax wealth taxservice tax duty of customs duty of excise value added tax cess and any otherstatutory dues with the appropriate authorities and we have been informed that there areno arrears of outstanding statutory dues as at the last day of the financial year underaudit for a period of more than six months from the date they became payable.
(ii) According to the records of the Company and the information and explanations givento us the following are particular of dues on account of excise duty / sales tax thathave not been deposited on account of any 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 |
(iii) In our opinion and according to the information and explanations given to us noamounts is required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and Rulesmade there under have been transferred to such fund within time.
8 The Company has accumulated losses more than its net worth at the end of thefinancial year under audit. The company has not incurred cash losses during the financialyear covered by audit and in the immediately preceding financial year.
9 According to the information and explanations given to us the Company has notdefaulted in repayment of dues to a financial institution or bank.
10 According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from banks or financial institutions the termsand conditions whereof are prejudicial to the interest of the Company.
11 According to the information and explanations given to us no term loans wereobtained during the year under audit.
12 Based upon the audit procedures performed and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the year of our audit.
| ||For Shanti Prashad & Company |
| ||Chartered Accountants |
| ||Ashish Kumar Aggarwal |
|Place: New Delhi ||(Partner) |
|/Date: 30.05.2015 ||Mem No.522443/FRN No. 019923N |