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Catvision Ltd.

BSE: 531158 Sector: Others
NSE: N.A. ISIN Code: INE660B01011
BSE LIVE 15:02 | 23 Feb 21.00 -0.05
(-0.24%)
OPEN

20.80

HIGH

21.45

LOW

20.80

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 20.80
PREVIOUS CLOSE 21.05
VOLUME 2991
52-Week high 26.75
52-Week low 11.57
P/E 10.77
Mkt Cap.(Rs cr) 11.44
Buy Price 20.80
Buy Qty 160.00
Sell Price 21.50
Sell Qty 100.00
OPEN 20.80
CLOSE 21.05
VOLUME 2991
52-Week high 26.75
52-Week low 11.57
P/E 10.77
Mkt Cap.(Rs cr) 11.44
Buy Price 20.80
Buy Qty 160.00
Sell Price 21.50
Sell Qty 100.00

Catvision Ltd. (CATVISIONLTD) - Auditors Report

Company auditors report

The Members of Catvision Limited

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of CATVISIONLIMITED ("the Company") which comprises of the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a 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 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.

Auditor's Responsibility

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 conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by Company's Directors as well asevaluating 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.

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 March31 2016 and its profit and cash flows for the year ended on March 31 2016.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in the"Annexure-I" a statement on the matters specified in the paragraph 3 and 4 ofthe 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 account as required by law have been kept by theCompany so far as appears from our examination of those books (and proper returns adequatefor the purposes of our audit have been received from the branches not visited by us).

c) The Standalone Balance Sheet the Standalone Statement of Profit and Loss and theStandalone Cash Flow Statement dealt with by this Report are in agreement with the booksof account and the returns received from the branches not visited by us.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act as applicable.

e) On the basis of written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms ofSection 164(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 II" to this report.

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 disclosed the impact of pending litigations which would impact itsfinancial position in the financial statements - Refer Para vii(b) of Annexure-I.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Gaur & Associates
Chartered Accountants
FRN: 005354C
R K Gaur
Place: Noida U.P. Partner
Date: 29th May 2016 Membership No. 72146

"Annexure-I" referred to in our report of even date

"Report on other legal & regulatory requirement" of our report even date

i) In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b) As explained to us all the fixed assets have been physically verified by theManagement at regular intervals which in our opinion is reasonable having regard to thesize of the Company and nature of its assets. According to the information and explanationgiven to us no material discrepancies were noticed on such physical verification.

c) According to the information and explanation given to us and records examined by usand based on the examination of the title deeds of immovable properties included in fixedassets are held in the name of the Company as at the balance sheet date.

ii. In respect of its inventories:

a) The inventories have been physically verified during the year by the management atreasonable intervals and no material discrepancies were noticed on physical verification.

b) 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.

c) The Company has maintained proper records of inventories. As per the information andexplanation given to us no material discrepancies were noticed on physical verification.

iii. According to the information and explanation given to us the Company has notgranted any loans secured or unsecured to companies firms and limited liabilitypartnerships or other parties covered in the registered maintained under Section 189 ofthe Act.

iv. In our opinion and according to the information & explanation given to usthere are no loans investments guarantees and securities granted in respect of whichprovision of Section 185 & 186 of the Act are applicable to the company and hence notcommented upon.

v. According to the information and explanations given to us the Company has accepteddeposit from the directors & shareholders of the Company. Necessary compliance ofdirectives issued by the Reserve Bank of India and the Act and rules made there under hasbeen complied with.

vi. The Company is registered under MSMED Act 2006 therefore maintenance of costrecords is not required as per Rule 3 of the Companies (Cost Records and Audit) Rules2014.

vii. In respect of statutory dues:

a) According to the information and explanations given to us undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Wealth TaxService Tax Customs Duty Excise Duty Value Added Tax Cess and other material statutorydues have been regularly deposited with the appropriate authorities. No undisputed amountspayable in respect of the aforesaid dues were outstanding as at March 31 2016 for aperiod of more than six months from the date of becoming payable.

b) According to the records of the Company the dues of Income Tax outstanding onaccount of dispute which has not been deposited as on March 31 2016 is as follows:

Name of Statute Nature of Dues Forum Where dispute is pending Period to which the amount relates Amount Involved Amount Unpaid
Income Tax Act 1961 Income Tax Commissioner of Income Tax (Appeals) AY 2009 -10 3081303/- 3081303/-

However there were no disputed dues of Sales Tax Wealth Tax Service Tax CustomsDuty Excise Duty Value Added Tax Cess outstanding as on March 31 2016.

viii. In our opinion and according to the information and explanation given by themanagement the Company has not defaulted in repayment of bank dues. The Company did nothave any outstanding dues in respect of a financial institution Government or debentureholder during the year.

ix. According to the information and explanation given by the management the Companyhas not raised any money by way of Initial Public offer/further public offer/ debtinstruments. During the year the Company has raised a term loan of Rs. 90 lacs from itsbank against which actual disbursements of Rs. 87.37 lacs were made and the disbursedamount has been utilized for the purchase of fixed assets for which the loan wassanctioned.

x. Based on our audit procedures and according to the information and explanationsgiven to us we have noticed neither any fraud by the Company nor any fraud on the Companyby its officers or employees during the year.

xi. According to the information & explanation given by the management managerialremuneration has been paid/provided in accordance with requisite approvals mandated by theprovision of Section 197 read with Schedule V to the Act.

xii. In our opinion the Company is not Nidhi company therefore the provision ofclause (xii) of the Order are not applicable to the Company and hence not commented upon.

xiii. According to the information & explanation given by the managementtransactions with the related parties are in compliance with section 177 and 188 of theAct where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable Accounting Standards. xiv. According to theinformation & explanation given to us and on an overall examination of the balancesheet the Company has not made any preferential allotment or private placement of shareor fully or partly convertible debentures during the under review and hence reportingrequirements under clause (xiv) of the Order are not applicable to the company and notcommented upon.

xv. According to the information & explanation given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred in Section 192 of the Act.

xvi. According to the information & explanation given to us the provision ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For Gaur & Associates
Chartered Accountants
FRN: 005354C
R K Gaur
Place: Noida U.P. Partner
Date : 29th May 2016 Membership No. 72146

Annexure - II 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 CatvisionLimited ("the Company") as of 31st March 2016 in conjunction with our audit ofthe standalone 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 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness.

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 testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment 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 authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 and to the best of our information and according to the explanationgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2016 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 Gaur & Associates
Chartered Accountants
FRN: 005354C
R K Gaur
Place: Noida U.P. Partner
Date : 29th May 2016 Membership No. 72146