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Photon Capital Advisors Ltd.

BSE: 509084 Sector: Financials
NSE: N.A. ISIN Code: INE107J01016
BSE LIVE 12:38 | 18 Oct 21.70 1.00
(4.83%)
OPEN

21.70

HIGH

21.70

LOW

21.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 21.70
PREVIOUS CLOSE 20.70
VOLUME 567
52-Week high 21.70
52-Week low 8.09
P/E 1.37
Mkt Cap.(Rs cr) 3
Buy Price 21.70
Buy Qty 2458.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.70
CLOSE 20.70
VOLUME 567
52-Week high 21.70
52-Week low 8.09
P/E 1.37
Mkt Cap.(Rs cr) 3
Buy Price 21.70
Buy Qty 2458.00
Sell Price 0.00
Sell Qty 0.00

Photon Capital Advisors Ltd. (PHOTONCAPITAL) - Auditors Report

Company auditors report

To the Members of

Photon Capital Advisors Limited Hyderabad

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Photon CapitalAdvisors Limited ("the Company") which comprise the balance sheet as at March31 2016 the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s management is responsible for the matters stated in Section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

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 thereunder.

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 anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe financial 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 and its statement of profit and loss and its cash flow for the yearended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

1. 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 Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the Act readwith rule 7 of Companies (Accounts) rules 2014;

e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164(2) of theAct.

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 inthe 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 theexplanations given to us:

i. the company does not have any pending litigations which would impact its financialposition;

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.

for K. Vijayaraghavan & Associates LLP
Chartered Accountants
Firm Registration No: 004718S/S200040
Sd/-
K. Ragunathan
Place: Hyderabad Partner
Date: May 302016 Membership No.213723

Annexure A to the Auditors’ Report

The Annexure referred to in Independent Auditor’s Report to the members of PhotonCapital Advisors Limited on the standalone financial statements for the year ended March31 2016 we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of one year. Inaccordance with this programme entire fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the Company does not hold any immovableproperties. Accordingly the provisions of paragraph 3(c) of the Order is not applicable tothe Company.

2. Due to the nature of business the Company does not hold any physical inventoriesand accordingly the provisions of paragraph 3(ii) of the Order is not applicable to theCompany.

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms and limited liability partnerships or other parties listedin the register maintained under Section 189 of the Act. Accordingly the provisions ofparagraph 3(iii) of the Orderis not applicable to the Company.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of the Act with respect to the loans andinvestments made.

5. The Company has not accepted any deposits from the public covered under section 73to 76 or any other relevant provisions of the Act and rules framed thereunder.

6. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the activities performed by the Company.

7. (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees’ State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on 31st of March 2016 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues payable in respect of income tax wealth tax service tax sales tax customs dutyand excise duty which have not been deposited on account of any disputes.

8. The Company did not have any outstanding dues to financial institutions banksgovernment or debenture holders during the year. Accordingly paragraph 3(viii) of theOrder is not applicable to the Company.

9. According to the information and explanation given to us the company has not raisedany money by way of initial public offer or further public offer (including debtinstruments) and term loans during the year.

10. According to the information and explanation given to us no material fraud by theCompany or on the Company by its officer or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not paid / provided for anymanagerial remuneration. Accordingly the provisions of para 3(xi) of the Order is notapplicable to the Company.

12. In our opinion and according to the information and explanation given to us theCompany is not a nidhi company.

Accordingly paragraph 3(xii) of the Order is not applicable to the Company.

13. 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 sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. 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.

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

The Company is registered under Section 45-IA of the Reserve Bank of India Act 1934.

for K. Vijayaraghavan & Associates LLP
Chartered Accountants
Firm Registration No: 004718S/S200040
Sd/-
K. Ragunathan
Date: Hyderabad Partner
Place: May 302016 Membership No.213723

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 PhotonCapital Advisors Limited ("the Company") as of 31 March 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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 responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 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 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 K. Vijayaraghavan & Associates LLP
Chartered Accountants
Firm Registration No: 004718S/S200040
Sd/-
K. Ragunathan
Date: Hyderabad Partner
Place: May 302016 Membership No.213723