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Quadrant Televentures Ltd.

BSE: 511116 Sector: Telecom
NSE: N.A. ISIN Code: INE527B01020
BSE LIVE 15:07 | 17 Nov 2.02 0.02
(1.00%)
OPEN

1.92

HIGH

2.03

LOW

1.92

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.92
PREVIOUS CLOSE 2.00
VOLUME 9684
52-Week high 4.25
52-Week low 1.80
P/E
Mkt Cap.(Rs cr) 124
Buy Price 1.93
Buy Qty 1900.00
Sell Price 2.02
Sell Qty 2300.00
OPEN 1.92
CLOSE 2.00
VOLUME 9684
52-Week high 4.25
52-Week low 1.80
P/E
Mkt Cap.(Rs cr) 124
Buy Price 1.93
Buy Qty 1900.00
Sell Price 2.02
Sell Qty 2300.00

Quadrant Televentures Ltd. (QUADRANTTELE) - Auditors Report

Company auditors report

TO THE MEMBERS OF

QUADRANT TELEVENTURES LIMITED

1 Report on the Financial Statements

We have audited the accompanying fi nancial statements of Quadrant TeleventuresLimited ("the Company") which comprise the Balance Sheet as at March 312017 the Statement of Profi t and Loss and Cash Flow Statement for the year ended and asummary of the signifi cant accounting policies and other explanatory information.

2 Management's Responsibility for the 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 preparation ofthese fi nancial statements that give a true and fair view of the fi nancial position financial performance and cash fl ows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specifi edunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal fi nancialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the fi nancialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

3 Auditor's Responsibility

Our responsibility is to express an opinion on these fi nancial 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 there under. We conducted our audit in accordancewith the Standards on Auditing specifi ed under Section 143(10) of the Act. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the fi nancial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the fi nancial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the fi nancial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal fi nancial control relevantto the Company's preparation of the fi nancial statements that give true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate toprovide a basis for our audit opinion on the fi nancial statements.

4 Basis of Qualifi ed Opinion

As mentioned in Note No. 30 to the fi nancial statements the Company has notdetermined the impairment loss if any on its fi xed assets. As the impairment loss. Ifany in terms of Accounting Standard 28 – ‘Impairment of Assets' has not beendetermined we are unable to express any opinion as to the effect thereof on the financial statements for the year.

5 Qualifi ed Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects of the matter described in the Basis forQualifi ed Opinion in paragraph 4 above the aforesaid fi nancial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2017 and its loss and its cash fl ows for the yearended on that date.

6 Emphasis of Matters

We draw attention to Note No. 28 to the fi nancial statements the Company has incurreda net loss of Rs. 1520774811 during the year the accumulated losses as at March 312017 amounted to Rs. 19159182563 resulting in the erosion of its net worth and hascurrent liabilities in excess of current assets by Rs. 1836596292 as at March 31 2017.These factors raise a doubt that the Company will not be able to continue as a goingconcern. The management is confi dent of generating cash fl ows from continue businessoperations through increasing subscribers' base and with the support of signifi cantshareholders to fund its operating and capital fund requirements. Accordingly thesestatements have been prepared on a going concern basis. Our opinion is not qualifi ed inrespect of this matter.

7 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 Companies Act 2013 we give in the Annexure

"A" statement on the matters specifi ed in paragraphs 3 and 4 of the Orderto the extent applicable.

2) As required by Section 143 (3) of the Act we report that: (a) We have sought and exceptfor the matters described in the Basis of Qualifi ed Opinion paragraph 4obtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; (b) Except for the possibleeffects of paragraph 4 the matter described in the Basis of Qualifi ed Opinion abovein our opinion proper books of account as required by law have been kept by the Companyso far as it appears from our examination of those books; (c) the Balance Sheet theStatement of Profi t and Loss and the Cash Flow Statement dealt with by this Report arein agreement with the books of account; (d) Except for the possible effects ofparagraph 4 the matter described in the Basis of Qualifi ed Opinion above in ouropinion the aforesaid fi nancial statements comply with the Accounting Standards specified under Section 133 of the Companies Act 2013 read with Rule 7 of the Companies(Accounts) Rules 2014; (e) The matter described in the Basis for Qualifi ed Opinionparagraph above in our opinion may have an adverse effect on the functioning of theCompany.

(f) On the basis of the written representations received from the Directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualifi ed as on 31st March 2017 from being appointed as a director in terms ofsubsection (2) of Section 164 of the Companies Act 2013; (g) With respect to the adequacyof the internal fi nancial controls over fi nancial reporting of the Company and theoperating effectiveness of such controls refer to our separate report in "AnnexureB"; and (h) with respect to the other matters to be included in the Auditor's Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:a. The Company's pending litigations comprise of claims against the Company andproceedings pending with Tax Authorities. The Company has reviewed all its pendinglitigations and proceedings and has made adequate provisions wherever required anddisclosed the impact of pending litigations on its fi nancial position in its fi nancialstatements as referred to in Note No. 25 and 27 of the fi nancial statements; b. TheCompany periodically reviews all its long term contracts to assess for any materialforeseeable losses. Based on such review the Company has made adequate provisions formaterial foreseeable losses if any on long term contracts in the books of account asrequired under any applicable law / Accounting Standard and as at March 31 2017 theCompany did not have any outstanding long term derivative contracts as referred to in NoteNo. 27 of the fi nancial statements; c. There were no amounts which were required to betransferred to the Investor Education and Protection Fund by the company. d. The Companyhas provided requisite disclosures in its fi nancial statements as to holdings as well asdealings in Specifi ed Bank Notes during the period from 8th November 2016 to30th December 2016 and these were in accordance with the books of accountsmaintained by the Company as referred to in Note No. 43 of the fi nancial statements.

For KHANDELWAL JAIN & Co
Chartered Accountants
Firm's Registration No. 105049W
Naveen Jain
Place: Gurgaon (Partner)
Date: May 23 2017 Membership No. 511596

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in paragraph 7(A) of the Independent Auditors' Report of even dateto the Members of Quadrant Televentures Limited on the fi nancial statements forthe year ended 31st March 2017 we report that: I. (a) The Company has maintained properrecords showing full particulars including quantitative details and situations of itsFixed Assets.

(b) All fi xed assets have not been physically verifi ed by the management during theyear but there is a regular program of verifi cation which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets and as informed nomaterial discrepancies were noticed on such verifi cation.

(c) According to information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of the immovable properties areheld in the name of the company. II. As per the information furnished the Inventorieshave been physically verifi ed by the management at reasonable intervals during theperiod. In our opinion having regard to the nature and location of stocks the frequencyof physical verifi cation is reasonable. In our opinion the discrepancies noticed onphysical verifi cation of stocks were not material in relation to the operation of theCompany and the same have been properly dealt with in the books of account.

III. According to information and explanations given to us the Company has not grantedany loans secured or unsecured to companies fi rms and other parties covered in theregister maintained under section 189 of the Companies Act 2013. Accordingly paragraph3(iii) (a) and (b) of the Order are not applicable.

IV. In our opinion and according to the information and explanations given to us thecompany has in respect of loans investments guarantees and security complied with theprovisions of section 185 and 186 of the Companies Act 2013.

V. In our opinion and according to the information and explanation given to us theCompany has not accepted any deposits within the meaning of the provisions of Sections 73to 76 or any other relevant provisions of the Companies Act 2013 and the rules framedthere under. VI. We have broadly reviewed the cost records maintained by the Companypursuant to the Companies (Cost Records and Audit) Rules 2014 prescribed by the CentralGovernment under sub section (1) of section 148 of the Companies Act 2013 and we are ofthe opinion that prima facie the prescribed accounts and records have been made andmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

VII. (a) According to the information and explanations given to us and records examinedby us the Company has generally been regular in depositing undisputed statutory dues withthe appropriate authorities in respect of provident fund employees' state insuranceincome-tax VAT service tax excise duty and other statutory dues applicable to it withthe appropriate authorities. According to the information and explanations given tous there are no undisputed amounts payable in respect of such statutory dues at the yearend for a period of more than six months from the date they became payable. (b) Accordingto the information and explanations given to us no dues are outstanding which have notbeen deposited on account of disputes. VIII.According to the information andexplanations given to us and records examined by us the Company has defaulted inrepayment of dues to banks as follows:

Particulars

Interest

Delay in days

(Rupees)

– Range

Amount paid before the year end

267697907

60 to 89 days

Amount outstanding as at 31st March

51676065

0 to 59 days

2017 and subsequently paid.

IX. As per information given to us no money was raised by way of initial public offeror further public offer (including debt instruments) and no term loan has been takenduring the year by the company. X. To the best of our knowledge and belief and accordingto the information and explanations given to us no fraud on or by the company has beennoticed or reported during the course of our audit.

XI. According to the information and explanation given to us and the books of accountsverifi ed by us the Managerial remuneration has been paid or provided in accordance withthe requisite approvals mandated by the provisions of section 197 read with the Schedule Vto the Companies Act.

XII. The Company is not a Nidhi Company. Accordingly paragraph 3(xii) of the order isnot applicable.

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 Sections 177 and 188 of Companies Act 2013 where applicable and details ofsuch transactions have been disclosed in the Financial Statements as required by theapplicable accounting standards. XIV. According to information and explanations given tous the Company during the year has not made any preferential allotment as privateplacement of shares or fully or partly convertible debentures. Accordingly paragraph3(xiv) is not applicable.

XV. According to the information and explanation given to us and certifi ed by themanagement the company has not entered into any non-cash transaction with directors orpersons connected with him.

XVI. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For KHANDELWAL JAIN & Co

Chartered Accountants

Firm's Registration No. 105049W

Naveen Jain
Place: Gurgaon (Partner)
Date: May 23 2017 Membership No. 511596

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")

TO THE MEMBERS OF

QUADRANT TELEVENTURES LIMITED

We have audited the internal fi nancial controls over fi nancial reporting of QUADRANTTELEVENTURES LIMITED

("the Company") as of March 31 2017 in conjunction with our audit 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 internal financial controls based on the internal control over fi nancial reporting criteriaestablished by the company considering the essential components of internal control statedin the guidance note on Audit of Internal fi nancial control over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal fi nancial controls thatwere operating effectively for ensuring the orderly and effi cient conduct of itsbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable fi nancial information asrequired under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the company's internal fi nancialcontrols over fi nancial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on audit of Internal fi nancial controls over fi nancialreporting (the "Guidance Note") and the standards on auditing as specifi edunder Section 143 (10) of the companies act 2013 to the extent applicable to an audit ofinternal fi nancial controls both applicable to an audit of internal fi nancial controlsand both issued by Institute of Chartered Accountants of India. Those standards and theguidance note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate Internal fi nancial controlsover fi nancial reporting were established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal fi nancial control system over fi nancial reporting and their operatingeffectiveness. Our audit of internal fi nancial controls over fi nancial reportingincluded obtaining an understanding of internal fi nancial controls over fi nancialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the fi nancial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is suffi cient and appropriate toprovide a basis for our audit opinion on the internal fi nancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal fi nancial control over fi nancial reporting is a process designedto provide reasonable assurance regarding the reliability of fi nancial reporting and thepreparation of fi nancial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal fi nancial control over fi nancialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords in reasonable detail accurately and fairly refl ect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of fi nancial statements inaccordance with the 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; (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 fi nancial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal fi nancial controls over fi nancialreporting 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 fi nancial controls over fi nancialreporting to future periods are subject to the risk that the internal fi nancial controlover fi nancial 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 internal financial controls system over fi nancial reporting and such internal fi nancial controlsover fi nancial reporting were operating effectively as at March 312017 based on theinternal control over fi nancial 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 KHANDELWAL JAIN & Co

Chartered Accountants

Firm's Registration No. 105049W

Naveen Jain
Place: Gurgaon (Partner)
Date: May 23 2017 Membership No. 511596