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Quantum Digital Vision India Ltd.

BSE: 530281 Sector: Industrials
NSE: N.A. ISIN Code: INE373C01019
BSE 00:00 | 22 Mar Quantum Digital Vision India Ltd
NSE 05:30 | 01 Jan Quantum Digital Vision India Ltd
OPEN 0.86
PREVIOUS CLOSE 0.86
VOLUME 500
52-Week high 1.65
52-Week low 0.86
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.86
CLOSE 0.86
VOLUME 500
52-Week high 1.65
52-Week low 0.86
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Quantum Digital Vision India Ltd. (QUANTUMDIGITAL) - Auditors Report

Company auditors report

To the Members of

QUANTUM DIGITAL VISION (INDIA) LIMITED.

Report on the Financial Statements

We have audited the accompanying financial statements of QUANTUM DIGITAL VISION(INDIA) LIMITED ("the Company") which comprises of the Balance Sheet as at31st March 2017 the Statement of Profit and Loss Cash Flow Statement for theyear then ended and the summary of significant accounting policies and other explanatoryinformation.

Management 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act and the Rules made there underincluding the accounting and auditing standards and matters which are required to beincluded in the audit report. We conducted our audit in accordance with the Standards onAuditing specified under Section 143(10) of the Act and other applicable authoritativepronouncements issued by the institute of Chartered Accountants of India. Those Standardsand pronouncements require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and the disclosures in the financial statements. 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. Inmaking those risk assessments the auditor considers internal financial control relevantto the

Company’s preparation of the financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe

Company’s Directors 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 financial statements.

Opinion

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 the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2017; b) In the case of the Statement of Profitand Loss of the loss for the year ended on that date; and c) In the case of the Cash FlowStatement of the cash flows for the year ended on that date.

Emphasis of Matter

Without qualifying the opinion we invite attention to: a. Balances of Sundry DebtorsSundry Creditors Loans and Advances and various other debit/credit balances are subjectto confirmations and adjustments necessary upon reconciliation. b. The company does nothave an Internal audit system as required by section 138 of Companies Act 2013.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (‘theorder’) issued by Central

Government of India in terms of sub-section (11) of section 143 of the Act we give inthe gAnnexure Ah a statement on the matters specified in the paragraph3 and 4 of the order.

2. As required by Section 143 (3) of the Act we report that: a) we have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; b) in our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c) the balance sheet the statement of profit and loss and thecash flow statement dealt with by this Report are in agreement with the books of account;d) in our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014; e) On the basis of the written representations received from the directors ason 31st March 2017 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2017 from being appointed as adirector in terms of Section 164 (2) of the Act. f) With respect to the adequacy of theinternal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate report in

gAnnexure Bh 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 ofour information and according to the explanations given to us: i. The Company does nothave any pending litigations which would impact its financial position.

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. In accordance with Companies (Audit andAuditors) Amendment Rules 2017 the company has provided requisite disclosures in thefinancial statements as to holdings as well as dealings in Specified Bank Notes during theperiod from 8th November 2016 to 30th December 2016. Based on the information andexplanation given to us we report that the disclosures are in accordance with books ofaccounts maintained by the company. Refer note 29 of Financial Statements.

For SHAH & TAPARIA

Chartered Accountants

FRN: 109463W

Ramesh Pipalawa

Partner

M. No. 103840

Place: Mumbai

Date: 30/05/2017

Annexure gAh to Independent Auditor's Report

Referred to in paragraph 1 under the heading gReport on Other Legal andregulatory Requirementsh of our Report of even date to the financial statements ofthe company for the year ended March 31 2017 I. In respect of 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) All the assets have not been physically verified by the management during the year butthere is a regular program of verification which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. No material discrepancieswere noticed on such verification. (c) According to the information and explanations givento us and on the basis of our examination of the records of the Company the title deedsof immovable properties are held in the name of the company except certain agreements yetto be executed.

II. In respect of its Inventories:

(a) As explained to us inventories have been physically verified during the year bythe management at year end. In our opinion the frequency of verifications is reasonable.(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 is maintaining proper records of inventory. As explained to usthere was no material discrepancy noticed on physical verification of inventories ascompared to the book records. III. The Company has neither taken nor grantedsecured or unsecured to companies firms or other parties covered in the registermaintained under section 189 of the Companies Act 2013. IV. In our opinion andaccording to information and explanation given to us the Company has complied with theprovisions of section 185 and 186 of the Act with respect of loans investmentsguarantees and security. V. The company has not accepted any deposits from thepublic within the meaning of the section 73 and 74 of the Act and rules framed there underto the extent notified. VI. The maintenance of cost records under section 148(1) ofthe Companies Act 2013 has not been prescribed by the Central Government in respect ofany of the activities carried out by the company. VII. (a). According to theinformation and explanations given to us and on the basis of our examination of therecords of the Company the company is generally regular in depositing with theappropriate authorities undisputed statutory dues including income tax sales tax wealthtax service tax cess and other material statutory dues. There were no material statutorydues which were in arrears as at 31st March 2017 for a period of more than sixmonths from the date they became payable. (b). According to the information andexplanations given to us there are no material dues of wealth tax duty of customs andcess which have not been deposited with the appropriate authorities on account of anydispute. VIII. In our opinion and according to the information and explanationsgiven to us the company has not defaulted in repayment of dues to a financial institutionor bank. The Company has not taken any loan from the government and has not issued anydebentures during the year. IX. Based upon the audit procedures performed and theinformation and explanations given by the management the company did not raise moneys byway of initial public offer or further public offer including debt instruments. The termsloans outstanding at the beginning of the current year and those raised during the currentyear have been applied for the purposes for which those were raised. X. Based uponthe audit procedures performed and the information and explanations given by themanagement we report that no fraud by the Company or on the company by its officers oremployees has been noticed or reported during the year.

XI. According to information and explanations given to us and based on ourexamination of the records of the company the company has paid/provided for managerialremuneration in accordance with the provisions of section 197 read with Schedule V of theAct. XII. In our opinion and according to the information and explanations give tous the Company is not a Nidhi Company. Therefore the provisions of clause 4 (xii) of theOrder are not applicable to the Company. XIII. According to the information andexplanations given to us and based on our examination of the records of the Companytransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 and the details of such transactions have been disclosed in theFinancial Statements as required by the applicable accounting standards. XIV. Accordingto the information and explanations given to us and based on our examination of therecords of the Company the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year under audit.Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to theCompany. XV. According to the information and explanations given to us and based onour examination of the records of the Company the company has not entered into anynon-cash transactions with directors or persons connected with him. Accordingly theprovisions of clause 3 (xv) of the Order are not applicable to the Company and hence notcommented upon. XVI. In our opinion the company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934 and accordingly the provisionsof Clause 3(xvi) of the Order are not applicable to the Company and hence not commentedupon.

For SHAH & TAPARIA

Chartered Accountants

FRN: 109463W

Ramesh Pipalawa

Partner

M. No. 103840

Place: Mumbai

Date: 30/05/2017

gAnnexure Bh to the Independent Auditor's Report of even date on theFinancial Statements of

QUANTUM DIGITAL VISION (INDIA) LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the

Companies Act 2013 (gthe Acth)

We have audited the internal financial controls over financial reporting of QUANTUMDIGITAL VISION (INDIA) LIMITED ("the Company") as of March 31 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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 assetsthe prevention 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 deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects. Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting 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 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 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 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 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 SHAH & TAPARIA
Chartered Accountants
FRN: 109463W
Ramesh Pipalawa
Partner
Membership No. : 103840
Place: Mumbai
Date: 30/05/2017