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Vision Corporation Ltd.

BSE: 531668 Sector: Media
NSE: N.A. ISIN Code: INE661D01015
BSE LIVE 15:14 | 18 Oct 1.28 0
(0.00%)
OPEN

1.28

HIGH

1.28

LOW

1.28

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.28
PREVIOUS CLOSE 1.28
VOLUME 2000
52-Week high 3.08
52-Week low 1.02
P/E 16.00
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.28
Sell Qty 11555.00
OPEN 1.28
CLOSE 1.28
VOLUME 2000
52-Week high 3.08
52-Week low 1.02
P/E 16.00
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.28
Sell Qty 11555.00

Vision Corporation Ltd. (VISIONCORPN) - Auditors Report

Company auditors report

To the Members of Vision Corporation Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Vision Corporation Limited("the Company") which comprise the balance sheet as at 31 March 2016 thestatement of profit and loss for the quarter and year then ended and the cash flowstatement of the Company for the year then ended and a summary of significant accountingpolicies and other explanatory information.

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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 of 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 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 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 andthe disclosures 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 the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statementsgive 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: (i) in the case of the balance sheet of the stateof affairs of the Company as at 31 March 2016; (ii) in the case of the statement of profitand loss of the profit for the quarter and year ended on that date; and (iii) in the caseof the cash flow statement of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO OUR REPORT OF EVEN DATE

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

(b) The Management during the year has physically verified major fixed Assets of theCompany and according to the information given to us; no discrepancies have been arrivedin respect of the Assets.

(c) During the year the Company has not disposed off a substantial part of its fixedassets including Capital Work in Progress.

2. (a) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

(b) In our opinion and according to the explanations given to us the procedures ofphysical verification of stocks followed by the management are reasonable and adequate inrelation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of inventory. No material discrepancieshave been noticed on physical verification of stocks as compared to book records.

3. In respect of loans secured or unsecured granted or taken by the Company to/fromcompanies firms or other parties covered in the register maintained under Section 189 ofthe Companies Act 2013:

(a) The Company has not granted any loans to companies firms or other parties coveredin the register maintained under Section 189 of the Companies Act 2013 but has takenunsecured loans from three parties amounting to Rs. 65.88 Lacs. The maximum balanceoutstanding was Rs. 78.17 Lacs.

(b) In our opinion and according to the information and explanations given to us theunsecured loans taken by the Company are interest free and other terms are not prejudicialto the interest of the company.

(c) In respect of the interest free unsecured loans the amounts were repaid as perstipulation.

(d) There is no overdue amount in respect of loans taken by the Company. The Companyhas not given loans to any party; hence there were no overdue payments.

4. In our opinion there is adequate internal control system commensurate with the sizeof the company and the nature of its business for the purchase of inventory and fixedassets and for the sale of goods and services. However the system of confirmation /reconciliation of balances need to be strengthened to make them commensurate with the sizeof the Company and the nature of its business.

5. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposit from public.

6. In respect of transactions covered under Section 189 of the Companies Act 2013:

a. According to the information and explanation given to us the transaction made inpursuance of contracts or arrangements that needed to be entered into register maintainedunder Section 189 of the Companies Act 2013 have been entered.

b. In our opinion and according to the information and explanations given to us thetransactions made in pursuance of contracts or arrangements entered in the registermaintained under Section 189 of the Companies Act 2013 aggregating during the year toRs. 5 Lacs or more in respect of each party have been made at the prices which arereasonable having regard to prevailing market prices at the relevant time as availablewith the company.

7. As per information and explanation given to us the Company is in Media Businesshence the Central Government has not prescribed maintenance of cost records under Section148 (1) of the Companies Act 2013.

8. a. In our opinion and explanation given by the management to us the retirementbenefits and Gratuity provisions are not applicable to the Company (for details refer tonote 4 of Schedule 14).

b. our opinion and explanation given by the management to us the Company is generallyregular in depositing with the appropriate authorities’ undisputed statutory duesincluding Investor Education and Protection Fund Income Tax Sales tax Wealth taxService tax Custom duty Excise duty Cess and other material Statutory Dues applicableto it. There were no arrears as at 31st March 2016 for a period of more than six monthsfrom the date they became payable.

c. According to the information and explanations given to us there are no dues ofInvestor Education and Protection Fund Sales tax Income tax Wealth tax Service taxCustom duty Excise duty or Cess and other material statutory dues outstanding on accountof any dispute.

9. The Company does not have accumulated losses at the end of the financial year andhas not incurred any cash losses in the current and immediately preceding financial year.

10. According to the information and explanation given to us and the records examinedby us the Company has not defaulted in repayment of dues to financial institution banksor debenture holders.

11. According to the information and explanation given to us the Company has notgranted any loans on the basis of security by way of pledge of shares debentures andother securities.

12. In our opinion and according to the information and explanations given to us thenature of activities does not attract any special statue applicable to chit fund andnidhi/mutual benefit funds/societies. Therefore the provisions of the Order are notapplicable to the Company. 13. In our opinion and according to the information andexplanations given to us the company is not dealing in or trading in shares securitiesdebentures and other investments. Accordingly the provisions of the Order are notapplicable to the Company.

14. According to the information and explanation given to us and the records examinedby us the company had not given any guarantee to banks for loans taken by a group concernor others.

15. As informed to us the company has not availed any term loans and working capitalloans during the year.

16. On the basis of an overall examination of the balance sheet and the cash flows ofthe company and the information and explanations given to us We report that the Companyhas not utilized any funds raised on short-term basis for long-term investments.

17. The Company has not made preferential allotment of shares to parties or companiescovered under Section 189 of the Companies Act 2013.

18. According to the information and explanations given to us the company has notissued any debentures during the year. Accordingly the provisions of the Order are notapplicable to the Company.

19. The Company has not raised money through public issue during the year.

20. Based upon the audit procedures performed and information and explanations given tous we report that no fraud on or by the Company has been noticed or reported during thecourse of our audit.

For Bhasin Hota & Co

Chartered Accountants

Sd/-

CA Kishor Hota

Partner

Membership No. 85089

Place: Mumbai

Dated: 24th May 2016