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Aditya Vision Ltd.

BSE: 540205 Sector: Consumer
NSE: N.A. ISIN Code: INE679V01019
BSE 00:00 | 10 Aug 1125.25 -53.80
(-4.56%)
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1212.00

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NSE 05:30 | 01 Jan Aditya Vision Ltd
OPEN 1212.00
PREVIOUS CLOSE 1179.05
VOLUME 90358
52-Week high 1212.00
52-Week low 598.55
P/E 25.30
Mkt Cap.(Rs cr) 1,354
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1212.00
CLOSE 1179.05
VOLUME 90358
52-Week high 1212.00
52-Week low 598.55
P/E 25.30
Mkt Cap.(Rs cr) 1,354
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aditya Vision Ltd. (ADITYAVISION) - Auditors Report

Company auditors report

to members of Aditya Vision Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Aditya Vision Limited("the Company") which comprise the balance sheet as at 31 March 2021 and thestatement of profit and loss (including Other Comprehensive Income) Cash Flow Statementand the Statement of Changes in Equity for the year then ended and notes to the financialstatements including a summary of the significant accounting policies and otherexplanatory information.

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 theCompanies Act 2013 ("Act") in the manner so required and give a true and fairview in conformity with the Indian Accounting Standards prescribed under section 133 ofthe read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2021 its profit including othercomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Description of Key Audit Matter

During the course of audit we observed the following issues which in our opinionclassify to be Key Audit Matter. The issues were discussed with the management and theirexplanations are duly incorporated here in under.

Valuation of inventory has been done after excluding the tax component containedtherein. However basis of exclusion of GST as such has not explained anywhere.

Any variation in method of such computation may adversely affect the financial healthof the company.

How our audit addressed the key audit matters

Our audit procedures included

- Evaluation of method for ascertaining the tax component

- Obtaining and understanding of the system employed by the company for ascertainingthe tax component

- Tested sample of contracts executed as such.

Based on the above work performed we found the management judgment of exclusion of taxcomponent in inventory held by it appears to be reasonable.

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 financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards specified under Section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.

In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’sfinancial reporting process

Auditors' Responsibility for the Audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls with reference to financial statements inplace and the operating effectiveness of such control.

• evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the management.

• conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor’s report to the related disclosuresin the financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 (the "Order")issued by the Central Government in terms of Sub section 11 of Section 143 of TheCompanies Act 2013 we give in the Annexure "A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

As required by Section 143(3) of the Act we report that:

(a) We have obtained all the information and explanations which to the best of ourknowledge 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 it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome and the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid financial Statement comply with the AccountingStandards specified under Section 133 of the Act read with Companies (Indian AccountingStandards) Rules 2015 as amended.

(e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164(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 the same appearto be satisfactory. Refer Annexure B.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act

(h) 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 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 O.P. Tulsyan & Co Chartered Accountants
Place: Patna Firm Reg No 500028N
Date: 10.08.2021 Ca Sanjay Kumar Agarwal
Partner
Membership No 044173 of 1990
UDIN- 21044173AAAAFB5666

Annexure "A" to the Auditors' Report

The Annexure referred to in our report to the members of Aditya Vision Limited ('TheCompany') for the year ended 31st March 2021 (in terms of the Companies Auditor's ReportOrder 2016 dated 29.03.2016 issued by Ministry of Corporate Affairs.).

We report that:

1. (a) Whether the company is maintaining proper records showing full particularsincluding quantitative details and situation of fixed assets;

"Yes"

(b) Whether these fixed assets have been physically verified by the management atreasonable intervals; whet her any material discrepancies were noticed on suchverification and if so whether the same have been properly dealt with in the books ofaccount;

"Yes"

(c) Whether the title deeds of immovable properties are held in the name of thecompany. If not provide the details thereof

"Yes"

2.

(a) Whether physical verification or inventory has been conducted at reasonableintervals by the management and whether any material discrepancies were noticed and if sowhether they have been properly dealt with in the books of account

"Yes No Not Applicable"

3. Whether the company has granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act. If so

"No"

(a) whether the terms and conditions of the grant of such loans are not prejudicial tothe company's interest;

"Not Applicable"

(b) whether the schedule of repayment of principal and payment of interest has beenstipulated and whether the repayments or receipts are regular;

"Not Applicable"

(c) if the amount is overdue state the total amount overdue for more than ninety daysand whether reasonable steps have been taken by the company for recovery of the principaland interest;

"Not Applicable"

4. In respect of loans investments guarantees and security whether provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with. If not providethe details thereof.

"Yes Not Applicable"

5. In case the company has accepted deposits whether the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under where applicablehave been complied with? If not the nature of such contraventions be stated; If an orderhas been passed by Company Law Board or National Company Law Tribunal or Reserve Bank ofIndia or any court or any other tribunal whether the same has been complied with or not?

"No Not Applicable"

6. Whether maintenance of cost records has been specified by the Central Governmentunder sub-section (1) of section 148 of the Companies Act 2013 and whether such accountsand records have been so made and maintained.

No Not Applicable

7. (a) Is the company regular in depositing undisputed statutory dues includingprovident fund employees’ state insurance income-tax sales-tax service tax dutyof customs duty of excise value added tax cess and any other statutory dues with theappropriate authorities and if not the extent of the arrears of outstanding statutorydues as at the last day of the financial year concerned for a period of more than sixmonths from the date they became payable shall be indicated.

"Generally yes except in certain cases where the same were deposited by thecompany during the currency of audit. However such default has not exceeded sixmonths"

(b) Where dues of income tax or sales tax or service tax or duty of customs or duty ofexcise or value added tax have not been deposited on account of any dispute then theamounts involved and the forum where dispute is pending shall be mentioned. (A mererepresentation to the concerned Department shall not constitute a dispute).

"No Not Applicable"

8. Whether the company has defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders? If yes the period and theamount of default to be reported (in case of defaults to banks financial institutionsand Government lender wise details to be provided).

"No Not Applicable"

9. Whether moneys raised by way of initial public offer or further public offer(including debt instruments) and term loans were applied for the purposes for which thoseare raised. If not the details together with delays or default and subsequentrectification if any as may be applicable be reported;

"Yes Not Applicable"

10. Whether any fraud by the company or any fraud on the Company by its officers oremployees has been noticed or reported during the year; If yes the nature and the amountinvolved is to be indicated;

"No Not Applicable"

11. Whether managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act? If not state the amount involved and steps taken by the company forsecuring refund of the same;

"Yes Not Applicable"

12. Whether the Nidhi Company has complied with the Net Owned Funds to Deposits in theratio of 1: 20 to meet out the liability and whether the Nidhi Company is maintaining tenper cent unencumbered term deposits as specified in the Nidhi Rules 2014 to meet out theliability;

"Not Applicable"

13. Whether all transactions with the related parties are in compliance with sections177 and 188 of Companies Act 2013 where applicable and the details have been disclosed inthe Financial Statements etc. as required by the applicable accounting standards;

"Yes"

14. Whether the company has made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review and if soas to whether the requirement of section 42 of the Companies Act 2013 have been compliedwith and the amount raised have been used for the purposes for which the funds wereraised. If not provide the details in respect of the amount involved and nature of non-compliance;

"No Not Applicable"

15. Whether the company has entered into any non-cash transactions with directors orpersons connected with him and if so whether the provisions of section 192 of CompaniesAct 2013 have been complied with;

"No Not Applicable"

16. Whether the company is required to be registered under section 45-IA of the ReserveBank of India Act 1934 and if so whether the registration has been obtained.

"No Not Applicable"

For O.P. Tulsyan & Co
Chartered Accountants
Place: Patna Firm Reg No 500028N
Date: 10.08.2021 Ca Sanjay Kumar Agarwal
Partner
Membership No 044173 of 1990
UD1N- 21044173AAAAFB5666

Annexure "B" to the Independent Auditors' Report

(Referred to in paragraph 2(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

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 AdityaVision Limited ("the Company") as of 31st March 2021 in conjunctionwith 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 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 ('1CAI'). 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 ICA1 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 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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 31st March 2021based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For O.P. Tulsyan & Co
Chartered Accountants
Place: Patna Firm Reg No 500028N
Date: 10.08.2021 Ca Sanjay Kumar Agarwal
Partner
Membership No 044173 of 1990
UDIN- 21044173AAAAFB5666

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