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Antarctica Ltd.

BSE: 526715 Sector: Services
NSE: ANTGRAPHIC ISIN Code: INE414B01021
BSE 05:30 | 01 Jan Antarctica Ltd
NSE 05:30 | 01 Jan Antarctica Ltd

Antarctica Ltd. (ANTGRAPHIC) - Auditors Report

Company auditors report

To

The Members of Antarctica Limited

Report on the audit of the Ind As financial statements

Opinion

We have audited the accompanying Ind As financial statements of Antarctica Limitedwhich comprise the balance sheet as at March 31 2019 and the Statement of Profit andLoss and statement of cash flows for the year then ended and notes to the Ind Asfinancial statements including a summary of 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 Ind As financial statements give the information required bythe Companies Act 2013 (‘Act') in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2019 its profit and cash flows for theyear ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified undersection 143 (10) of the Companies Act 2013. Our responsibilities under those Standardsare further described in the auditor's responsibilities for the audit of the Ind Asfinancial statements section of our report. We are independent of the Company inaccordance with the code of ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of the Ind Asfinancial statements under the provisions of the Act and the rules there under and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the code of ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion.

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind As financial statements of the current period. Thesematters were addressed in the context of our audit of the IndAs financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Information other than the Ind As financial statements and auditors' report thereon

The Company's board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Business Responsibility Report but does notinclude the Ind As financial statements and our auditor's report thereon.

Our opinion on the Ind As financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the Ind As financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the standalone Ind As financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's responsibility for the Ind As financial statements

The Company's board of directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Ind As financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the accounting standards specified under section 133 of the Act. 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 statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the Ind As financial statements management is responsible for assessingthe Company'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.

The board of directors are also responsible for overseeing the Company's financialreporting process.

Auditor's responsibilities for the audit of the Ind As financial statements

Our objectives are to obtain reasonable assurance about whether the Ind As 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 Ind As 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 Ind As 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by 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 disclosures inthe Ind As financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the Ind As financialstatements including the disclosures and whether the Ind As financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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 withthose charged with governance we determine those matters that were of most significancein the audit of the Ind As financial statements of the current period and are thereforethe key audit matters. We describe these matters in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest 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 of India in termsof subsection (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 to the extent applicable.

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 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 and the cash flow statementdealt with by this report are in agreement with the books of account;

(d) In our opinion the aforesaid Ind As financial statements comply with theaccounting standards specified 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 as on March31 2019 taken on record by the board of directors none of the directors is disqualifiedas on March 31 2019 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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting;

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit an d Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us;

a. The Company has disclosed the impact of pending litigations on its financialposition in its Ind As financial statements – Refer to Para 7(b) of Annexure A;

b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

c. The Company need not required to transfer any amount to the Investor Education andProtection Fund .

Dated: Howrah the 27th May 2019 FOR SHANKAR GOSWAMI& ASSOCIATES
(Chartered Accountants)
(C.A. Shankar Goswami)
Firm Registration No :328460E
M.No. 306108
UDIN : 19306108AAAABQ7205

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of ANTARTICA Limited of even date)

i. In respect of the Company's fixed assets:

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

(b) The Company has a program of verification to cover all the items of fixed assets ina phased manner over a period of three years which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. However no physicalverification has been carried on by the management during the year. Accordingly we wereunable to comment on whether any material discrepancies were noticed on such verificationand whether they are properly dealt with in the Ind As financial statements.

(c) In to the information and explanations given to us the records examined by us andbased on the examination of the conveyance deeds provided to us we report that the titledeeds comprising all the immovable properties of land and buildings which are freeholdare held in the name of the Company as at the balance sheet date.

In respect of immovable properties of land and building that have been taken on leaseand disclosed as fixed assets in the Ind As financial statements the lease agreements arein the name of the Company.

ii. (a) The inventory has been physically verified by the management during the year.In our opinion the frequency of such verification is reasonable. According to theinformation and explanations given to us and as examined by us no material discrepancieswere noticed on such verification.

iii. According to information and explanation given to us The company has not grantedany loans secured or unsecured to companies firms or other parties covered in theregister maintained under section 189 of the Companies Act. Consequently requirement ofclauses iii a iii b and iii c of paragraph iii of the order are not applicable to theCompany.

iv. In our opinion and according to information and explanation given to us thecompany has not granted any loans or provided any guarantees or given any security or madeany investments to which the provision of section 185 and 186 of the Companies Act 2013.Accordingly paragraph 3 (iv) of the order is not applicable.

v. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits and accordingly paragraph 3 (v) of the order is notapplicable.

vi. The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of section 148 of the Act for any of the activities of the companyand accordingly paragraph 3 (vi) of the order is not applicable

vii. According to the information and explanations given to us in respect of statutorydues:

(a) The Company is irregular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Goods and Service Tax CustomsDuty Cess and other material statutory dues applicable to it with the appropriateauthorities. According to the information and explanations given to us undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income Tax Goods andService Tax Customs Duty Cess and other material statutory dues in arrears as at March31 2019 for a period of more than six months from the date they became payable.

(b) Details of dues of Income Tax Sales Tax Service Tax Excise Duty and Value AddedTax which have not been deposited as at March 31 2019 on account of dispute are givenbelow:

Sl. No. Name of the statute Nature of dues Amount* (in Rs) Period to which the amount relates Forum where dispute is pending
1 VAT Act 2003 WB VAT 409765 2011-12 West Bengal Revisional Board & Taxation Tribunal
2 VAT Act 2003 WB VAT 13000 2010-11 ‘DO'
3 VAT Act 2003 WB VAT 120000 2008-09 ‘DO'
4 INCOME TAX ACT 1961 INCOME TAX 95000 2008-09 Commissioner of Income Tax (Appeal)
5 INCOME TAX ACT 1961 F.B.T. 143000 2007-08 ‘DO'
6 INCOME TAX ACT 1961 F.B.T. 385804 2007-08 ‘DO'
7 WEST BENGAL ENTRY OF GOODS INTO LOCAL AREAS ACT 2012 ENTRY TAX 31850.32 2012-13 High Court Calcutta
8 WEST BENGAL ENTRY OF GOODS INTO LOCAL AREAS ACT 2012 ENTRY TAX 72248 2015-16 West Bengal Taxation Tribunal
9 WEST BENGAL ENTRY OF GOODS INTO LOCAL AREAS ACT 2012 ENTRY TAX 54368 2014-15 West Bengal Taxation Tribunal
10 WEST BENGAL ENTRY OF GOODS INTO LOCAL AREAS ACT 2012 ENTRY TAX 84709 2013-14 West Bengal Taxation Tribunal

viii. In our opinion and according to the information and explanations given to us thecompany has outstanding dues to bank –Refer Note 3 and 4 to the financialstatement but has no outstanding dues to any government or any debenture holdersduring the year. Accordingly paragraph 3 (viii) of the order is not applicable.

ix. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3 (ix)of the Order is not applicable to the Company.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi. In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

xii. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of theOrder is not applicable to the Company.

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 section 177 and 188 of the Act. Where applicable the details of suchtransactions have been disclosed in the Ind As financial statements as required by theapplicable accounting standards.

xiv. According to the information and explanations given 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. Accordingly paragraph 3(xiv) of the order is not applicable.

xv. 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 non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the order is not applicable.

xvi. According to the information and explanations given to us and based on ourexamination of the records of the company the company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For SHANKAR GOSWAMI& ASSOCIATES
Dated Howrah the 27th May2019 (Chartered Accountants)
(C.A. SHANKAR GOSWAMI)
Firm's Regn. No.- 328460E
M. No.- 306108
UDIN :19306108AAAABQ7205

Appendix – I

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 2 (f) under ‘Report on other legal and regulatoryrequirements' section of our report to the Members of Antarctica Limited of even date)

Report on the internal financial controls over financial reporting under clause (i) ofsub – section 3 of section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AntarcticaLimited ("the Company") as at March 31 2019 in conjunction with our audit ofthe Ind As financial statements of the Company for the year ended on that date.

Management's responsibility for internal financial controls

The board of directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Charte redAccountants of India and the standards on auditing prescribed under Section 143 (10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. 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 were 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 judgement including the assessment of the risks ofmaterial misstatement in the Ind As 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 control 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 Ind As 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 (i) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (ii) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind Asfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (iii) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the Ind Asfinancial statements.

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 of 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 and according to the information and explanations given to us theCompany has in all material respects an adequate internal financial control system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at March 31 2019 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

Dated Howrah the 27th May2019 For SHANKAR GOSWAMI& ASSOCIATES
(Chartered Accountants)
(C.A. SHANKAR GOSWAMI)
Firm's Regn. No.- 328460E
M. No.- 306108
UDIN :19306108AAAABQ7205

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