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Callista Industries Ltd.

BSE: 539335 Sector: Others
NSE: N.A. ISIN Code: INE714Q01014
BSE 00:00 | 23 Sep Callista Industries Ltd
NSE 05:30 | 01 Jan Callista Industries Ltd
OPEN 8.33
PREVIOUS CLOSE 8.33
VOLUME 10800
52-Week high 13.80
52-Week low 7.94
P/E 166.60
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.33
Sell Qty 1207.00
OPEN 8.33
CLOSE 8.33
VOLUME 10800
52-Week high 13.80
52-Week low 7.94
P/E 166.60
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.33
Sell Qty 1207.00

Callista Industries Ltd. (CALLISTAINDUS) - Auditors Report

Company auditors report

TO THE MEMBERS OF

CALLISTA INDUSTRIES LIMITED

Report on the Indian Accounting Standards (Ind AS) Financial Statements

1. We have audited the accompanying financial statements of CALLISTA INDUSTRIES LIMITED(‘the Company') which comprises the Balance Sheet as at March 31 2018 theStatement of Profit and Loss (including Other Comprehensive Income)the Cash FlowStatement and the statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's responsibility for the Ind AS Financial Statements

2. 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 preparationof these Ind AS financial statements that give a true and fair view of the financialposition financial performance (including Other Comprehensive Income) cash flows andchanges in equity of the company in accordance with the Accounting principles generallyaccepted in India including the Indian Accounting Standards specified in the Companies(Indian Accounting Standards ) Rules2015 (as amended) under section 133 of the Act. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the act for safeguarding the assets of the company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgment and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors Responsibility

3. Our responsibility is to express an opinion on these Ind AS financial statementsbased on our audit.

4. In conducting our audit we have taken into account the provisions of the Act andthe Rules made there under including the accounting and auditing standards and matterswhich are required to be included in the audit report under the provisions of the act andthe rules made there under.

5. We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act and other applicableauthoritative pronouncements issued by the Institute of Chartered Accountants of India.Those Standards and pronouncements require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the Ind ASfinancial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by companies' directors as well as evaluating the overallpresentation of the Ind AS financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

8. 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 Act in the manner so required and give a true and fair view in conformity with the IndAS and other accounting principles generally accepted in India of the state of affairs ofthe Company as at 31 March 2018 and its profit total comprehensive income (comprising ofprofit and other comprehensive income) its cash flows and the changes in equity for theyear ended on that date.

Other Matter

9. The comparative financial information of the Company for the year ended 31st March2017 and the transition date opening balance sheet as at 1st April 2016 included in theseInd AS financial statements are based on the statutory financial statements prepared inaccordance with the Companies (Accounting Standards) Rules 2006 audited by thepredecessor auditor whose report for the year ended 31st March 2017 and 31st March 2016dated May 30 2017 and May 30 2016 respectively expressed an unmodified opinion on thosefinancial statements and have been restated to comply with Ind AS. Adjustments made tothe previously issued said financial information prepared in accordance with the Companies(Accounting Standards) Rules 2006 to comply with Ind AS have been audited by us.

Our opinion is not modified in respect of above matter.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditors report) Order 2016 ("The Order")issued by the central government of India in terms of sub-section 11 of section 143 of theAct and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure B statement on the matters specified in paragraphs 3 & 4 of theorder.

11. 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 purpose 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 Statement of Profit and Loss (including other comprehensiveincome) Cash Flow Statement and the statement of changes in equity dealt with by thisReport are in agreement with the books of account;

d. In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act.

e. On the basis of written representations received from the directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 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 A'; and

g. With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us :

I. The company has disclosed the impact if any of pending litigations as at March312018 on its financial position in its Ind AS financial statements - Refer to Note 2 ofnotes to accounts

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

III. The provisions relating to transferring any amounts to the investor's educationand protection fund is not applicable to the Company during the year.

For Ramanand& Associates

Chartered Accountants

ICAI Firm Reg. No. 117776W

SD/-

CA Ramanand Gupta

Managing Partner

M. No. 103975

Place: Mumbai

Date: 30th May 2018

Annexure "B" to the Independent Auditor's Report

[Referred to in Para 12(f) ‘Report on Other Legal and Regulatory Requirements' inour Independent Auditor's Report of even date to the members of CALLISTA INDUSTRIESLIMITED on the Ind AS financial statement for the year ended 31st March 2018]

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 CALLISTAINDUSTRIES LIMITED. ("The Company") as of March 31 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat 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 assets theprevention 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 the ICAI anddeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of internal financialcontrols and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirement and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting established and maintained and if suchcontrols 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 the internal controls based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Standalone Financial Statements whether due tofraud 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 overfinancial reporting's.

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 Limitation of Internal Financial Controls over Financial Reporting

Because of the inherent limitation of Internal financial controls over financialreporting including the possibility of collision 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 controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedure may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal controls overfinancial reporting were effective as at March 312018 based on the internal control overfinancial reporting criteria established by the Company considering the essentialscomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by " The Institute of Chartered Accountantsof India".

For Ramanand& Associates

Chartered Accountants

ICAI Firm Reg. No. 117776W

SD/-

CA Ramanand Gupta

Managing Partner

M. No. 103975

Place: Mumbai

Date: 30th May 2018

Annexure "A" to Independent Auditors' Report

The referred to in paragraph 11 of Independent Auditors' Report to the members of theCALLISTA INDUSTRIES LIMITED on the standalone financial statements for the year ended 31March 2018 we report that:

I. (a) The company does not have any fixed assets as on 31st March 2018.Therefore this clause is not applicable for the company.

II. According to the information and explanations given to us there is no Inventoryheld during the year. Therefore this clause is not applicable for the company.

III. According to information and explanations given to us the Company has not grantedany loans secured or unsecured to companies firms limited liability ManagingPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013 during the year. Accordingly clause 3 (iii) of the Order is notapplicable to the Company.

IV. According to information and explanations given to us the Company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

V. According to information and explanations given to us the company has not acceptedany deposits from the public in accordance with the provisions of section 73 to 76 andrules framed there under during the year. Accordingly clause 3 (v) of the Order is notapplicable to the Company.

VI. According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of section 148 of theCompanies Act'2013.

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

a. According to the information and explanations given to us and the records of the

Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund employees state insurance income taxsales tax GST Service tax duty of customs duty of excise value added tax cessprofessional tax and other material statutory dues as applicable with the appropriateauthorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees state insurance income tax sales taxservice tax duty of customs duty of excise value added tax cess professional tax andother material statutory dues were in arrears as at 31 March 2018 for a period of morethan six months from the date they became payable except the following:

Nature of Dues Amount (INR in Lakhs) Due date
TDS 0.83 As per Traces site of Income tax (TDS)

b. According to the information and explanations given to us there are no dues of

Income tax Sales tax Value added tax Service tax duty of customs duty of excisewhich have not been deposited with the appropriate authorities on account of any dispute.

VIII. According to the records of the Company examined by us and the information andexplanation given to us we are of the opinion that the company has not defaulted inrepayment of dues to Financial Institutions or Banks

IX. The Company has not raised any money by way of initial public offer further publicoffer (including debt instruments). The company does not have any term loans raised duringthe year.

X. According to the information and explanations given to us no material fraud by the

Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

XI. According to the information and explanations give to us and based on ourexamination of the records the Company has not paid/provided for any managerialremuneration during the year.

XII. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

XIII. According to the information and explanations given to us and based on ourexaminations of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the financial statements as requiredunder Accounting Standard (AS) 18 Related Party Disclosures specified under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

XIV. According to the information and explanations give to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.Accordingly paragraph 3(xiv) of the Order is not applicable to the Company.

XV. According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

XVI. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly paragraph 3(xvi) of the Order is not applicable tothe Company.

For Ramanand& Associates

Chartered Accountants

ICAI Firm Reg. No. 117776W

SD/-

CA Ramanand Gupta

Managing Partner

M. No. 103975

Place: Mumbai

Date: 30th May 2018