You are here » Home » Companies » Company Overview » Catvision Ltd

Catvision Ltd.

BSE: 531158 Sector: Others
NSE: N.A. ISIN Code: INE660B01011
BSE 00:00 | 19 Sep 8.50 0
(0.00%)
OPEN

8.50

HIGH

8.50

LOW

8.50

NSE 05:30 | 01 Jan Catvision Ltd
OPEN 8.50
PREVIOUS CLOSE 8.50
VOLUME 200
52-Week high 19.80
52-Week low 7.25
P/E
Mkt Cap.(Rs cr) 5
Buy Price 7.70
Buy Qty 100.00
Sell Price 8.66
Sell Qty 100.00
OPEN 8.50
CLOSE 8.50
VOLUME 200
52-Week high 19.80
52-Week low 7.25
P/E
Mkt Cap.(Rs cr) 5
Buy Price 7.70
Buy Qty 100.00
Sell Price 8.66
Sell Qty 100.00

Catvision Ltd. (CATVISIONLTD) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

The Members of Catvision Limited

Report on the Standalone Financial Ind AS Statements

We have audited the accompanying Standalone Ind AS Financial Statements of CATVISIONLIMITED ("the Company") which comprises of the Balance Sheet as at 31 March2018 the Statement of Profit and Loss the Statement of Changes in Equity and theStatement of Cash Flows for the year then ended and summary of the significant accountingpolicies and other explanatory information (hereinafter referred to as "thestandalone Ind AS financial statements').

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters in Section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone Ind AS financial statements that give a true and fair view of the state ofaffairs profit/loss (including comprehensive income) changes in equity and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards (Ind AS) prescribed under Section 133 of the Act readwith relevant rules issued there under and other accounting principles generally acceptedin India.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the 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 control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Standalone Ind AS Financial Statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

In preparation and presentation of Standalone Ind AS Financial Statements managementis responsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS FinancialStatements based 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 Standalone Ind AS Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the StandaloneInd 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 Standalone Ind AS Financial Statements that give true and fair view inorder to design audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by Company's Board of Directors aswell as evaluating the overall presentation of the Standalone Ind AS Financial Statements.

We are also responsible to conclude on the appropriateness of management use of goingconcern of accounting and based on audit evidence obtained whether a materialuncertainty exist related to events or conditions that may cast significant doubt onentity's ability to continue as going concern. If we conclude that a material uncertaintyexist we are required to draw attention in the auditors report to the related disclosuresin the financial statements or if such disclosures are inadequate to modify the opinion.Our conclusions are based on the audit evidence obtained upto the date of auditor'sreport. However future events or conditions may cause an entity to cease to continue as agoing concern.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS Financial Statements and other financialinformation give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2018 and its profit(including other comprehensive income) its changes in equity and cash flows for the yearended on March 312018.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in the"Annexure 1" a statement on the matters specified in the paragraph 3 and 4 ofthe Order to the extent applicable.

2. 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 and proper returnsadequate for the purposes of our audit have been received from branches not visited by us.

c) The accounts of the branch offices of the Company have been audited by us.

d) The Standalone Balance Sheet the Statement of Profit and Loss and the Cash FlowStatement dealt with by this Report are in agreement with the books of account.

e) In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act as

applicable.

f) In our opinion the Standalone Ind AS Financial Statements of the Company have beenprepared on a going concern basis no transaction have an adverse effect on thefunctioning of the Company.

g) On the basis of written representations received from the directors none of thedirectors is disqualified as on 31st March 2018 from being appointed as adirector in terms of Section 164(2) of the Act.

h) 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 II" to this report.

i) 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 and to the bestof our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations which would impact itsfinancial position in the standalone Ind AS financial statements - Refer Para vii(b) ofAnnexure 1.

ii. The Company did not have any long-term contracts including derivatives contractsfor which 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 Agrawal and Gaur
Chartered Accountants
FRN: 010550N
Pavan Kumar Agrawal
Place: Noida U.P. Partner
Date : 30th May 2018 Membership No. 085376

"Annexure-1" referred to in our report of even date "Report on otherlegal & regulatory requirement" of our report even date

i. In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment (fixed assets) on thebasis of available information.

b) As explained to us all the fixed assets have been physically verified by themanagement at regular intervals which in our opinion is reasonable having regard to thesize of the Company and nature of its assets. According to the information and explanationgiven to us no material discrepancies were noticed on such physical verification.

c) According to the information and explanation given to us and records examined by usand based on the examination of the title deeds of immovable properties included in fixedassets are held in the name of the Company as at the balance sheet date.

ii. In respect of its inventories:

a) The inventories have been physically verified during the year by the management atreasonable intervals and no material discrepancies were noticed on physical verification.

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 has maintained proper records of inventories. As per the information andexplanation given to us no material discrepancies were noticed on physical verification.

iii. According to the information and explanations given to us the company has notgranted any loans secured or unsecured or provided any guarantee to companies firmsand limited liability partnerships or other parties covered in the registered maintainedunder section 189 of the Act .

iv. In our opinion and according to the information & explanation given to usthere are no loans guarantees and securities granted in respect of which provision ofSection 185 & 186 of the Act however company has made investment in its Indian JointVenture in accordance with the provision of the Act.

v. According to the information and explanations given to us the Company has accepteddeposit from the shareholders of the Company. Necessary compliance of directives issued bythe Reserve

Bank of India and the Act and Rules made there under has been complied with.

vi. The company is registered under MSMED Act 2006 therefore maintenance of costrecords is not required as per Rule 3 of the Companies (Cost Records and Audit) Rules2014.

vii. In respect of statutory dues:

a) According to the information and explanations given to us undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Goods and Service TaxCess and other material statutory dues have been regularly deposited with the appropriateauthorities. No undisputed amounts payable in respect of the aforesaid dues wereoutstanding as at March 31 2018 for a period of more than six months from the date ofbecoming payable.

b) According to the records of the Company the dues of Income Tax outstanding onaccount of dispute which has not been deposited on account of disputes as on March 312018are given below:

Name of Statute Nature of Dues Forum Where dispute is pending Period to which the amount relates Amount In volved Amount

Unpaid

Income Tax Act 1961 Income

Tax

Commissioner of Inco me Tax (Appeals) AY 2009-10 3081303/- 3081303/-
Income Tax Act 1961 Income

Tax

Commissioner of Income Tax (Appeals) AY 2014-15 471100/- 47110 0/-

viii. In our opinion and according to the information and explanation given by themanagement the Company has not defaulted in repayment of bank dues.

ix. According to the information and explanation given by the management and on thebasis of the records examined by us the Company has not raised any money by way ofInitial Public offer/further public offer (including debt instruments).

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us no instances of fraud by theCompany or any fraud on the Company by its officers or employees have been noticed orreported during the year.

xi. According to the information & explanation given by the management managerialremuneration has been paid/provided in accordance with requisite approvals mandated by theprovision of Section 197 read with Schedule V to the Act.

xii. In our opinion the Company is not Nidhi Company therefore the provision ofclause (xii) of the Order is not applicable.

xiii. According to the information & explanation given by the managementtransactions with the related parties are in compliance with section 177 and 188 of theAct where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable Accounting Standards.

xiv. According to the information & explanation given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of share or fully or

partly convertible debentures during the year under review and hence reportingrequirements under clause (xiv) of the Order is not applicable to the company and notcommented upon.

xv. According to the information & explanation given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to Section 192 of the Companies Act 2013.

xvi. The Company is not required to be registered under section 45-I A of the ReserveBank of India Act 1934.

For Agrawal and Gaur
Chartered Accountants
FRN: 010550N
Pavan Kumar Agrawal
Place: Noida U.P. Partner
Date : 30th May 2018 Membership No. 085376

Annexure - II to the Auditors' Report Report on the Internal Financial Controls underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of CatvisionLimited ("the Company") as of 31 March 2018 in conjunction with our audit of thestandalone 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 ('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 Act.

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 deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 Standalone Ind AS Financial Statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of StandaloneInd AS Financial Statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneInd AS 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 and to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the ICAI.

For Agrawal and Gaur
Chartered Accountants
FRN: 010550N
Pavan Kumar Agrawal
Place: Noida U.P. Partner
Date : 30th May 2018 Membership No. 085376