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Dynavision Ltd.

BSE: 517238 Sector: Others
NSE: N.A. ISIN Code: INE083E01010
BSE 00:00 | 03 Dec 217.20 -10.80
(-4.74%)
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NSE 05:30 | 01 Jan Dynavision Ltd
OPEN 218.00
PREVIOUS CLOSE 228.00
VOLUME 221
52-Week high 247.85
52-Week low 46.60
P/E 15.91
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 218.00
CLOSE 228.00
VOLUME 221
52-Week high 247.85
52-Week low 46.60
P/E 15.91
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Dynavision Ltd. (DYNAVISION) - Auditors Report

Company auditors report

TO THE MEMBERS OF DYNAVISION LIMITED

Report on the audit of Standalone Indian Accounting Standards (Ind AS) FinancialStatements

Opinion

We have audited the accompanying Standalone Ind AS financial statements of DYNAVISIONLIMITED ("the Company") which comprise the balance sheet as at 31stMarch 2021 the statement of Profit and Loss (including Other Comprehensive Income)Statement of changes in Equity and the statement of cash flows for the year then endedand notes to the financial statements including a summary of the significant accountingpolicies and other explanatory information(hereinafter referred to as "the FinancialStatements").

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 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act 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 March 312021 the Profit (including othercomprehensive income) the changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial 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 thefinancial statements under the provisions of the Act and the Rules thereunder 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 sufficientand appropriate to provide a basis for our opinion on the Financial Statements.

Emphasis of Matter

Attention is invited to note no 33 of the financial statements which is extractedbelow"

1. Based on the request received from the lessee due to unprecedented financial crisisfaced by them on account of COVID - 19 pandemic the company has granted waiver of 50%rent for the month of April & May 2020 aggregating to Rs. 50.80 lakhs and alsodeferred the escalation in lease rent applicable for the year which is 14.5% on annualizedbasis. Due to this Waiver/Defer- ment of escalation the revenue recognized for the yearended 31st March 2021 is less to the extent of Rs. 13184800/- when comparedto the contractual terms.

Our opinion on the Financial Statements is not modified in respect of the above matter

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 Financial Statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

1. Cash and cash equivalents Other Bank Balances Principal Audit Procedures
In respect of Cash and Bank balances held as on March 31 2021 the currently prevailing Covid-19 pandemic situation has posed challenges for obtaining sufficient and appropriate audit evidence Due to Covid-19 pandemic related lockdown we were not able to physically observe the physical verification of Cash that was carried out by the management at the year-end. We have obtained the cash balance certificate from the management.
With respect to balances held with banks we could not get direct confirmation from the banks and have obtained sufficient and appropriate audit evidence through bank statements and confirmation obtained by the company.

Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the Board's Report including An- nexures toBoard's Report but does not include the financial statements and our auditor's reportthereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information referred above when it becomes available and in doing so considerwhether such other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If we 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 Standalone Financial Statements

The Company's Board of Directors are responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance including OtherComprehensive Income Changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified in the Companies (Indian Accounting Standards) Rules 2015 (asamended) under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance 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 Standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

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.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities 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 Standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• 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 whether thecompany 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 Standalone 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 Standalone IndAS financial statements including the disclosures and whether the Standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatement in the Financial statements.

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

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies 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.

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.

(c) The Balance Sheet the Statement of Profit and Loss (Including other comprehensiveincome) the statement of changes in equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid Financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2021 and taken on record by the Board of Directors none of the directors aredisqualified 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 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 withreference to financial statements.

(g) With respect to other matters to be included in the Auditor's Report in accordancewith 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 has no pending litigations as on 31.03.2021 and accordingly disclosingthe same on its financial position in its Financial Statements does not arise.

ii. The Company did not have any long-term contracts including derivative contractsthat require a provision for material foreseeable losses in these Financial Statements:and

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For R. Subramanian And Company LLP
Chartered Accountants
Firm Registration Number: 004137S/S200041
R Prakash
Place : Chennai - 600034 Partner M.No:205869
Date :24th June 2021 UDIN:21205869AAAADE4073

Annexure ‘A' to the independent auditor's report of even date on the StandaloneInd AS financial statements of Dynavision Limited.

The Annexure referred to in Paragraph 1 under the heading "Report on Other Legaland Regulatory Requirements" of our Report of even date to the Members of DynavisionLimited:

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

(b) These fixed assets have been physically verified by the Management at reasonableintervals and no material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the Company.

ii. The Company does not have inventory of goods hence the provisions of Para 4(ii) ofthe Companies (Auditors Report) order 2016 are not applicable to this company

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not provided any loans secured orunsecured to Companies firms limited liability partnerships or other parties covered inthe register maintained under section 189 of the Companies Act 2013.

iv. According to the information and explanations given to us the company does nothave any loans investments guarantees and security which are subject to the provisionsof Sections 185 and 186 of the Companies Act 2013. Therefore the provisions of Para 4(iv)of the Companies (Auditors Report) order 2016 are not applicable to this company.

v. The Company has not accepted any deposits from the public.

vi. As explained to us and based on the information and explanation provided to us theCentral Government has not prescribed maintenance of Cost records under Sub-section (1) ofSection 148 of the Companies Act 2013to the company.

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

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Goods and Service TaxCustoms Duty Cess and other material statutory dues applicable to it with the appropriateauthorities and there were no undisputed amounts payable which were in arrears as at March31 2021 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of income tax goods and service taxwhich have not been deposited by the company on account of dispute as at 31stMarch 2021.

viii. The company has not defaulted in repayment of any loans or borrowing to afinancial institution bank Government or dues to debenture holders.

ix. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) during the year.

x. The Company has not noticed any fraud by the Company or any fraud on the Company byits officers or employees or reported during the year.

xi. The 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.

xii. The Company is not a Nidhi Company and hence complying with the provisions of theNidhi Rules 2014 does not arise.

xiii. All the transactions with the related parties are in compliance with Sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed inthe Ind AS Standalone Financial Statements as required by the applicable IndianAccounting Standards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

xv. The Company has not entered into any noncash transactions with Directors or personsconnected to its directors.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act1934.

For R. Subramanian And Company LLP
Chartered Accountants Firm Registration Number: 004137S/S200041
R Prakash
Place : Chennai - 600034 Partner M.No: 205869
Date :24th June 2021 UDIN:21205869AAAADE4073

Annexure "B" to The Independent Auditor's Report of even date on theStandalone Ind AS Financial Statements of Dynavision Limited

Referred to in Paragraph 2(f) under the heading "Report on Other Legal andRegulatory Requirements" of our Report of even date to the Members of DynavisionLimited:

Report on the Internal Financial Controls Over Financial Reporting under Clause

(i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DynavisionLimited ("the Company") as of March 31 2021 in conjunction with our auditof the Standalone Ind AS financial statements of the Company for the year ended on thatdate.

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. These responsibilities includethe design implementation and maintenance of adequate internal financial control thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to respective 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 Act2013.

Auditor's 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 Chartered Accountantsof India and the Standards on Auditing prescribed under Section143(10)of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was 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 internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement 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 internal financial controls system overfinancial reporting of the Company.

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 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 March 31 2021 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 Institute of CharteredAccountants of India.

For R. Subramanian And Company LLP
Chartered Accountants Firm Registration Number: 004137S/S200041
R Prakash
Place : Chennai - 600034 Partner M.No: 205869
Date :24th June 2021 UDIN:21205869AAAADE4073

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