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Fundviser Capital India Ltd.

BSE: 530197 Sector: Industrials
NSE: N.A. ISIN Code: INE365H01014
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NSE 05:30 | 01 Jan Fundviser Capital India Ltd
OPEN 13.21
PREVIOUS CLOSE 13.21
VOLUME 50
52-Week high 16.15
52-Week low 6.07
P/E 165.13
Mkt Cap.(Rs cr) 5
Buy Price 13.32
Buy Qty 1.00
Sell Price 13.21
Sell Qty 2309.00
OPEN 13.21
CLOSE 13.21
VOLUME 50
52-Week high 16.15
52-Week low 6.07
P/E 165.13
Mkt Cap.(Rs cr) 5
Buy Price 13.32
Buy Qty 1.00
Sell Price 13.21
Sell Qty 2309.00

Fundviser Capital India Ltd. (FUNDVISERCAPITA) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To the Members of

Bagadia Colourchem Limited

Report on the Financial Statements

We have audited the accompanying Ind AS Financial Statements of Bagadia ColourchemLimited ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss (including Other Comprehensive Income) 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 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 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 prescribed under Section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon 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 thereunder and the Order under Section 143 (11)of the Act.

We conducted our audit of the Ind AS Financial Statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe Ind AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the Ind AS financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the Ind AS financial statements.

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

Opinion

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 March 31 2018 and its Profit total comprehensive income Cash Flowand the changes in equity for the year ended on that date.

Emphasis of Matters

We draw attention to the fact that a) The Company has completed the sale of entireundertaking including Factory Building Lease hold assignment of Land Plant Machinerysituated at B-34 & B-35 MIDC Industrial Area Mahad Dist. Raigad on 15-Jan-2016 anddiscontinued with the manufacturing operations.

b) During our audit period there in no business activity/operations conducted by theCompany. However the Financial Statements of the Company have been prepared on a goingconcern basis for the reasons that the Company is looking for new business prospects innear future.

c) The comparative financial information of the company for the year ended 31 stMarch 2017 and the transition date opening balance sheet as at 1st April 2016included in these Ind AS financial statements are based on the previously issuedstatutory financial statements prepared in accordance with the companies (AccountingStandards) Rules 2006 audited by S. P. Jain & Associates Chartered Accountants thepredecessor auditor whose report for the year ended 31st March 2016 expressedan unmodified opinion on these financial accordance in the accounting principles adoptedby the statements as adjusted for the differences company on transition to the Ind ASwhich have been audited by us.

d) Balance of other current assets and trade payables are subject to confirmation.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

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 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 the Statement of Profit and Loss including Other ComprehensiveIncome 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 Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act as applicable.

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 B".

g. 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 as amended inour opinion and to the best of our information and according to the explanations given tous :

i. The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS Financial Statements note No-22.

ii. The Company did not have any long-term contracts including derivative contractsfor which there were no material foreseeable losses;

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

For Amar Bafna & Associates
Chartered Accountants
FRN. 114854W
Mahaveer Chand
Place: Mumbai Partner
Date: 25/05/2018 Membership No. 159297

"ANNEXURE A" TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement’ of our report of even date to the financial statements of theCompany for the year ended March 31 2018:

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

(b) The Fixed Assets have been physically verified by the management at a reasonableinterval and no material discrepancies between the books records and the physical fixedassets have been noticed on such verification.

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

2) The Company does not possess inventory as on balance sheet date in view discontinuedmanufacturing operations in the previous year.

3) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (c) of theOrder are not applicable to the Company and hence not commented upon.

4) In our opinion and according to the information and explanations given to us theCompany has not granted loans guarantees and security covered u/s 185 and 186 ; theinvestment made by the Company is in compliance with the provisions of Section 186 of theCompanies Act 2013

5) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6) As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the Company.

7) (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Duty of Customs Duty of Excise Valueadded Tax Cess wherever applicable and any other applicable statutory dues with theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the above were in arrears as at March 31 2018for a period of more than six months from the date on when they become Payable.

(b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute except as mentioned below:

Sr. No. Name of Statute Nature of Dues Forum where Dispute is pending Financial Year Amount in Rs.
1 Customs Act 1962 Penalty Customs Kandla 2010-11 to 2012-13 1000000

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9) The Company has not raised moneys by way of initial public offer or further publicoffer including debt instruments and term Loans during the year.

10) During the course of our examination of the books and records of the Companycarried in accordance with auditing standard generally accepted in India we have neithercome across any instance of fraud by the

Company or on the Company by its officers or employees noticed or reported during thecourse of our audit nor have we been informed of any such instance by the management.

11) As explained to us the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Companies Act;

12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) of the Order are not applicable to the Company.

13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable Indian Accounting Standards.

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

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company.

16) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company..

For Amar Bafna & Associates
Chartered Accountants
FRN. 114854W
Mahaveer Chand
Place: Mumbai Partner
Date: 25/05/2018 Membership No. 159297

"ANNEXURE B" TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENT OF BAGADIA CLOURCHEM LIMITED

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 BagadiaColourchem Limited ("the Company") as of March 31 2018 in conjunction with ouraudit 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 isresponsibleforestablishingandmaintaininginternalfinancialcontrols based on the internalcontrol over financial 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 including adherence to Company’s policies safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 ICAI 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 of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 financialcontrols 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 Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of 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 (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 financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols over financial reporting to future periods are subject to the risk that theinternal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate or for other reasons.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover at March 31 2018 based on the internal control over financial 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 Amar Bafna & Associates
Chartered Accountants
FRN. 114854W
Mahaveer Chand
Place: Mumbai Partner
Date: 25/05/2018 Membership No. 159297