You are here » Home » Companies » Company Overview » Scandent Imaging Ltd

Scandent Imaging Ltd.

BSE: 516110 Sector: Others
NSE: N.A. ISIN Code: INE146N01016
BSE 00:00 | 11 Feb 8.75 0
(0.00%)
OPEN

8.75

HIGH

8.75

LOW

8.75

NSE 05:30 | 01 Jan Scandent Imaging Ltd
OPEN 8.75
PREVIOUS CLOSE 8.75
VOLUME 25
52-Week high 24.25
52-Week low 8.75
P/E
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.75
Sell Qty 475.00
OPEN 8.75
CLOSE 8.75
VOLUME 25
52-Week high 24.25
52-Week low 8.75
P/E
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.75
Sell Qty 475.00

Scandent Imaging Ltd. (SCANDENTIMAGING) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

SCANDENT IMAGING LIMITED

1 Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of SCANDENT IMAGINGLIMITED ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information(hereinafter referred to as "Ind AS financial statements").

2 Management's Responsibility for the Ind AS 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 state of affairs(financial position) profit or loss (financial performance including other comprehensiveincome) cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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 Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3 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.

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 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 a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

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.

4 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 theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs (financial position) of the Company as at March 31 2018 and its profit(financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

5 Other Matters

The comparative financial information of the Company for the year ended March 31 2017and the transition date opening balance sheet as at April 01 2016 included in these IndAS financial statements are based on the previously issued statutory financial statementsprepared in accordance with the Companies (Accounting Standards) Rules 2006 audited byus and the report for the year ended March 31 2017 and March 31 2016 dated August 112017 and August 13 2016 respectively expressed an unmodified opinion on those financialstatements as adjusted for the differences in the accounting principles adopted by theCompany on transition to the Ind AS which have been audited by us.

6 Report on Other Legal and Regulatory Requirements

(A) As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143 (11) of the Act we givein the Annexure "A" a statement on the matters specified in paragraphs 3 and 4of the Order.

(B) As required by Section 143 (3) of the Act based on our audit we report that:

a We have sought and obtained all the information and explanations which to the best ofour 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 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 prescribed under Section 133 of the Act. e On the basis of thewritten representations received from the directors of the Company as on March 31 2018taken on record by the Board of Directors none of the directors is disqualified as onMarch 31 2018 from being appointed as a director in terms of Section 164 (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".

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 in our opinionand to the best of our information and according to the explanations given to us:

i The Company has disclosed the impact of pending litigations as at March 31 2018 onits financial position in its Ind AS financial statements;

ii As at March 31 2018 the Company did not have any outstanding long term contractsincluding derivative contracts for which there were any material forseeable losses;

iii There was no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year;

For M.B. AGRAWAL & CO.

Chartered Accountants

Firm Registration No.: 100137W

M.B. Agrawal

Partner

Membership No.: 9045

Place: Thane

Date : 29th May 2018

Annexure "A" to the Independent Auditors' Report (Referred to in paragraph 6Aunder 'Report on Other Legal and Regulatory Requirements' section of our report of evendate)

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

b The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

c According to the information and explanations given to us and on the basis of ourexamination of the records of the company the Company owns no immovable properties andhence reporting under paragraph 3(i)(c) of the said Order is not applicable.

ii The Company has maintained proper records for physical verification of inventory andthe physical verification of inventory has been conducted at reasonable intervals by themanagement and there were no material discrepancies were noticed on physical verification.

iii According to information and explanations given to us the Company has not grantedany secured/unsecured loans to firms LLPs or other parties covered in the registermaintained under Section 189 of the Act.

iv In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

v According to the information and explanations given to us the Company has notaccepted any deposits during the year from the public within the meaning of sections 73 to76 of the Act or any other provisions of the Act and the rules framed there under.Accordingly paragraph 3(v) of the Order is not applicable to the Company.

vi According to information and explanations given to us maintenance of cost recordsas prescribed by the Central Government under sub section (1) of section 148 of the Act isnot applicable as the Company has not done any activity prescribed under the said section.

vii (a) According to the information and explanations given to us and records examinedby us the Company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess Goods and Service Tax and any othermaterial statutory dues as applicable to it with the appropriate authorities.

(b) According to information and explanations given to us there were no undisputedamounts payable in respect of Provident Fund Employees' State Insurance Income TaxSales Tax Service Tax Value Added Tax duty of Customs duty of Excise Cess Goods andService Tax and other material statutory dues in arrears as at March 31 2018 for a periodof more than six months from the date they became payable.

(c) According to the records of the Company there are no dues of income tax or salestax or service tax or duty of customs or duty of excise or value added tax or Goods andService Tax which have not been deposited on account of any dispute.

viii In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitutions and there are no loans or borrowings from bank or Government and the Companyhas not issued any debentures.

ix The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) during the year. In our opinion and according to theinformation and explanations given to us the term loans have been applied for the purposefor which they were raised.

x During the course of our examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations given to us no fraud by the Company or no materialfraud on the Company by its officers or employees has been noticed or reported during theyear nor have we been informed of any such case by the management.

xi According to the information and explanations given to us and the books of accountsverified by us the Managerial remuneration has been paid and provided in accordance withthe requisite approvals mandated by the provisions of section 197 read with the Schedule Vto the Companies Act 2013.

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 said Order is notapplicable 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 Sections 177 and 188 of the Act where applicable and the details of suchtransactions have been disclosed in the Ind AS financial statements as required by theapplicable accounting standards.

xiv According to information and explanations given to us and based on our examinationof the records of the Company during the year 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 said Order is not applicable to theCompany.

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 nay non-cashtransactions for acquisition of assets for consideration other than cash referred to insection 192 of the Act with its directors or persons connected with them.

xvi According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For M.B. AGRAWAL & CO.

Chartered Accountants

Firm Registration No.: 100137W

(M.B. Agrawal)

PARTNER

Membership No.: 9045

Place: Thane

Date : 29th May 2018

Annexure "B" to the Independent Auditors' Report (Referred to in paragraph6B(f) under 'Report on Other Legal and Regulatory Requirements' section of our report ofeven 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 SCANDENTIMAGING LIMITED ("the Company") as of March 31 2018 in conjunction with ouraudit of the Ind AS 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 Control over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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.

Auditor's 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 Reportingissued by the Institute of Chartered Accountants of India and the Standards on Auditing asspecified under Section 143 (10) of the Act to the extent applicable to an audit ofinternal financial controls. 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 wereestablished 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 control system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Ind AS financial statements whether due to fraud orerror.

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 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 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 the 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; (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 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the criteria forinternal control over financial reporting established by the Company considering theessential components of internal controls stated in the Guidance Note.

For M.B. AGRAWAL & CO.

Chartered Accountants

Firm Registration No.: 100137W

M.B. Agrawal

PARTNER

Membership No.: 9045

Place: Thane

Date: 29th May 2018.