You are here » Home » Companies » Company Overview » Valiant Communications Ltd

Valiant Communications Ltd.

BSE: 526775 Sector: Telecom
NSE: N.A. ISIN Code: INE760B01019
BSE 00:00 | 06 Dec 19.50 0.50
(2.63%)
OPEN

19.20

HIGH

19.50

LOW

19.20

NSE 05:30 | 01 Jan Valiant Communications Ltd
OPEN 19.20
PREVIOUS CLOSE 19.00
VOLUME 100
52-Week high 32.85
52-Week low 17.60
P/E 60.94
Mkt Cap.(Rs cr) 14
Buy Price 19.45
Buy Qty 1.00
Sell Price 19.50
Sell Qty 49.00
OPEN 19.20
CLOSE 19.00
VOLUME 100
52-Week high 32.85
52-Week low 17.60
P/E 60.94
Mkt Cap.(Rs cr) 14
Buy Price 19.45
Buy Qty 1.00
Sell Price 19.50
Sell Qty 49.00

Valiant Communications Ltd. (VALIANTCOMMUN) - Auditors Report

Company auditors report

To

The Members of

Valiant Communications Limited

Report on the Audit of the Standalone Ind AS financial statements

We have audited the accompanying Standalone Ind AS financial statements of ValiantCommunications Limited ("the Company") which comprise the Balance Sheet as at31 March 2018 the Statement of Profit and Loss (including Other Comprehensive Income)the Cash Flow Statement and the Statement of Changes in equity for the year then endedand a summary of significant accounting policies and other explanatory information.(Hereinafter referred to as "Standalone Ind AS financial statements.")

Management's responsibility for the Standalone Ind AS financial statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements to give a true and fair view of the state ofaffairs profit (including Other Comprehensive Income) the Cash Flow Statement and theStatement of Changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards (Ind AS) prescribed undersection 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 standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic 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 thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We are also responsible to conclude on the appropriateness of management's use of goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theentity's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in the auditor's report to therelated disclosure in the standalone Ind AS financial statements or if such disclosuresare inadequate to modify the opinion. Our conclusions are based on the audit evidenceobtained up to the date of auditor's report. Flowever future events or conditions maycause an entity to cease to continue as a going 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 give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31 March 2018 and its total comprehensive income (comprising of profit andother comprehensive income) its cash flows and the changes in equity for the year endedon that date.

Other Matter

The financial statements of the Company for the corresponding year ended 31 March 2017were audited by the predecessor auditors under the Companies Act 2013 who vide theirreport dated 3 May 2017 expressed an unmodified opinion on those financial statements.Our opinion is not modified in respect of the above matter.

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 subsection 11 of Section 143 of theAct we give in the "Annexure-I" a statement on the matters specified inparagraphs 3 and 4 of the said 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 forthe purpose of ouraudit;

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 standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133oftheAct.

e) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 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-ll"; and

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 contingent liability regarding disputes pending withtaxation authorities - Refer to Note 23.1 to the standalone Ind AS financial statements;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company; and

iv. the disclosure in the standalone Ind AS financial statements regarding holdings aswell as dealings in Specified Bank Notes during the period from 8 November 2016 to 30December 2016 have not been made since they do not pertain to the financial Year ended 31March 2018.

For and on behalf of

Pawan Nanak Bansal & Co.

Chartered Accountants

Firm Registration No.008953C

Alok Jain

Partner

Membership No. 510960

New Delhi 29 May 2018

ANNEXURE-ITOTHE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2018 we report that:

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of plant property and equipment and investmentproperties.

b) The plant property and equipment and investment properties of the Company havebeen physically verified by the Management during the year and no material discrepancieshave been noticed on such verification. In our opinion the frequency of verification isreasonable.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of the immovable properties areheld in the name of the Company.

2. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

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 paragraphs 3 (iii) (a) (b) and (c) of the Order arenot applicable.

4. The Company has not granted any loans or made any investments or provided anyguarantees or security to the parties covered under Section 185 and 186. Therefore theprovisions of Clause 3(iv) of the said Order are not applicable to the Company.

5. The Company has not accepted any deposits from the public as per directives issuedby Reserve Bank of India and provisions of Section 73 to 76 or any other relevantprovisions of the Act and rules framed thereunder. Accordingly paragraph 3(v) of theOrder is not applicable.

6. The Company is not required to maintain cost records as prescribed under section148(1) of the Act.

7. a) The Company has been 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 and Goods and Service Tax with effect fromJuly 12017 and other material statutory dues applicable to it to the appropriateauthorities.

b) 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 Goods and Service Taxand other material statutory dues were in arrears as at 31 March 2018 for a period of morethan six months from the date they became payable.

c) According to the information and explanations given to us there are no materialdues of sales tax service tax duty of customs or duty of excise and cess and Goods andService tax which have not been deposited with the appropriate authorities on account ofany dispute. However according to information and explanations given to us the followingdues of income tax have not been deposited by the Company on account of disputes:

Nameofthestatute Nature of dues Amount(Rs.) Period to which the amount relates Forum where the dispute is pending
IncomeTax Act 1961 IncomeTax Rs. 6938270/- Assessment Year 2009-10 Tribunal

8. According to the information and explanations given to us the company has not takenany loan from any financial institution or bank or Government nor has issued anydebentures; hence clause (viii) of paragraph 3 of the Order is not applicable.

9. The company did not raise any money byway of initial public offer or further publicoffer (including debt instruments) and term Loans during the year. Accordingly paragraph3 (ix) of the Order is not applicable to the Company.

10. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company; hence clause (xii) of paragraph 3 of the Order is notapplicable.

13. In our opinion and according to the information and explanations given to us theCompany in compliance with the provisions of Sections 177 and 188 of the Act. The detailsof such related party transactions have been disclosed in the financial statements asrequired under Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specifiedunder Section 133 of the Act.

14. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

15. Accordingto the information and explanations given to us and based on ourexamination of the records of the Company the company has not entered into any non-cashtransactions with directors or persons connected with them. Accordingly the provisions ofClause 3(xv) of the Order are not applicable.

16. 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.

For and on behalf of

Pawan Nanak Bansal & Co.

Chartered Accountants

Firm Registration No.008953C

Alok Jain

Partner

Membership No. 510960

New Delhi 29 May 2018

ANNEXURE - II TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF VALIANT COMMUNICATIONS 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 ValiantCommunications Limited ("the Company") as of 31 March 2018 in conjunction withour audit 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 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 ICAI and deemedto be prescribed underSection 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and 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 raluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the jditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or 'ror.

The believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the tmpany's internal financial controls systemover financial reporting.

Eaning Of Internal Financial Controls Over Financial Reporting company's internalfinancial control over financial reporting is a process designed to provide reasonableassurance regarding the liability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted countingprinciples. A company's internal financial control over financial reporting includes thosepolicies and procedures that (1) artain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets :the company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of financial atements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being adeonly in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance garding prevention or timely detection of unauthorizedacquisition use or disposition of the company's assets that could have a aterial effecton the financial statements.

herent Limitations of Internal Financial Controls Over Financial Reporting ;cause ofthe inherent limitations of internal financial controls over financial reportingincluding the possibility of collusion or improper anagement override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any valuation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial introl overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the Dlicies or procedures may deteriorate.

Opinion

our opinion the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such ternal financial controls over financialreporting were operating effectively as at 31 March 2018 based on the internal controlover tancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance ote on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For and on behalf of

Pawan Nanak Bansal & Co.

Chartered Accountants

Firm Registration No.008953C

Alok Jain

Partner

Membership No. 510960

New Delhi 29 May 2018

Notes to the financial statements for the period ended 31 March 2018