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Vani Commercials Ltd.

BSE: 538918 Sector: Financials
NSE: N.A. ISIN Code: INE661Q01017
BSE 00:00 | 11 Jun 2.11 0.01
(0.48%)
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NSE 05:30 | 01 Jan Vani Commercials Ltd
OPEN 2.11
PREVIOUS CLOSE 2.10
VOLUME 73
52-Week high 7.69
52-Week low 1.75
P/E 16.23
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.11
CLOSE 2.10
VOLUME 73
52-Week high 7.69
52-Week low 1.75
P/E 16.23
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Vani Commercials Ltd. (VANICOMMERCIALS) - Auditors Report

Company auditors report

To the Members of Vani Commercials Limited Report on the Financial Statements

We have audited the accompanying standalone financial statements of Vani CommercialsLimited ("the Company") which comprise the Balance Sheet as at March 312019 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of significant 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 and the Companies (Accounting Standards) Amendment Rules 2016. Thisresponsibility includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding of the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India as 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 financial statements are free from materialmisstatement.

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 financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2019 its profit and its cash flows for the year ended on that date.

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 ofthe Act we give in the Annexure 1 a statement on the matters specified inparagraphs 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and the Companies (Accounting Standards) Amendment Rules2016;

e) On the basis of written representations received from the directors as on 31st March2019 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2019 from being appointed as a director in terms of Section 164(2) ofthe 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 2" to this report;

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 does not have any pending litigations which would impact its financialposition.

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

iii. There has not been an occasion in which the company during the year underreport to transfer any sum to the Investor Education and Protection Fund. Hence thequestion of delay in transferring such sum does not arise.

For MKRJ & CO.
(Chartered Accountants)
Sd/-
Mukesh Jain
Partner
Date: 29/05/2019 Membership Number: 073972
Place: Delhi FRN: 030311N

Annexure 1 referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our Report of even date

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

(b) All fixed assets have been physically verified by the management at regularintervals as informed to us no material discrepancies were noticed on such verification.

(c) According to the information and explanations given by the management theCompany has not acquired any immovable property during the year under audit; no commentsunder the sub-clause are required.

(ii) The Company's business does not involve inventories and accordingly therequirements under paragraph 3(ii) of the Order are not applicable to the Company.

(iii) According to the information and explanation given to us the Company has notgranted any loans secured or unsecured to or from companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theAct and hence clause 3(iii)(a) (b) and (c) of the Order are not applicable to the Companyand hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usthere are no loans investments guarantees and securities granted in respect of whichprovisions of Section 185 and 186 of the Act are applicable and hence not commented upon. (v)The Company has not accepted any deposits within the meaning of Sections 73 to 76 ofthe Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordinglythe provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Act for theproducts/services of the Company.

(vii) (a) According to the information and explanations given to us and based onthe records of the company examined by us the company is regular in depositing theundisputed statutory dues including income-tax and other statutory dues as applicablewith the appropriate authorities in India;

(b) According to the information and explanations given to us and based on therecords of the company examined by us there are no dues of Income tax which have not beendeposited on account of any disputes. However the remaining taxes specified under the saidsub-clause are not applicable to the company.

(viii) In our opinion and according to the information and explanations given bythe management the Company has not availed of any loans from any financial institutionbank or government and not issued any debentures.

(ix) In our opinion and according to the information and explanations given by themanagement the Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and the company has not raised/taken any termloan. (x) Based upon the audit procedures performed for the purpose of reportingthe true and fair view of the financial statements and according to the information andexplanations given by the management we report that no fraud by the company or no fraudon the company by the officers and employees of the Company has been noticed or reportedduring the year.

(xi) According to the information and explanations given by the management thecompany has complied with the provisions of Section 197 read with Schedule V of theCompanies Act 2013. (xii) In our opinion the Company is not a Nidhi Company.Therefore the provisions of clause 3(xii) of the order are not applicable to the Companyand hence not commented upon.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with Section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards. (xiv) Accordingto the information and explanations given to us and on an overall examination of theBalance Sheet the Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review and hencereporting requirements under clause 3(xiv) are not applicable to the Company and notcommented upon.

(xv) According to the information and explanations given by the management theCompany has not entered into any non-cash transactions with the directors or personsconnected with him as referred to in Section 192 of Companies Act 2013.

(xvi) According to the information and explanations given to us the company is aNon Banking Finance Company duly registered with the Reserve Bank of India under Section45-IA of the Act 1934.

For MKRJ & CO.
(Chartered Accountants)
Sd/-
Mukesh Jain
Partner
Date: 29/05/2019 Membership Number: 073972
Place: Delhi FRN: 030311N

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF VANI COMMERCIALS LIMITED

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act") To the Members of VaniCommercials Limited

We have audited the internal financial controls over financial reporting of VaniCommercials Limited ("the Company") as of 31st March 2019 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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. 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 Companies Act 2013 (‘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 Reporting(the "Guidance Note") and the Standards on Auditing as specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat 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 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.

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 that 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 generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For MKRJ & CO.
(Chartered Accountants)
Sd/-
Mukesh Jain
Partner
Date: 29/05/2019 Membership Number: 073972
Place: Delhi FRN: 030311N

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