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Viaan Industries Ltd.

BSE: 537524 Sector: Others
NSE: N.A. ISIN Code: INE324N01027
BSE 13:12 | 18 Feb 1.94 -0.10
(-4.90%)
OPEN

1.94

HIGH

1.94

LOW

1.94

NSE 05:30 | 01 Jan Viaan Industries Ltd
OPEN 1.94
PREVIOUS CLOSE 2.04
VOLUME 5769
52-Week high 8.59
52-Week low 1.68
P/E
Mkt Cap.(Rs cr) 21
Buy Price 1.94
Buy Qty 351.00
Sell Price 1.94
Sell Qty 4121.00
OPEN 1.94
CLOSE 2.04
VOLUME 5769
52-Week high 8.59
52-Week low 1.68
P/E
Mkt Cap.(Rs cr) 21
Buy Price 1.94
Buy Qty 351.00
Sell Price 1.94
Sell Qty 4121.00

Viaan Industries Ltd. (VIAANINDUSTRIES) - Auditors Report

Company auditors report

To the Members of

Viaan Industries Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone financial statements of Viaan IndustriesLimited ("the Company") which comprises the Balance Sheet as at March 31 2019the Statement of Profit and Loss Statement of changes in equity and statement of cashflows for the year then ended and notes to the financial statements including a summaryof significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2019 and profit/loss (changes in equity) and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial 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 Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

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 the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Sundry Debtors

Description of Key Audit Matter

We have observed that there are outstanding debtors for a period more than six monthsamounting to Rs. 181109977/- against the total turnover of Rs. 773991242/- which isalmost 23.40% of the total turnover for the year. It appears that the management is weakin recovery of overdue balance from debtors.

Description of Auditor's Response

We have discussed with the company's management about such a huge outstanding amountfor a period more than six months. The management informed us that all the debtors aregood and recoverable.The management has informed us that they will obtain confirmation inrespect of all the debtors in respect of outstanding balances. Also the same will berecovered on a immediate basis.

Closing Stock

Description of Key Audit Matter

The company has total closing of the trading items is Rs. 45491325/- and that of WIPis Rs. 95511327/- as development of new games software. These are intangible assets andit's recovery is dependent on future exploitation of these games.

Description of Auditor's Response

We have requested the management for certificate of Physical verification of records ofall the trading items and other location wise and its valuation to be certifified CA. Themagement said that they will provide the same. Also they confirmed that the WIP is anIntangible asset and itrs recovery is dependent on future exploitation.

Statutory Dues:

Description of Key Audit Matter

We have observed that there is a delay in depositing of TDS and GST with the governmentauthorities and due to which the Company has a total interest of Rs. 1702903/-. Also thetotal Outstanding Liability as at 31st March 2019 is Rs. 8501814/- towards the TDS andRs. 3080718/- towards GST.

Description of Auditor's Response

The management will pay the outstanding statutory liabilities on a immediately. Also infuture they will implement the procedure of making payment of TDS and GST on timely basis.

Management's Responsibility for the Standalone 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 (changes in equity) and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; 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 financialstatement that give a true and fair view and are free from material misstatement whetherdue 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.Those Board of Directors are also responsible for overseeing thecompany's financial reporting process

Auditor's Responsibility 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.

Report on Other Legal and Regulatory Requirements

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.

As required by Section 143(3) of the Act we report that:

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.

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.

The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

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.

On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164 (2) of the Act.

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".

With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

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

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

There were no amounts which were required to be transferred to the Investor Educationand Protection Fund by the Company.

For SEKHRI KANODIA & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No: 109389W

CA SANJEEV KUMAR CHOPRA

PARTNER

MEMBERSHIP NO.131611

PLACE: Mumbai

DATE : 28/05/2019

ANNEXURE B TO AUDITOR'S REPORT

(Referred to in paragraph X (f) under ‘Report on Other Legal and RegulatoryRequirements' of our report of even date) Report on the Internal Financial Controls OverFinancial Reporting

We have audited the internal financial controls over financial reporting of ViaanIndustries Limited as of 31st March 2019 in conjunction with our audit of the financialstatements 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. 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 company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Act to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 judgment 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 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 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 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 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 2019 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For SEKHRI KANODIA & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No: 109389W

CA SANJEEV KUMAR CHOPRA

PARTNER

MEMBERSHIP NO.131611

PLACE: Mumbai

DATE : 28/05/2019