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Vintron Informatics Ltd.

BSE: 517393 Sector: Consumer
NSE: N.A. ISIN Code: INE043B01028
BSE 09:48 | 30 Jan 5.22 -0.27
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NSE 05:30 | 01 Jan Vintron Informatics Ltd
OPEN 5.22
PREVIOUS CLOSE 5.49
VOLUME 16712
52-Week high 6.18
52-Week low 1.05
P/E 32.63
Mkt Cap.(Rs cr) 41
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.22
Sell Qty 893886.00
OPEN 5.22
CLOSE 5.49
VOLUME 16712
52-Week high 6.18
52-Week low 1.05
P/E 32.63
Mkt Cap.(Rs cr) 41
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.22
Sell Qty 893886.00

Vintron Informatics Ltd. (VINTRONINFO) - Auditors Report

Company auditors report

TO THE MEMBERS OF VINTRON INFORMATICS LIMITED

Report on the Standalone Ind AS Financial Statements Qualified Opinion

We have audited the accompanying standalone financial statements of VINTRON INFORMATICSLIMITED ("the Company") which comprise the Balance Sheet as at March 312022the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date and asummary of the significant accounting policies and other explanatory information(hereinafter referred to as "the standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us except for the impact of the matter described in "Basis for qualifiedopinion" para hereunder the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312022the Loss (including other comprehensive income) changes in equity and its cash flows forthe year ended on that date.

Basis for Qualified Opinion

1. Pursuant to default by the company in payment of dues in line with the settlementagreement entered into in earlier year with a party there can be incremental impact onthe liability as provided by the company on the basis of erstwhile terms and conditions.However the company is under negotiation with the party for revised settlement. In viewof uncertainty the company has not made provision of incremental impact in the liability.Had the differential liability and interest been provided profit for the year would havebeen lower by Rs. 27.65 Lacs (Previous year Rs. 27.65 lacs Cumulative Rs. 219.02 lacs)with a corresponding increase in financial liabilities. (Refer Note -38).

2. Balances shown in the financial statement as receivable and payable under differentheads are subject to confirmation/ reconciliation. We are unable to comment upon theimpact if any which may result on such reconciliation/settlement with the party.(Note-39)

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Standalone Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India (ICAI) together with the independence requirements that are relevantto our audit of the standalone financial statements under the provisions of the Act andthe Rules made thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI's Code of Ethics. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the standalone financial statements Emphasis of Matter We draw outattention to

a) Note No. 36 - As at the end of the year the net worth of the company stands erodedas Current Liability is greater than Current assets during the year. These conditions maycast doubt about the Company's ability to continue as a going concern. Nevertheless themanagement have perception of revival of the company in subsequent years and managementhas considered the loss/erosion as aforesaid as temporary financial statements have beenprepared on going concern basis.

b) We draw attention to Note No. 37 of the standalone Ind AS financial statementsregarding the impact of COVID-19 pandemic on the Company. Management is of the view thatthere are no reasons to believe that the pandemic will have any significant impact on theability of the company to continue as a going concern. Nevertheless the impact in sightof evolvement of pandemic in future period is uncertain.

We have not modified our opinion on above matters.

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.

S. No. Key Audit Matter Auditor’s Response
1 Evaluation of uncertain tax positions Principal Audit Procedures
The Company has material uncertain tax positions including matters under dispute which involves significant judgment to determine the possible outcome of these disputes. Obtained details of completed tax assessments and demands for the year ended March 312022 from management. We have reviewed management's underlying assumptions in estimating the tax provision/contingent liabilities and the possible outcome of the disputes. Additionally we considered the effect of new information in respect of uncertain tax positions as at April 12021 to evaluate whether any change was required to management's position on these uncertainties.

Information Other than the Standalone Ind AS Financial Statements and Auditors’Report Thereon

The Company's Board of Directors is responsible for the preparation of otherinformation. The other information comprises the Director's report Corporate Governancereport Business responsible report and Management Discussion and Analysis of Annualreport but does not include the Standalone Ind AS Financial Statements and our reportthereon. The Directors report Corporate Governance report Business responsible reportand Management Discussion and Analysis of Annual report is expected to be made availableto us after the date of this auditors' report.

Our opinion on the Standalone Ind AS Financial Statements does not cover the otherinformation and we will not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS Financial Statements ourresponsibility is to read the other information identified above when it becomes availableto us and in doing so consider whether the other information is materially inconsistentwith the Standalone Ind AS Financial Statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

When we read such other information as and when made available to us and if we concludethat there is a material misstatement therein we are required to communicate the matterto those charged with governance.

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 Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe in AS and other accounting principles generally accepted in India. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error audit procedures design and perform responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

2. Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(I) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls

3. Evaluate the appropriateness of accounting policies used and the reasonable ness ofaccounting estimates and related disclosures made by management.

4. Conclude on the appropriateness of management’s use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

5. Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and event s in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor’s report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure I" a statement on the matters specified in paragraphs 3 and 4of the Order.

2. 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 bestof our 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 Statement of Changes in Equity and the Statement of Cash Flows dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.;

e) On the basis of the written representations received from the directors as on March312022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 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 II". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h) In our opinion the matters referred in para "Basis for Qualification" andpara "Emphasis of Matter" above may have an adverse effect on the functioning ofthe company.

i) 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 standalone financial statements. Refer Note No- 33.

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.

iv. (a)The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.

V. (a) The company has not proposed and declared any final dividend in the previousyear. Hence this clause is not applicable.

(b) The company has not declared and paid any interim dividend during the year. Hencethis clause is not applicable.

(c) The Board of Directors of the Company have not proposed any final dividend for theyear which is subject to the approval of the members at the ensuing Annual GeneralMeeting. Hence this clause is not applicable.

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

i. (a) (A)The Company has maintained proper records showing full particulars includingquantitative details and situation of propertyplant and equipment (‘PPE’) andrelevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particulars of intangibleassets.

 

(b) The Company has not conducted Physical Verification of Property Plant &Equipment during the year.

(c) The Company does not have any immovable property in the company hence reportingunder clause (i)(c) of the Order is not applicable.

(d) The Company has not revalued any of its Property Plant and Equipment andintangible assets during the year.

(e) As informed to us no proceedings have been initiated during the year or are pendingagainst the Company as at March 312022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

ii. (a) As per our review no physical verification of inventory has been conductedby the management.

(b) The company has not been sanctioned working capital limits in excess of five crorerupees in aggregate at any point of time during the year from banks or financialinstitutions on the basis of security of current assets and hence reporting under clause(ii) (b) of the order is not applicable.

iii. No amount has been granted in the nature of loans or advances or guarantees orsecurity to subsidiaries associates and joint ventures. Thus this clause is notapplicable to the company.

iv. According to the information and explanations given to us the company has notransactions in respect of loans investments guarantees and securities covered under theprovisions of Section 185 and 186.

v. The Company has not accepted any deposit or amounts which are deemed to be deposits.Hence reporting under clause 3(v) of the Order is not applicable.

vi. In respect of business activities of the company maintenance of cost records hasnot been specified by the Central Government under sub-section (l) of section 148 of theCompanies Act read with rules framed thereunder.

vii. a) As per information and explanations given to us the Company has beendepositing the undisputed statutory dues including Provident Fund Employees StateInsurance Income Tax Goods and Service Tax and other statutory dues with the appropriateAuthorities which were delayed on most of the occasions. However there are no undisputedstatutory liabilities lying unpaid as at the year-end for a period of more than six monthsfrom the date they become payable.

b) We have been informed that following statutory dues have not been deposited onaccount of disputes and appeals for the same are pending with different forums as mentionherein

NATURE OF DEMAND AMOUNT UNPAID (Rs. in lacs) FORUM BEFORE WHICH THE CASE IS PENDING
Customs Act 606.47 Directorate of Revenue Intelligence
FEMA Act 10.80 Directorate of Enforcement
ESI Act 44.15 Delhi High Court

viii. There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in tax assessments under theIncome Tax Act 1961 (43 of 1961).

ix. (a) The company has not taken any loans or other borrowings from any lender. Hencereporting under clause (ix) (a) of the order is not applicable.

(b) The company has not been declared wilful defaulter by any bank or financialinstitution or other lender. Hence reporting under clause of the order is not applicable.

(c) During the year no term loan was obtained or applied for by the company.

(d) The company has not raised funds on short term basis and hence reporting underclause (ix) (d) of the Order is not applicable.

(e) The company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries. Hence reporting under clause (ix) (e) of theorder is not applicable.

(f) The company has not raised any loans during the year on pledge of securities heldin its subsidiaries joint ventures or associates and hence reporting under clause (ix)(f) of the order is not applicable.

x. a) During the year the Company has not raised money by way of initial public offeror further public offer (including debt instruments) during the year and hence reportingunder clause 3 (x) (a) of the Order is not applicable.

b) During the year the company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully partially or optionally) and hencereporting under clause 3 (x) (b) is not applicable.

xi. a) No fraud by the Company or no material fraud on the Company has been noticed orreported during the year.

b) No report under sub-section (12) of section 143 of the Companies Act has been filedby in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report.

c) As represented to us by the management there are no whistle blower complaintsreceived by the company during the year.

xii. The provisions of clause (xii) of the Order are not applicable as the company isnot a Nidhi Company as specified in the clause.

xiii. According to information and explanations given to us we are of the opinion thatall related party transactions are in compliance with the Section 177 and 188 of CompaniesAct 2013. Necessary disclosures have been made in the financial statements as required bythe applicable accounting Standards.

xiv. According to the information and explanation given to us the company has nointernal audit system that commensurate with the size and the nature of its business.

xv. According to information and explanations given to us the Company has not enteredinto any non-cash transaction with the director or any person connected with him duringthe year.

xvi. a) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

b) In our opinion there is no core investment company within the Group (as defined inthe Core Investment Companies (Reserve Bank) Directions 2016) and accordingly reportingunder clause 3(xvi)(d) of the Order is not applicable.

xvii. The company has incurred cash losses during the financial year under audit and inthe immediately preceding financial year for Rs. 121.75 Lacs & 211.94 Lacsrespectively.

xviii. There has been no resignation of the statutory auditors of the company duringthe year.

xix. On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report that company is not capable of meeting its liabilities existingat the date of balance sheet as and when they fall due within a period of one year fromthe balance sheet date. We however state that this is not an assurance as to the futureviability of the company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the company as and when they fall due.

xx. (a)There are no unspent amounts towards Corporate Social Responsibility (CSR) onother than ongoing projects requiring a transfer to

a Fund specified in Schedule VII to the Companies Act in compliance with second provisoto sub-section (5) of Section 135 of the said Act. Accordingly reporting under clause3(xx)(a) of the Order is not applicable for the year.

(b) There are no unspent amount u/s 135(5) of the company act 2013 hence clause 20 (b)is not applicable.

xxi. This clause is not applicable on audit report on standalone financial statements.

ANNEXURE- II TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

We have audited the internal financial controls over financial reporting of VINTRONINFORMATICS LIMITED ("the Company") as of 31st March 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 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 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 ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence. We have obtained sufficient and appropriate to provide a basis for ouraudit opinion on the Company’s internal financial controls system over financialreporting.

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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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 2022based on the internal control over financial reporting criteria established by the companyconsidering the essential components of internal control stated in the Guidance Note on"Audit of Internal Financial Controls Over Financial Reporting" issued by theInstitute of Chartered Accountants of India.

For APAS & CO LLP
CHARTERED ACCOUNTANTS
Firm Regn. No. 000340C/C400308
Sd/-
(RAJEEV RANJAN)
PARTNER
M. No. 535395 UDIN: 22535395AJWINI6153
PLACE: NEW DELHI
DATED: 30th May 2022

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