| We have audited the accompanying standalone financial statements of
VINTRON INFORMATICS LIMITED, ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement. An audit involves performing
procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend
on the auditor's judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers
internal financial control relevant to the Company's preparation of the
financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentation of
the financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
a) In case of the Balance Sheet, of the state of affairs of the Company
as at 31st March, 2015,
b) In case of Statement of Profit & Loss of the Company for the year
ended 31st March 2015 of its Profit for the year,
c) In case of Cash Flow Statement of cash flow of the Company for the
year ended on that date.
Emphasis of Matter
a) We draw attention to Note no 26 with respect to valuation of
inventories at cost in absence of realisable value of certain items.
Impact of diminution in value on financial statements can not be
ascertained.
We have not modified our opinion on this matter.
Report on Other Legal and Regulatory Requirements
As required by 'the Companies (Auditor's Report) Order, 2015' ("the
order"), issued by the Central Government of India in terms of sub
section 11 of Section 143 of the Companies Act, 2013, and on the basis
of such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order to the extent applicable.
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 best of 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 the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company disclosed the impact of pending litigations on its
financial position in Note No. 23 and 25 to the financial statements.
ii. The Company does not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no amount required to be transferred, to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO AUDITORS' REPORT
1. a) During the year under audit the Company could not produce the
fixed assets records/registers, before us for verification, which as
explained to us are under preparation. In view of above we are unable
to comment on the matter.
b) As explained to us, major fixed assets have been physically verified
by the management during the year. We have been informed that the
discrepancies noticed on such verification as compared to book record
were not material and have been properly dealt with in the books of
account. In our opinion the frequency of verification is reasonable.
2. (a) As informed to us physical verification of inventory has been
conducted at reasonable intervals by the management.
(b) In our opinion the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion the Company is maintaining proper records of
inventory. As informed to us no material discrepancies were noticed on
physical verification. As explained to us the discrepancies noticed
have been properly dealt with in the books of account.
3. During the year the Company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under Section189 of the Companies Act, 2013.
4. In our opinion there is adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory, fixed assets and for the sale
of goods and services. There is no continuing failure which needs to be
corrected in internal control system of the Company.
5. According to the information and explanations given to us the
Company has not accepted any deposits, in terms of the directives
issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act, 2013 and
the rules framed there under.
6. In respect of business activities of the Company, maintenance of
cost records has not been specified by the Central Government under
sub-section (l) of section 148 of the Companies Act, 2013 read with
rules framed thereunder.
7. a) As per information and explanations given to us the Company has
been depositing the undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, and other statutory dues with the
appropriate Authorities which were delayed on most of the occasions.
However there are no undisputed statutory liabilities lying unpaid as at
the year-end for a period of more than six months from the date they
become payable.
b) We have been informed that following statutory dues have not been
deposited on account of disputes and appeals for the same are pending
with different forums as mention herein
NATURE OF DEMAND AMOUNT INVOLVED FORUM BEFORE WHICH
(Rs. in lacs) THE CASE IS PENDING
Customs Act 606.47 Hon'ble Calcutta High Court
3.98 Commissioner of Customs (Exports)
Sales Tax Demand 86.70 Commissioner/Appellate Tribunals
(c) No amount were required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder.
8. The accumulated losses of the Company as at the end of the
financial year have not exceeded 50% of its net worth. The Company has
not incurred cash losses in the financial year under audit and in the
immediately preceding financial year.
9. During the year the Company has not borrowed any loan/funds from
bank or/and financial institution. Also the Company has not issued any
debentures.
10. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
11. As informed to us the terms loans obtained by the Company have been
applied for the purpose for which the same have been obtained.
12. Based upon the audit procedures and information and explanations
given by the management, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit for the
year ended 31st March, 2015.
For O. P. BAGLA & CO.
CHARTERED ACCOUNTANTS
FIRM REGN. No. 000018N
Sd/-
(RAKESH KUMAR)
PLACE : NEW DELHI PARTNER
DATED : 30/05/2015 Membership No. 087537
|