We have audited the standalone financial statements of Vision Corporation Limited ("the Company"),
which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity or
the year then ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.
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 Companies Act, 20
("the Act") in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit, total
comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Companies Act, 2013 and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics.
We believe that the audit evidence we have obtained 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 most significance in
our audit of the financial statements of the current period. We have determined the matters
described below to be the key audit matters to be communicated in our report:
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Key Audit Matter
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How our audit addressed the key audit matter
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Assessment of carrying value of equity
investment in POI India Ltd.
(Refer Note No. 30 (a) Exceptional items)
The Company had made a strategic investment
of 11,00,00,000/- in POL India Projects Limited
in FY 2007-08. Based on current management
assessment and supporting documentation, the
investee has gone into liquidation, and there is
no reasonable expectation of recovering any
amount.
This investment had been erroneously shown as
"Capital Loss-Miscellaneous Expenditure"
under "Other Non-Current Assets" in prior years,
contrary to the recognition and classification
principles under Ind AS.
In FY 2024-25, the Company has corrected the
presentation and accounting treatment. The
investment has been fully impaired and the loss
has been recognised under "Loss on impairment
of investments" in the Statement of Profit and
Loss.
This revision was done in compliance with Ind AS
36 (Impairment of Assets) and Ind AS 109
(Financial Instruments).
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Our audit procedures included the following:
• Obtained an understanding from the
management, assessed and tested the
design and operating effectiveness of the
Company's key controls over the
impairment assessment and fair valuation
of material investments.
• Book value of the investments in POL India
Ltd. as compared to the carrying amount.
• Assessed the carrying value/fair value
calculations of all individually material
investments, where applicable, to
determine whether the valuations
performed by the Company were within an
acceptable range determined by us and the
auditor's valuation experts.
• Evaluated the adequacy of the disclosures
made in the Standalone Financial
Statements
Based on the information and explanations
obtained as above, we concluded that the
Management's judgement regarding indication
of impairment in certain investments during the
year is appropriate. Where there is indication of
impairment, we examined the approach taken
by management to determine the value of the
investments, analysed the methods and
assumptions applied by management to carry
out the impairment test and the reports
obtained from the experts in valuation.
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Assessment of carrying value of equity
investment in Bombay SEZ Pvt. Ltd.
(Refer Note No. 30 (a) Exceptional items)
The Company corrected earlier mis classifications
of non-recoverable investments in Bombay SEZ
Pvt. Ltd. (1.06 Cr), originally disclosed as
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We evaluated the management's impairment
assessment, verified supporting evidence of
liquidation, and assessed the classification and
presentation of the losses. We found the
accounting treatment and disclosures to be
appropriate and in compliance with applicable
Ind AS requirements.
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"Capital Loss - Miscellaneous Expenditure .
These investments were written off in FY 2024-
25 and reclassified as "Loss on impairment of
investments" in accordance with Ind AS 36 and
Ind AS 109.
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Write-off of Non-Recoverable Advance and
Investment
(Refer Note No. 30 (a) Exceptional items)
During prior years, the Company had made:
• An advance of 43,50,000/- towards land
purchase; and
• An investment of 8,447/-.
These were erroneously disclosed under the
head ''Capital Loss - Miscellaneous Expenditure"
under "Other Non-Current Assets" in the
financial statements for FY 2019-20.
In FY 2024-25, based on management
assessment of recoverability and corroborative
evidence indicating the amounts are
irrecoverable, the Company has:
• Corrected the classification and accounting
treatment;
• Fully written off the amounts; and
• Appropriately recognised the total amount of
43,58,447/- as "Loss on Non-Recovery of
Advance" in the Statement of Profit and Loss.
This adjustment is stated to be in compliance
with Ind AS (including Ind AS 109 - Financial
Instruments) and enhances fair presentation of
the financial statements.
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• We reviewed supporting documents and
correspondence related to the advance and
investment, and obtained management's
written representation on recoverability.
• Verified the original classification and the
reversal entries in the current year's general
ledger.
• Evaluated the Company's application of Ind AS
109 for derecognition and write-off of financial
assets.
• Ensured that the reclassification and
disclosures in Note 30 of the financial
statements were accurate and appropriate.
Based on our audit procedures, we found the
accounting treatment, write-off recognition,
and disclosure to be compliant with applicable
Ind AS and fairly presented.
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Loss on Non-Recovery of Advance Payment-
POL India Projects Ltd.
(Refer Note No. 30 (b) Exceptional items)
The Company had made a loan of 28,50,000/-
to POL India Projects Limited in prior years. This
amount was incorrectly presented as "Capital
Loss-Miscellaneous Expenditure" under "Other
Non-Current Assets" in the FY 2019-20 financial
statements.
During FY 2024-25, the Company reassessed the
recoverability of the said advance and concluded
that the loan was non-recoverable.
Consequently, the amount has now been fully
written off and reclassified under the head "Loss
on Non-Recovery of Advance" in the Statement
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• Obtained and reviewed relevant
documentation and board approvals relating
to the original advance.
• Evaluated management's assessment of
recoverability and verified evidence
indicating liquidation or default by POL India
Projects Ltd.
• Checked journal entries and general ledger
movement for correct classification and
presentation.
• Assessed compliance with Ind AS 1 and Ind
AS 109, particularly around impairment of
financial assets.
Based on audit evidence and review
procedures, we found the accounting
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of Profit and Loss.
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treatment and revised disclosure to be
appropriate and fairly stated. 1
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This change aligns with Ind AS recognition and
derecognition principles for financial assets,
specifically Ind AS 109, and ensures a fair and
transparent presentation of the Company's
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financial position
Loss incurred on account of vendor-related
irregularities
(Refer Note No. 30 (C) Exceptional items)
During the year under audit, the Company
recognised a cumulative loss of approximately
5.53 crores in respect of various vendor-related
transactions, which were subsequently identified
as fraudulent or non-genuine. These include:
Figures in crores
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• Obtained and reviewed managements
internal reports, GST communications, and
legal correspondence substantiating the
fraud and non-genuineness of vendors;
. Evaluated the reversal entries and
disclosures made in the financial statements
for consistency with applicable Ind AS and
provisions of the Companies Act, 2013,
. Verified the debit balances and write-off
entries appearing in the general ledger,
. Assessed whether the classification and
disclosures under "Loss incurred on account
of vendor-related irregularities" were
appropriately presented under Note 30 [as
per financial statements];
. Considered the implications, if any, on
internal financial controls over vendor due
diligence and accounting processes.
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ORLOV Solution
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*1.55
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DIRAOASIS Media and
Entertainments Private Limited.
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2.74
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Other (RHG Films, Rajeev Pandya,
Skyony Media Private Limited and
UYIMUI Infra Private Limited)
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1.25
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Initially, the transactions were accounted as
service expenses or advances for business
purposes. However, based on communications
from statutory authorities (including notices
under GST Section 73(5)), internal investigations,
and lack of service deliverables or traceability of
vendors, the Company determined the amounts
to be non-recoverable. The entire value was
written off as "Loss incurred on account of
vendor-related irregularities" under ’Exceptional
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Items ’
Given the magnitude and nature of these
adjustments, the involvement of multiple third
parties, and the judgment involved in assessing
recoverability and fraud, we considered this a key
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audit matter.
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Information Other than the Financial Statements and Auditor's Report Thereon
The Company’s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Company’s Annual Report, but does not
include the standalone financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of 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 including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the Ind AS and other accounting principles
generally accepted in India.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in
the Annexure A a statement on the matters specified in paragraphs 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 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 appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss including the Statement of Other
Comprehensive Income, the Cash Flow Statement and the Statement of Changes
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 ind as
specified under Section 133 of the Act. P
2025 taken on record as on march 31
Match 31 2025 from being appointed as a director in terms of Section
the Company and the operating effectiveness of such controls over financial reporting of
In Annexure B". our separate Report
g. 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 has disclosed the impact of pending litigations on its financial position in its
financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund.
For M/s Bhasin Hota & Co.
Chartered Accountants
Firm's
CA Akshay Suresh Joshi
Partner
Membership No.: 170787
UDIN: 25170787BMJOGI6977
Place: Mumbai
Date: 28.05.2025
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