| We have audited the accompanying financial statements of Rama Vision
Limited ("the Company") which comprise the Balance Sheet as at 31 March
2015, the Statement of Profit and Loss and Cash Flow Statement for the
year then ended and 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 Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these 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 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 underthe provisions of the Act and the Rules made
there under.
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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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, of the state of affairs of the Company as
at 31 st March, 2015, and its Profit and its cash flows for the year
ended on that date.
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, 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 ouraudit.
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 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) In our opinion, the internal financial controls over financial
reporting of the Company and the operating effectiveness of such
controls are adequate.
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- Refer Note 19 to the
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 has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure referred to in paragraph (11 under the heading of "Report on
Other Legal and Regulatory requirements" of our report of even date
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the fixed assets have been physically verified by the
management according to a regular program, which, in our opinion, is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies with respect to book records were
noticed on such verification.
(ii) (a) Physical verification of inventory (except material in transit)
has been conducted by the management at reasonable intervals. In our
opinion, the frequency of verification is reasonable.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
(c) The company is maintaining proper records of inventory.
Discrepancies noticed on verification of inventory as compared to book
records were not material.
(iii) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act and as such clauses (iii) (a) and (b), of
the order are not applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for sale of
goods and services. During the course of our audit, no majorweakness
has been noticed in the internal control system.
(v) According to the information and explanation given to us, the
company has not accepted any deposit from the public. Therefore, the
provisions of clause (v) of the order are not applicable to the
company.
(vi) The Central Government has not specified maintenance of cost
records under sub section (1) of Section 148oftheActin respect of
products dealt with bythe company.
(vii) (a) The company is generally regular in depositing with the
appropriate authorities undisputed statutory dues including provident
fund, employees state insurance, income tax, sales tax, wealth tax,
service tax, duty of custom, duty of excise, value added tax, cess and
any other statutory dues applicable to it. According to the information
and explanations given to us, no undisputed amounts payable in respect
thereof were outstanding as at 31 st March,2015 for a period of more
than six months from the date they became payable.
(b) According to the records of the company, dues of income-tax or
Sales tax or wealth-tax or service tax or duty of custom or duty of
excise or value added tax or cess which have not been deposited on
account of any dispute are as under:-
S. Name of the Nature of dues Period to which
No. statute amount relates
1 Central Excise Act Excise duty demand 01.04.1997 to 30.09.1997
2 Service Tax Act Service tax 01.04.2000 to 31.03.2003
3 Income Tax Act Tax & Interest Assessment year 2009-10
4 Income TaxAct Tax&Interest Assessment year 2013-14
S. Name of the Amount Forum where dispute is
No. statute Rs. pending
1 Central Excise Act 1150415 Excise & Customs, Service Tax
Appellate Tribunal, New Delhi
604700 Excise & Customs, Service Tax
2 Service Tax Act Appellate Tribunal, New Delhi
1802393 Assessing officer
3 Income Tax Act
341955 Assessing officer
4 Income TaxAct
(c) No amount was required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made there under.
(viii) The accumulated lossess at the end of the financial year were
less than fifty percent of its not worth. The company has not incurred
any cash losses during the financial year and in the immediately
preceeding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
(x) In our opinion, the company has not given guarantee for loans taken
by others from banks or financial institutions.
(xi) In our opinion, the term loans have been applied for the purposes
for which they were obtained.
(xii) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For B.K. SHROFF & Co.
Chartered Accountants
Firm Registration No. 302166E
Sd /-
O. P. SHROFF
Place : New Delh PARTNER
Dated : 14th May, 2015 Membership No.: 6329
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