Mar 31, 2023
SVP GLOBAL TEXTILES LIMITED
(Formerly known as SVP Global Ventures Ltd)
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of SVP GLOBAL TEXTILES LIMITED, (formerly known as SVP Global Ventures Ltd) ("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2023, the Standalone Statement of Profit and Loss (including other comprehensive income), Standalone Statement of Changes in Equity and Standalone Statement of Cash Flows for the year ended and notes to the financial statement, including a summary of the 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, 2013 ("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 and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, the profit & loss statement, total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone 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 (ICAI) together with the independence requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. 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.
Key Audit Matters
Key audit matters (''KAM'') are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Contingent Liability
The Company has various litigations pending before various authorities, the outcome of which are material but not practicable for the Company to estimate the timings of cash outflows, as well as per Legal opinions obtained by the Management of the Company, it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, hence the Company has disclosed them as contingent liability in Note AB 2. "Notes forming Part of Accounts".
Auditor''s Response
For legal, regulatory and tax matters our procedures included examining legal opinions obtained by management; meeting with management and examining relevant correspondence; discussing litigations with the Company''s legal counsel and tax head; assessing management''s conclusions through understanding precedents set in similar cases; and circularization, where appropriate, of confirmations to third party legal representatives regarding certain material cases. We also involved our internal tax specialists to gain an understanding and to determine the level of exposure for direct and indirect tax litigations of the Company, since the same are material litigations to the Company. The same has also been specified in the Annexure A to this auditor''s report. In light of the above, we examined the level of provisions recorded and assessed the adequacy of disclosures in financial statements.
Information Other than the Standalone 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 Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the standalone financial statements and our auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
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 Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone 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. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably 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 ("the Order") issued by the Central Government of India in terms of
Section 143(11) of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.
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 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Other Comprehensive Income, the Standalone Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.
d. In our opinion, the aforesaid Standalone financial statements comply with the (ind-AS) 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 March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
g. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended: In our opinion and to the best of our information and according to the explanations given to us, the Company has not paid any remuneration paid to its directors during the year and hence the question of payment of managerial remuneration in accordance with the provisions of section 197 of the Act within limits is not applicable.
h. 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, as amended 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 standalone financial statements.
Refer note number AB.2 of notes to account regarding disputed Income Tax Demands.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable
losses, if any, on long-term contracts including derivative contracts.
iii. There were no amounts which required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
(d) No dividend is paid during the year ended 31st March, 2023.
(e) As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the Company only w.e.f. April 1, 2023, reporting under this clause is not applicable.
For and on behalf of ADV & Associates
Chartered Accountants FRN.128045W
Sd/-
Prakash Mandhaniya
Partner
Membership No.: 421679 Place: Mumbai Dated: 30.05.2023 UDIN: 23421679BGYAQP4181
Mar 31, 2021
OPINION
We have audited the accompanying Standalone Financial Statements of SVP Global Ventures Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2021, and the statement of Profit and Loss (including Other Comprehensive Income), Statement of changes in equity and statement of cash flows for 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,2013 "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, 2021, and profit including total comprehensive income, changes in equity and its cash flows for the year ended on that date.
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 there under, 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 are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The Company has various litigations pending before various authorities, the outcome of which are material but not practicable for the Company to estimate the timings of cash outflows, as well as per Legal opinions obtained by the Management of the Company, it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, hence the Company has disclosed them as contingent liability in Note AA.2 "Notes forming Part of Accounts".
For legal, regulatory and tax matters our procedures included examining legal opinions obtained by management; meeting with management and examining relevant correspondence; discussing litigations with the Company''s legal counsel and tax head; assessing management''s conclusions through understanding precedents set in similar cases; and circularization, where appropriate, of confirmations to third party legal representatives regarding certain material cases.
We also involved our internal tax specialists to gain an understanding and to determine the level of exposure for direct and indirect tax litigations of the Company, since the same are material litigations to the Company. The same has also been specified in the Annexure A to this auditors report.
In light of the above, we examined the level of provisions recorded and assessed the adequacy of disclosures in financial statements.
INFORMATION OTHER THAN THE STANDALONE 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 Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the standalone financial statements and our auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
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, (changes in equity) 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. 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 implementation and maintenance of 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE 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. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
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 subsection (11) of section 143 of the Companies Act, 2013, we give in the Annexure "A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
1. 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 Indian Accounting Standards (Ind-AS) specified under Section 133 of the Act, read with Companies (Indian Accounting Standard) Rules, 2015 as amended.
(e) On the basis of the written representations received from the directors as on 31st March, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,2021 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the Company has not paid/not provided for any remuneration to its directors during the year. Hence, the Company has complied with the provisions of section 197 of the Act regarding payment of managerial remuneration within limits.
(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule11 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 AA "Notes Forming Part of Accounts" to the financial statements.
ii) The Company did not have any longterm 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 by the Company.
for Motilal & Associates LLP Chartered Accountants ICAI FRN: 106584W
(formerly known as Motilal & Associates)
Sd/-_
M H Jain Partner
Membership No.036811
Date : 29/06/2021
Place : Mumbai
UDIN : 21036811AAAAFK9523
Mar 31, 2018
Report on Standalone Financial Statement
Opinion
We have audited the standalone financial statements of SVP GLOBAL VENTURES LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31st March 2018, and the statement of Profit and Loss, (statement of changes in equity) and statement of cash flows for 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 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 March 31, 2018, and profit/loss, (changes in equity) and its cash flows 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 Auditorâs 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 there under, 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. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, (changes in equity) 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. 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 implementation and maintenance of 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Companyâs financial reporting process.
Auditorâs 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 auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Other Matter
The Comparative Financial Information of the Company for the year ended 31stMarch 2016 and the transition date opening balance sheet as at 1stApril 2016 included in these Ind AS financial statements, are based on the previously issued financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the us and have been restated to comply with Ind AS. Adjustments made to the said financial information prepared in accordance with the Companies (Accounting Standards) Rules, 2006 to comply with Ind AS have been audited by us.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), 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 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, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ.
h) With respect to the other matters to be included in the Auditorâs 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:
The Company has represented that there are no pending litigations. The Contingent Liabilities have been disclosed in Note X(2) to its 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 were no amounts which were required to be transferred, to the Investor Protection Fund by the Company
1. In respect of Companyâs Fixed Assets:
(a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
(c) The title deeds are held in the name of the Company
2. In respect of Inventories:
As explained to us, the Inventories has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. The discrepancies noticed on verification between the physical stocks and the book records were not material.
3. The companies has granted loans to company covered in the register maintained under section 189 of Companies Act, 2013. The terms and condition of the grant of such loan are not prejudicial to the companyâs Interest. At the year end, no loan given were outstanding.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities , as applicable.
5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits in contravention of Directives issued by Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under, where applicable . No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
6. We have broadly reviewed the books of accounts and records maintained by the company pursuant to the rules prescribed under section 148(1) of the Act for maintenance of cost records in respect of manufacture of products and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however made a detailed examination of the records with a view to determine whether they are accurate or complete.
7. In respect of Statutory Dues:
According to the information and explanation given to us, in respect of statutory dues:
(a) According to the records of the company the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employeesâ state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, Cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, Service Tax, sales tax, custom duty, excise duty and Cess were in arrears, as at 31st March, 2018 for a period of more than six months from the date they became payable,
(c) According to the information and explanations given to us, there are no dues of sales tax, income tax, custom duty,wealth tax, excise duty and Cess that have not been deposited with appropriate authorities on account of any dispute
8. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion, the company has not defaulted in repayment of dues to a financial Institution, bank, Government.
9. The company has not raised moneys by way of initial public offer or further public offer or term loans during the year (including debt instrument) hence this clause is not applicable.
10. Based upon the audit procedures performed and according to the information and explanations given to us, no fraud by the company or any fraud on the company by its officers or employees has been noticed or reported during the course of our audit, that causes the financial statements to be materially misstated.
11. In our opinion and according to the information and explanation given to us, the company has not paid any managerial remuneration.
12. The company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable.
13. Based upon the audit procedures performed and according to the information and explanations given to us, All transactions with related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial statements etc. as required by the applicable accounting standards.
14. The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review hence, clause 3(xiv) is not applicable to company and hence not commented upon.
15. The company has not entered into any non-cash transactions with directors or persons connected with him and hence provision of Section 192 of the Act are not applicable.
16. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of SVP Global Ventures Limited (âthe Companyâ) as of 31 March 2018.
Managementâs Responsibility for Internal Financial Controls
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Inter Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and Meaning of internal financial control over Financial Reporting were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an aud it of I nte rn a l Fi nan cia l Controls a nd, both issu ed by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorsâ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
For Motilal & Associates
Chartered Accountants
FRN: 106584W
Sd/-
CA. Mokshesh Shah, Partner
Membership No. 172906
Date: 30/05/2018
Place : Mumbai
Mar 31, 2016
Report on Financial Statement
We have audited the accompanying financial statements of SVP Global Ventures Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2016, and 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 act, as applicable. This responsibility also includes maintenance of adequate accounting records in accordance with the preparation of the Act for safeguarding 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 under the 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, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. 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. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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
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 31st March, 2016, and its profit/loss and its cash flow for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. 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 maintained for the purpose of preparation of these financial statement.
(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) There is no matter described under the emphasis of matters paragraph above, in our opinion, may have an adverse effect on the functioning of the company
(g) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164
(2) of the Act.
(h) With respect to the adequacy of the Internal Financial Controls over financial reporting of the company and operating effectiveness of such controls, refer to our separate report in Annexure ''A''. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the company''s internal financial controls over financial reporting.
(i) 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 does not have any pending litigations.
ii. The Company does not have any long-term contracts including derivative contracts
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
2. 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 of the Companies Act, 2015, we give in the ''Annexure B'' statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
We have audited the internal financial controls over financial reporting of SVP Global Ventures Limited (''the Company'') as of 31 March 2016.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the ''Guidance Note'') and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.(c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
1. In respect of Company''s Fixed Assets:
Reports on Companies (Auditor''s Report) Order, 2016(''the Order'') issued by the Central Government in terms of Section 143(11) of the Companies Act, 2013 (''the Act'') of SVP Global Ventures Limited:
(a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
(c) The title deeds of immoveable properties are held in the company.
2. As explained to us, the Inventories has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. The discrepancies noticed on verification between the physical stocks and the book records were not material.
3. The companies has granted loans to company covered in the register maintained under section 189 of companies Act, 2013.
a). The terms and condition of the grant of such loan are not prejudicial to the company''s Interest.
b). No schedule of repayment of principal and payment of interest has been stipulated.
c). No Schedule of repayment of principal and payment of interest has been stipulated and therefore the question of overdue amounts does not arise. Though Company has informed that the reasonable steps have been taken for recovery of the principal and interest.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities , as applicable.
5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits in contravention of Directives issued by Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under, where applicable . No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
6. Reporting under clause 3(vi) of the Order is not applicable as the Company''s business activities are not covered by the Companies (Cost Records and Audit) Rules, 2014.
7. According to the information and explanation given to us, in respect of statutory dues:
(a) According to the records of the company the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, Cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, Service Tax, sales tax, custom duty, excise duty and Cess were in arrears, as at 31st March, 2016 for a period of more than six months from the date they became payable,
(c) According to the information and explanations given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and Cess that have not been deposited with appropriate authorities on account of any dispute.
8. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion, the company has not defaulted in repayment of dues to a financial institution, bank, Government or dues to debenture holders.
9. The company has not raised moneys by way of initial public offer or further public offer (including debt instrument) and term loans.
10. Based upon the audit procedures performed and according to the information and explanations given to us, no fraud by the company or any fraud on the company by its officers or employees has been noticed or reported during the course of our audit, that causes the financial statements to be materially misstated.
11. In our opinion and according to the information and explanation given to us, the company has not paid any managerial remuneration
12. The company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable.
13. Based upon the audit procedures performed and according to the information and explanations given to us, All transactions with related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial statements etc. as required by the applicable accounting standards.
14. The company has made preferential allotment during the year under review and the company has complied with provisions of the Act. The funds have been utilized for the purpose it had been raised.
15. The company has not entered into any non-cash transactions with directors or persons connected with him and hence provision of Section 192 of the Act are not applicable.
16. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For Shah Parmar & Mehta.
Chartered Accountants
FRN: 141689W
Sd/-CA. Sanjay Shah,
Partner
Membership No.116251
Date : 30/05/2016
Place : Mumbai
Mar 31, 2015
Report on Standalone Financial Statement
We have audited the accompanying financial statements of SVP Global
Ventures Limited (Formerly known as Scenario Media Limited) ("the
Company") and its subsidiaries, which comprise the Balance Sheet as at
March 31, 2015, and 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 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
preparation of the Act for safeguarding 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, but not for
the purpose of expressing an opinion on whether the Company has in
place an adequate internal financial control system over financial
reporting and the operating effectiveness of such controls. 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
qualified audit opinion on the standalone financial statements. Our
responsibility is to express an opinion on these consolidated financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to
the Company's preparation and fair presentation of the consolidated
financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion
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, of the state of affairs of the Company as
at 31st March, 2015, and its profit/loss and its cash flow for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. 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, 2015, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
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 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 does not have any pending litigations;
ii. The Company has not entered into any long-term contracts including
derivative contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
The Annexure referred to in our Report of even date to the members of
SVP Global Ventures Limited (Formerly known as Scenario Media Limited)
on the accounts of the company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, the Inventories has been physically
verified during the year by the management. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of Inventories
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 and according to the information and explanation
given to us, the Company has maintained proper records of its
Inventories. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3. 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 New Act. Therefore, the provisions of the said
order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods and sale of services. During the
course of our audit, no major instance of continuing failure to correct
any weaknesses in the internal controls has been noticed.
5. The company has not accepted any deposit from public.
6. The Central Govt of India has not prescribed the maintenance of
cost record under section 148(1) of the Act for any of the Services
rendered by the company.
7. In respect of statutory dues
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
(c) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
8. The Company does not have any accumulated losses at the end of the
financial year and it has not incurred cash losses in the financial
year and in the immediately preceding financial year.
9. The company did not have any outstanding dues to any financial
institution, banks or debenture holder during the year.
10. In our opinion, and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others and banks or financial institutions.
11. The company did not have any term loans outstanding during the
year.
12. According, to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported during
the course of audit.
For Sanjay N. Shah & Co.
Chartered Accountants
FRN:124897W
Sd/-
Date : 30st May, 2015 CA. Sanjay Shah, Proprietor
Place : Mumbai Membership No.116251
Mar 31, 2014
We have audited the accompanying financial statements of SVP Global
Ventures Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, and the Statement of Profit and Loss for the year
then ended, and a summary of significant accounting policies and other
explanatory information, which we have signed under reference to this
report.
Management Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flow of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act").read with the general
circular 15/2013 dated 13 september 2013,Ministry of corporate affairs
,in respect of section 133 of the companies act 2013, This
responsibility includes the design, implementation and maintenance of
internal control 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.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 disclosures in the financial statements. The procedures
selected depend on the auditorÂs 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 control relevant to the CompanyÂs
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, 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
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date. b) in the case of the Cash flow,Statement of
the cash flow for the year ended on that date
Report on Other and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose 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, Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss
comply with the Accounting Standard Notified under the act read with
the general circular 15/2013 dated 13 september 2013 issued by the
ministry of corporate affaire in respect of section 133 of the
companies act 2013.and
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in our Report of even date to the members of
SVP Global Ventures Limited on the accounts of the company for the year
ended 31st March, 2014
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of its fixed assets
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of its Inventories
(a) As explained to us, the Inventories has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of Inventories
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 and according to the information and explanation
given to us, the Company has maintained proper records of its
Inventories. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3. (a) In our opinion and according to the information and explanation
given to us the rate of interest and other terms and conditions on
which the loan have been granted are not prima facie prejudicial to
the interest of the company.
(b) The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest. The parties
had repaid principal and interest amounts wherever stipulated.
(c) The Company has given loan to companies, Firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956.
(d) The Company has taken loan from the companies, Firm, Party covered
in the register maintained under section 301 of the Companies Act,
1956.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. In respect of Transaction
(a) According to the information and explanations provided by the
management, we are of the opinion that the particular of contract or
arrangement referred to in section 301 of the Companies Act, 1956, that
need to be entered into the register maintained under section 301 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding rupees five lakhs each have been
made at prices, which are reasonable having regard to prevailing market
prices at the relevant time.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. The company does not have an internal audit system.
8. The Central Govt of India has not Prescribed the maintenance of cost
record under section 209(1) (d) of the Act for any of the Services
rendered by the company
9. In respect of statutory dues
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, cess to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 2014 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current financial year.
11. The company did not have any outstanding dues to any financial
institution, banks or debenture holder during the year
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(AuditorÂs Report) Order, 2003 (as amended) is not applicable to the
Company.
14. The Company has maintained proper records with regards to its
transactions and contracts in respects of investments in shares and
other securities and timely entries have been made therein. All these
shares and other securities have been held by the company in its own
name, except to the extent of exemption granted under Section 49 of the
Companies Act, 1956 and for certain shares which are lodged for
transfer or held with valid transfer forms.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. The Company did not have taken any term loans outstanding during
the year.
17. The company has not raised any fund on short term basis.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has received equity share application money towards preferential
allotment of shares during the year from parties and companies
(Scenario Communication Pvt Ltd) pending allotment of Rs 6,81,75,000/-
covered in the register maintained under sec.301 of the Act.
19. The company did not have any outstanding debenture during the year.
20. The Company has not raised any money by Public Issue during the
year.
21 According to the information and explanations given to us, based
upon the audit procedures performed and representations made by the
management, we report that no material fraud on or by the Company has
been noticed or reported during the course of our Audit.
For Sanjay N. Shah & Co.
Chartered Accountants
FRN:124897W
Sd/-
Date: 31st May 2014 CA. Sanjay Shah, Proprietor
Place : Mumbai Membership No.116251
Mar 31, 2013
Report on the Financial Statements
1.We have audited the accompanying financial statements of M/s. SVP
Global Ventures Ltd. which comprise the Balance Sheet as at 31st March,
2013, and 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
2. Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control 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
1. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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.
2. An audit involves performing procedures to obtain audit evidence
about the amounts and 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 control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
3. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
1. In our opinion and to the best of our information and according to
the explanations given to us, the 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 the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose 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 and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account [and with the returns received from branches not visited by us;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
g) Attention is drawn on the following point:
That the balance of debtors, creditors, loans and advances are subject
to confirmation by respective parties.
ANNEXURE Referred to in para 1 of our report of even date: -
(i) (a) The Company has generally maintained proper records showing
full particulars including quantitative details and situation of fixed
assets
(b) The fixed assets have been physically verified by the management
and no material
discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets have been disposed off
by the Company during the year.
(ii) (a) Physical verification has been conducted by the management at
reasonable intervals in respect of inventory. (b) In our opinion the
procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and nature of the business.
(c) In our opinion and according to information and explanation given
to us the company is maintaining proper records of inventory.
(d) No material discrepancies have been noticed on physical
verification of stocks as compared to books and records.
(iii) (a) The Company has taken loans from two parties listed in
registers maintained under section 301 of the Act. In our opinion, the
rate of interest and other terms and conditions of such loans are not
prima facie, prejudicial to the interest of the company. The Company
has also given loan to the company listed in register maintained under
section 301 of the Companies Act, 1956. In our opinion in the absence
of specified terms and conditions we are unable to comment whether
there are prima facie prejudicial to the interest of company.
(iv) In our opinion & according to the information & explanations given
to us, there are internal control procedures commensurate with size of
the company & the nature of its business with the regard to purchase of
inventory and fixed assets and for the sale of goods.
(v) (a) In our opinion & according to the information & explanations
given to us, the transactions that need to be entered into the Register
maintained under section 301 of the Act, have been so entered.
(b) In our opinion & according to the information & explanations given
to us, transactions made in pursuance of contracts or arrangements
entered into the register in pursuance of Section 301 of the Act, and
exceeding the value Rupees five lacs in respect of any party during the
year have been made at prices which are reasonable having regards to
the prevailing market prices at the relevant time.
(vi) The Company has not accepted Deposits from the public. The
directives issued by the Reserve Bank of India and the provisions of
section 58A and 58AA of the Companies Act 1956 and the Companies
(Acceptance of Deposits) Rules 1975 are not applicable to the Company.
(vii) In our opinion, the Company have adequate internal audit system
commensurate with the size and nature of it''s business.
(viii) The provisions relating to the maintenance of Cost Records u/s
209(1 )(d) of the Companies Act, 1956 is not applicable to the Company.
(ix) (a) According to the information and explanations given to us and
records of the company examined by us, in our opinion, the company is
regular in depositing undisputed statutory dues in respect of
profession tax, income-tax, investor education and protection fund,
wealth tax, cess and other material statutory dues as applicable, with
the appropriate authorities.
(b) According to the information and explanation given to us no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Custom Duty, and Excise duty were outstanding as at 31st March,
2013 for a period of more than 6 months from the date they become
payable.
(c) According to the information and explanation given to us there is
no disputed amount of Income Tax/Wealth Tax/Sales Tax/Custom
Duty/Excise duty and cess
(x) The Company has no accumulated losses and the company has not
incurred any cash losses during the financial year carried by our audit
and the immediately preceding financial year.
(xi) The Company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
(xii) In our opinion & according to the information & explanations
given to us the company has not granted loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Company is not a Chit fond, nidhi, mutual benefit fond or a
society.
(xiv) In our opinion & according to the information & explanations
given to us the company is not dealer or trader in shares and
securities.
(xv) According to the information given to us, the Company has not
given any guarantee for loans taken by others from banks or financial
institutions.
(xvi) The Company has not obtained any term loans.
(xvii) According to the information given to us, the company has not
made any preferential allotment of shares to parties and companies
covered in the Register maintained under Section 301 of the Act.
(xviii) According to records examined by us and the information and
explanations given to us, on an overall basis, funds raised on short
term basis have, prima facie, not been used during the year for long
term investment and vice versa.
(xix) The Company has not issued any debenture.
(xx) The Company has not raised any money by any public issue.
(xxi) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For MURARILAL AGARWAL & ASSOCIATES
Chartered Accountants
Sd/-
Proprietor
M.No.34399
Place : Mumbai
Date :30th May, 2013
Mar 31, 2012
(1) We have audited the attached Balance sheet of M/S. SVP Global
Ventures Limited (Formerly known as Scenario Media Ltd). As at 31st
March 2012 and also the Profit & Loss Account and Cash Flow Statement
of the Company for the year ended on that date annexed thereto. These
financial statements are responsibility of the company management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
(2) We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes
(a) examining, on a test basis, evidence to support the financial
statement amounts and disclosures in the financial statement
(b) assessing the accounting principles used in the preparation of
financial statements
(c) assessing significant estimates made by the management in the
preparation of the financial statements, and,
(d) Evaluating overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
(3) As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraph 4 and 5 of the said
order.
(4) Further we report that:
(a) During the year the company has reduced the rate of depreciation on
brand and copy right from 10% to 5% on Straight Line Basis, consequent
upon that profit is overstated by Rs. 7,97,747/- and also assets is
overstated by the same amount.
(b) We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purposes of
our audit;
(c) 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 the
books of the company;
(d) The Balance Sheet ,the Profit and Loss Account and cash flow
statement referred to in this report are in agreement with the books of
account of the Company;
(e) In our opinion, the accounts comply with the accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 Except as listed in clause (f) below.
(f) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, in our
opinion, non of the directors is disqualified from being appointed as
director u/s 274(l)(g) of Companies Act, 1956;
(g) Attention is drawn on the following points:
That balances of debtors. Creditors, loans & advances are subject to
confirmation by the respective parties.
(h) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Profit & Loss
Account, together with other notes thereon, subject to note (4) (a)
above, give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:-
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012, and
(ii) In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date.
(iii) In case of the cash flow statement, of the cash flows for the
year ended on that date.
Referred to in para 1 of our report of even date: -
(i) (a) The Company has generally maintained proper records showing
full particulars including quantitative details and situation of fixed
assets
(b) The fixed assets have been physically verified by the management
and no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets have been disposed off
by the Company during the year.
(ii) (a) Physical verification has been conducted by the management at
reasonable intervals in respect of inventory.
(b) In our opinion the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and nature of the business.
(c) In over opinion and according to information and explanation given
to us the company is maintaining proper records of inventory.
(d) No material discrepancies have been noticed on physical
verification of stocks as compared to books and records.
(iii) (a) The Company has taken loans from twelve parties listed in
registers maintained under section 301 of the Act. In our opinion, the
rate of interest and other terms and conditions of such loans are not
prima fade, prejudicial to the interest of the company. The Company has
also given loan to the company listed in register maintained under
section 301 of the Companies Act, 1956. In our opinion in the absence
of specified terms and conditions we are unable to comment whether
there are prima facie prejudicial to the interest of company.
(iv) In our opinion & according to the information & explanations given
to us, there are internal control procedures commensurate with size of
the company & the nature of its business with the regard to purchase of
inventory and fixed assets and for the sale of goods.
(v) (a) In our opinion & according to the information & explanations
given to us, the transactions that need to be entered into the Register
maintained under section 301 of the Act, have been so entered.
(b) In our opinion & according to the information & explanations given
to us, transactions made in pursuance of contracts or arrangements
entered into the register in pursuance of Section 301 of the Act, and
exceeding the value Rupees five lacs in respect of any party during the
year have been made at prices which are reasonable having regards to
the prevailing market prices at the relevant time.
(vi) The Company has not accepted Deposits from the public. The
directives issued by the Reserve Bank of India and the provisions of
section 58A and 58AA of the Companies Act 1956 and the Companies
(Acceptance of Deposits) Rules 1975 are not applicable to the company.
(vii) In our opinion, the company have adequate internal audit system
commensurate with the size and nature of it's business.
(viii) The provisions relating to the maintenance of Cost Records u/s
209(l)(d) of the Companies Act, 1956 is not applicable to the Company.
(ix) (a) According to the information and explanations given to us and
records of the company examined by us, in our opinion, the company is
regular in depositing undisputed statutory dues in respect of
profession tax, income-tax, investor education and protection fund,
wealth tax, cess and other material statutory dues as applicable, with
the appropriate authorities.
(b) According to the information and explanation given to us no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Custom Duty, and Excise duty were outstanding as at 31st March,
2012 for a period of more than 6 months from the date they become
payable.
(c) According to the information and explanation given to us there is
no disputed amount of Income Tax/Wealth Tax/Sales Tax/Custom
Duty/Excise duty and cess
(x) The Company has no accumulated losses and the company has not
incurred any cash losses during the financial year carried by our audit
and the immediately preceding financial year.
(xi) The Company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
(xii) In our opinion & according to the information & explanations
given to us the company has not granted loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Company is not a Chit fund, nidhi, mutual benefit fund or a
society.
(xiv) In our opinion & according to the information & explanations
given to us the company is not dealer or trader in shares and
securities.
(xv) According to the information given to us, the Company has not
given any guarantee for loans taken by others from banks or financial
institutions.
(xvi) The Company has not obtained any term loans.
(xvii) According to the information given to us, the company has not
made any preferential allotment of shares to parties and companies
covered in the Register maintained under Section 301 of the Act.
(xviii) According to records examined by us and the information and
explanations given to us, on an overall basis, funds raised on short
term basis have, prima facie, not been used during the year for long
term investment and vice versa.
(xix) The Company has not issued any debenture.
(xx) The Company has not raised any money by any public issue.
(xxi) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For MURARILAL AGARWAL
Chartered Accountants
Sd/-
Proprietor
M.No. 34399
Place: Mumbai
Date: 05/09/2012
Mar 31, 2010
(1) We have audited the attached Balance sheet of M/S. SCENARIO MEDIA
LIMITED, as at 31st March 2010 and also the Profit & Loss Account and
Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are responsibility of the
company management. Our responsibility is to express an opinion on
these financial statements based on our audit.
(2) We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes
(a) examining, on a test basis, evidence to support the financial
statement amounts and disclosures in the financial statement
(b) assessing the accounting principles used in the preparation of
financial statements
(c) assessing significant estimates made by the management in the
preparation of the financial statements, and,
(d) evaluating overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
(3) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraph 4 and 5 of the said
order.
(4) Further we report that:
(a) We have 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 the
books of the company;
(c) The Balance Sheet , the Profit and Loss Account and cash flow
statement referred to in this report are in agreement with the books of
account of the Company;
(d) In our opinion, the accounts comply with the accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 Except as listed in clause (f) below.
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, in our
opinion, non of the directors is disqualified from being appointed as
director u/s 274(1 )(g) of Companies Act, 1956;
(f) Attention is drawn on the following point
That balances of debtors. Creditors, loans & advances are subject to
confirmation by the respective parties.
(g) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Profit & Loss
Account, together with other notes thereon, give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India: -
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010, and
(ii) In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date.
(iii) In case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE
Referred to in para 1 of our report of even date: -
(i) (a) The Company has generally maintained proper records showing
full particulars including quantitative details and situation of its
fixed assets.
(b) The fixed assets have been physically verified by the management
and no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed assets have been disposed off
by the Company during the year.
(ii) (a) Physical verification has been conducted by the management at
reasonable intervals in respect of inventory.
(b) In our opinion the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and nature of the business.
(c) In our opinion and according to the information and explanation
given to us the Company is maintaining proper records of inventory.
(d) No material discrepancies have been noticed on physical
verification of stocks as compared to books and records.
(iii) (a) The Company has taken loans from nine parties listed in
registers maintained under section 301 of the Act. In our opinion, the
rate of interest and other terms and conditions of such loans are not
prima facie, prejudicial to the interest of the company. The Company
has also given loan to the company listed in register maintained under
section 301 of the Companies Act, 1956. In our opinion in the absence
of specified terms and conditions we are unable to comment whether
there are prima facie prejudicial to the interest of company.
(iv) In our opinion & according to the information & explanations given
to us, there are internal control procedures commensurate with size of
the company & the nature of its business with the regard to purchase of
inventory and fixed assets and for the sale of goods.
(v) (a) In our opinion & according to the information & explanations
given to us, the transactions that need to be entered into the Register
maintained under section 301 of the Act, have been so entered.
(b) In our opinion & according to the information & explanations given
to us, transactions made in pursuance of contracts or arrangements
entered into the register in pursuance of Section 301 of the Act, and
exceeding the value Rupees five lacs in respect of any party during the
year have been made at prices which are reasonable having regards to
the prevailing market prices at the relevant time.
(vi) The Company has not accepted Deposits from the public. The
directives issued by the Reserve Bank of India and the provisions of
section 58A and 58AA of the Companies Act 1956 and the Companies
(Acceptance of Deposits) Rules 1975 are not applicable to the Company .
(vii) In our opinion, the company have adequate internal audit system
commensurate with the size and nature of its business.
(viii) The provisions relating to the maintenance of Cost Records u/s
209(1 )(d) of the Companies Act, 1956 is not applicable to the Company.
(ix) (a) According to the information and explanations given to us and
records of the company examined by us, in our opinion, the company is
regular in depositing undisputed statutory dues in respect of
profession tax, income-tax, investor education and protection fund,
wealth tax, cess and other material statutory dues as applicable, with
the appropriate authorities.
(b) According to the information and explanation given to us no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Custom Duty, and Excise duty were outstanding as at 31st March,
2010 for a period of more than 6 months from the date they become
payable.
(c) According to the information and explanation given to us there is
no disputed amount of Income Tax/Wealth Tax/ Sales Tax/ Custom
Duty/Excise duty and Cess.
(x) The Company has no accumulated losses and the company has not
incurred any cash losses during the financial year covered by our audit
and the immediately preceeding financial year.
(xi) The Company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
(xii) In our opinion & according to the information & explanations
given to us the company has not granted loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Company is not a Chit fund, nidhi, mutual benefit fund or a
society.
(xiv) In our opinion & according to the information & explanations
given to us the company is not a dealer or trader in shares and
securities.
(xv) According to the information given to us, the Company has not
given any guarantee for loans taken by others from banks or financial
institutions.
(xvi) The Company has not obtained any term loans.
(xvii) The Company has not obtained any short term loans.
(xviii) According the information and explanation given to us and on
over all examination of Balance Sheet of the Company, no fund raised on
short term basis has been used for long term investment.
(xix) According to the information given to us, the company has not
made any preferential allotment of shares to parties and companies
covered in the Register maintained under Section 301 of the Act.
(xx) According to records examined by us and the information and
explanations given to us, on an overall basis, funds raised on short
term basis have, prima facie, not been used during the year for long
term investment and vice versa.
(xxi) The Company has not issued any debenture.
(xxii) The Company has not raised any money by any public issue.
(xxiii) During the course of our examination of the books and records
of the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For MURARILAL AGARWAL
Chartered Accountant
Sd/-
Murarilal Agarwal
Proprietor
M.NO.34399
Place: Mumbai
Date : 04/09/2010