TO
THE MEMBERS OF
VISION CORPORATION LIMITED
Report on the Audit of the Ind AS Financial Statements
I have audited the accompanying Ind AS financial statements of VISION CORPORATION
LIMITED (the Company), which comprise the Balance sheet as at 31 March 2023, the
Statement of profit and loss the Statement of Changes in Equity and the Statement of Cash
Flows for the year ended, and summary of thesignificant accounting policies and other
explanatory information.
Managements Responsibility for the Ind AS Financial Statements
The Companys 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 and
presentation of these financial statements that give a true and fair view of the state of
affairs, profit/loss and other comprehensive income changed in equity and cash flow of the
company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards specified in the Companies (IndianAccounting
Standard) Rules, 2015 (as amended) 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 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.
In preparing the financial statements, management is responsible for assessing the
Companys 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.
AUDITORS RESPONSIBILITY
I 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 madethere under.
I conducted my audit of the Ind AS financial statements in accordance with the
Standards on Auditing specified under Section 143(10) of the Act. Those standards require
that I 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 auditors
judgment, including the assessment of the risks of material misstatement of the IND AS
financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal financial control relevant to the Companys preparation of the
standalone IND AS financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by management, as well as evaluating the overall presentation of
the financial statements.
I am also responsible to conclude on the appropriateness of managements 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 entitys ability to continue as a going concern.If we conclude that a
material uncertainty exists, we are required to draw attention in the auditors report to
the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify the opinion. Our conclusions are based on the audit evidence
obtained up to the date of the auditors report. However, future events or conditions may
cause an entity to cease to continue as a going concern.
I believe that the audit evidence I have obtained is sufficient and appropriate to
provide a basis for my audit qualified opinion on the Ind AS financial statements.
Basis for Qualified Opinion
The Company has not accounted for liability for gratuity and leave encashment for the
year ended 31 March 2023 this is not in accordance with the requirements of Ind AS 19 -
Employee Benefits which requires the Company to accounted for actuarial liability of
gratuity and leave encashment, I am unable to quantify the amount adjustments to these Ind
AS financial statements as the Company has not carried out actuarial valuation of gratuity
and leave encashment.
Qualified Opinion
In my opinion and to the best of my information and according to the explanations given
to us, except for the possible effects of the matter described in the Basis for Qualified
Opinion paragraph the aforesaid Ind AS 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 2023, its loss and other comprehensive income, changes in equity and its
cash flows for the year endedon that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditors 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, 2013, I give in the "Annexure A" statement on the matters
specified in paragraph 3 and 4 of the Order, toextent applicable.
2. As required by Section 143(3) of the Act, I report that:
a. I have sought and obtained, except for the matters described in the Basis for
Qualified Opinion paragraph, all the information and explanations which to the best of my
knowledge and belief Ire necessary for the purposes of my audit.
b. Except for the matters described in the Basis for Qualified Opinion paragraph in my
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, the Cash Flow Statement and
Statement of Changes in Equity dealt with by this Report are in agreement with the booksof
account;
d. Except for the matters described in the Basis for Qualified Opinion paragraph, the
aforesaid standalone Ind AS financial statements comply with the Indian Accounting
Standards prescribed under section 133 of the Act.
e. The qualification relating to the maintenance of accounts and other matters
connected therewith are as stated in the Basis for Qualified Opinion paragraph above.
f. On the basis of the written representations received from the directors as on 31
March 2021, taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March 2023, 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 my
separate report in "Annexure B"; and
h. with respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in my opinion
and to thebest of my information and according to the explanations given to us :
i. The pending litigations as disclosed in Note No. 24 of Financial Statements would
notimpact financial position of the Company.
ii. The Company did not have any long term contracts including derivative contracts
forwhich there Ire any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to
theInvestor Education and Protection Fund by the Company.
For M/s Bhasin Hota & Co
Chartered Accountants
FRN 509935E
Sd/-
CA Akshay Joshi
MRN 170787
Place Mumbai
Date 30.05.2023 UDIN :
ANNEXURE - A TO THE AUDITORS REPORT.
The Annexure referred to in my Independent Auditors Report to the members of the
Company on the Financial Statements for the year ended 31st March, 2023, I
report that:
I. Fixed Assets
a) The company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
b) All fixed assets have been physically verified by the management during the year and
there is a regular activity of verification which, in my opinion, is reasonable having
regard to the sizeof the company and the nature of its assets. No material discrepancies
Ire noticed on such verification
c) According to the information and explanations given to us and on the basis of my
examination of the records of the Company, the title deeds of immovable properties are
heldin the name of the Company.
II. Inventories
a) The inventories have been physically verified by the management at reasonable
intervals during the current year. The discrepancies noticed on verification between the
physical stocks and the book records are not material and have been properly dealt with in
the books of accounts. In my opinion, the frequency of verification is reasonable.
iii. The Company has not granted any loans to body corporate covered in the register
maintained under section 189 of the Companies Act, 2013 (the Act).
a) In my opinion, the rate of interest and other terms and conditions on which the
loans had been granted to the body corporate listed in the register maintained under
Section 189 of the Act are not, prima facie, prejudicial to the interest of the Company.
b) In the case of the loans granted to the body corporate listed in the register
maintained under section 189 of the Act, the barrios have been regular in the payment of
the principal and interest as stipulated.
c) There are no overdue amounts in respect of the loan granted to a body corporate
listed in the register maintained under section 189 of the Act.
iv. In my 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, with respect
to the loans and investments made.
v. In my opinion and according to the information and explanations given to us ,the
Company has not accepted any deposits from the public covered under section 73 to 76 of
the companies Act 2013.
vi. I have broadly reviewed the records maintained by the company pursuant to companies
(Cost Records and Audit) Rules, 2014 prescribed by the Central Government under
Sub-section (1) of section 148 of the Companies Act, 2013 and we are of the opinion that
prima facie the prescribed accounts and records have been made and maintained. I have not,
however, made a detailed examination of the records with a view to determine whether they
are accurate or complete.
vii. a. According to the information and explanation given to us and on the basis of my
examination of the records of the Company, amounts deducted/accrued in the books of
account in respect of undisputed statutory dues including provident fund, income tax,
sales tax, value added tax, duty of customs, service tax, cess and other material
statutory dues have been regularly deposited during the year by the Company with the
appropriate authorities. As explained to us, the Company did nothave any dues on account
of employees state insurance and duty of excise.
According to information and explanations given to us, no undisputed amounts payable in
respect of provident fund, income tax, sales tax, value added tax, duty of customs,
service tax, cess and other material statutory dues are in arrears as at 31 March 2023 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 are no material
dues of dutyof customs which have not been deposited with the appropriate authorities on
account of any dispute. However, according to information and explanations given to us,
the following dues of income tax, sales tax, duty of excise, service tax and value added
tax have not been deposited by the Company on account of disputes:
| Name of the statute |
Nature of dues |
Disputed Amount (in Rs) |
Amount Paid |
Period to which the amount relate |
Forum where dispute is pending |
| The Income Tax Act, 1961 |
Income Tax |
10,21,040/- |
- |
A.Y 2012-13 |
ITAT Appeal |
| The Income Tax Act, 1961 |
Income Tax |
94,020/- |
- |
A.Y 2016-17 |
ITAT Appeal |
| The Income Tax Act, 1961 |
Income Tax |
2,74,280/- |
- |
A.Y 2016-17 |
ITAT Appeal |
| The Income Tax Act, 1961 |
Income Tax |
56,50,350/- |
- |
A.Y 2017-18 |
ITAT Appeal |
| The Income Tax Act, 1961 |
Income Tax |
1,26,690/- |
- |
A.Y 2017-18 |
ITAT Appeal |
| The Income Tax Act, 1961 |
Income Tax |
28,090/- |
- |
A.Y 2017-18 |
ITAT Appeal |
viii. The Company has not taken any loan from bank / financial institution.
ix. The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments) and term loans during the year. Accordingly,
paragraph 3(ix) of the Order is not applicable.
x. To the best of my knowledge and belief and according to the information and
explanations given to me, no fraud on or by the Company has been noticed or reported
during the course of my audit.
xi. According to the information and explanations give to us and based on my
examination of the records of the Company, the Company has paid / provided for managerial
remuneration in accordance with the requisite approvals mandated by the provisions of
section 197 read with Schedule V to the Act.
xii. In my opinion and according to the information and explanations given to us, the
Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not
applicable.
xiii. According to the information and explanations given to us and based on my
examination of the records of the Company, transactions with the related parties are in
compliance with sections 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the financial statements as required by the applicable
accounting standards.
xiv. According to the information and explanations given to us and based on my
examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year.
xv. According to the information and explanation given to us and based on my
examination of the records of the Company, the Company has not entered into non-cash
transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of
the Order is not applicable.
xvi. According to the information and explanation given to us and based on my
examination of the records of the Company, the Company is not required to be registered
under section 45-IA of the Reserve Bank of India Act 1934.
xvii In our opinion company should review / reassess the value of Investments and
suitable action to be taken in this matter by the board of directors.
xviii Further the preliminary expenses which is continuing since taking over by new
management needs to be discuss in the board of directors meeting and suitable action needs
to be taken.
For M/s Bhasin Hota & Co
Chartered Accountants
FRN 509935E
Sd/-
CA Akshay Joshi
MRN 170787
Place Mumbai
Date 30.05.2023
UDIN :
ANNEXURE - B TO THE AUDITORS REPORT
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (i) OF SUB-SECTION 143 OF THE
COMPANIES ACT, 2013 ("the Act")
I have audited the internal financial controls over financial reporting of VISION
CORPORATION LIMITED (the company), as of 31 March 2023, in conjunction with my audit of
the standalone financial statements of the Company for the year ended on that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companys 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 Ire operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to companys 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
My responsibility is to express an opinion on the Companys internal financial controls
over financial reporting based on my audit. I conducted my 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 comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial
controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
My audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. My 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.
I believe that the audit evidence I have obtained is sufficient and appropriate to
provide a basis for my audit opinion on the Companys internal financial controls system
over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A companys 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 companys 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
management and directors of the company ; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys 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 my 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 Ire operating effectively as at 31 March 2023, based on the
information and explanation of the company provided to us, Internal Financial Control
framework and the report of the Internal Auditors 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.
For M/s Bhasin Hota & Co
Chartered Accountants
FRN 509935E
Sd/-
CA Akshay Joshi
MRN 170787
Place Mumbai
Date 30.05.2023
UDIN :
+91-9892691696
