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Spectacle Ventures Ltd.

BSE: 512413 | NSE: SPECTACLE | Series: NA | ISIN: INE409H01028 | SECTOR: Finance - Investments

BSE Live

Dec 19, 16:00
0.76 0.00 (0.00%)
Volume
No Data Available
2
  • Prev. Close

    0.76

  • Open Price

    0.76

  • Bid Price (Qty.)

    0.76 (35)

  • Offer Price (Qty.)

    0.00 (0)

Spectacle Ventures is not traded on BSE in the last 30 days

NSE Live

Mar 22, 15:31
1.40 0.00 (0.00%)
Volume
No Data Available
1
  • Prev. Close

    1.40

  • Open Price

    1.40

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Spectacle Ventures is not traded on NSE in the last 30 days

Annual Report

For Year :
2015 2014 2013 2011 2010 2009 2008 2007 2006

Auditor's Report

I have audited the accompanying Financial Statements of Spectacle Ventures Limited (the Company) which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year ended on that date 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 standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 My responsibility is to express an opinion on these financial statements based on my audit. I have conducted my audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India and as per the section 143(10) of the Act. Those Standards require that I comply with the 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 the 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 the Management, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion on the Standalone Financial Statements. Opinion In my opinion and to the best of my information and according to the explanations given to me, the financial statements give the information required by the Act in the manner so required and give a true and fair view and are in conformity with the accounting principles generally accepted in India subject to : Sundry debtors and Advances shown by the company include debtors which are not realised for more than three years, but the management is of the view that they are realizable over a period of time. However, in our opinion, the provision for doubtful debts should have been created to the extent of Rs. 116.41 Crores. The effect of this is understatement of the loss by the same amount. (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015. (b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and (c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditors report) Order 2015 (the Order) issued by the Central Government of India in terms of sub section (11) of section 143 of the Act, I give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the said Order to the extent applicable. 2. As required by Section 143(3) of the Act, I report that: a) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit ; b) In my opinion , proper books of account as required by law have been kept by the Company, so far as it appears from my examination of those books. 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. d) In my opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement comply with the Accounting Standards referred to in Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014. e) On the basis of 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 has disclosed the impact of pending litigations on its financial position in its financial statements. (ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, subject to qualification mentioned above. (iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE AUDITORS'' REPORT The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the financial statements for the year ended 31st March'' 2015, I report that : (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. (b) As explained to me, these fixed assets have been physically verified by the management on a sample basis during the year. In my opinion the frequency of verification is reasonable. (ii) (a) As explained to me, The Company does not have any inventories and clause a, b, and c of para ii are not applicable. (iii) (a) According to the information and explanation given to me, the Company has not granted any loans, secured or unsecured to company, firms and other parties covered in the register maintained under section 189 of the Act. Accordingly, paragraph (iii) (a), (b) (c) are not applicable. (iv) There is no purchase of inventory or Fixed Assets and no sales of services and goods during the year, hence para iv is not applicable. (v) According to the information and explanations given to me, the Company has not accepted any deposits from the public. (vi) According to information/ explanation given to me, Central government has not prescribed maintenance of cost records under sec. 148(1) of the Act. (vii) (a) According to the information & explanation given to me and the records of the company examined by me, the following dues of Income Tax, TDS, Professional Tax have not been deposited by the Company. Name of Statute Nature of Dues Amount (Rs. In Lacs) Income Tax Act, 1961 Income Tax 30,15,747/- Income Tax Act, 1961 Income Tax 30,02,007/- AP Profession Tax Act, Profession Tax 45,125/- 1967 Service Tax Service Tax 5,94,423/- Income Tax Act, 1961 T.D.S. 8,14,944/- Income Tax Act, 1961 T.D.S. 6,90,522/- Income Tax Act, 1961 T.D.S 1,18,220/- Name of Statute Period to which the amount relates Income Tax Act, 1961 A. Y. 2011-12 Income Tax Act, 1961 A. Y. 2012-13 AP Profession Tax Act, A. Y. 2012-13 1967 Service Tax A. Y. 2012-13 Income Tax Act, 1961 A. Y. 2011-12 Income Tax Act, 1961 A. Y. 2012-13 Income Tax Act, 1961 A. Y. 2013-14 (b) According to the information & explanation given to me there are no disputed amount of statutory dues towards Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Cess that have not been paid to concerned authorities. (c) According to the information & explanations given to me, the company has transferred the amount, required to be transferred to the investor education & protection fund in accordance with the relevant provision of the Companies Act, 1956 (1 of 1956) and rules there under. (viii) According to information & explanation given to me, the Company does not have any accumulated losses at the end of the financial year and has incurred any cash losses in the financial year and immediately preceding financial year. (ix) The company did not have any outstanding dues to financial institutions, banks or debentures holders during the year. (x) According to information & explanation given to me, the Company has not given any guarantees for loan taken by others from banks or financial institutions. (xi) The Company did not have any term loans outstanding during the year. (xii) During the course of my examination of the books of the accounts and records of the company and according to the information & explanation given to me, no material fraud on or by the Company, has been noticed or reported during the year. Place : Mumbai JATIN SHAH CHARTERED ACCOUNTANT Date: 29th May, 2015 MEMBERSHIP NO. 103858