M. P. Chitale & Co. Chartered Accountants Hamam House, Ambalal Doshi Marg, Fort, Mumbai - 400 00 I • Tel : 22651186/ 22653023 / 24 • Fax : 2265 5334 • E-mail : office@mpchitale.com AUDITORS' REPORT To The Board of Directors Veritas (India) Limited Report on the Audit of the Standalone Financial Results 1. Opinion We have audited the accompanying Standalone Annual Financial Results ('the Statement') of Veritas (India) Limited ('the Company') r the quarter and year ended on March 31, 2021, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results: (i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and (ii) give a true and ir view in conrmity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net profit, other comprehensive income and other financial inrmation of the Company r the quarter and year ended on March 31, 2021. 2. Basis r Opinion We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are rther described in the Auditor's Responsibilities r the Audit of the Standalone Financial Results 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 ethical requirements that are relevant to our audit of the standalone financial results under the provisions of the Act and the Rules thereunder, and we have lfilled 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 r our opinion. 1
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M. P. Chitale & Co.Chartered Accountants Hamam House, Ambalal Doshi Marg, Fort, Mumbai - 400 00 I • Tel : 22651186/ 22653023 / 24 • Fax : 2265 5334 • E-mail : [email protected]
AUDITORS' REPORT
To
The Board of Directors
Veritas (India) Limited
Report on the Audit of the Standalone Financial Results
1. Opinion
We have audited the accompanying Standalone Annual Financial Results ('the
Statement') of Veritas (India) Limited ('the Company') for the quarter and year
ended on March 31, 2021, being submitted by the Company pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations
given to us, these standalone financial results:
(i) are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
(ii) give a true and fair view in conformity with the recognition and measurement
principles laid down in the applicable Indian Accounting Standards and other
accounting principles generally accepted in India of the net profit, other
comprehensive income and other financial information of the Company for the
quarter and year ended on March 31, 2021.
2. 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 ("the Act"). Our responsibilities
under those Standards are further described in the Auditor's Responsibilities for the
Audit of the Standalone Financial Results 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 ethical requirements that are relevant
to our audit of the standalone financial results under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
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M.P. Chitale & Co.Chartered Accountants
In preparing the standalone financial results, the Board of Directors are 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 the Board of Directors 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.
5. Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone
financial results 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 results.
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
results, 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 control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' 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 financial results or, if such disclosures are
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M.P. Chi tale & Co.Chartered Accountants
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
results, including the disclosures, and whether the financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
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.
6. Other Matters
Attention is drawn to the fact that the figures for the quarter ended March 31, 2021 as
reported in the Statement are the balancing figures in respect of the year ended March
31, 2021 and published year to date figures up to the end of the third quarter of the
relevant financial year. The figures up to the end of the third quarter are only reviewed
and not subjected to audit.
Our opinion on the Statement is not modified in respect of these matters.
Seamen! Revenue Net Sales/ Income from each seqment)
a Segment A - (Distribution & Development) 35,753.59 38,689.31 b Seamen! B - !Power Generation) 11.01 16.29) c Segment C- { Manufacturing) dl Segment D-( Warehousing) 6,805.27 3,385.60 Cl Unallocated
TOTAL 42,569.87 42,068.62 Less: Inter Sooment Revenue Net Sales/Income from Operations 42,569.87 42,068.62 Seqment Results Profit before tax, interest and other income from such seamentl
a Segment A - (Distribution & Development) 1,407.91 1,496.60 b Segment B - {Power Generation) 5.82 (11.05 C Seamen! C- I Manufacturinal d Seqment D- { Warehousinq) 2,066.03 1,926.23 C Unallocated
TOTAL 3,479.76 3,411.78 Less: i. Interest 527.58 590.52 Add: i. Un-allocable income 68.92 72,58 TOTAL Profit/ /Lossl before Tax 3,021.10 2,893.84 Less: Current Tax {207,39 157,06 Deferred Tax 255.02 (124.65' MAT Credit Adjustment 110,10 {85.72 Tax for ea�ier years Profit after Tax 2,863.37 2,947.15
Segment Assets Power aeneration Tradina and DistrubuLion Manufacturing Warehousing Total Segment Assets Less: Inter- Segment Assets Add : Unallocable Coroorate assets Total Assets
Seqment Liabilities Power generation Tradina and DistrubuLion Manufacturing Warehousina Total Se<iment Liabilities Less: Inter- Segment Liabilities Add : Unallocable Coroorate Liabilities Total Liabilities
(a) Financial Liabilities(i) - Trade Payables(ii) - Other Financial Liabilities
1-+-'--(b..,._)+----1--O_ t_he_ r _ c_u _rr _e_nt_l _ia_bi_lit_ie_ s _______________ ,.(c) Provisions(d) Current Tax Liabilities (Net)
32,028.80 52,823.05 12,189.15 12,607.60
91.16 62.12
249.34 153.13 123.15 57.30--·- ------
65,703.21 Total Current Liabilti_es ______________ ....... _____ 44_, _6 _8 _1..6_0 ___ ___ _ !-+-+--�---- ---------------------!---------
Total Equity an�iabilties 3,28,5 25.95 3, 29,50 2.88
----------------L--------'--------�
VERITAS (INDIA) LIMITED
Statement of Consolidated Audited Cash Flows for the Year ended 31st March, 2021
Particulars For the year ended 31st March 2021
A Cash Flow From O�erating Activities
Profits before Tax 11,090.23
Add/{Less):
Depreciation and Amortisation Expenses 3,180.26 Interest Income (0.18) Effect of exchange differences on translation of Assets and Liabilities 1,590.13Interest & Finance Charges 2,428.33 Items that will not be reclassified to profit or loss 11.35 Fair Valuation of Investments 2.50 Loss on sale of Wind Mill -
7,212.39
Operating Profit before working Capital Changes 18,302.62
Working Capital Changes
(lncrease)/Decrease in Inventories (20.61)(lncrease)/Decrease in Non current Provision 55.05 (lncrease)/Decrease in Trade Receivables (4,894.37) (lncrease)/Decrease in Loans and Advances 885.05 {lncrease)/Decrease in Other Current Assets (101.27) (lncrease)/Decrease in Other Non Current Assets 321.66 lncrease/(Decrease) in Non current Other Financial Liabilities 172.74 lncrease/(Decrease) in Trade Payables (20,794.25) lncrease/(Decrease) in Non current Trade Payables 20,838.05 lncrease/(Decrease) in Other Financial Liabilities (418.45)lncrease/(Decrease) in Other Current Liabilities 29.04 lncrease/(Decrease) in Provision 96.21 {lncrease)/Decrease in Working Capital {3,831.15) Cash Generated from Operating Activities 14,471.47
Tax Paid (83.15)(83.15)
Cash Used (-)/(+) generated for operating activities (A) 14,388.32
B Cash Flow From Investing Activities
Addition to Fixed Assets (427.78) Sale of Fixed Assets 1.82 (Addition to)/Proceeds from Capital Work in Progress (581.31)Interest Income 0.18
Net Cash Used in Investing Activities ( B ) (1,007.09)
C Cash Flow From Financing Activities
(Repayment of)/Proceeds from Long Term Borrowings (9,471.82)Proceeds from Contribution from Associates (1,063.00)Interest Paid (2,428.33)Dividend Paid (13.41)-Net Cash Used in Financing Activities ( C ) (12,976.56)
D Net Increase(+)/ Decrease(-) in cash and cash equivalent 404.67
Cash equivalent ( A+B+C)
Cash and Cash Equivalent Opening Balance 4,203.98
Cash and Cash Equivalent Closing Balance 4,608.64 Closing Balances represented by: Cash and Bank Balances
Cash and Cash Equivalents (i) Balances with Banks 629.03
7.53
Other Bank Balances
(i) Earmarked Balances with Banks 22.09 c,I �i) Against Margin Money for Borrowing 3,949.99