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Photon Capital Advisors Ltd.

BSE: 509084 Sector: Financials
NSE: N.A. ISIN Code: INE107J01016
BSE 00:00 | 24 Apr 2020 Photon Capital Advisors Ltd
NSE 05:30 | 01 Jan 1970 Photon Capital Advisors Ltd

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OPEN 51.80
PREVIOUS CLOSE 54.50
VOLUME 10
52-Week high 63.90
52-Week low 50.50
P/E
Mkt Cap.(Rs cr) 8
Buy Price 58.45
Buy Qty 2.00
Sell Price 51.80
Sell Qty 105.00
OPEN 51.80
CLOSE 54.50
VOLUME 10
52-Week high 63.90
52-Week low 50.50
P/E
Mkt Cap.(Rs cr) 8
Buy Price 58.45
Buy Qty 2.00
Sell Price 51.80
Sell Qty 105.00

Photon Capital Advisors Ltd. (PHOTONCAPITAL) - Auditors Report


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Company auditors report

To the Members of

Photon Capital AdvisorsLimited Hyderabad

Report on the Audit of theStandalone Financial Statements Opinion

We have audited thestandalone financial statements of Photon Capital Advisors Limited (“theCompany”) which comprise the Balance Sheet as at 31st March 2019 and theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and Statement of Cash Flows for the year then ended and notes to thestandalone financial statements including a summary of significant accounting policies andother explanatory information. In our opinion and to the best of our information andaccording to the explanations given to us the aforesaid standalone financial statementsgive the information required by the Companies Act 2013 (“the Act”) in themanner so required and give a true and fair view in conformity with the Indian AccountingStandards prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended (“Ind AS”) and other accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2019 and its profit total comprehensive income changes in equity and its cashflows and the for the year ended on that date.

Basis for Opinion

We conducted our audit ofthe standalone financial statement in accordance with the Standards on Auditing (SAs)specified under section 143(10) of the Companies Act 2013. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Auditof the standalone Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India (“ICAI'') together with the ethical requirements that arerelevant to our audit of the standalone financial statements under the provisions of theCompanies Act 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are thosematters that in our professional judgement were of most significant in our audit of thestandalone financial statements of the current period. These matters were addressed in thecontext of our audit of the standalone financial statements as a whole and in forming ouropinion thereon and we do not provide a separate opinion on these matters. We havedetermined that there are no key audit matters to communicate in our report.

Other Information

The Company's Board ofDirectors is responsible for the other information. The other information comprises theinformation included in the Directors Report and Corporate Governance Report but does notinclude the standalone financial statements consolidated financial statements and ourauditor's report thereon.

Our opinion on thestandalone financial statements consolidated financial statements does not cover theother information and we will not express any form of assurance conclusion thereon.

In connection with ouraudit of the standalone financial statements our responsibility is to read the otherinformation identified above when it becomes available and in doing so consider whetherthe other information is materially inconsistent with the standalone financial statementsor our knowledge obtained in the audit or otherwise appears to be materially misstated.

If based on the work wehave performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibilityfor the Standalone Financial Statements

The Company's Board ofDirectors is responsible for the matters stated in section 134(5) of the Companies Act2013 (“the Act”) with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with accounting principles generally accepted in India including the IndianAccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalonefinancial statements management is responsible for assessing the Company's ability tocontinue as a going concern disclosing as applicable matters related to going concernand using the going concern basis of accounting unless management either intends toliquidate the Company or to cease operations or has no realistic alternative but to doso.

The Board of Directors arealso responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilitiesfor the Audit of the Standalone Financial Statements

Our objectives are toobtain reasonable assurance about whether the standalone financial statements as a wholeare free from material misstatement whether due to fraud or error and to issue anauditor's report that includes our opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese standalone financial statements.

As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

Identify and assess the risksof material misstatement of the standalone financial statements whether due to fraud orerror design and perform audit procedures responsive to those risks and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The riskof not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances. Under section 143(3)(i) of the Companies Act 2013 weare also responsible for expressing our opinion on whether the Company has adequateinternal financial controls system in place and the operating effectiveness of suchcontrols.

Evaluate the appropriatenessof accounting policies used and the reasonableness of accounting estimates and relateddisclosures made by management.

Conclude on theappropriateness of management's use of the going concern basis of accounting and based onthe audit evidence obtained whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the standalone financialstatements or if such disclosures are inadequate to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor's report. Howeverfuture events or conditions may cause the Company to cease to continue as a going concern.

alstyle=margin-bottom:6.0pt;text-align:justify;mso-pagination:none;tab-stops:9.9pt;mso-layout-grid-align:none;text-autospace:none> Evaluate the overallpresentation structure and content of the standalone financial statements including thedisclosures and whether the standalone financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is themagnitude of misstatements in the standalone financial statements that individually or inaggregate makes it probable that the economic decisions of a reasonably knowledgeableuser of the standalone financial statements may be influenced. We consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work; and (ii) to evaluate the effect of any identifiedmisstatements in the standalone financial statements.

We communicate with thosecharged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies ininternal control that we identify during our audit.

We also provide thosecharged with governance with a statement that we have complied with relevant ethicalrequirements regarding independence and to communicate with them all relationships andother matters that may reasonably be thought to bear on our independence and whereapplicable related safeguards.

From the matterscommunicated with those charged with governance we determine those matters that were ofmost significance in the audit of the standalone financial statements of the currentperiod and are therefore the key audit matters. We describe these matters in our auditor'sreport unless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

Report on Other Legal andRegulatory Requirements

1. As required by Section 143(3)of the Act we report that:

(a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit.

(b) In our opinion properbooks of account as required by law have been kept by the Company so far as it appearsfrom our examination of those books.

(c) The Balance Sheet theStatement of Profit and Loss Statement of Changes in Equity and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion theaforesaid standalone financial statements comply with the Indian Accounting Standardsprescribed under Section 133 of the Act read with Rule 7 of Companies (Accounts) Rules2014.

(e) On the basis of thewritten representations received from the directors as on 31st March 2019taken on record by the Board of Directors none of the directors is disqualified as on 31stMarch 2019 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate Report in“Annexure A”.

(g) With respect to theother matters to be included in the Auditor's Report in accordance with the requirementsof section 197(16) of the Act as amended: In our opinion and to the best of ourinformation and according to the explanations given to us the remuneration paid/providedby the Company to its directors during the year is in accordance with the provisions ofsection 197 of the Act.

(h) With respect to theother matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company has disclosedthe impact of pending litigations on its financial position in its standalone financialstatements (Refer Note: 22 to the Standalone Financial Statements). ii. The Company didnot have any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses; iii. There were no amounts which were required to betransferred 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 interms of Section 143 (11) of the Act we give in “Annexure B” a statement on thematters specified in paragraphs 3 and 4 of

For M. Anandam & Co.

Chartered Accountants

(Firm's Registration No. 000125S)

Sd/-

K . Subbulakshmi

Partner

Place: Hyderabad

Membership No.205983

Date: 30-05-2019


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