Mar 31, 2014
We have audited the accompanying financial statements of AASTHA
BROADCASTING NETWORK LIMITED ( "the company") which comprises the
Balance Sheet as at 31st March 2014, and the statement of Profit & Loss
Account 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:
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:
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 perfonn 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 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 31st March, 2014;
b) In the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on the date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on the date.
Report on Other Legal & 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, and Cash Flow
Statement 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, and
Cash Flow
Statement comply with the Accounting Standards referred to in sub
section (3C) of section 211 of the Companies Act, 1956; -
e) On the basis of written representations received from the directors
as on 31st March 2014 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
The Annexure referred to in paragraph 1 of the our report of even date
to the Members of AASTHA BROADCASTING NETWORK LIMITED, on the accounts
of the company for the year ended 31st March, 2014
1. In respect of Fixed Assets
a. The Company is maintaining proper records showing full particulars
including quantitative details and situations of its Fixed Assets.
b. The Fixed Assets of the Company have been physically verified by the
management during the period, frequency of which in our opinion is
reasonable having regard to the size of the Company and nature of its
assets. No material discrepancies between the book records and physical
inventory have been noticed on such verification.
c. The Company has not disposed off the fixed assets hence the going
concern concept would not effect.
2. In respect of Inventories
a. As explained to us, inventories have been physically verified by the
management at reasonable intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c. On the basis of our examination of inventory records, in our
opinion, the Company is maintaining proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification as compared to the book records.
3. As informed, in respect of loans, secured or unsecured, granted or
taken by the Company to/from companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act,
1956.
a. The Company has not granted any loans to Companies, firms or other
parties listed in the register maintained u/s 301 of the Companies Act,
1956.
b. The Company has not taken any Loans, secured or unsecured, from
Companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
4. In our opinion the company has adequate internal control procedures
commensurate with the size and the nature of its business for purchase
of inventories, fixed assets and also for the sale of goods and
services. During the course of our Audit we have not observed any major
weakness in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transactions that needed to be
entered into register have been so entered.
(b) In our opinion and according to the information and explanation
given to us, in respect of transactions made in pursuance of the
contracts or arrangements entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 and exceeding the
value of Rs. 5 lakhs in respect of any party during the year 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.
7. In our opinion, the Company has internal audit system commensurate
with its size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records by the Company under Section 209 (1) (d) of the Companies Act,
1956.
9. (a) According to the records, information & explanation provided to
us, the company is generally regular in depositing with appropriate
authorities undisputed statutory dues, including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material
statutory dues applicable to it except Service Tax of Rs 160872/-which
have remained outstanding as at 31st March, 2014 for a period of more
than six months from the date they became payable and the Company had
filed an appeal against the said liability before CESTAT
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no disputed dues of
Income tax, Sales tax, Wealth tax, custom duty, excise duty and cess.
The details of disputed dues as 31st March, 2014 in respect of service
tax, are as follows
Name of Nature of Amount Rupees Period to which the
statute dues amount relates (various
years covering the period)
Service Service Tax 1,02,55,493/- 2001-06
Tax Penalty
10. The Company has accumulated losses at the end of the financial
period which are More than fifty per cent of its net worth. The Company
has incurred cash losses
section 301 of the Companies Act, 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transactions that needed to be
entered into register have been so entered.
(b) In our opinion and according to the information and explanation
given to us, in respect of transactions made in pursuance of the
contracts or arrangements entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 and exceeding the
value of Rs. 5 lakhs in respect of any party during the year 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.
7. In our opinion, the Company has internal audit system commensurate
with its size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records by the Company under Section 209 (1) (d) of the Companies Act,
1956.
9. (a) According to the records, information & explanation provided to
us, the company is generally regular in depositing with appropriate
authorities undisputed statutory dues, including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material
statutory dues applicable to it except Service Tax of Rs 160872/-which
have remained outstanding as at 31st March, 2014 for a period of more
than six months from the date they became payable and the Company had
filed an appeal against the said liability before CESTAT
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no disputed dues of
Income tax, Sales tax, Wealth tax, custom duty, excise duty and cess.
The details of disputed dues as 31st March, 2014 in respect of service
tax, are as follows :-
Name of Nature of Amount Rupees Period to which the
statute dues amount relates (various
years covering the period)
Service Service Tax 1,02,55,493/- 2001-06
Tax Penalty
10. The Company has accumulated losses at the end of the financial
period which are More than fifty per cent of its net worth. The Company
has incurred cash losses
FOR K. U. KOTHARI & CO.
CHARTERED ACCOUNTANTS
F.R.No. 105310W
PLACE: MUMBAI PRAKASH CHECHANI
(PARTNER)
M.No. 104203
DATED: 28/05/2014
Mar 31, 2012
1 We have audited the attached Balance Sheet of AASTHA BROADCASTING
NETWORK LIMITED as at 31st March 2012 and the Profit & Loss Account and
Cash Flow Statement for the Nine months period ended on that date.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2 We have 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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
Assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
3 As required by the Companies (Auditor's Report) Order 2003, issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956, and on the basis of such checks of the books and
records of the company as considered appropriate and according to
information and explanations given to us during the course of audit, we
enclose in the Annexure hereto a statement on the matters specified in
the paragraphs 4 and 5 of the said Order.
4 The balances of unsecured loans and some of the debtors, creditors,
loans & advance are subject to confirmation.
5 Further to our comments in the Annexure referred to in paragraph 3
above, 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 and the Profit & Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
e) On the basis of written representation received from the directors
and taken on record by the Board of Directors, we report that none of
the directors are disqualified as on 31st March 2012 from being
appointed as directors of the company in terms of Clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanation given to us and subject to our comments in Paragraph 4
above, the accounts give the information required by the Companies'
Act, 1956 in the manner so required and give a true and fair view-
i In the case of the Balance Sheet of the state of affairs of the
company as at 31s' March 2012; and
ii In the case of the Profit and Loss Account, of the Loss of the
Company for the period ended on that date, and
iii In the case of the Cash Flow Statement, of the cash flows of the
Company for the period ended on that date.
ANNEXURE TO AUDITORS' REPORT
Statement referred to in paragraph 3 of the Auditors' Report of even
date to the members of Aastha Broadcasting Network Limited on the
financial statements for the period ended 31st March 2012
1 In respect of Fixed Assets
a) The Company - is maintaining proper records showing full particulars
including quantitative details and situations of its Fixed Assets.
b) The Fixed Assets of the Company have been physically verified by the
management during the period, frequency of which in our opinion is
reasonable having regard to the size of the Company and nature of its
assets. No material discrepancies between the book records and physical
inventory have been noticed on such verification.
c) In our opinion, Company has disposed off few of the fixed assets
that would not affect the going concern concept.
2 In respect of Inventories
a) As explained to us, inventories have been physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c) On the basis of our examination of inventory records, in our
opinion, the Company is maintaining proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification as compared to the book records.
3 As informed, in respect of loans, secured or unsecured, granted or
taken by the Company to/from companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act,
1956.
a) The Company has not granted any loans to Companies, firms or other
parties listed in the register maintained u/s 301 of the Companies Act,
1956.
b) The Company has not taken any Loans, secured or unsecured, from
Companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
4 In our opinion the company has adequate internal control procedures
commensurate with the size and the nature of its business for purchase
of inventories, fixed assets and also for the sale of goods and
services. During the course of our Audit we have not observed any major
weakness in internal controls.
5 According to the information and explanation provided by the
management, there have been no contracts or arrangements during the
period that need to be entered into the register maintained under
section 301 of the Companies Act, 1956. Therefore, the provisions of
clauses (v)(a) and (b) of the Companies (Auditors' Report) Order, 2003
(as amended) are not applicable.
6 The Company has not accepted any deposits from the public.
7 In our opinion, the Company has internal audit system commensurate
with its size and nature of its business.
8 The Central Government has not prescribed maintenance of cost records
by the Company under Section 209 (1) (d) of the Companies Act, 1956.
9 (a) According to the records, information & explanation provided to
us, the company is generally regular in depositing with appropriate
authorities undisputed statutory dues, including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material
statutory dues applicable to it except for Employees' State Insurance
of Rs. 5,260/- and Service Tax which have remained outstanding as at
31st March, 2012 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no disputed dues of
Income tax, Sales tax, Wealth tax, custom duty, excise duty and cess.
The details of disputed dues as 31st March, 2012 in respect of service
tax, are as follows :-
Name of Nature of
statute dues Amount Period to which Forum where
dispute is
Rupees the amount pending
relates (various
years covering
the period)
Service Tax Service
Tax 1,15,94,714/- 2001-04 Commissioner
of Service
Demand Tax-Mumbai
Service Tax Service Tax 1,75,43,596/- 2004-06 Commissioner
of Service
Demand Tax- Mumbai
10 The Company has accumulated losses at the end of the financial
period which are More than fifty per cent of its net worth. The Company
has incurred cash losses during the financial period covered by our
audit and also in the immediately preceding financial year.
11 Based on our Audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12 In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13 In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xviii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the company.
14 The company has no investment therefore clause 4(xiv) is not
applicable.
15 The company has not given guarantees for loans taken by others from
banks of financial institutions.
16 The Company has not raised any new term loans during the year.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet, the Company has not utilised
short term sources towards repayment of long-term borrowing and
acquisition of fixed assets and Vice Versa.
18 During the year, the Company has not made any preferential allotment
of shares to parties and companies covered in the Register maintained
under section 301 of the Companies Act, 1956.
19 The company has not issued any debentures therefore clause 4(xix) is
not applicable.
20 The company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For K. U. Kothari & Co.
Chartered Accountants
FRN 105310W
SD
Place: Mumbai Prakash Chechani
Date: 30th May 2012 Partner
M No. 104203
Jun 30, 2011
1 We have audited the attached Balance Sheet of AASTHA BROADCASTING
NETWORK LIMITED as at 30th June 2011 and the Profit & Loss Account and
Cash Flow Statement for the 15 months' period ended on that date. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2 We have 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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
Assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
3 As required by the Companies (Auditor's Report) Order 2003, issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956, and on the basis of such checks of the books and
records of the company as considered appropriate and according to
information and explanations given to us during the course of audit, we
enclose in the Annexure hereto a statement on the matters specified in
the paragraphs 4 and 5 of the said Order.
4 The balances of unsecured loans and some of the debtors, creditors,
loans & advance are subject to confirmation,
5 Further to our comments in the Annexure referred to in paragraph
3above, 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 and the Profit & Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
e) On the basis of written representation received from the directors
and taken on record by the Board of Directors, we report that none of
the directors are disqualified as on 30m June 2011 from being appointed
as directors of the company in terms of Clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanation given to us and subject to our comments in Paragraph 4
above, the accounts give the information required by the Companies'
Act, 1956 in the manner so required and give a true and fair view-
i In the case of the Balance Sheet of the state of affairs of the
company as at 301fl June 2011; and
ii In the case of the Profit and Loss Account, of the Loss of the
Company for the period ended on that date, and
iii In the case of the Cash Flow Statement, of the cash flows of the
Company for the period ended on that date.
ANNEXURE TO AUDITORS' REPORT
Statement referred to in paragraph 3 of the Auditors' Report of even
date to the members of Aastha Broadcasting Network Limited on the
financial statements for the period ended 30.06.2011.
In respect of Fixed Assets
a) The Company is maintaining proper records showing full particulars
including quantitative details and situations of its Fixed Assets.
b) The Fixed Assets of the Company have been physically verified by the
management during the period, frequency of which in our opinion is
reasonable having regard to the size of the Company and nature of its
assets. No material discrepancies between the book records and physical
inventory have been noticed on such verification.
c) In our opinion, Company has not disposed off any of the fixed assets
that would affect the going concern concept,
2 In respect of Inventories
a) As explained to us, inventories have been physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c) On the basis of our examination of inventory records, in our
opinion, the Company is maintaining proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification as compared to the book records.
3 As informed, in respect of loans, secured or unsecured, granted or
taken by the Company to/from companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act,
1956.
a) The Company has not granted any loans to Companies, firms or other
parties listed in the register maintained u/s 301 of the Companies Act,
1956.
b) The Company has not taken any Loans, secured or unsecured, from
Companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
4 In our opinion the company has adequate internal control procedures
commensurate with the size and the nature of its business for purchase
of inventories, fixed assets and also for the sale of goods and
services. During the course of our Audit we have not observed any major
weakness in internal controls.
5 According to the information and explanation provided by the
management, there have been no contracts or arrangements during the
period that need to be entered into the register maintained under
section 301 of the Companies Act, 1956, Therefore, the provisions of
clauses (v)(a) and (b) of the Companies (Auditors' Report) Order, 2003
(as amended) are not applicable.
6 The Company has not accepted any deposits from the public.
7 In our opinion, the Company has internal audit system commensurate
with its size and nature of its business.
8 The Central Government has not prescribed maintenance of cost records
by the Company under Section 209 {1) (d) of the Companies Act, 1956.
9 (a) According to the records, information & explanation provided to
us, the company is generally regular in depositing with appropriate
authorities undisputed statutory dues, including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax! Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material
statutory dues applicable to it except for Employees' State Insurance
of Rs. 5,260/- and TDS of Rs. 76,000/- and service tax which have
remained outstanding as at 30th June, 2011 for a period of more than
six months from the date they became payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no disputed dues of
Income tax, Sales tax, Wealth tax, custom duty, excise duty and cess.
The details of disputed dues as at 30th June, 2011 iri respect of
service tax, are as follows :-
Name of
statute Nature of
dues Amount Period to
which Forum where
dispute is
Rupees the amount pending
relates
(various
years
covering
the period)
Service Tax Service Tax 1,15,94,714/- 2001- 04 Commissioner
of Service
Demand Tax- Mumbai
Service Tax Service Tax 1,75,43,596/- 2004-06 Commissioner
of Service
demand Tax- Mumbai
10 The Company has accumulated losses at the end of the financial
period which are less than fifty per cent of its net worth. The Company
has incurred cash losses during the financial period covered by our
audit and also in the immediately preceding financial year.
11 Based on our Audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12 In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13 In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4{xviii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the company.
14 The company has no investment therefore clause 4(xiv) Is not
applicable.
15 The company has not given guarantees for loans taken by others from
banks of financial institutions.
16 The Company has not raised any new term loans during the year.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet, the Company has not utilised
short term sources towards repayment of long-term borrowing and
acquisition of fixed assets and Vice Versa.
18 During the year, the Company has not made any preferential allotment
of shares to parties and companies covered in the Register maintained
under section 301 of the Companies Act, 1956. r
19 The company has not issued any debentures therefore clause 4(xix) is
not applicable.
20 The company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For K. U. Kothari & Co.
Chartered Accountants
Place : Mumbai
Date : 15th November 2011 FRNNO105310W
Partner
FRN NO 105310W
Mar 31, 2010
We have audited the' attached Balance Sheet of AASTHA BROADCASTING
NETWORK LIMITED as at 31st March 2010 and the Profit & loss Account for
the year ended on that date annexed thereto and Cash Flow Statement for
the year ended on that date. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1 We have 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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
Assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
2 As required by the Companies (Auditors Report) Order 2003, issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956, and on the basis of such checks of the books and
records of the company as considered appropriate and according to
information and explanations given to us during the course of audit, we
enclosed in the annexure a statement on the matters specified in the
paragraphs 4 and 5 of th e said Order . j
3 Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
a) Attention is drawn to Note No. 2, during the year Company has sold
International Business of Aastha Television Channel on 5th March 2010
for Rs. 2,50,00,000 and Rs. 1,64,44,003 pertaining international
business has been written off, which were treated as Deferred
Expenditure in earlier years.
b) Attention is drawn to Note No. 3, during the year Company has
written off Advances of Rs.5,54,200 and Debtors of Rs. 52,32,813.
c) 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;
d) 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;
e) The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the books of account;
f) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement ' dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956
g) We further report that had the observations made by us in paragraph
3 (a) & (b) above not been considered the net loss for the year would
have been 1,18 79,011.72 as against the reported net loss of Rs.
1,46,47,995.72 and accumulated losses would have been Rs 2,59,53,118.97
as against reported figure of Rs.2,87,22,102.87.
h) On the basis of written representation received from the directors
and taken on record by the Board of Directors, we report that none of
the directors are disqualified as on 31st March 2010 from being
appointed as directors of the company in terms of Clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956
i) Subject to our comments in Paragraph 3 (a) to (f) above, in our
opinion and to the best of our information and according to the
explanation given to us, the accounts read with the accounting policies
and notes given in Schedule -' O', give the information required by the
Companies' Act, 1956 in the manner so required and give a true and fair
view-
i In the case of the Balance Sheet of the State of affairs of the
company as at 31st March 2010; and
ii In tûe case of the Profit and Loss Account, of the profits of the
Company for the year ended on that date.
iii In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (2) OF AUDITORS' REPORT
1 In respect of Fixed Assets
a) The Company is maintaining proper records showing full particulars
including quantitative details and situations of its Fixed Assets.
b) The Fixed Assets of the Company have been physically verified by the
management during the period and no material discrepancies between the
book records and physical inventory have been noticed on such
verification.
c) In our opinion, Company has not disposed off any of the fixed assets
that would effect the going concern concept.
2 In respect of Inventories
a) As explained to us, inventories have been physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedure 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) The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification as compared to the book records.
3 In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
a) The Company has not granted any loans to Companies listed in the
register maintained u/s 301 of the Companies Act, 1956.
b) The Company has not taken any Loans, secured or unsecured, from
Companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. -
4 In our opinion the company has adequate internal control procedures
commensurate with the size and the nature of its business for purchase
of inventories, fixed assets and also for the sale of goods. During the
course of our Audit we have not observed any major weakness in internal
controls.
5 According to the information and explanations given to us in our
opinion, purchase of goods and sale of goods and services made in
pursuance of the contracts or arrangements entered in the register
maintained under section 301 of the Companies Act 1956, aggregating
during the period to Rs.5,00,000/- or more in respect of each party
have been made at prices which are reasonable having regards to
prevailing market prices.
6 The Company has not accepted any deposits from the public.
7 In our opinion, the Company has proper internal audit system
commensurate with its size and nature of its business.
8 The Central Government has not prescribed maintenance of cost records
by the Company under Section 209 (1) (d) of the Companies Act, 1956.
9 There are no undisputed amounts in respect of Income Tax, Wealth Tax,
Sales Tax, Customs and Excise duty which have remained outstanding as
at 31st March, 2010 for a period of more than six months from the date
they became payable.
10 The company has accumulated losses and has incurred any cash losses
during the financial year covered by our audit or in the immediately
preceding financial year.
11 Based on our Audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12 In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13 In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore clause 4(xviii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the company.
14 The company has no investment therefore clause 4(xiv) is not
applicable.
15 The company has not given guarantees for loans taken by others from
banks of financial institutions.
16 The Company has not raised any new term loans during the year
neither the company has any term loans outstanding at the beginning of
the year
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet if the Company has not
utilised short term sources towards repayment of long-term borrowing
and acquisition of fixed assets.
18 During the year, the Company has not made any preferential allotment
of shares to parties and companies covered in the Register maintained
under section 301 of the Companies Act, 1956.
19 The' company has not issued any debentures therefore clause 4(xix) is
not applicable.
20 The company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and
explanations. given to us, no fraud on by the Company has been
noticed or reported during the year that causes the financial
statements to be materially misstated.
For Vimal Punmiya & Co.
Chartered Accountants
Vimal C. Punmiya'
(Proprietor)
Place: Mumbai Membership No.: 16574
Date : 23rd August 2011
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