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Auditor Report of Kohinoor Broadcasting Corporation Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Kohinoor Broadcasting Corporation Limited ("the Company") which comprise the balance sheet as at 31 March 2014, the statement of profit and loss and the 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") read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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 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 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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:

(i) In the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014;

(ii) In the case of the statement of profit and loss, of the profit for the year ended on that date; and

(iii) In the case of the cash flow statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, 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 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

e. on the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 AUDITORS'' REPORT

(Annexure as required by the Companies (Auditor''s Report) Order, 2003) (i)

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us major assets of the Company were physically verified by the Management in terms of a phased programme. No discrepancies were noticed on verification carried out.

(c) According to the information and explanation given to us no substantial part of fixed assets has been disposed of during the year. Since no substantial part of fixed assets has been disposed of during the year, the concept of Going Concern has not been affected.

(ii)

(a) Physical Verification of Raw Materials, work in progress, finished goods and stores and spare parts has been conducted by the Management during the year at reasonable intervals.

(b) Procedure of physical verification of inventories followed by the Company is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) As explained to us the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks were not material as compared to the book records and have been properly dealt with in the books of accounts.

(iii) The Company has not taken or granted loans, Secured or Unsecured, from/to the Companies, Firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 within the meaning of Section 370 (IB) of the Companies Act, 1956. So, sub-clauses (b) (c) (d) relating to rate of interest and other terms and conditions of loans, repayment of the principal amount and interest thereon, steps taken for recovery/repayment of the principal and interest thereon, in our opinion are not applicable in respect of the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and also with regard to sale of goods. We have not noticed any continuing failure to correct major weaknesses in internal control.

(v)

(a) In our opinion and according to the information and explanations given to us, the company no transaction is required to be entered into in the register in pursuance of Section 301 of the Act.

(b) According to the information and explanations given to us, during the year there is no transaction made in pursuance of the contracts or agreements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating to Rs. Five lacs p.a. or more in respect of each party.

(vi) The Company has not accepted or renewed deposits from the public during the year to which provisions of Section 58A of the Companies Act, and the applicable rules framed there under including the directives issued by the Reserve Bank of India apply.

(vii) The Company has its own internal audit system, which in our opinion is commensurate with the size of the Company and the nature of its business.

(viii) We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules 2011 prescribed the Central Government under Section 209 (1) (d) of Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the Cost records with a view to determine whether they are accurate or complete. (ix)

(a) As explained to us, the company is regular in paying applicable undisputed statutory dues with the appropriate authorities except TDS. The Company had not deposited the TDS regularly with the authorities in the previous years. The company has explained that the deductees have since made full payment of due taxes and had demanded a refund of TDS amount. Therefore the company has reversed the amount of Rs. 873972/- to the respective deductees. Thus, as per the information provided to us the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable amounts to NIL.

(b) According to the information and explanations given to us, there were no dues on account of Wealth Tax, Service tax, Sales tax (VAT), Custom Duty, Excise Duty, Entry Tax, Stamp Duty and other statutory material dues which were not deposited on account of any dispute. However, the particulars of Income Tax which have not been deposited on account of dispute are as referred to in the details of Contingent Liabilities in Note no. 24.

(x) In our opinion, the Company has been registered for a period not less than five years and it does not have accumulated losses exceeding its paid up capital and free reserves at the end of the financial year. We further report that the Company has incurred cash losses in the current financial year and in the immediately preceding financial year.

(xi) As per information provided to us, the Company has not taken any loans, credit facilities or other loans of whatsoever nature from any financial institution and/or bank and/or debenture holders.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Thus, the directions regarding maintenance of adequate documents and records are not applicable to the Company.

(xiii) As explained to us the Company is not a nidhi / mutual benefit fund / society and the provisions of any special statute are not applicable in respect of the Company. Thus the sub-clauses (a) to (d) of this clause are not applicable.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments, thus the disclosure regarding maintenance of records and holding securities in its own name are not applicable in respect of the Company.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. Thus, the disclosure regarding the terms and conditions is not required.

(xvi) According to the information and explanations given to us, the Company has not obtained any term loan during the year accordingly there is nothing to report under this clause.

(xvii) According to the information and explanations given to us, the Company has not raised any funds on Short term or Long term basis during the year.

(xviii) As explained to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained under Section 301 of the Act. Thus, the disclosure regarding pricing under this clause is not applicable.

(xix) As explained to us, the Company has not issued any debentures during the year. Thus, the disclosure regarding securities is not applicable.

(xx) As explained to us, the Company has not raised any money by way of public issue during the year. Thus, the disclosure regarding end use of money is not applicable.

(xxi) According to the information and explanations given to us, and further as certified by the management, no fraud on or by the Company has been noticed or reported during the year.



For Amit K Arora & Co Chartered Accountants Firm Registration Number: 021372N

Amit Kumar Arora Proprietor Membership number: F 096831 Chandigarh 30th May, 2014


Mar 31, 2013

1. We have audited the attached Balance Sheet of Kohinoor Broadcasting Corporation Ltd. as at 31st March 2013 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date both annexed thereto. 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 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts 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 for our opinion.

3. On the basis of written representation received from the directors as on 31st March, 2013 and taken on record by Board of Directors, we report that none of the directors is disqualified as on 31st March, 2013 from being appointed as director in terms of clause (g) of sub-Section (1) of Section 274 of the Companies Act, 1956.

4. As required by the Companies (Auditor''s Report) Order, 2004 (as amended) issued by Ministry of Finance Department of Company Affairs, in terms of Section 227 (4-A) of the Companies Act, 1956 we annexed hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

5. Further to our comments in the annexure referred to in paragraph 4 above, we report that:

(i) 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.

(ii) In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examination of the books.

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with books of accounts.

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in the Section (3)(c) of Section 211 of the Companies Act, 1956 and rules there under; and

(v) In our opinion and to the best of our information and according to explanations given to us, they said accounts read together with other notes and their effect on the accounts if any, give the information required by the Companies Act, 1956 in the manner so required and also 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 March 31st, 2013;

(b) In the case of Profit & Loss Account, of the loss for the year ended on that date; and

(c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

(i)

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us major assets of the Company were physically verified by the Management in terms of a phased programme. No discrepancies were noticed on verification carried out.

(c) According to the information and explanation given to us no substantial part of fixed assets has been disposed of during the year. Since no substantial part of fixed assets has been disposed of during the year, the concept of Going Concern has not been affected.

(ii)

(a) Physical Verification of Raw Materials, work in progress, finished goods and stores and spare parts has been conducted by the Management during the year at reasonable intervals.

(b) Procedure of physical verification of inventories followed by the Company is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) As explained to us the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks were not material as compared to the book records and have been properly dealt with in the books of accounts.

(iii) The Company has not taken for granted loans, Secured or Unsecured, from/to the Companies, Firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 within the meaning of Section 370 (1B) of the Companies Act, 1956. So, sub-clauses (b) (c) (d) relating to rate of interest and other terms and conditions of loans, repayment of the principal amount and interest thereon, steps taken for recovery/repayment of the principal and interest thereon, in our opinion are not applicable in respect of the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and also with regard to sale of goods. We have not noticed any continuing failure to correct major weaknesses in internal control.

(v)

(a) In our opinion and according to the information and explanations given to us, the company no transaction is required to be entered into in the register in pursuance of Section 301 of the Act.

(b) According to the information and explanations given to us, during the year there is no transaction made in pursuance of the contracts or agreements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating to X Five lacs p.a. or more in respect of each party.

(vi) The Company has not accepted or renewed deposits from the public during the year to which provisions of Section 58A of the Companies Act, and the applicable rules framed there under including the directives issued by the Reserve Bank of India apply.

(vii) The Company has its own internal audit system, which in our opinion is commensurate with the size of the Company and the nature of its business.

(viii) We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules 2011 prescribed the Central Government under Section 209 (1) (d) of Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the Cost records with a view to determine whether they are accurate or complete.

(ix)

(a) As explained to us, the Company has not deposited the TDS regularly with the authorities. The company is regular in paying other applicable undisputed statutory dues with the appropriate authorities. As per the information provided to us, the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable amounts to X 873972.

(b) According to the information and explanations given to us, there were no dues on account of Wealth Tax, Service tax, Sales tax (VAT), Custom Duty, Excise Duty, Entry Tax, Stamp Duty and other statutory material dues which were not deposited on account of any dispute. However, the particulars of Income Tax which have not been deposited on account of dispute are as referred to in the details of Contingent Liabilities in Note no. 25.

(x) In our opinion, the Company has been registered for a period not less than five years and it has no accumulated losses at the end of the financial year. We further report that the Company has incurred cash losses in the current financial year and but not in the immediately preceding financial year.

(xi) As per information provided to us, the Company has not taken any loans, credit facilities or other loans of whatsoever nature from any financial institution and/or bank and/or debenture holders.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Thus, the directions regarding maintenance of adequate documents and records are not applicable to the Company.

(xiii) As explained to us the Company is not a nidhi / mutual benefit fund / society and the provisions of any special statute are not applicable in respect of the Company. Thus the sub-clauses (a) to (d) of this clause are not applicable.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments, thus the disclosure regarding maintenance of records and holding securities in its own name are not applicable in respect of the Company.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. Thus, the disclosure regarding the terms and conditions is not required.

(xvi) According to the information and explanations given to us, the Company has not obtained any term loan during the year accordingly there is nothing to report under this clause.

(xvii) According to the information and explanations given to us, the Company has not raised any funds on Short term or Long term basis during the year.

(xviii) As explained to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained under Section 301 of the Act. Thus, the disclosure regarding pricing under this clause is not applicable.

(xix) As explained to us, the Company has not issued any debentures during the year. Thus, the disclosure regarding securities is not applicable.

(xx) As explained to us, the Company has not raised any money by way of public issue during the year. Thus, the disclosure regarding end use of money is not applicable.

(xxi) According to the information and explanations given to us, and further as certified by the management, no fraud on or by the Company has been noticed or reported during the year.

For Amit K Arora & Co.

Chartered Acccuntants,

(Amit Kumar Arora)

Prrprietor

Chandigarh, 30th May, 2013 Membership No.: F 096831


Mar 31, 2012

1. We have audited the attached Balance Sheet of Kohinoor Broadcasting Corporation Ltd. as at 31st March 2012 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date both annexed thereto. 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 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts 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 for our opinion.

3. On the basis of written representation received from the directors as on 31st March, 2012 and taken on record by Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as director in terms of clause (g) of sub-Section (1) of Section 274 of the Companies Act, 1956.

4. As required by the Companies (Auditor's Report) Order, 2004 (as amended) issued by Ministry of Finance Department of Company Affairs, in terms of Section 227 (4-A) of the Companies Act, 1956 we annexed hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

5. Further to our comments in the annexure referred to in paragraph 4 above, we report that:

(i) 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.

(ii) In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examination of the books.

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with books of accounts.

(iv) In our opinion, the Balance Sheet , Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in the Section (3)(c) of Section 211 of the Companies Act, 1956 and rules there under; and

(v) In our opinion and to the best of our information and according to explanations given to us, the said accounts read together with other notes and their effect on the accounts if any, give the information required by the Companies Act, 1956 in the manner so required and also 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 March 31st, 2012;

(b) In the case of Profit & Loss Account, of the loss for the year ended on that date; and

(c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Annexure referred to in paragraph 4 of our Report of even Date)

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us major assets of the Company were physically verified by the Management in terms of a phased programme. No discrepancies were noticed on verification carried out.

(c) According to the information and explanation given to us no substantial part of fixed assets has been disposed of during the year. Since no substantial part of fixed assets has been disposed of during the year, the concept of Going Concern has not been affected.

(ii) (a) Physical Verification of Raw Materials, work in progress, finished goods and stores and spare parts has been conducted by the Management during the year at reasonable intervals.

(b) Procedure of physical verification of inventories followed by the Company is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) As explained to us the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks were not material as compared to the book records and have been properly dealt with in the books of accounts.

(iii) The Company has not taken or granted loans, Secured or Unsecured, from/to the Companies, Firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 within the meaning of Section 370 (1B) of the Companies Act, 1956. So, sub-clauses (b) (c) (d) relating to rate of interest and other terms and conditions of loans, repayment of the principal amount and interest thereon, steps taken for recovery/repayment of the principal and interest thereon, in our opinion are not applicable in respect of the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and also with regard to sale of goods. We have not noticed any continuing failure to correct major weaknesses in internal control.

(v) (a) In our opinion and according to the information and explanations given to us, the company no transaction is required to be entered into in the register in pursuance of Section 301 of the Act.

(b) According to the information and explanations given to us, during the year there is no transaction made in pursuance of the contracts or agreements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating to Rs. Five lacs p.a. or more in respect of each party.

(vi) The Company has not accepted or renewed deposits from the public during the year to which provisions of Section 58A of the Companies Act, and the applicable rules framed there under including the directives issued by the Reserve Bank of India apply.

(vii) The Company has its own internal audit system, which in our opinion is commensurate with the size of the Company and the nature of its business.

(viii) We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules 2011 prescribed the Central Government under Section 209 (1) (d) of Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the Cost records with a view to determine whether they are accurate or complete.

(ix) (a) As explained to us, the Company has not deposited the TDS regularly with the authorities. The company is regular in paying other applicable undisputed statutory dues with the appropriate authorities. As per the information provided to us, the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable amounts to $ 377844.

(b) According to the information and explanations given to us, there were no dues on account of Wealth Tax, Service tax, Sales tax (VAT), Custom Duty, Excise Duty, Entry Tax, Stamp Duty and other statutory material dues which were not deposited on account of any dispute. However, the particulars of Income Tax which have not been deposited on account of dispute are as referred to in the details of Contingent Liabilities in Note no. 25.

(x) In our opinion, the Company has been registered for a period not less than five years and it has no accumulated losses at the end of the financial year. We further report that the Company has incurred cash losses in the current financial year and but not in the immediately preceding financial year.

(xi) As per information provided to us, the Company has not taken any loans, credit facilities or other loans of whatsoever nature from any financial institution and/or bank and/or debenture holders.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Thus, the directions regarding maintenance of adequate documents and records are not applicable to the Company.

(xiii) As explained to us the Company is not a nidhi/mutual benefit fund/society and the provisions of any special statute are not applicable in respect of the Company. Thus the sub-clauses (a) to (d) of this clause are not applicable.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments, thus the disclosure regarding maintenance of records and holding securities in its own name are not applicable in respect of the Company.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. Thus, the disclosure regarding the terms and conditions is not required.

(xvi) According to the information and explanations given to us, the Company has not obtained any term loan during the year accordingly there is nothing to report under this clause.

(xvii) According to the information and explanations given to us, the Company has not raised any funds on Short term or Long term basis during the year.

(xviii) As explained to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained under Section 301 of the Act. Thus, the disclosure regarding pricing under this clause is not applicable.

(xix) As explained to us, the Company has not issued any debentures during the year. Thus, the disclosure regarding securities is not applicable.

(xx) As explained to us, the Company has not raised any money by way of public issue during the year. Thus, the disclosure regarding end use of money is not applicable.

(xxi) According to the information and explanations given to us, and further as certified by the management, no fraud on or by the Company has been noticed or reported during the year.

For Amit K Arora & Co. Chartered Accountants,

(Amit Kumar Arora) Proprietor Membership No.: F 096831

Chandigarh, 14th August, 2012


Mar 31, 2010

1. We have audited the attached Balance Sheet of Kohinoor Broadcasting Corporation Ltd. as at 31st March 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date both annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts 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 for our opinion.

3. On the basis of written representation received from the directors as on 31st March 2010 and taken on record by Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956

4. As required by the Companies (Auditors Report) Order, 2004 (As Amended) issued by Ministry of Finance Department of Company Affairs, in terms of Section 227 (4-A) of the Companies Act, 1956, we annexed hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

5. Further to our comments in the annexure referred to in paragraph 4 above, we report that:

(i) 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.

(ii) In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examination of the books.

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with books of accounts.

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in the sub section (3c) of section 211 of the Companies Act, 1956 and rules there under; and

(v) In our opinion and to the best of our information and according to explanations given to us, the said accounts read together with other notes appearing in schedule 16 and their effect on the accounts if any, give the information required by the Companies Act, 1956 in the manner so required and also give a true and fair view in conformity with the accounting principals generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31st, 2010;

(b) In the case of Profit & Loss Account, of the loss for the year ended on that date; and

(c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Annexure referred to in paragraph 4 of our Report of even Date) (i)

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us major assets of the Company were physically verified by the Management in terms of a phased programme. No discrepancies were noticed on verification carried out.

(c) According to the information and explanation given to us no substantial part of fixed assets have been disposed off during the year. Since no substantial part of fixed assets have been disposed off during the year, the concept of going concern has not been affected.

(ii)

(a) Physical Verification of Raw Materials/ work in progress, finished goods and stores and spare parts has been conducted by the Management during the year at reasonable intervals.

(b) Procedure of physical verification of inventories followed by the Company are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) As explained to us the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks were not material as compared to the book records and have been properly dealt with in the books of accounts.

(iii) The Company has not taken or granted loans, Secured or Unsecured, from/to the Companies, Firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 within the meaning of section 370 (1-B) of the Companies Act, 1956. So, sub-clauses (b) (c) (d) relating to rate of interest and other terms and conditions of loans, repayment of the principal amount and interest thereon, steps taken for recovery/repayment of the principal and interest thereon, in our opinion are not applicable in respect of the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regards to purchase of inventories and fixed assets and also with regards to sale of goods. We have not noticed any continuing failure to correct major weaknesses in internal control.

(v)

(a) In our opinion and according to the information and explanations given to us, no transaction is required to be entered into in the register in pursuance of section 301 of the Act.

(b) According to the information and explanations given to us, during the year there is no transaction made in pursuance of the contracts or agreements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating to Rs. five lacs p.a. or more in respect of each party.

(vi) The Company has not accepted or renewed deposits from the public during the year to which provisions of section 58-A of the Companies Act, and the applicable rules framed there under including the directives issued by the Reserve Bank of India apply.

(vii) The Company has its own internal audit system, which in our opinion is commensurate with the size of the Company and the nature of its business.

(viii) As per information supplied to us, the Central government has not prescribed the maintenance of cost records under section 209 (1) (d) of Companies Act, 1956 for any of the Companys Product.

(ix)

(a) As explained to us, the Company is regular in paying applicable undisputed statutory dues with the appropriate authorities. As per the information provided to us, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable is Nil.

(b) According to the information and explanations given to us, there are no dues pending which have not been deposited due to the disputes.

(x) In our opinion, the Company has been registered for a period not less than five years and it has no accumulated losses at the end of the financial year. We further report that the Company has not incurred any cash losses in the current financial year and also in the immediately preceding current financial year.

(xi) As per information provided to us the Company has not taken any loans, credit faculties or other loans of whatsoever nature from any financial institution and/or bank and/or debenture holders.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Thus the directions regarding maintenance of adequate documents and records are not applicable to the Company.

(xiii) As explained to us the Company is not a nidhi / mutual benefit fund / society and the provisions of any special statute are not applicable in respect of the Company. Thus the sub-clauses (a) to (d) of this clause are not applicable.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments, thus the disclosure regarding maintenance of records and holding securities in its own name are not applicable in respect of the Company.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. Thus the disclosure regarding the terms and conditions is not required.

(xvi) According to the information and explanations given to us, the Company has not obtained any term loan during the year accordingly there is nothing to report under this clause.

(xvii) According to the information and explanations given to us, the Company has not raised any funds on Short term or long term Basis during the year.

(xviii) As explained to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained under section 301 of the Act. Thus the disclosure regarding pricing under this clause is not applicable.

(xix) As explained to us, the Company has not issued any debentures during the year. Thus the disclosure regarding securities is not applicable.

(xx) As explained to us, the Company has not raised any money by way of public issue during the year. Thus the disclosure regarding end use of money is not applicable.

(xxi) According to the information and explanations given to us, and further as certified by the management, no fraud on or by the Company has been noticed or reported during the year.

for Amit K Arora & Co.

Chartered Accountants,

(Amit Kumar Arora)

Proprietor

Chandigarh, 2nd July 2010 Membership No.: F 096831









 
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