Mar 31, 2015
We have audited the attached Financial Statements of SPLASH MEDIA &
INFRA LIMITED ('the Company") which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit & Loss and Cash Flow
Statement for the year ended on that date and a summary of Significant
Accounting Policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ('the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
the maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITOR'S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 financial 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 company'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 on financial
statements.
BASIS OF QUALIFICATION
Contravention of Accounting Standard 15 on Accounting for retirement
benefit of employees.
As stated in Point No. 8 of Note No.1 of Significant Accounting
Policies followed by the company, the Company is not making any
provision for the Gratuity and leave encashment as the same is
accounted for on payment basis. This is in Contravention of Accounting
Standard 15 on Accounting for retirement benefits of employees.
Contravention of Accounting Standard 26 on Intangible Assets.
As stated in Point No.23 of Note to Accounts followed by the company,
the Company is not showing expenses incurred during the period on
account of Increase in Authorised Capital & some expenses in connection
to right Issue Expenses as revenue expenditure and the same is show as
Preliminary expenses to be amortised over a period of 5 years. This is
in Contravention of Accounting Standard 26 on Intangible Assets.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required, and give a
true and fair view Subject to the Basis for Qualified Opinion
Paragraph, 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 31st March, 2015;
(ii) In the case of the Statement of Profit and Loss; of the PROFIT for
the year ended on that date;
(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 (Auditors Report) Order, 2015 issued by
the Central Government of India in terms of section 143 (11) of the Act.
We give in Annexure B a statement on matters specified in paragraph 3
and 4 of the said order.
2. As required by section 143(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 purposes of the
audit;
b. 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
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
accounts;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the mandatory Accounting Standards
referred to in section 133 of the Companies Act, 2013, read with Rule 7
of the Companies (Accounts) Rules, 2014 except AS 15 regarding no
provision created for retirement benefits and except AS 26 regarding
preliminary expenses recognized as intangible assets and not written
off entirely. Had the preliminary expenses been shown as revenue
expenditure then profit would have been decreased by Rs.8,81,805/-.
e. On the basis of the written representation received from the
Directors as on 31.03.2015 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31.03.2015, from being appointed as a Director in terms of Sub-section
(2) of section 164 of the Act, 2013.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 3 of our report of even date on the accounts
for the year ended 31st March, 2015 of SPLASH MEDIA & INFRA LIMITED. On
the basis of such checks as we considered appropriate and in terms of
information and explanations provided to us state that:
1) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable; no material discrepancies were noticed on such
verification.
2) The Company does not have any inventory. Therefore the provision of
clause 3 (ii) (a), (b), (c) of Companies (Auditor's Report) Order, 2015
are not applicable to the Company.
3) The Company has not granted loans to companies, firms covered in the
register maintained under section 189 of the Companies Act, 2015.
Consequently the provisions of clauses 3 (a) & (b) of the order are not
applicable to the company.
4) In our opinion and according to the information and explanations
provided by the company, there are adequate internal control systems
commensurate with the size of the Company and the nature of its
business. During the course of audit, we have not observed any
continuing failure to correct major weakness in internal control
system.
5) In our opinion and according to the information and explanations
provided by the company, the Company has not accepted any deposits from
Public and therefore the provisions of Sec. 73 to 76 of the Companies
Act, 2013 and the Companies (Acceptance of Deposits) Rules 2014 are not
applicable.
6) The Central Government has not prescribed maintenance of cost
records by the company under sub-section (1) of section 148 of the
Companies Act, 2013.
7) a) According to the information and explanations provided by the
company, the company has been generally regular in depositing undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income Tax, Wealth Tax, Service Tax, Duties of Customs, Duties of
Excise, Value Added Tax, Cess and any other statutory dues with the
appropriate authorities applicable to it and no undisputed amount
payable in respect of Provident Fund, Employees' State Insurance, Income
Tax, Wealth Tax, Service Tax, Duties of Customs, Duties of Excise, Value
Added Tax, Cess were in arrears , as at 31st March, 2015 for a period of
more than six months from the date they became payable.
b) In our opinion and according to the information and explanations
provided by the company, there are no dues outstanding in respect of
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Value Added Tax and Cess which have not been deposited on account
of any dispute.
c) In our opinion and according to the information and explanations
given to us, the company is not required to transfer any amount to
investor education and protection fund in accordance with relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder.
8) The company does not have any accumulated losses of more than 50% of
its net worth at the end of the financial year and there was no cash
loss during the financial year covered by our Audit and in the
immediately preceding financial year.
9) Based on our Audit procedures and according to the information and
explanations provided by the company, the company has not defaulted in
repayment of any dues to financial institutions or banks or debenture
holders.
10) In our opinion and according to the information and explanations
provided by the company, the company has not given any guarantees for
loans taken by others from banks or other financial institutions.
11) Based on our Audit procedures and explanations given to us and on
the basis of our examination, The Company has not raised any term
loans.
12) Based on our Audit procedures performed and the information and
explanations provided by the company, no fraud on or by the company has
been noticed or reported during the course of our audit.
For S A R A & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGN NO.: 120927W
Sd/-
Govind Gopal Sharma
(PARTNER)
M. No. 132454
Place : Mumbai
Date : 29 May 2015
Mar 31, 2014
REPORT ON THE FINANCIAL STATEMENTS
We have audited the attached Financial Statements of SPLASH MEDIA &
INFRA LIMITED ("the Company") which comprise the Balance Sheet as at
31st March, 2014, the Statement of Profit & Loss for the year ended on
that date and a summary of Significant Accounting Policies and other
explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance in accordance with the accounting principles
generally accepted in India. 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 company''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.
BASIS OF QUALIFICATION
Contravention of Accounting Standard 26 on Intangible Assets.
As stated in Note No.24 to the financial statements, the Company has
not expensed out the Preliminary expenses in the books of accounts and
as per the company''s policy, the same are to be amortised over a period
of 5 years. This is in Contravention of Accounting Standard 26 on
Intangible Assets.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts give the information
required by the Act in the manner so required, and give a true and fair
view Subject to the Basis for Qualification Paragraph, in conformity
with the accounting principles generally accepted in India:
(i) In the case of Balance Sheet; of the State of affairs of the
company as at 31st March, 2014;
(ii) In the case of the Statement of Profit and Loss; of the PROFIT for
the year ended on that date;
(iii) In the case of 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 (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of section 227 (4A) of the
Act is applicable to the company..
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 purposes of the
audit;
b. 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
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
accounts;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the mandatory Accounting Standards
referred to in sub-section (3C) of section 211 of the Act,1956 except
AS 26 regarding preliminary expenses recognized as intangible assets
and not written off entirely. Had the preliminary expenses been shown
as revenue expenditure then profit would have been decreased by
RS.11,75,740/-.
e. On the basis of the written representation received from the
Directors as on 31.03.2014 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31.03.2014, from being appointed as a Director in terms of Clause (g)
of Sub-section (1) of section 274 of the Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORSÂ REPORT
Referred to in paragraph 3 of our report of even date on the accounts
for the year ended 31st March, 2014 of SPLASH MEDIA & INFRA LIMITED. On
the basis of such checks as we considered appropriate and in terms of
information and explanations provided to us state that:
1) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable; no material discrepancies were noticed on such
verification. However the fixed assets register was not produced before
us for our verification.
b) No substantial part of Fixed Assets has been disposed off during the
year, which has bearing on the going concern assumption.
2) The Company does not have any inventory. Therefore the provision of
clause 4 (ii) (a), (b), (c) of Companies (Auditor''s Report) Order, 2003
are not applicable to the Company.
3) a) The Company has not granted loans to companies, firms covered in
the register maintained under section 301 of the Companies Act, 1956.
The Company has not taken interest-free unsecured loans from
shareholders/directors Consequently the provisions of clauses 3)(b) ,
3)(c) and 3)(d) of the order are not applicable to the company.
b) According to the information & explanations given to us and on the
basis of our examination of the books of account, the company has not
taken loans from Companies, Firms or other parties listed in the
register maintained under section 301 of the Companies Act,1956. The
sub clauses (f) & (g) are not applicable to the Company.
4) In our opinion and according to the information and explanations
provided by the company, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of audit, we have not observed any
continuing failure to correct major weakness in internal controls.
5) a) In our opinion and according to the information and explanations
provided by the company, we are of the opinion that the transactions
that need to be entered into the register maintained u/s 301 of the
Companies Act 1956 have been so entered.
b) According to the information and Explanations given to us, there are
no transactions made in pursuance of contracts or arrangements which
need to be entered in the register maintained under Section 301 of the
Companies Act, 1956.
6) In our opinion and according to the information and explanations
provided by the company, the Company has not accepted any deposits from
Public and therefore the provisions of Sec. 58A and 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules
1975 are not applicable.
7) The company has adequate internal control procedures commensurate
with the size of the company and the nature of its business.
8) The Central Government has not prescribed maintenance of cost
records by the company under clause (d) of sub-section (1) of section
209 of the Companies Act, 1956.
9) a) According to the information and explanations provided by the
company, the company has been generally regular in depositing with
appropriate authorities, undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees'' State
Insurance, Income Tax, Wealth Tax, Custom Duty, Cess ,Service Tax and
any other statutory dues applicable to it and no undisputed amount
payable in respect of Income tax, Wealth tax , Sales tax, Customs
Duty , Excise duty and Cess were in arrears , as at 31st March, 2014
for a period of more than six months from the date they became payable.
b) Based on our Audit procedures and according to the information and
explanations provided by the company, there are no dues outstanding in
respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty,
and Cess which have not been deposited on account of any dispute.
10) The company does not have any accumulated losses of more than 50%
of its net worth at the end of the financial year and there was no cash
loss during the financial year covered by our Audit and in the
immediately preceding financial year.
11) Based on our Audit procedures and according to the information and
explanations provided by the company, the company has not defaulted in
repayment of any dues to financial institutions or banks.
12) According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures or other securities.
13) Based on our Audit procedures and according to the information and
explanations provided by the company, the company is not a chit fund or
a nidhi / mutual benefit Fund / society. Therefore the provisions of
clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
14) Based on our examination of the records and evaluations of the
related controls, we are of the opinion that the Company is not dealing
in or trading in shares, securities, debentures and other investments.
Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
15) In our opinion and according to the information and explanations
provided by the company, the company has not given any guarantees for
loans taken by others from banks or other financial institutions.
16) Based on our Audit procedures and on the information given by the
management, we report that the Company has not taken any term loans
during the period.
17) Based on our Audit procedures and explanations given to us and on
the basis of our examination, The Company has not raised short-term and
long-term funds during the year and hence the use of such funds for the
long term & short-term investments does not arise.
18) Based on our Audit procedures performed and the information and
explanations given to us, the company has not made any preferential
allotment of equity shares to parties and companies covered in the
register maintained under Section 301 of the Companies Act, 1956 during
the period.
19) The Company has not issued any secured debentures during the
period.
20) The Company has not raised any money by public issue of any
securities during the year.
21) Based on our Audit procedures performed and the information and
explanations provided by the company, no fraud on or by the company has
been noticed or reported during the course of our audit.
For S A R A & ASSOCIATES
Chartered Accountants
Firm Registration No.: 120927W
Sd/-
Ramawatar Sharma
Partner
Membership No. 102644
Place : Mumbai
Mar 31, 2012
We have audited the attached Balance Sheet of 'SPLASH MEDIA & INFRA
LIMITED' as at 31st March, 2012, the Profit & Loss Account & also Cash
flow Statement of the company for the year ended on that date 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.
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.
As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditor's Report) (Amendment) Order 2004
(the 'Order) issued by the Central Government of India in terms of
Section 227 (4A) of 'The Companies Act, 1956' of India (the
'Act') and on the basis of such checks of the books and records of
the company as we considered appropriate and according to the
information and explanations given to us, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
Further to our comments in the annexure referred to 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 purposes of our
audit.
b) 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
those books.
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet and the Profit & Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section 3(C) of Section 211 of the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a Director in terms of clause
(g) of sub-section (I) of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon, give the information required by the Companies Act,
1956, 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 31st March, 2012; and
ii. In the case of the Profit & Loss Account, of the profit of the
Company for the year ended on that date, and
iii. In the case of the Cash Flow statement of the Cash Flow for the
year ended on the date.
1. a. The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. The fixed assets of the company have been physically verified by
the Management during the year. We have been informed that no material
discrepancies were noticed on such physical verification.
c. No substantial part of the fixed assets has been disposed off
during the year, which has bearing on the going concern status of the
company.
2. The Company does not have any inventory therefore provisions of
clause 4(ii) of the Order is not applicable.
3. a. The company has not granted interest free unsecured loans to
companies, firms or other parties covered in the register maintained
u/s 301 of the companies act, 1956. hence the comment on the rate of
interest and terms and conditions thereon is not required.
b. The Company has not taken any loans from companies, firms or other
parties covered in the register maintained u/s 301 of the companies
act, 1956. hence the comment on the rate of interest and terms and
conditions thereon is not required.
4 In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and nature of-its business
with regards to purchase of fixed assets and for the sales. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weaknesses in internal
control system.
5. According to the information and explanation given to us, there
were no transaction with related parties, therefore the question of
entering the same into the register maintained in pursuance of section
301 of the Companies Act, 1956 and comparison of prices of the
transaction with the transactions entered into with other parties does
not arise.
6. As informed by the management during the year, the Company has not
accepted any deposits from the public within the purview of Section
58A, 58AA or any other relevant provisions of the Companies Act.
7. The Company does not have any formal Internal audit system.
8. The Central Government has not prescribed maintenance of cost
records, under section 209( I )(d) of the Companies Act, 1956 for any
of the activities conducted by the Company.
9. a. According to the information and explanations given to us, and
on the basis of our examination of the records of the company, amounts
deducted or accrued in the books of accounts in respect of undisputed
statutory dues including provident fund, income tax, service tax and
other material statutory dues have been generally regularly deposited
during the year by the company with the appropriate authorities. As
explained to us, the company did not have any dues on account of
Employees State Insurance, Wealth Tax, Cess and Investor Education and
Protection Fund.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
service tax and material statutory dues were in arrears as at 31 st
March 2012 for a period of more than six months from the date they
become payable.
c. According to the information and explanations given to us, there
are no dues of income tax, provident fund, wealth tax, service tax and
material statutory dues which have not been deposited with the
appropriate authorities on account of any dispute.
d. There are no dues on account of cess under Section 441 A of the
Companies Act, 1956 since the date from which aforesaid section comes
into force has not yet been made effective by the Central Government.
10. The Company does not have accumulated losses as at the end of
financial year and has not incurred cash losses in the current
financial year and immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
12. According to the information and explanations given to us and
based on the documents and records produced 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.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditor's Reports) Order, 2003 are not applicable to the
company.
14. As the company is not dealing or trading in shares, securities,
debentures and other investments so clause (xiv) of the said order is
not applicable to the company.
15. According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from bank
or financial institution.
16. The Company has not obtained any term loan during the year.
Accordingly clause 4(xvi) is not applicable to the Company.
17. According to the information and explanations given to us and on
overall examination of Balance Sheet of the Company, we are of the
opinion that the funds raised on short term basis have not been used
for long term investment.
18. The Company has not made any preferential allotment of shares to
companies or firms or parties covered in the register maintained under
section 301 of the Companies Act, 1956.
19. The company did not have outstanding debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us, we report that no fraud
on or by the company has been noticed or reported during the course or
our audit during the year.
For Ramanand and Associates
Chartered Accountants
Sd/-
CA Ramanand Gupta
Partner
Membership No.: 103975
Date : 5th June, 2012
Place : Mumbai
Mar 31, 2011
We have audited the attached Balance Sheet of ÃSPLASH MEDIA & INFRA
LIMITED as at 31st March, 2011, the Proft & Loss Account and also Cash
fow Statement of the company for the year ended on that date 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.
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.
As required by the Companies (Auditors Report) Order, 2003, as amended
by the Companies (Auditors Report) (Amendment) Order 2004 (the ÃOrder)
issued by the Central Government of India in terms of Section 227 (4A)
of ÃThe Companies Act, 1956 of India (the ÃAct) and on the basis of
such checks of the books and records of the company as we considered
appropriate and according to the information and explanations given to
us, we enclose in the Annexure a statement on the matters specifed in
paragraphs 4 and 5 of the said order.
Further to our comments in the annexure referred to 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 purposes of our
audit.
b) 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
those books.
c) The Balance Sheet and Proft and Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet and the Proft & Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section 3(C) of Section 211 of the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualifed as on
31st March 2011 from being appointed as a Director 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 explanations given to us, the said accounts read together with the
notes thereon, give the information required by the Companies Act,
1956, 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 31st March, 2011; and
ii. In the case of the Proft & Loss Account, of the proft of the
Company for the year ended on that date, and
iii. In the case of the Cash Flow statement of the Cash Flow for the
year ended on the date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph III of our
report of even date)
1. a. The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. The fixed assets of the company have been physically verifed by the
Management during the year. We have been informed that no material
discrepancies were noticed on such physical verifcation.
c. No substantial part of the fixed assets has been disposed off during
the year, which has bearing on the going concern status of the company.
2. The Company does not have any inventory therefore provisions of
clause 4(ii) of the Order is not applicable.
3. a. The company has not granted interest free unsecured loans to
companies, frms or other parties covered in the register maintained u/s
301 of the companies act, 1956. hence the comment on the rate of
interest and terms and conditions thereon is not required.
b. The Company has not taken any loans from companies, frms or other
parties covered in the register maintained u/s 301 of the companies
act, 1956. hence the comment on the rate of interest and terms and
conditions thereon is not required.
4 In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and nature of its business
with regards to purchase of fixed assets and for the sales. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weaknesses in internal
control system.
5. According to the information and explanation given to us, there
were no transaction with related parties, therefore the question of
entering the same into the register maintained in pursuance of section
301 of the Companies Act, 1956 and comparison of prices of the
transaction with the transactions entered into with other parties does
not arise.
6. As informed by the management during the year, the Company has not
accepted any deposits from the public within the purview of Section
58A, 58AA or any other relevant provisions of the Companies Act.
7. The Company does not have any formal Internal audit system.
8. The Central Government has not prescribed maintenance of cost
records, under section 209(1)(d) of the Companies Act, 1956 for any of
the activities conducted by the Company.
9. a. According to the information and explanations given to us, and
on the basis of our examination of the records of the company, amounts
deducted or accrued in the books of accounts in respect of undisputed
statutory dues including provident fund, income tax, service tax and
other material statutory dues have been generally regularly deposited
during the year by the company with the appropriate authorities. As
explained to us, the company did not have any dues on account of
Employees State Insurance, Wealth Tax, Cess and Investor Education and
Protection Fund.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
service tax and material statutory dues were in arrears as at 31st
March 2011 for a period of more than six months from the date they
become payable.
c. According to the information and explanations given to us, there
are no dues of income tax, provident fund, wealth tax, service tax and
material statutory dues which have not been deposited with the
appropriate authorities on account of any dispute.
d. There are no dues on account of cess under Section 441 A of the
Companies Act, 1956 since the date from which aforesaid section comes
into force has not yet been made effective by the Central Government.
10. The Company does not have accumulated losses as at the end of
financial year and has not incurred cash losses in the current financial
year and immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank or debenture holders.
12. According to the information and explanations given to us and
based on the documents and records produced 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.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Reports) Order, 2003 are not applicable to the
company.
14. As the company is not dealing or trading in shares, securities,
debentures and other investments so clause (xiv) of the said order is
not applicable to the company.
15. According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from bank
or financial institution.
16. The Company has not obtained any term loan during the year.
Accordingly clause 4(xvi) is not applicable to the Company.
17. According to the information and explanations given to us and on
overall examination of Balance Sheet of the Company, we are of the
opinion that the funds raised on short term basis have not been used
for long term investment.
18. The Company has not made any preferential allotment of shares to
companies or frms or parties covered in the register maintained under
section 301 of the Companies Act, 1956.
19. The company did not have outstanding debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us, we report that no fraud
on or by the company has been noticed or reported during the course or
our audit during the year.
For Ramanand and Associates
Chartered Accountants
Sd/-
CA Ramanand Gupta
Partner
Membership No. : 103975
Date : 30th May 2011
Place : Mumbai
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. Splash Media &
Infra Limited (Formely known as "Splash Mediaworks Limited) as at 31st
March, 2010, the Profit and Loss Account and also the Cash Flow
Statement for the year ended on that date 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 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 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. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 (hereinafter referred to as the
"Act"), we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said order.
4. Further to our comments in the annexure referred to 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 accounts as required by law have
been kept by the Company, so far as it appears from our examination of
the books of account.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d) 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 sub-section (3C) of Section211 of the
Companies Act, 1956, to the extent applicable.
e) On the basis of the written representations received from directors
and taken on record by the Board, none of the directors are
disqualified as on March, 31, 2010, from being appointed as a Director
in terms of clause (g) of sub-section (1) of Section 274 of the
Companies Act, 1956.
5. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon, give the information required by the Companies Act, 1956
in the manner so required:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010; and
ii) In the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date, and
iii) In the case of Cash Flow Statement of the Cash Flow for the year
ended on the date.
Annexure To Auditors Report For The Year Ended as on 31st March, 2010.
(Referred to in Paragraph (3) of our Report of even date)
1. a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As per Companys policy, verification of fixed assets is being
conducted in a phased programme by the management designed to cover all
assts over a period of one year, which in our opinion is reasonable
having regard to the size of the company and the nature of fixed
assets. The verification of asset as per this programme has been
carried out. The discrepancies noticed on such physical verification
were not material and have been properly dealt with in the books of
account.
c) As the Company has not disposed off any fixed assets during the
year, paragraph 4(i)é of the Companies (Auditors Report) Order, 2003
(hereinafter referred to as the Order) is not applicable.
2. The company does not have any inventory therefore provisions of
clause 4(ii) of the companies (Auditors Report) Order, 2003 (as
amended) are not applicable to the company.
3. a) The company has not granted interest free unsecured loan to any
company, covered in the register maintained under section 301 of the
companies act, 1956., hence the comment on the rate of interest and
terms and conditions thereon is not required.
b) The company has not taken any unsecured loans from companies, firms
or other parties covered in the register maintained u/s301 of the
companies act, 1956. hence the comment on the rate of interest and
terms and conditions thereon is not required
4. 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, fixed assets and with
regard to the sale of goods, if any.
5. According to the information and explanation given to us, there
were no transaction with related parties, therefore the question of
entering the same into the register maintained in pursuance of section
301 of the Companies Act, 1956 and comparison of prices of the
transaction with the transactions entered into with other parties does
not arise.
6. As informed by the management during the year, the Company has not
accepted any deposits from the public within the purview of Section
58A, 58AA or any other relevant provisions of the Companies Act, 1956.
7. The Company does not have any formal Internal audit system.
8. According to the information and explanations given to us, the
company has not been prescribed to maintain cost records under section
209(1 )(d) of the Companies Act, 1956.
9. a) According to the information and explanation given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including income tax, sales tax, service tax,
and other statutory dues, applicable to it. No undisputed amounts
payable were in arrears as on 31s1 March,2010 for a period of more than
six months from the date they became payable.
b) According to the information and explanations given to us, no
amounts in respect of sales tax, income tax, custom duty, wealth tax
and cess remain undeposited on account of any dispute.
10. The company does not have accumulated losses as at the end of
financial year and has not incurred cash losses in the current
financial year and immediately preceding financial year.
11. In our opinion and as per the information and explanations given
to us, the Company has not defaulted in repayment of dues to any bank
or financial institution or debenture holders.
12. According to the information and explanations given to us and
based on the documents and records produced 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.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
14. As the company is not dealing or trading in shares, securities,
debentures and other investments so clause (xiv) of the said order is
not applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from bank
or financial institutions.
16. The company has not obtained any term loan during the year.
Accordingly clause 4(xvi) is not applicable to the company.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. The company did not have any outstanding debentures during the
year.
20. The company has not raised any money by public issue during the
year covered by our report.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us, we report that no fraud
on or by the company has been noticed or reported during the course or
our audit during the year.
For PKC & Associates
Chartered Accountants
Sd/-
(Pradeep Choudhary)
Proprietor
M.N.105628
Place: Mumbai