Mar 31, 2010
We have audited the attached Balance Sheet of Sanraa Media Limited as
at 31st March 2010 and Profit and Loss Account 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 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.
I. As required by the Companies (Auditors Report) Order, 2003 (CARO,
2003) issued by the Company Law Board in terms of Section 227 (4A) of
the Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
II. Further to our comments in the Annexure referred to in paragraph I
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 purposes of our
audit;
(ii)ln 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;
III. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
IV. In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956.
V. On the basis of written representations received from the
directors, as on 31st March 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2009 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
VI. In our opinion and to the best of my information and according to
the explanations given to us, the said accounts 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 subject to:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date. As per our Report of Even Date
attached
THE ANNEXURE REFERRED TO IN PARA 3 OF THE AUDITORSÃ REPORT TO THE
MEMBERS OF SANRAA MEDIA LIMITED FOR THE YEAR ENDED 31ST MARCH 2010.
Fixed Assets:
a) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets.
b) All the fixed assets have been physically verified by the management
during the year, which in our opinion is reasonable having regard to
the size of the company and nature of its business. No material
discrepancy was noticed on such verification.
c) The Company has not disposed off substantial part of its fixed
assets during the year.
Inventory:
a) The Company does not carry inventory, hence verification and
valuation of inventory does not arise.
Loans granted/ taken by the company:
a) The Company has not granted any secured or unsecured loans during
the year to Companies listed in the Register maintained under Section
301 of the Companies Act, 1956.
b) The Company has not taken any loans from companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
Internal Control over purchase of inventory and fixed assets and for
sale of goods:
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 fixed assets and purchase and sale of goods. During the
course of audit, we have not observed any continuing failure to correct
major weaknesses in internal controls.
Transactions with parties listed under section 301 of the companies
act, 1956:
a) According to the information and explanations given to
us, we are of the opinion that the transactions that need to be entered
into the Register maintained under section 301 of the Companies Act,
1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the purchase or sale or services or contracts aggregating
to Rs. 50,000 or more were made during the year with any party in
respect of whom registers are maintained under section 301 of the
companies act, 1956.
Deposits from the Public:
The Company has not accepted any deposits from the public under section
58A of the Companies Act.
Internal Audit System:
The Company has internal audit system commensurate with its size.
Cost Records:
The Provision of Section 209(1) (d) of the companies Act, 1956
regarding maintenance of Cost Records is not applicable to the company.
Statutory Dues:
There are no undisputed amounts payable in respect of Wealth Tax, Sales
Tax, Customs Duty and Excise duty as on 31st March 2010 outstanding for
a period of more than six months from the date on which they became
payable. The company has income tax liability of Rs.1,23,24,797/ for
the earlier years
Absence of accumulated losses:
The Company has no accumulated losses. The Company has not incurred
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
Default in financial dues:
The company has not defaulted in repayment of dues to banks and
financial institutions.
Granting of Loans on the security of shares:
The Company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly clause (xii) is not applicable.
Chit Funds, Nidhi, Mutual Benefit Funds, Societies:
The Company is not a chit fund or a nidhi/mutual benefit fund/society.
Therefore the provisions of clause (xiii) of the Companies (Auditor?s
Report) Order 2003 are not applicable to the company.
Dealing/ trading of shares and other instruments:
The Company has not dealt in trading in shares.
Guarantees for Loans:
According to the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions. Accordingly clause (xv) of the Order is not
applicable.
End use of term loans:
The loan funds were applied for the purpose for which they were raised.
Application of short term funds:
According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, the company
has applied long term funds for long term uses.
Preferential Allotment:
The Company has not made preferential allotment of shares to parties
and companies covered under the register maintained u/s 301 of the
companies act, 1956.
Debenture Issued:
The company has not issued any debenture during the period covered by
our audit. Accordingly clause 4(xix) of the order is not applicable.
End Use of Public Issues:
During the financial year the company did not raise any money by public
issue.
Frauds:
According to the information and explanations given to us, no fraud on
or by the company has been noticed or reported during the year. As per
our Report of Even Date attached Firm
for R.RAVINDRAN & ASSOCIATES
Registration No: 003222S
Sd/-
R.RAVINDRAN
Chartered Accountants
Proprietor
Membership No 23829
Place : Chennai
Date : 21st May 2010