Mar 31, 2015
We have audited the accompanying standalone financial statements of SEA
TV NETWORK LIMITED ("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss and the cash flow
statement for the year then ended, and a summary of the 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 and presentation of these standalone 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 maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting 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 adequate
internal financial controls, 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 standalone
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 the 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 of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, 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 the financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, of the state of
affairs of the Company as at 31st March 2015, its loss and its cash
flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors' Report) Order,2015 ("the
Order") issued by the Central Government of India in terms of sub
section (11) of section 143 of the Companies Act, 2013. We give in the
Annexure A statements on the matters specified in paragraphs 3 and 4 of
the order, to the extent applicable.
As required by Section 143 (3) of the Act, we report that:
(b) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(c) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(d) The Balance Sheet, the Statement of Profit and Loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account.
(e) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(f) On the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(g) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us;
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements- Refer Note 25 (A) (i)
to (iii) of the financial statements.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts- Refer Note 11 to
the financial statements.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of Sea TV Network Limited on the standalone financial
statements for the year ended 31st march, 2015, we report that:
(I) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has a regular program of physical verification to cover
all fixed assets in a phased manner over a period of two years other
than set top boxes which are in possession of the customers / third
parties and distribution equipment comprising overhead and underground
cables. Management is of the view that it is not possible to verify
these assets due to their nature and location. In accordance with
this program, certain fixed assets were physically verified during the
year by the management but no discrepancies were noticed on such
verification as explained to us. In our opinion, other than for
physical verification of set top boxes and distribution equipments
referred to above, the frequency of verification of fixed assets is
reasonable.
(II) The company is a service company, primarily rendering MSO
services. Accordingly it does not hold any physical inventories. Thus,
paragraph (ii) (a) to (c) of the Order is not applicable.
(III) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 ('the Act'). Thus,
paragraph (iii) of the Order is not applicable.
(IV) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the
capital/ revenue items purchased are special nature and suitable alter-
native sources are not readily available for obtaining comparable
quotations, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, with
regard to purchase of fixed assets and for the sale of services. The
activities of the company do not involve purchase of inventory and the
sale of goods. We have not observed any major weaknesses in the
internal control system during the course of the audit.
(V) The Company has not accepted any deposits from the public.
(VI) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any services rendered by
the company.
(VII) (a) According to the information and explanations given to us and
on the basis of the records of the Company, amounts deducted/ accrued
in the books of account in respect of undisputed statutory dues
including provident fund, income tax, employee state Insurance, service
tax, duty of customs and other material statutory dues have been
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 duty of excise, sales tax, Wealth tax, value added tax,
Cess.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
employee state Insurance, service tax, duty of customs, excise duty,
sales tax, Wealth tax, value added tax, Cess and other material
statutory dues were in arrears as at 31st March, 2015 for a period more
than six months from the date they became payable.
(b) According to the information and explanations given to us, the
following dues have not been deposited by the company on account of
disputes:
Name of Nature at dttes Amount(Rs) Period to which Forum where
dispute
the
Statute the wtitruut is Pendind
relate
Income Income tax Demand 215220/- AY 2010-11 CIT (Appeals)
tax Agra
Act
Income
tax Income tax demand Nil AY 2012-13 CIT (Appeals}.
Act against addition Agra
adjusted from
refund pf income tax
Entertain Licence fees 11600800/- FY 2013-14 Alahabad High
Court, Lucharw
BearH
(c ) According to the information and explanations given to us, there
was no amount which was required to be transferred to the Investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules thereunder.
(VIII) The Company does not have any accumulated losses at the end of
the financial year. Company has incurred cash losses in the financial
year but not in the immediately preceding financial year.
(IX) The company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year except in
case of Allahabad Bank term loans as under:
Name of Financial Nature of Overdue Period to Which the Whether
institution account amount(Rs) amount
relates regularized
Allahabad Bank Term Loan 77315178/= April 2014
July 2014 Yes
to Feb,
2015
(X) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(XI) Based on information and explanations given to us by the
management, the term loans raised by the company during the year were
applied for the purpose for which they were obtained.
(XII) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
Place :Agra
Date : 30th May, 2015 For Surendra G. & Company
Chartered Accountants
FRN: 001757C
Surendra Kumar Garg
Proprietor
M.No. : 070974
Mar 31, 2014
We have audited the accompanying financial statements of SEA TV NETWORK
LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
reasonableness of the accounting estimates made by the 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.
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 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 31, 2014;
b) in the case of Profit and Loss Account, of the loss for the year
ended on that date;
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
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 accounts as required by the law
have been kept by the Company so far as it appears from our examination
of those books;
(c) the Balance Sheet, the 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 & Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
(e) on the basis of written representations received from the directors
as of March 31, 2014 and taken on record by the Board of Directors,
none of the Directors is disqualified as on March 31, 2014 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies 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 AUDITORS'' REPORT The Annexure referred to in
paragraph 1 of Our Report of even date to the members of Sea TV Network
Limited, on the accounts of the company for the year ended 31st march,
2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) According to the information and explanations given to us, the
Company has a regular program of physical verification to cover all
fixed assets in a phased manner over a period of two years other than
set top boxes which are in possession of the customers/third parties
and distribution equipment comprising overhead and underground cables.
Management is of the view that it is not possible to verify these
assets due to their nature and location. In accordance with this
program, certain fixed assets were physically verified during the year
by the management but no discrepancies were noticed on such
verification as explained to us. In our opinion, other than for
physical verification of set top boxes and distribution equipments
referred to above, the frequency of verification of fixed assets is
reasonable.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2. In respect of its inventories:
(a) There is no stock, as the company is a service company. Hence no
physical verification has taken place during the year.
(b) In the absence of stock, comments on reasonableness and adequacy of
procedures for physical verification are not applicable.
(c) In the absence of stock, neither physical verification was carried
out, nor discrepancy noticed.
3. In respect of loans granted and taken to / from parties covered in
the register maintained u/s 301 of the Com- panies Act, 1956.
(a) As informed, the company has granted unsecured loans to two
subsidiary companies amounting to Rs.940.93 lacs (including opening
balance) and one associate company amounting to Rs.198.03 lacs covered
in the register maintained u/s 301 of the companies Act,1956 ;
(b) The rate of interest charged on loans are not prima facie
prejudicial to the interest of the company;
(c) Principal amount of loan and interest has been received by the
company;
(d) There is no overdue amount in view of nil closing balance;
(e) The company has not taken loans from firms, companies and other
persons covered in the register maintained under section 301 of the
Companies Act, 1956.
(f) Not applicable
(g) Not applicable
4. In respect of internal control
In our opinion and according to the information and explanations given
to us, having regard to the explanations that some of the capital/
revenue items purchased are special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control system commensurate with the size
of the company and the nature of its business, with regard to purchase
of fixed assets and for the sale of goods and services. During the
course of our audit, We have not observed any major weaknesses in such
internal control system.
5. In respect of contracts or arrangements need to be entered into a
register maintained u/s 301 of the Compa- nies Act, 1956
(a) According to the information and explanation given to us, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 of the companies Act 1956 have been entered in the
register required to be maintained under that section.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the companies Act 1956 exceeding Rs. Five lakhs have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time to the extent the same are available with the
Company and / or in accordance with the approvals granted by the
Central Government, wherever applicable.
6. In respect of deposits from public
In our opinion and according to the information & explanations given to
us, the company has not accepted any deposit from public during the
year; within the meaning of Sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975.
7. In respect of internal audit system
In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of business.
8. In respect of maintenance of cost records
As per information and explanations given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) section 209 of the
companies Act, 1956 and we are of the opinion that prima facie the
prescribed accounts and records have been maintained.
9. In respect of statutory dues
(a) According to the information and explanations given to us, the
company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees'' state insurance, income tax, sales tax,
value added tax, wealth tax, service tax, custom duty, excise duty,
Cess and other material statutory dues applicable to it during the
year.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
services tax ,sales tax, custom 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.
10. In respect of accumulated losses and cash losses
The company has not accumulated losses at the end of the financial year
and it has not incurred cash losses in the current and immediately
preceding financial year.
11. In respect of dues to financial institution / banks / debentures
Based on our audit procedures and as per the information and
explanation given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to financial institution
or bank.
12. In respect of loans and advances granted on the basis of security
According to the information and explanation given to us and based on
the document and records provided 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. Accordingly, the provisions of clause
4(xii) of the Order are not applicable to the company.
13. In respect of provisions applicable to Chit fund
In our opinion and according to information and explanations given to
us the company is not chit fund or a nidhi or mutual benefit
fund/society. Accordingly, the provisions of clause 4(xiii) of the
Order are not applicable to the company.
14. In respect of dealing or trading in shares, securities, debentures
and other investment
According to information and explanations given to us the company is
not dealing in or trading in shares, securities, debentures and other
investments. Accordingly the provisions of clause 4(xiv) of the Order
are not applicable to the company.
15. In respect of guarantee given for loans taken by others
On the basis of records examined by us and information provided by the
management, we are of the opinion that the company has not given
guarantees for loans taken by other from banks or financial
institutions.
16. In respect of application of term loans
Based on information and explanations given to us by the management,
the term loans raised by the company during the year were applied for
the purpose for which they were obtained.
17. In respect of fund used
According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we report that
no funds raised on short-term basis have been used for long-term
investment.
18. In respect of preferential allotment of shares
The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained u/s 301 of the
Act, during the year.
19. In respect of securities created for debentures
The company has not issued any debentures during the year. Therefore
provisions of clause 4(xix) of the Order are not applicable to the
company.
20. In respect of end use of money raised by public issues
The company has not raised any money by way of public issues during the
year.
21. In respect of fraud
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 giben by the management, we report that no
fraud on or by the company has been noticed or reported during the
year.
For Surendra G. & Company
Firm Registration No. 001757C
Chartered Accountants
(Surendra Kumar Garg)
Place : Agra Proprietor
Date : 30th May 2014 Membership No. 070974
Mar 31, 2012
1. We have audited the attached Balance sheet of SEA TV NETWORK
LIMITED as at 31/03/2012 and also the Profit and loss Account and the
Cash Flow Statement 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.
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 overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (as
amended) by the Central Government of India, in terms of sub-section
(4A) of section 227 of the companies Act, 1956. We enclose in the
Annexure a statement on the matters specified in paragraph 4 & 5 of the
said order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(a) We have obtained all the information and explanations, which to
the best of our knowledge and belief were necessary for the purpose
of our audit.
(b) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as it appears from our examination
of those books:
(c) The Balance Sheet Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
(e) On the basis of written representations received from the directors
as of 31/03/2012 and taken on record by the board of directors. We
report that none of the directors is disqualified as of 31/03/2012 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, read with significant accounting policies
and notes on Accounts mentioned in Note 21, the said accounts give the
information featured by the Companies Act, 1956, in the manner so
required 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 31/03/2012.
(ii) in the case of the Profit and Loss Account, 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.
ANNEXURE TO THE AUDITORS' REPORT
1. In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management at
reasonable intervals, No material discrepancies were noticed on such
verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. In respect of its Inventories:
(a) There is no stock, as the company is a service company. Hence no
physical verification has taken place during the year.
(b) In the absence of stock, comments on reasonableness and adequacy of
procedures for physical verification are not applicable.
(c) In the absence of stock, neither physical verification was carried
out, nor discrepancies were noticed.
3. In respect of loans granted and taken to/from parties covered in
the register maintained u/s 301 of the Companies Act, 1956.
(a) As informed, the company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained u/s 301 of the Companies Act, 1956.
(b) Not applicable
(c) Not applicable
(d) Not applicable
(e) The company has granted/taken loan from subsidiary companies
covered in the register maintained under section 301 of the companies
Act, 1956. The maximum amount involved during the year in availing the
loan was Rs. 62.75 Lacs and in granting the loan was Rs. 180.24 lacs
and the year end balance of loans receivable from such parties was Rs.
32.96 lacs.
(e) In our opinion, the rate of interest and other terms and conditions
on which loan has been taken from parties covered in the register
maintained under section 301 of the Companies Act, 1956 are not prima
facie, prejudicial to the interest of the company.
(g) There was no balance as at the end of year.
4. In respect of internal control
In our opinion and according to the information and explanations given
to us, there is adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of services, during the
course of audit. We have not observed continuing failure to correct
major weaknesses in internal control system.
5. In respect of contracts or arrangements need to be entered into a
register maintained u/s 301 of the Companies Act, 1956
(a) According to the information and explanation given to us, we are of
the opinion that the particulars of contracts or arrangements referred
to in section 301 of the companies Act, 1956 have been entered in the
register require to be maintained under that section.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 are made at price which are reasonable having
regard to prevailing market prices at the relevant time.
6. In respect of deposits from public
In our opinion and according to the information & explanations given to
us, the company has not accepted any deposit from public during the
year.
7. In respect of internal audit system
In our opinion, the Company has an internal audit system commensurate
with its size and nature of business.
8. In respect of maintenance of cost records
To the best of our knowledge and as explained the Central Government
has not presented maintenance of cost records under clause (d) of
sub-section (1) section 209 of the Companies Act, 1956 for the products
of the company.
9. In respect of statutory dues
(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees state Insurance, Income tax, sales tax,
wealth tax, service tax, custom duty excise duty, Cess and other
material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
services tax, sales tax, custom duty excise duty, Cess were in arrears,
as at 31st March, 2012 for a period of more than six months from the
date they became payable.
10. In respect of accumulated losses and cash losses
The company has no accumulated losses at the end of the financial year
and it has not incurred cash losses in the current and immediately
preceding financial year.
11. In respect of dues to financial Institution/banks/debentures
Based on our audit procedures and as per the information and
explanation given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to financial institution
or bank.
12. In respect of loans and advances granted on the basis of security
According to the information and explanation given to us and based on
the document and records provided 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 respect of provisions applicable to Chit fund
In our opinion and according to information and explanations given to
us the company is not chit fund or nidhi or mutual benefit
fund/society. Accordingly, the provisions of clause 4(xiii) of the
Order are not applicable to the company.
14. In respect of dealing or trading in shares, securities, debentures
and other investment
According to information and explanations given to us, the company is
not dealing in or trading in shares, securities, debentures and other
investments. Accordingly, the provisions of clause 4(xiv) of the Order
are not applicable to the company.
15. In respect of guarantee given for loans taken by others
On the basis of records examined by us and information provided by the
management, we are of the opinion that the company has not given
guarantees for loans taken by other from banks or financial
institutions.
16. In respect of application of term loans
Based on information and explanations given to us by the management,
the term loans raised by the company during the year were applied for
the purpose for which it was obtained.
17. In respect of fund used
According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we report that
no funds raise on short-term basis have been used for long-term
investment.
18. In respect of preferential allotment of shares
The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained u/s 301 of the
Act, during the year.
19. In respect of securities created for debentures
The company has not issued any debentures during the year. Therefore
provisions of clause 4(xix) of the Order are not applicable to the
company.
20. In respect of end use of money raised by public issues
The company has disclosed on the end use of money raised by public
issues and the same has been verified.
21. In respect of fraud
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 by the management, we report that no
fraud on or by the company has been noticed or reported during course
of our audit.
For Surendra G. & Company
(Chartered Accountants)
Firm Registration No. 001757C
Sd/-
(Surendra Kumar Garg)
Proprietor
M. No. 070974
Peer Review C. No. 004638