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Auditor Report of Unistar Multimedia Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of UNISTAR MULTIMEDIA LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2014, 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''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s 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 Stan- dards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and main- tenance 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.

AUDITORS'' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accor- dance 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.

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 in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) In the case of the Statement of Profit and Loss, of the Loss of the Company 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.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Account- ing Standards notified under the Act read with the General Circular 15/2013 dated 13 th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e. On the basis of the written representations received from the directors as on March 31, 2014, 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 Section 274(1)(g) of the Act.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNT FOR THE YEAR ENDED ON 31st MARCH, 2014

Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date -

1. In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situ- ation of fixed assets.

b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. According to the information and explanation given to us, no material discrepancies were noticed on such physical verification.

c) In our opinion, the Company has not disposed of a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a) The inventories have been physically verified during the year by the management. In our opinion, the fre- quency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of inventories. As explained to us, there were no material dis- crepancies noticed on physical verification of inventories as compared to the book records.

3. Company has not taken/granted any loans, secured or unsecured, from/to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchases of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system.

5. In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursu- ance of contracts or arrangements that need to be entered in 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, there are no transactions made in pursuance of contracts / arrangements that need to be entered in the Register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs.5,00,000.

6. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

7. Although, the company did not have a formal internal audit system during the previous year, in our opinion, its internal control procedures involved reasonable internal checking of its financial and business transaction.

8. According to information and explanation given to us, provisions of cost records to be maintained pursuant to the Companies (Cost Accounting Records) Rules, 2011 as prescribed by the Central Government under Sec- tion 209(1)(d) of the Companies Act, 1956 are not applicable to the Company.

9. In respect of statutory dues:

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Edu- cation and Protection Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess, and other material statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2014 for a period of more than six months from the date of becoming payable.

b) Details of dues of Income Tax, Sale Tax, Custom Duty and Excise Duty which have not been deposited as on March 31, 2014 on account of disputes are given below:

Sr. Name of Nature of Amt. Period to Forum where No. the Statute the Dues (in Rs.) which the dispute is amount relates pending

- - - - - -

10. The Company has accumulated losses at the end of the financial year but are not more than 50% of networth. The Company has incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, Company has not raised any funds from financial institutions, banks and debenture holders so the question of default in their repay- ment is not applicable.

12. In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

14. The Company has maintain proper records of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries. According to the information provided to us, all shares, securities, and other investments have been held by the Company in its own name.

15. According to the information and explanation given to us by the management, Company has not given any guar- antees for loans taken by others from banks and financial institutions.

16. The Company has not raised any term loans during the year so question of application of same is not applicable.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that no funds raised on short term basis have been used for long-term invest- ment during the year.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. According to the information and explanations given to us, the Company has not issued any secured debentures.

20. The Company has not raised any capital by way of public issues during the year

21. To the best of our knowledge and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

FOR DRUPRAKASH & CO. Chartered Accountants

D.P.SHETTY Date : 29th May 2014 PROPRIETOR Place : Mumbai Mem. No. 103534


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/S Unistar Multimedia Limited as at 31st March, 2012 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statement 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 standard$jg£nerally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial state- ments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting prin- ciples 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 (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956 and on basis of such checks of the books and records of the Company as we considered appropriate, and according to the information given to us during the course of audit, we enclose separate Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

4. Further to our comments in the Annexure referred to above, We state 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 account as required by law have been kept by the company so far as appears from our examination of such books.

(c) The Balance Sheet and Profit and Loss account referred to in this report are in agreement with the books of account.

(d) In our opinion the Balance Sheet and Profit and Loss account dealt with by this report comply with the Accounting Standards referred to sub-section (3C) of Section 211 of *he Companies Act, 1956 to the extent applicable.

(e) On the basis of written representation received, we report that none of the directors is disqualified as on March 31, 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, the said accounts together with significant accounting policies and notes thereon give the information required by the companies Act, 1956 in the manner so required and give a true and fair view in confor- mity 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 &

(ii) in the case of Profit & Loss Account, of the LOSS for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNT

FOR THE YEAR ENDED ON 31st MARCH, 2012

1. a. The company has maintained proper records showing full particulars including quantitative details and

situation of fixed assets on the basis of available information.

b. As explained to us, all the fixed assets have been physically verified by the management during the year and there was regular program of verification which in our opinion is reasonable having regard to the size of the company and the nature of its business. No material discrepancies were noticed on such verification.

c. The company has not disposed off any fixed assets during the year.

2. a. As explained and informed to us, the inventory of finished series has been physically verified during the

year by the management at reasonable intervals.

b. In our opinion according to die information and explanations given to us, the procedures of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

c. The Company has maintained proper records of inventories. As explained to us there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. a. According to the information and explanations given to us, the Company has taken unsecured loans from the

directors and other parties listed in the register in die maintained under section 301 and/or the companies under same management as defined under sub-section (IB) of section 370 of the Companies Act, 1956. In our opinion the terms and conditions of such loans are not prima facie prejudicial to the interest of the company.

b. According to the information and explanations given to us, the Company has granted loans and advances to the companies, firm or other parties listed in the register in the maintained under section 301 and/or the companies under same management as defined under sub-section (IB) of section 370 of the Companies Act, 1956. In our opinion the terms and conditions of such loans are not prima facie prejudicial to the interest of the company.

c. According to the information and explanations given to us, the parties to whom interest free advances in the nature of loan has been given are repaying the principal as stipulated.

d. The company has given advances in the nature of loans to some parties, However, as explained to us, there is no stipulation as to payment of interest and repayment of principal.

4. In our opinion and according to the information and explanations given to us there are adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of serials/films, raw materials including components, fixed assets and other assets and with regard to the sale of goods, serials/films. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In our opinion and according to the information and explanations given to us, there were no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, aggregating during the year to Rs. 5 lakhs or more in respect of any parties.

6. The company has not accepted any deposits from the public as defined under section 58-A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975.

7. As explained and informed to us, the company has not have a formal internal audit system. However, in our opinion and as per the explanation given to us its internal control procedures involve reasonable internal checking of its transactions.

8. To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the companies Act, 1956 for the products of the company.

9. a. According to the information and explanation given to us and on the basis of our examination of books of

accounts, the provisions related to Provident Fund, Investor protection fund, Employees State Insurance does not apply to the company during the year, b. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, as at last day of the financial year concerned for a year of more than six months from the date they became payable.

10. In our opinion the accumulated losses of the company at the end of the financial year are not more than 50% of its net worth.

11. According to the information and explanation given to us and on the basis of our examination of books of accounts, the company has not taken any loan from the financial institutions, banks or debenture holders. Therefore, provisions of clause 4 (xi) of the Order is not applicable to the company.

12. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of pledge of shares, debentures and other securities, Therefore, provisions of clause 4 (xii) of the Order is not applicable to the company.

13. According to the information and explanations given to us, the company is not a chit fund/nidhi/mutual benefit fund/society. Therefore, provisions of clause 4 (xiii) of the Order is not applicable to the company.

14. According to the information and explanations given to us die company is not dealing or trading in shares, securities, debentures or other investments. Therefore, provisions of clause 4 (xiv) of the 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 loans taken by others from banks and financial institutions. Therefore, provisions of clause 4 (xv) of the Order is not applicable to the company.

16. According to the information and explanations given to us ,the company has not taken any loans during the year.

17. According to the information and explanations given to us and on and overall examination of the balance sheet of the company ,we have not come across any instance where funds raised during the year on short- term basis have been used for long-term investment and vice versa.

18. During the year, the company has not made any preferential allotment of shares to the parties and companies covered in there.

19. The company has not issued any debenture during the year. Therefore, provisions of clause 4 (xix) of the Order is not applicable to the conpany.

20. The company has not raised any money by way of public issue during the year. Therefore, provisions of clause 4 (xx) of the Order is not applicable to the company.

21. According to the information and explanation given to us, no fraud, on or by the company, has been noticed or reported during the year.

FOR DHRUPRAKASH & CO.

Chartered Accountants

Sd/-

PLACE : Mumbai (D.P.SHETTY)

DATED : 06/09/12 Partner

M. No. 103534


Mar 31, 2009

1. We have audited the attached Balance Sheet of M/s Unistar Multimedia Limited as at 31st March, 2009 and also the Profit & 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.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure 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 and on basis of such checks of the books and records of the Company as we considered appropriate and according to the information given to us during the course of audit, we enclose separate Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of teh said Order to the extent applicable.

4. Further to our comments in the Annexure referred to above, We state 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 account as required by law have been kept by the company so far as appears from our examination of such books.

(c) The report on the accounts of Mumbai Branch audited by the Branch Auditors has been forwarded to us and has been dealt with by us in preparing this report.

(d) The Balance Sheet and Profit & Loss Account referred to in his report are in agreement with the books of account.

(e) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to sub-section (3 C) of section 211 of the Companies Act, 1956 to the extent applicable.

(f) On the basis of written representation received from the directors as on 31st March, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

(g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with significant accounting policies and 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 Company as at 31st March, 2009

(ii) in the case of Profit & Loss Account, of the loss for the year ended on the date; and

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

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNT FOR THE YEAR ENDED ON 31st MARCH, 2009

1 (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

(b) As explained to us, all the fixed assets have been physically verified by the management during the year and there was regular program of verification which in our opinion is reasonable having regard to the size of the company and the nature of its business. No material discrepancies were noticed on such verification.

(c) The company has not been disposed off any fixed assets during the year.

2 (a) As explained and informed to us, the inventory of finished serials, stores, spares and raw materials has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion according to the information and explanations given to us, the procedures of the physical verification of inventories followed by the management are reasonable and adequate in relation to size of the company and the nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3 (a) According to the information and explanations given to us, the company has taken unsecured loans from the directors and other parties listed in the register in the maintained under section 301 and/ or the companies under same management as defined under sub section (IB) of section 370 of the Companies Act, 1956. In our opinion the terms and conditions of such loans are not prima facie prejudicial to the interest of the company.

(b) According to the information and explanations given to us, the Company has granted loans and advances to the companies, firm or other parties listed in the register in the maintained under section 301 and/or the companies under same management as defined under sub-section (IB) of section 370 of the Companies Act, 1956. In our opinion the terms and conditions of such loans are not prima facie prejudicial to the interest of the company.

(c) According to the information and explanations given to us, the parties to whom interest free advances in the nature of loan has been given are repaying the principal as stipulated.

(d) The company have been advances in the nature of loans to some parties, However, as explained to us, there is no stipulated as to payment of interest and repayment of principal.

4 In our opinion and according to the information and explanations given to us there are adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to purchase of serials / films, raw materials including components, fixed assets and other assets and with regard to the sale of goods, serials / films. During the course of our audit, we have not observed and major weaknesses in internal controls.

5 In our opinion and according to the information and explanations given to us, there were no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, aggregating during the year to Rs. 5 lakhs or more in respect of any parties.

6 The company has not accepted any deposits from the public as defined under sections 58-A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975.

7 As explained and informed to us, the company has not have a formal internal audit system. However, in our opinion and as per the explanation given to us its internal control procedure involve reasonable internal checking of its transactions.

8 To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the products of the Company.

9 (a) According to the information and explanations given to us and on the basis of our examination of books of accounts, the provisions related to Provident Fund, Investor protection fund, Employees State Insurance does not apply to the company during the year.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax. wealth tax, sales tax, customs duty and excise duty were outstanding, as at last day of the financial year concerned for a year of more than six months from the date they became payable.

10 In our opinion the accumulated losses of the company at the end of the financial year are not more than the 50% of its net worth.

11 According to the information and explanations given to us and on the basis of our examination of books of accounts, the company has not taken any loan from the financial institutions, banks or debenture holders. Therefore, provisions of clause 4(xi) of the order is not applicable to the company.

12 According to the information and explanations given to us, the company has not granted and loans and advances on the basis of pledge of shares, debentures and other securities, Therefore provisions of clause 4(xii) of the Order is not applicable to the company.

13 According to the information and explanations given to us, the company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, provisions of clause 4(xiii) of the Order is not applicable to the Company.

14 According to the information and explanations given to us the company is not dealing or trading in shares, securities, debentures or other investments. Therefore, provisions of clause 4(xiv) of the 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 loans taken by others from banks and financial institutions. Therefore, provisions of clause 4(xv) of the Order is not applicable to the Company.

16 According to the information and explanations given to us, the company has not taken any loans during the year.

17 According to the information and explanations given to us and on and overall examination of the balance sheet of the company, we have not come across any instance where funds raised during the year on short- term basis have been used for long-term investment and vice versa.

18 During the year, the company has not made any preferential allotment of shares to the parties and companies covered in there.

19 The company has not issued any debentures during the year. Therfore, provisions of clause 4 (xix) of the Order is not applicable to the company.

20 The company has not raised any money by way of public issue during the year. Therefore, provisions of clause 4 (xx) of the Order is not applicable to the company.

21. According to the information and explanations given to us, no fraud on or by the company, has been noticed or reported during the year.

For P. D. AGRAWAL & CO.

Chartered Accountants

Sd/-

Place : Kanpur (Tarun Gupta)

Date : 30/08/2009. Partner

M. No. 077468





 
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