Mar 31, 2015
We have audited the accompanying financial statements of Cyber Media
(India) Limited CIN L92114DL1982PLC014334 ('the Company'), which
comprise the Balance Sheet as at 31 March 2015, and the Statement of
Profit and Loss and Cash Flow Statement for the year then ended, and
Notes to Financial Statements comprising of a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under Section 134(5) the Companies
Act, 2013 ("The Act") that give a true and fair view of the
consolidated financial position, consolidated financial performance and
consolidated cash flows of the Group including its Associates and
jointly controlled entity 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 includes the
design, implementation and maintenance of internal controls relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatements, 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 specified u/s 143(10) of the Act and
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 the material misstatement of the financial statements,
whether due to error of fraud. 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 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 the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2015;
In the case of the Statement of Profit and Loss, of the Loss for the
year ended on that date; and
b) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor's Report) Order, 2015 ('the
Order') issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the 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 purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this Report are in agreement with the
books of accounts.
e) In our opinion, the aforesaid 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) In our opinion and the best of our information and according to the
explanations given to us, we have no observations or comments on
financial transactions or matters which have any adverse effect on the
functioning of the company.
g) On the basis of written representations received from the directors
as on 31 March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2015, from being
appointed as a director in terms of Section 164 (2) of the Companies
Act, 2013;
h) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014;
i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note No. 17 - to
the financial statements;
ii) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Funds.
[Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" of our Report of even date to the members of Cyber Media
(India) Limited CIN L92114DL1982PLC014334 for the year ended 31st
March, 2015
1) Fixed Assets
a. The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. All the assets have not been physically verified by the management
during the year but there is a regular program of verification, which
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
2) Inventory
a. The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b. 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. On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3) Loans
The Company has not granted, any loans/deposits to parties covered in
the Register maintained under Section 189 of the Companies Act, 2013.
The Company has not taken any loan from companies, firms and other
parties covered in the Register maintained under Section 189 of the
Companies Act, 2013.
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 regard to purchases of inventories and fixed assets and
sale of shares and securities. During the course of our audit, no major
weakness has been noticed in the internal controls.
5) The Company has not accepted any deposits from the public in term of
section 73 to 76 of the Companies Act, 2013.
6) The Company is not required to maintain any cost records under
Sub-Section (1) Section 148 of the Act.
7) Statutory Dues
a) According to the records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including income-tax, service tax and other statutory dues as are
applicable to it.
b) According to the records of the Company, there are dues of service
tax amounting to Rs.19,39,398/- which were outstanding, as at 31st
March, 2015 for the period from July 2014 to September 2014.
c) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
8) As end of the financial year Company does not have accumulated
losses. The Company has incurred the cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
9) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10) The Company has given guarantee for loans taken by its holding
company from State Bank of Mysore.
11) The Company has not taken any term loans.
12) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
As per our report of even date attached.
For Goel Mintri & Associates
Chartered Accountants
(Firm Reg. No. 13211N)
Sd/-
Place : New Delhi, CA Sanjay Kumar Goel
Dated : May 27, 2015 Partner
Membership No.092305
Mar 31, 2014
We have audited the accompanying financial statements of M/s. Cyber
Media (India) Limited (''the company''), which comprises the balance
sheet as at 31st March 2014, the statement of profit and loss and cash
flow statement of the Company for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance of the Company in accordance with the Accounting
Standards notified under the Companies Act, 1956 (Âthe Act") (which
continue to be applicable in respect of Section 133 of the Companies
Act, 2013 in terms of general circular 15/2013 dated September 13, 2013
of the Ministry Corporate Affairs). 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 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 the cash Flow Statement, of the cash flow 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 (Âthe
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Actwe give in the Annexure a
statement of the matter specified in paragraph 4 & 5 of the order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The balance sheet, statement of profit and loss and cash flow dealt
with by this Report are in agreement with the books of account; and
d. In our opinion, the balance sheet, statement of profit and loss and
cash flow comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956.
e. On the basis of written representation received from the directors
as on 31st March 2014 andtaken on record by the board of directors,
none of the directors is disqualified as on 31st March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f. since the central government has not issued any notification as on
rate on which the cess is to be paid under section 441 A 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 REFERRED TO IN PARAGRAPH (1) OF OUR REPORT
OF EVEN DATE
Referred to in paragraph 2 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) Major fixed assets have been physically verified by the management
at reasonable intervals. No material discrepancies were noticed on such
verification.
(c) Fixed assets disposed off during the earlier year were not
substantial, and therefore, do not affect the going concern assumption.
2. (a) The Inventory has been physically verified during the year
by management. In our opinion, The frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
(c) The company has maintained proper records of inventories and no
material discrepancies were noticed on physical verification.
3. (a) The company has taken loans from party, as listed in the
register maintained u/s 301 of the Companies Act, 1956 of Rs.
3,67,65,753/-The Company has not granted loans to companies/firms/or
other parties covered in the register maintained under section 301
ofthe Act.
(b) The rate of interest and other terms and conditions of unsecured
loans taken by the company are not prima facie prejudicial to the
interest of the company.
(c) Payment of the principal amount is regular as per the terms of the
loans taken.
(d) There is no overdue amount in aforesaid loans taken.
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 regard to purchases of inventory, fixed assets and with
regard to the sale of goods.
5. In respect of the contracts or arrangements entered in the register
maintained u/s 301 of the Companies Act, 1956
1. In our opinion and according the information and explanation given
to us, the transition made in pursuance of contacts or arrangement that
need to be entered in the register maintained under section 301 of the
Company Act, 1956 have been so entered.
2. With respect to the transaction made in pursuance of contracts or
arrangement entered in the Register maintained under section 301 of the
Company Act,1956 and exceeding the value of Rs. 5,00,000 in respect of
each party during the year we are unable to comment on reasonableness
of price charged by the company as the nature of transition pertaining
to allocation of employees cost and other overhead incurred by the
company.
6. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits.
7. The Company does not have any Internal Audit Department. Internal
Audit done by Internal Auditor M/s Vinod Krishna & Associates, 211,
Anarkali Complex, Link Road, Karol Bagh, New Delhi.
8. We have broadly review the cost record maintained by the company
pursuant to the companies(cost Accounting Record) Rules 2011 Prescribed
by the Central Government under section 209(1)(d) of the Companies Act,
1956 and are of the opinion that prima facie the prescribed cost record
have been maintained. We have, however, not made a detailed
examination of the cost record with the view to determine whether there
are accurate or complete.
9. (a) According to the information and explanations given to us
and on the basis of our examination of the books of accounts, the
company has been regular in depositing undisputed statutory dues except
professional tax amounting to Rs. 105560/- applicable to it and there
are no statutory dues which were outstanding, as at 31st march 2014 for
period of more than six month from the date become payable. However the
liability for TDS, PF, ESIC were payable for last two month and service
tax return for last Half year were not filled.
(b) According to the information and explanations given to us, and the
record of the company examined by us there are no dues of sales tax,
income tax, custom duty, wealth tax, service tax, excise duty, cess or
any other statutory dues as at March 31 2014 which have not been
deposited on account of dispute except as per detail as under:
S. Statute Nature of Dues Amount
No.
1 Income Tax Tax on Regular Assessment 4,447,193
Act,1961 U/S 143(1) of Income Tax Act,1961
2 Income Tax Tax on Regular Assessment 143(3) NIL
Act,1961 of Income Tax Act,1961
3 Income Tax Tax on Regular Assessment U/S 481,927
Act,1961 143(3)/147/254 of Income Tax Act,1961
4 Income Tax Tax on Regular Assessment NIL
Act,1961 143(3) of Income Tax Act, 1961
Statute Period of which Forum which
amount relates is pending
Income Tax Act,1961 Financial Year Income Tax Appellate
ended 31.03.2006 Tribunal New Delhi
Income Tax Act,1961 Financial Year Income Tax Appellate
ended 31.03.2009 Tribunal New Delhi
Income Tax Act,1961 Financial Year Income Tax Appellate
ended 31.03.2004 Tribunal New Delhi
Income Tax Act,1961 Financial Year ended Commissioner of Income
31.03.2010 Tax(Appeals (VI
New Delhi)
S. Statute Nature of Dues Amount
No.
5. Tamilnadu Penalty under Section 12(3) (b) 46,64,471
General of the TNGST Act
Sales Tax Act,
1959 (TNGST
Act)
6 Tamilnadu Sales tax Demand Under TNGST Act 31,56,088*
General Sales
Tax Act, 1959
(TNGST Act)
7 Central Sales Penalty under section 9(2) read with 64,74,089
Tax Act, 1959 Section 12(3) (b) of the TNGST Act
(CST Act)
8 Central Sales Sales Tax Demand Under CST Act 43,23,055*
Tax Act, 1959
(CST Act)
Statute Period of which Forum which
amount relates is pending
Tamilnadu General Sales 2001-02 (Transfer
Tax Act, 1959 under the Scheme
(TNGST Act) of Amalgamation) Tamilnadu Sales Tax
Appellant Tribunal
has vide its order
dated 15th March,
2010 has
Tamilnadu General 2001-02 (Transfer set aside the matter
Sales Tax Act, 1959 under the Scheme to the file
(TNGST Act) of Amalgamation) of Assessing Officer
to decide the matter
a fresh. The
company has deposited
Rs. 56,09,359/-
against the
Central Sales Tax Act, 2001-02(Transfer alleged demand.
1959 (CST Act) under the Scheme of
(TNGST Act) Amalgamation)
Central Sales Tax Act, 2001-02 (Transfer under
1959 (CST Act) the Scheme of Amalgamation)
10. The company has accumulated loss of NIL at the end of the
financial year of and the company has incurred no cash loss during the
year covered by audit and there were cash loss of Rs 1,87,21,855/- in
immediately preceding financial year.
11. Based on our audit procedure and according to the information and
explanations given to us, We are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions and banks.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a Chit Fund, Nidhi Mutual benefit Fund or a
society. Accordingly, clause 4 (xiii) of the order is not applicable.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4 (xiv) of the order is not
applicable.
15. As informed to us, The Company has given guarantee for loans taken
by its subsidiary.
16. The company has applied its term loan for the purpose for which
the term loan is obtained.
17. To the best of our knowledge and belief and according to the
information and explanations given to us, the funds raised on
short-term basis have not been used for long term investment and vice
versa.
18. The company has not made any preferential allotment of shares to
parties and companies covered in register maintained under section 301
of the Act, during the year.
19. The company has not issued any debentures and so no securities
have been created.
20. The company has not raised any money by Public Issue during the
year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, We have neither come across
any instance of fraud on or by company, noticed or reported during the
year, nor have been informed of such case by the management.
For Goel Mintri & Associates
Chartered Accountants
(Firm Reg. No. 13211N)
Place : New Delhi, Sanjay Kumar Goel
Dated : May 29, 2014 Partner
Membership No.092305
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Cyber Media
(India) Limited ("the Company"), which comprise the Balance Sheet as at
31st March, 2013 and the Statement of Profit and Loss and the Cash Flow
Statement for the year ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). 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 required 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 auditors
considers interna/ control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedure that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of Profit and Loss Account, of the loss for the year
ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India terms of sub-section
(4A) of section 227 of the Act, we give in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227 (3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, 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.
The annexure referred to in the auditors'' report to the members of
Cyber Media India Limited (the Company) for the year ended March
31,2013. We report that:
(i) a) The company due to merger is in the process of updating fixed
assets records to show full particulars including quantitative details
and situation of fixed assets and reconciling the same with the general
ledger. However the company has updated the fixed assets register
pertaining to Fixed Assets of erstwhile Cyber Media (India) Limited as
stood in its books prior to merger.
b) Physical verification of Fixed Assets of Cyber Media (India) Limited
(as stood prior to merger) was carried out during the year by an
outside agency and on reconciliation discrepancies found in amount of
depreciation charged in earlier years and shortage in physical assets
were found not material and were accounted for in book of company.
However the amount of fixed assets of companies merged with Cyber Media
(India) Limited were taken as appearing in their books of accounts.
c) Fixed assets disposed off during the year were not substantial, and
therefore, do not affect the going concern assumption.
(ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) 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) On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
(iii) The Company has not granted unsecured loans to Companies covered
in the register maintained under Section 301 of the Companies Act,
1956,
Thus, clause (iii) (a), (iii) (b), (iii) (c) of paragraph 4 of the
Order are not applicable to the Company.
The Company has taken loan from Companies, firms and other parties
covered in the Register maintained under Section 301 of the Companies
Act, 1956 as per details given below.
Relationship Subsidiary
Name Cyber Astro Limited
Closing Balance at the end
of the year (Rs.) NIL
Maximum amount due at
any time during the year (Rs) 51,59,918.00 Cr.
In our opinion the rate of interest and other terms and conditions on
which loans have been granted to Companies listed in the register
maintained under Section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the Company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventories and fixed assets and sale of publications
and other allied services. Further, on the basis of our examination of
the books and records of the Company, and according to the information
and explanations given to us we have neither come across nor have been
informed of any continuing failure to correct major weakness in the
aforesaid internal control procedures.
(v) In respect of the contracts or arrangement referred to in Section
301 of the Companies Act ,1956 :
1. In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contacts or
arrangements that need to be entered in the Register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
2. With respect to the transactions made in pursuance of contacts or
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs.500,000 in
respect of each party during the year we are unable to comment on
reasonableness of price charged by the as the nature of transaction
pertains to allocation of employees cost and other overheads incurred
by the company.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1 )(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(ix) According to the records of the Company, the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, income- tax, and other statutory dues
except Professional Tax amounting of Rs. 62,610/- applicable to it and
there are no statutory dues which were outstanding, as at 31st March,
2013 for a period of more than six months from the date they become
payable.
(x) The Company does not have any accumulated losses at the end of the
financial year and the company has not incurred cash losses during the
financial year covered by audit and in immediately preceding financial
year.
(xi) Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Company is neither a chit fund Company nor a nidhi Company
or a mutual benefit Company.
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments.
(xv) The Company has not given any guarantee for loans taken by others
from banks or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the Company.
(xvi) The term loans have been applied for the purpose for which they
were raised.
(xvii) Based on information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on short-term basis, which have been
used for long-term investments.
(xviii) The Company has not made any preferential allotment of shares
to Companies/firms/parties covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any monies by way of public issue
during the year.
(xxi) During the course of examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanation
given to us, we have neither come across any instances of fraud on or
by the Company, noticed or reported during the year, nor have we been
informed of such case by the management.
For Arun Dua & Co.
Chartered Accountants
(Firm Registration No. 005435N)
Arun Kumar
Proprietor Membership Number: 082623
Place : New Delhi,
Dated: May 29, 2013
Mar 31, 2010
1) We have audited the attached Balance Sheet of Cyber Media (India)
Limited as at 31st March, 2010 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
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 the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance 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 the 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 (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) Amendment Order, 2004
issued 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 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 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 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 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 section 211 of the
Companies Act, 1956;
e) 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,
2010 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 the absence of notification in the official gazette of the
Central Government, the company has not made any provision for cess
payable under section 441A of the Companies Act, 1956 .As per the
explanation given to us, the required provision for cess payable shall
be made in accordance with the notification, as and when issued by the
Central Government in its official gazette.
g) 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 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, 2010;
ii) In the case of the Profit and Loss Account of the loss for the year
ended on that date; and
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
The annexure referred to in the auditors report to the members of
Cyber Media India Limited (the Company) for the year ended March 31,
2010. We report that:
(i) a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The fixed assets are physically verified by the management according
to a phased programme designed to cover the assets over a period of
three years, which in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
c) Fixed assets disposed off during the year were not substantial, and
therefore, do not affect the going concern assumption.
(ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) 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) On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
(iii) The Company has granted unsecured loans of Rs. 5,423,621/-
(including interest) to Companies covered in the register maintained
under Section 301 of the Companies Act, 1956, as detailed below:
Relationship Associate
Name Cyber Astro Limited
Closing Balance at the end
of the year (Rs.) 5,423,621
Maximum amount due at
any time during the year (Rs) 5,423,621
In our opinion the rate of interest and other terms and conditions on
which loans have been granted to Companies listed in the register
maintained under Section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the Company.
In respect of loans granted, the receipt of principal amounts and
interests are as stipulated and, thus, clause (iii) (d) of paragraph 4
of the Order is not applicable to the Company.
The Company has not taken any loan from Companies, firms and other
parties covered in the Register maintained under Section 301 of the
Companies Act,
1956. Thus, clause (iii) (e), (iii) (f), (iii) (g) of paragraph 4 of
the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventories and fixed assets and sale of publications
and other allied services. Further, on the basis of our examination of
the books and records of the Company, and according to the information
and explanations given to us we have neither come across nor have been
informed of any continuing failure to correct major weakness in the
aforesaid internal control procedures.
(v) In respect of the contracts or arrangement refered to in Section
301 of the Companies Act ,1956 :
1. In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contacts or
arrangements that need to be entered in the Register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
2. In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contacts or
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs.500,000 in
respect of each party during the year have been made at a price which
appear reasonable as per the information available with the company
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed the maintenance of any
cost records under Section 209(1)(d) of the Companies Act, 1956 for any
of the services rendered by the Company.
(ix) According to the records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, income-tax, and other statutory dues
applicable to it and there are no statutory dues which were
outstanding, as at 31st March, 2010 for a period of more than six
months from the date they become payable.
According to the information and explanation given to us and the
records of the Company examined by us there are no dues of sales tax,
income-tax, custom duty, wealth tax, service tax, excise duty, cess or
any other statutory dues as at March 31, 2010 which have not been
deposited on account of dispute except as under : -
S.No. Nature of Dues Amount Period of
Which Forum where
dispute
(Rs.) amount relates is pending
1. Tax on Regular
Assessment 4,447,193 Financial Year Commissioner of
Income Tax
U/S 143(1) of
Income Tax Act,1961 ended 31.03.2006 (Appeals) IV ,
New Delhi
2. Tax on Regular
Assessment 530,095 Financial Year Commissioner of
Income Tax
U/S 143(3) of Income
Tax Act,1961 ended 31.03.2007 (Appeals)VI
New Delhi
(x) The accumulated losses of the Company at the end of the financial
year are not more than 50% of its networth. The Company has incurred
cash losses of Rs. 31,155,581 in the financial year but not in the
immediately preceding Financial Year.
(xi) Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Company is neither a chit fund Company nor a nidhi Company
or a mutual benefit Company.
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments.
(xv) The Company has not given any guarantee for loans taken by others
from banks or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the Company.
(xvi) The term loans have been applied for the purpose for which they
were raised.
(xvii) Based on information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds
raised on short-term basis, which have been used for long-term
investments.
(xviii) The Company has not made any preferential allotment of shares
to Companies/firms/parties covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any monies by way of public issue
during the year.
(xxi) During the course of examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanation
given to us, we have neither come across any instances of fraud on or
by the Company, noticed or reported during the year, nor have we been
informed of such case by the management.
For Arun Dua & Co.
Chartered Accountants
(Regn.No.F.R.N.005435N)
Arun Kumar
Proprietor
Membership Number: 082623
New Delhi,
Dated: August 12,2010
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