Mar 31, 2015
We have audited the accompanying financial statements of DYNAVISION
LIMITED ("The Company") which comprise of the Balance Sheet as at
31stMarch 2015, Statement of Profit &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 Board of Directors are responsible for the matters stated
in Section 134 (5) of the Companies Act, 2013 ('the act') with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
Specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) rules 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act, for safeguarding 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 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
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An Audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgement, 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 to 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 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 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 31st March 2015;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (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 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a. We have sought and 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 and proper returns adequate for the purposes of our audit have
been received from the branches not visited by us.
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 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.
e. On the basis of written representations received from the directors
as on 31st March 2015 and 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.
f. With respect to the other matters to be included in the Auditors
report in accordance with Rule 11 of the Companies ( Audits 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.
(ii) The company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses,
(iii) There has been no delay in transferring amounts, required to be
transferred to the Investor Education and Protection fund by the
Company.
Annexure referred to in paragraph 1 under the heading "Report on other
legal and regulatory requirements "of our Report of even date to the
members of DYNAVISION LIMITED on the accounts of the company for the
year ended 31st March, 2015 :
I. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b. As explained to us, these fixed assets have been physically verified
by the Management, at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
II. The Company does not have inventory of goods, hence the provisions
of Para 4(ii) of the Companies (Auditors Report), 2015 are not
applicable to the company.
III. The company has not granted Secured/ Unsecured loans to parties
covered in the register maintained under section 189 of the Act.
IV. 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, with
regard to purchase of fixed assets and with regard to the sale of
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in Internal Controls.
V The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013
VI. As explained to us and based on the information and explanation
provided to us, the Central Government has not prescribed the
maintenance of Cost records under Sub section (1) of section 148 of the
Companies Act 2013 to this company.
VII. a. According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including
Provident Fund, Investor education and protection fund Income-tax,
Service act and other material statutory dues, as applicable, with the
appropriate authorities in India. No undisputed amounts payable in
respect of outstanding statutory dues were in arrears as at 31st March
2015 for a period of more than six months from the date they become
payable.
b. According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income tax, Sales Tax, Wealth tax, service tax, Excise duty and cess
etc which have not been deposited on account of any dispute.
c. According to the information and explanation made available to us
there are no amount required to be transferred to Investor Education
and protection fund.
VIII. The company has accumulated losses as at 31st March 2015, and is
more than 50% of its net worth. The company has not incurred cash
losses in the financial year under report and in the immediately
preceding financial year.
IX. The company has not defaulted in repayment of dues to
Banks/Financial institutions/Debenture holders.
X. The company has not given guarantees for loans taken by others from
banks or financial institutions.
XI. The Company has not availed any term loan during the year .
XII. To the best of our knowledge belief and 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. CHANDRASEKAR
Chartered Accountants
ICAI regd. No. 000580s
Place : Chennai S. BABU
Date : 26.05.2015 Partner
Membership No. : 024136
Mar 31, 2014
1. Report on the Financial Statements
We have audited the accompanying financial statements of Dynavision
Limited, which comprise the Balance Sheet as at 31st March, 2014, and
the Statement of Profit & Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
2. 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"), read with the General circular
15/2013 dated 13th September 2013 of the Ministry of Corporate affairs
in respect os Section 133 of the Companies Act 2013. 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.
3. 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 judgement, 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 appropriate 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.
4. 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, 2014;
(b) in the case of the Statement of Profit and Loss, of the Profit 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.
5. Report on Other Legal and Regulatory
Requirements
(i) 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 paragraphs 4 and 5 of the Order.
(ii) 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 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.
e. On the basis of written representations received from the directors
as on 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.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
i. a. The Company is maintaining proper Records showing full
particulars, including quantitative details and situation of Fixed
Assets.
b. Fixed Assets were physically verified during the year by the
Management, with a programme of verification which in our opinion
provides for physical verification of all the fixed assets at
reasonable intervals.
c. Substantial amount of the Fixed assets have not been sold during the
current year affecting Going concern.
ii. The Company has no inventory, hence no comment is offered, in
regard to physical verification of inventory, procedures of physical
verification, and discrepancies noticed between book stock and physical
inventory.
iii. During the year, the Company has not availed/granted Loans from/to
Companies, Firms or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956, other than monies brought
in by Promoters for meeting day to day expenses.
iv. 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 for the purchase of Fixed Assets and for the rendering of
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in Internal Controls.
v. According to the information and explanations given to us, there are
no transactions of purchase of goods and materials and sale of goods,
materials and services made in pursuance of Contracts or Arrangements
that are required to be entered in the Registers maintained under
Section 301 of the Companies Act, 1956 in respect of any Party during
the year.
vi. The Company has not accepted any Deposits from the Public during
the year requiring compliance of provisions of Section 58A and 58AA or
any other relevant provisions of the Companies Act 1956. An aggregate
sum of Rs. 371.56 lakhs (net of repayments) has been brought in so far
as per directives of BIFR by the Promoter, as Interest Free Unsecured
Loan as per the Declaration filed with the Company.
vii. The Company has an adequate Internal Audit System commensurate
with the size of the company and the nature of its business.
viii. The Central Government has not prescribed the maintenance of Cost
Records under Section 209(1)(d) of the Companies Act, 1956 for any of
the products of the Company.
ix. a. According to the informations and explanations given to us, the
Company has been regular in depositing undisputed Statutory dues
including Employees Provident Fund, Employees State Insurance, Investor
Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other Statutory dues with the
appropriate authorities during the year.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, service tax etc
were in arrears as at 31.3. 2014 for a period of more than six months
from the date of becoming payable.
c. As per the information and explanation made available to us and
based on records produced to us there are no statutory dues which have
not been deposited on account of Dispute.
x. The Company has accumulated loss aggregating to Rs. 3336.73 lakhs as
at 31.3.2014, and is more than 50% of its Net Worth. The company has
not incurred Cash Loss during the current year but has incurred cash
loss in the immediately preceding Financial Year.
xi. As on 31/03/2014 the company has not defaulted repayment of Dues to
Debenture Holders, Banks and Financial Institutions.
xii. The Company has not granted any Loan or Advance on the basis of
Security by way of pledge of Shares, Debentures and other Securities.
xiii. The provisions of Special Statute relating to Chit Fund/Nidhi are
not applicable to this Company.
xiv. The Company is not dealing in or trading in Shares, Securities,
Debentures and other Investments.
xv. 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 during the financial year.
xvi. To the best of our knowledge and belief and according to the
information and explanations given to us, no term loan was availed by
the Company during the current year.
xvii. According to the Cash flow statement and other records examined
by us and based on the information and explanations given to us, and on
an overall basis, funds have not been raised on short term basis.
Accordingly our comment in regard to the utilization of the same for
long term purposes is not applicable.
xviii. During the year, 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.
xix. No Debentures have been issued by the Company during the year.
xx. The Company has not raised any money by way of Public Issue during
the year.
xxi. To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company was noticed or
reported during the Financial year that causes the Financial Statements
to be materially misstated.
For P. CHANDRASEKAR
Chartered
Accountants
FRN 000580s
Place : Chennai 04 S. BABU
Date : 02.05.2014 Partner
Membership No. : 024136
Mar 31, 2013
1. Report on the Financial Statements
We have audited the accompanying financial statements of Dynavision
Limited, which comprise the Balance Sheet as at 31st March, 2013
Statement of Profit & Loss and Cash Flow Statement for the year ended,
and a summary of significant accounting policies and other explanatory
information.
2. 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 ActÂ). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statments that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
3. 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 judgement, 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 appropriate 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.
4. 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 the Statement of Profit and Loss, 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.
5. Report on Other Legal and Regulatory Requirements (i) As required
by the Companies (Auditor''s Report) Order, 2003 ("the OrderÂ) 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 paragraphs 4 and 5 of the Order.
(ii) 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.
ANNEXURE REFERRED TO IN PARAGRAPH 5(i) OF OUR REPORT OF EVEN DATE
i. a. The Company is maintaining proper Records showing full
particulars, including quantitative details and situation of Fixed
Assets.
b. Fixed Assets were physically verified during the year by the
Management, with a programme of verification which in our opinion
provides for physical verification of all the fixed assets at
reasonable intervals.
c. Substantial amount of the Fixed assets have not been sold during
the current year affecting Going concern.
ii. The Company has not held any inventory, hence no comment is
offered, in regard to physical verification of inventory, procedures of
physical verification, and discrepancies noticed between book stock and
physical inventory.
i i i . During the year, the Company has not availed/granted Loans
from/ to Companies, Firms or other parties listed in the Register
maintained under Section 301 of the Companies Act, 1956, other than
monies brought in by Promoters for meeting day to day expenses.
iv. 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 for the purchase of Fixed Assets and for the rendering of
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in Internal Controls.
v. According to the information and explanations given to us, there are
no transactions of purchase of goods and materials and sale of goods,
materials and services made in pursuance of Contracts or Arrangements
that are required to be entered in the Registers maintained under
Section 301 of the Companies Act, 1956 in respect of any Party during
the year.
vi. The Company has not accepted any Deposits from the Public during
the year requiring compliance of provisions of Section 58 A and 58 AA
or any other relevant provisions of the Companies Act 1956. An
aggregate sum of Rs.379.21 lakhs (net of repayments) has been brought
in so far as per directives of BIFR by the Promoter, as Interest Free
Unsecured Loan as per the Declaration filed with the Company.
vii. The Company has an adequate Internal Audit System commensurate
with the size of the company and the nature of its business.
viii The Central Government has not prescribed the maintenance of Cost
Records under Section 209(1)(d) of the Companies Act, 1956 for any of
the products of the Company.
ix. a. According to the informations and explanations given to us, the
Company has been regular in depositing undisputed Statutory dues
including Employees Provident Fund, Employees State Insurance, Investor
Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other Statutory dues with the
appropriate authorities during the year.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, service tax etc
were in arrears as at 31.3. 2013 for a period of more than six months
from the date of becoming payable.
c. As per the information and explanation made available to us and
based on records produced to us there are no statutory dues which have
not been deposited on account of Dispute.
x. The Company has accumulated losses aggregating to Rs.3349.78 lakhs
as at 31.3.2013, and is more than 50% of its Net Worth. The company has
not incurred Cash Loss during the current year but has incurred cash
loss in the immediately preceding Financial Year.
xi. As on 31/03/2013 the company has not defaulted repayment of Dues
to Debenture Holders, Banks and Financial Institutions.
i i . The Company has not granted any Loan or Advance on the basis of
Security by way of pledge of Shares, Debentures and other Securities.
x i i i . The provisions of Special Statute relating to Chit Fund/
Nidhi are not applicable to this Company.
xiv. The Company is not dealing in or trading in Shares, Securities,
Debentures and other Investments.
xv. 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 during the financial year.
xvi. To the best of our knowledge and belief and according to the
information and explanations given to us, no term loan was availed by
the Company during the current year.
xvii. According to the Cash flow statement and other records examined
by us and based on the information and explanations given to us, and on
an overall basis, funds have not been raised on short term basis.
Accordingly our comment in regard to the utilization of the same for
long term purposes is not applicable.
xviii. During the year, 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.
xix. No Debentures have been issued by the Company during the year.
xx. The Company has not raised any money by way of Public Issue during
the year.
xxi. To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company was noticed or
reported during the Financial year that causes the Financial Statements
to be materially misstated.
For P. CHANDRASEKAR
Chartered Accountants
FRN 000580s
Place : Chennai 28 S. BABU
Date : 06.05.2013 Partner
Membership No. : 024136
Mar 31, 2012
1. We have audited the attached Balance Sheet of Dynavision Limited as
at 31st March, 2012 Statement of Profit & Loss and 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 the Management, as well as evaluating the overall Financial
Statements 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 Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure, a Statement on the
matters specified in Paragraphs 4 and 5 of the said order to the extent
they are applicable to the Company.
4. Further to our comments in the Annexure referred to above, we
report that:-
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
b. In our opinion, proper Books of Account as required by Law have
been kept by the Company, so far as it appears from our examination of
such Books.
c. The Balance Sheet, Statement of Profit & Loss Account and Cashflow
Statement referred to in this Report are in agreement with the Books of
Account produced.
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 to the extent such Standards have been made
applicable by the Institute of Chartered Accountants of India.
e. On the basis of written representation received from the Directors
of the Company as at 31.03.2012, and taken on record by Board of
Directors, none of the Directors is disqualified from being appointed
as Director in terms of Clause (g) of sub-section (1) of Section 274 of
the Companies Act, 1956.
5. In our opinion and to the best of our information and according
to the explanations given to us, the said Accounts read together with
the notes thereon and schedules attached thereto which have been
prepared on the principles applicable to going concern basis for the
reasons stated in Note No.14(ii)3 to the 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, 2012;
ii. In the case of Statement of Profit & Loss Account, of the Loss for
the year ended on that 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 3 OF OUR REPORT OF EVEN DATE
i. a. The Company is maintaining proper Records showing full
particulars, including quantitative details and situation of Fixed
Assets.
b. Fixed Assets were physically verified during the year by the
Management, with a programme of verification which in our opinion
provides for physical verification of all the fixed assets at
reasonable intervals.
c. Substantial amount of the Fixed assets have not been sold during
the current year affecting Going concern.
ii. The Company has not held any inventory, hence no comment is
offered, in regard to physical verification of inventory, procedures of
physical verification, and discrepancies noticed between book stock and
physical inventory.
iii. During the year, the Company has not availed/ granted Loans
from/to Companies, Firms or other parties listed in the Register
maintained under Section 301 of the Companies Act, 1956, other than
monies brought in by Promoters for meeting day to day expenses.
iv. 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 for the purchase of Fixed Assets and for the rendering of
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in Internal Controls.
v. According to the information and explanations given to us, there are
no transactions of purchase of goods and materials and sale of goods,
materials and services made in pursuance of Contracts or Arrangements
that are required to be entered in the Registers maintained under
Section 301 of the Companies Act, 1956 in respect of any Party during
the year.
vi. The Company has not accepted any Deposits from the Public during
the year requiring compliance of provisions of Section 58 A and 58 AA
or any other relevant provisions of the Companies Act 1956. An
aggregate sum of Rs.2379.21 lakhs (net of repayments) has been brought
in so far as per directives of BIFR by the Promoter, as Interest Free
Unsecured Loan as per the Declaration filed with the Company.
vii. The Company has an adequate Internal Audit System commensurate
with the size of the company and the nature of its business.
Viii The Central Government has not prescribed the maintenance of Cost
Records under Section 209(1)(d) of the Companies Act, 1956 for any of
the products of the Company.
ix. a. According to the informations and explanations given to us, the
company has been regular in depositing undisputed Statutory dues
including Employees Provident Fund, Employees State Insurance, Investor
Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other Statutory dues with the
appropriate authorities during the year.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, service tax etc
were in arrears as at 31.3. 2012 for a period of more than six months
from the date of becoming payable.
c. As per the information and explanation made available to us and
based on records produced to us there are no statutory dues which have
not been deposited on account of Dispute.
x. The Company has accumulated losses aggregating to Rs. 3210.17 lakhs
as at 31.3.2012, and is more than 50% of its Net Worth. The company has
incurred Cash Loss during the Current Year and also has incurred cash
loss in the immediately preceding Financial Year.
xi. As on 31/03/2012 the company has not defaulted repayment of Dues to
Debenture Holders, Banks and Financial Institutions.
xii. The Company has not granted any Loan or Advance on the basis of
Security by way of pledge of Shares, Debentures and other Securities.
xiii. The provisions of Special Statute relating to Chit Fund/ Nidhi
are not applicable to this Company.
xiv. The Company is not dealing in or trading in Shares, Securities,
Debentures and other Investments.
xv. 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 during the financial year.
xvi. To the best of our knowledge and belief and according to the
information and explanations given to us, no term loan was availed by
the Company during the current year.
xvii. According to the Cash flow statement and other records examined
by us and based on the information and explanations given to us, and on
an overall basis, funds have not been raised on short term basis.
Accordingly our comment in regard to the utilization of the same for
long term purposes is not applicable.
xviii. During the year, 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.
xix. No Debentures have been issued by the Company during the year.
xx. The Company has not raised any money by way of Public Issue during
the year.
xxi. To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company was noticed or
reported during the Financial year that causes the Financial Statements
to be materially misstated.
For P. CHANDRASEKAR
Chartered Accountants
FRN 000580S
S. BABU
Partner
Membership No. : 024136
Place : Chennai 28
Date : 10.08.2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Dynavision Limited as
at 31st March, 2011 and also the Profit & Loss Account and 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 the Management, as well as evaluating the overall Financial
Statements 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 Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure, a Statement on the
matters specified in Paragraphs 4 and 5 of the said order to the extent
they are applicable to the Company.
4. Further to our comments in the Annexure referred to above, we
report that:-
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
b. In our opinion, proper Books of Account as required by Law have
been kept by the Company, so far as it appears from our examination of
such Books.
c. The Balance Sheet, Profit and Loss Account and Cashflow Statement
referred to in this Report are in agreement with the Books of Account
produced.
d. In our opinion the Balance Sheet, Profit & Loss Account and
Cashflow 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 to the extent such Standards have been made
applicable by the Institute of Chartered Accountants of India.
e. On the basis of written representation received from the Directors
of the Company as at 31.03.2011, and taken on record by Board of
Directors, none of the Directors is disqualified from being appointed
as Director in terms of Clause (g) of sub-section (1) of Section 274 of
the Companies Act, 1956.
5. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts read together with the
notes thereon and schedules attached thereto which have been prepared
on the principles applicable to going concern basis for the reasons
stated in Note No. 3 to the 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, 2011;
ii. In the case of Profit and Loss Account, of the Loss for the year
ended on that 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 3 OF OUR REPORT OF EVEN DATE
i. a. The Company is maintaining proper Records showing full
particulars, including quantitative details and situation of Fixed
Assets.
b. Fixed Assets were physically verified during the year by the
Management, with a programme of verification which in our opinion
provides for physical verification of all the fixed assets at
reasonable intervals.
c. Substantial amount of the Fixed assets have not been sold during
the current year affecting Going concern.
ii. The Company has not held any inventory, hence no comment is
offered, in regard to physical verification of inventory, procedures of
physical verification, and discrepancies noticed between book stock and
physical inventory.
iii. During the year, the Company has not availed/ granted Loans
from/to Companies, Firms or other parties listed in the Register
maintained under Section 301 of the Companies Act, 1956,
iv. 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 for the purchase of Fixed Assets and for the rendering of
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in Internal Controls.
v. According to the information and explanations given to us, there are
no transactions of purchase of goods and materials and sale of goods,
materials and services made in pursuance of Contracts or Arrangements
that are required to be entered in the Registers maintained under
Section 301 of the Companies Act, 1956 in respect of any Party during
the year.
vi. The Company has not accepted any Deposits from the Public during
the year requiring compliance of provisions of Section 58 A and 58 AA
or any other relevant provisions of the Companies Act 1956. An
aggregate sum of Rs.2414.19 lakhs (net of repayments) has been brought
in so far as per directives of BIFR by the Promoter, as Interest Free
Unsecured Loan as per the Declaration filed by the Company.
vii.The Company has an adequate Internal Audit System commensurate with
the size of the company and the nature of its business.
viii. The Central Government has not prescribed the maintenance of Cost
Records under Section 209(1)(d) of the Companies Act, 1956 for any of
the products of the Company.
ix. a. According to the informations and explanations given to us, the
company has been regular in depositing undisputed Statutory dues
including Employees Provident Fund, Employees' State Insurance,
Investor Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other Statutory dues with the
appropriate authorities during the year.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, service tax etc
were in arrears as at 31.3. 2011 for a period of more than six months
from the date of becoming payable.
c. The disputed Statutory dues aggregating to Rs. 14 lakhs that have
not been deposited on account of matters pending before Appropriate
Authorities are as under:-
S. Name of the Statute Nature of Forum where Dispute Amount of the
No. dues is pending demand Net of
Refunds due
to the
company
adjusted
(Rs. in
lakhs)
1. Income Tax Act, Income Tax Appellant 14
1961 commissioner
x. The Company has accumulated losses aggregating to Rs.3190.75 lakhs
as at 31.3.2011, and is more than 50% of its Net Worth. The company has
incurred Cash Loss during the Current Year but has not incurred cash
loss in the immediately preceding Financial Year.
xi. As on 31/03/2011 the company has not defaulted repayment of Dues to
Debenture Holders, Banks and Financial Institutions.
xii. The Company has not granted any Loan or Advance on the basis of
Security by way of pledge of Shares, Debentures and other Securities.
xiii. The provisions of Special Statute relating to Chit Fund/ Nidhi
are not applicable to this Company.
xiv. The Company is not dealing in or trading in Shares, Securities,
Debentures and other Investments.
xv. 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 during the financial year.
xvi. To the best of our knowledge and belief and according to the
information and explanations given to us, no term loan was availed by
the Company during the current year.
xvii. According to the Cash flow statement and other records examined
by us and based on the information and explanations given to us, and on
an overall basis, funds have not been raised on short term basis.
Accordingly our comment in regard to the utilization of the same for
long term purposes is not applicable.
xviii. During the year, 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.
xix. No Debentures have been issued by the Company during the year.
xx. The Company has not raised any money by way of Public Issue during
the year.
xxi. To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company was noticed or
reported during the Financial year that causes the Financial Statements
to be materially misstated.
For P. CHANDRASEKAR
Chartered Accountants
FRN 000580s
S. BABU
Partner
Membership No. : 024136
Place : Chennai 28
Date : 25.07.2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Dynavision Limited as
at 31st March, 2010 and also the Profit & Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
Financial Statements are the responsibility of the CompanyÃs
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 the Management, as well as evaluating the overall Financial
Statements 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 Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure, a Statement on the
matters specified in Paragraphs 4 and 5 of the said order to the extent
they are applicable to the Company.
4. Further to our comments in the Annexure referred to above, we
report that:- a. We have obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our Audit.
b. In our opinion, proper Books of Account as required by Law have
been kept by the Company, so far as it appears from our examination of
such Books.
c. The Balance Sheet, Profit and Loss Account and Cashflow Statement
referred to in this Report are in agreement with the Books of Account
produced.
d. In our opinion the Balance Sheet, Profit & Loss Account and
Cashflow 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 to the extent such Standards have been made
applicable by the Institute of Chartered Accountants of India.
e. On the basis of written representation received from the Directors
of the Company as at 31.03.2010, and taken on record by Board of
Directors, none of the Directors is disqualified from being appointed
as Director in terms of Clause (g) of sub-section (1) of Section 274 of
the Companies Act, 1956.
5. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts read together with the
notes thereon and schedules attached thereto which have been prepared
on the principles applicable to going concern basis for the reasons
stated in Note No. 3 to the 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 Profit and Loss Account, of the Profit for the year
ended on that 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 3 OF OUR REPORT OF EVEN DATE
i. a. The Company is maintaining proper Records showing full
particulars, including quantitative details and situation of Fixed
Assets.
b. Fixed Assets were physically verified during the year by the
Management, with a programme of verification which in our opinion
provides for physical verification of all the fixed assets at
reasonable intervals.
c. Substantial amount of the Fixed assets have not been sold during
the current year affecting Going concern.
ii. The Company has not held any inventory, hence no comment is
offered, in regard to physical verification of inventory, procedur es
of physical verification, and discrepancies noticed between book stock
and physical inventory.
iii. During the year, the Company has not availed/ granted Loans
from/to Companies, Firms or other parties listed in the Register
maintained under Section 301 of the Companies Act, 1956.
iv. 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 for the purchase of Fixed Assets and for the rendering of
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in Internal Controls.
v. According to the information and explanations given to us, there are
no transactions of purchase of goods and materials and sale of goods,
materials and services made in pursuance of Contracts or Arrangements
that are required to be entered in the Registers maintained under
Section 301 of the Companies
Act, 1956 in respect of any Party during the year.
vi. The Company has not accepted any Deposits from the Public during
the year requiring compliance of provisions of Section 58 A and 58 AA
or any other relevant provisions of the Companies Act 1956. An
aggregate sum of Rs.2414.19 lakhs (net of repayments) has been brought
in so far as per directives of BIFR by the Promoter, as Interest Free
Unsecured Loan as per the Declaration filed by the Company.
vii.The Company has an adequate Internal Audit System commensurate with
the size of the company and the nature of its business.
viii. The Central Government hasnot prescribed the maintenance of Cost
Records under Section 209(1)(d) of the Companies Act, 1956 for any of
the products of the Company.
ix. a. According to the informations and explanations given to us, the
company has been regular in depositing undisputed Statutory dues
including Employees Provident Fund, Employeesà State Insurance,
Investor Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other Statutory dues with the
appropriate authorities during the year.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, service tax etc
were in arrears as at 31.3. 2010 for a period of more than six months
from the date of becoming payable.
c. The disputed Statutory dues aggregating to Rs. 28.88 lakhs that
have not been deposited on account of matters pending before
Appropriate Authorities are as under:-
S.No. Name of the Statute Nature of Forum where
Dispute Amount of
the dues is pending demand
Net of Refunds
due to the company
adjusted
(Rs. in lakhs)
1. Income Tax Act, Income Tax Supreme
Court 28.88
1961
x. The Company has accumulated losses aggregating to Rs.3132.67 lakhs
as at 31.3.2010, and is more than 50% of its Net Worth. The company has
not incurred Cash Loss during the Current Year but has incurred cash
loss in the immediately preceding Financial Year.
xi. As on 31/03/2010 the company has not defaulted repayment of Dues to
Debenture Holders, Banks and Financial Institutions.
xii. The Company has not granted any Loan or Advance on the basis of
Security by way of pledge of Shares, Debentures and other Securities.
xiii. The provisions of Special Statute relating to Chit Fund/ Nidhi
are not applicable to this Company.
xiv. The Company is not dealing in or trading in Shares, Securities,
Debentures and other Investments.
xv. 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 during the financial year.
xvi. To the best of our knowledge and belief and according to the
information and explanations given to us, no term loan was availed by
the Company during the current year.
xvii. According to the Cash flow statement and other records examined
by us and based on the information and explanations given to us, and on
an overall basis, funds have not been raised on short term basis.
Accordingly our comment in regard to the utilization of the same for
long term purposes is not applicable.
xviii. During the year, 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.
xix. No Debentures have been issued by the Company during the year.
xx. The Company has not raised any money by way of Public Issue during
the year.
xxi. To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company was noticed or
reported during the Financial year that causes the Financial Statements
to be materially misstated.
For P. CHANDRASEKAR
Chartered Accountants
Place : Chennai 4 K. PARTHASARATHY
Date : 30.07.2010 Partner
Membership No. : 9574