Mar 31, 2014
We have audited the accompanying financial statement, of Khyati
Multimedia Entertainment Limited which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory Information.
Management''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 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 evidences 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 merit of the financial statements, whether due to fraud or
error. In making those risk assessments the auditor considers internal
controls relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the company''s internal control . An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 statement of Profit and Loss, of the loss for the
year ended on that date;
(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 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
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, 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 TO THE AUDITOR''S REPORT
(I) (a) In our opinion and according to the information and explanation
given to us. the company has maintained all the relevant records
showing full particulars including quantitative details and situation
of fixed assets.
(b) In our opinion, the fixed assets have been physically verified by
the management at reasonable intervals having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
(c) The company has not disposed off any fixed assets during the year.
(2) As company is not having any kind of stock the Clauses 4(ii) of the
Companies (Auditor''s Report) Order''2003 is not applicable is not
applicable to the Company.
(3) (a) The company has not granted Loan to any party covered in the
register maintained under Section 301 of the companies Act, 1956.
Hence. Clause 4(iii)(a) to (d) of the Order is not applicable to he
company.
(b) The company has Liken unsecured loan from one party covered in the
register maintained under section 301 of the companies Act. 1956. The
maximum amount Involved during the year is Rs. 179.82 lakhs and the
year end balance of such party is Rs. 135.72 lakhs.
(c) As per the information and explanation given to us unsecured loans
taken By the company are interests free and repayable on demand and
hence are prima facie not prejudicial to the interest of the company.
(d) As per the information and explanation given to us unsecured loans
taken by the company is repayable on demand and interest free.
(4) In our opinion and according to the information and explanation
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 the purchase of inventory. fixed assets and
with regard to the sale of goods. During the course of our audit, no
major weakness has been noticed in the internal controls.
(5) According to the information and explanation given to us, during
the year, there were no transactions that need to be entered into the
register maintained under section 301 of the Companies Act. 1956.
Accordingly , paragraph (v) (a) and (b) of the order, arc not
applicable.
(6) In our opinion and according to the information and explanations
given to us, the company not accepted any deposits from the public
which falls within the provisions of section 58 A and 58 AA of the
Companies Act. 1956. and the rules framed there under
(7) The company has no formal internal audit system. However, in our
opinion there are adequate internal control procedures commensurate
with the size and nature of its business.
(8) To the best of know ledge and according to the information given to
us, the Central Government has not prescribed maintenance of cost
record under section 209 (1) (d) of the Companies Act, 1956.
(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
is regular in depositing undisputed statutory dues Including Provident
Fund, Investor education protection fund, Employee State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise
Duty, Cess and other statutory dues to the extent applicable with the
appropriate authorities.
(b) According to information and explanation given to us, the following
are the details of the sales Tax, Income Tax. Customs Duty, Wealth T ax
or Cess or other statutory due which has not been deposited on account
of any dispute.
Nature of Amount Forum where It
Dues (Rs..) is pending
Provident Rs. 2,00,750/- Provident fund
Fund Appellate Tribunal
New Delhi, which has
remanded the Case to APFC.
Ahmedabad
(10) In our opinion, accumulated losses of the Company are more than
50% of its net worth. The Company has incurred cash losses in the
financial year under report and in the immediately preceding financial
year.
(11) According to the records of the company examined by us and the
information and explanations given to us, the company hud not defaulted
in repayment of dues to bank in earlier years.
(12) According to the information & explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(13) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provision of clause 4(xiii) of the
companies (Auditor''s Report) order. 2003 are not applicable to the
company
(14) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments, Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) order.
2003 arc not applicable to the company.
(15) According to the information & explanations given to us, the
company has not given any guarantees for the loans taken by others from
banks or financial institutions
(16) In our opinion and as per the information given to us as the
company has not taken term loan during the year.
(17) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company. we report
that the no funds raised on short term basis have been used for long
term investment.
(18) According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(19) According to the information and explanations given to us, Company
has not issued any debenture during the year. Hence reporting on the
question of securitization does not arise.
(20) The company has not raised any fund by way of public issues during
the Year hence the Clause 4(xx) of the Order is not applicable.
(21) Based upon the audit procedures performed and on the basis of
information and explanation provided by the management, we report that
no fraud on or by the company has been noticed or reported during the
year.
For, DJNV & CO.
Chartered Accountants
(Firm Reg. No: 115145W)
Devang Dector
Place: Ahmedabad Partner
Date: 30/05/14 Membership No: 39833
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Khyati
Multimedia Entertainment Limited, which comprise the Balance Sheet as
at March 31, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''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
responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit
ii 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
antrols relevant to the Company''s preparation and fair presentation of
the financial statements in order to design
iii procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of counting policies used and
the reasonableness of the accounting estimates made by management, as
well as ewkiatingthe overall presentation of the financial
statementsrWe believe that the audit evidence we have obtained
ssufficient and appropriate to provide a basis for our audit opinion.
Opinion
opinion and to the best of our information and according to the
explanations given to us, the financial merits 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:
(aj 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 statement of Profit and Loss, of the loss for the
year ended on that date ;
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Reoort) Government of India
in terms of sub-seotion a statement on the matters specified in
2. As required by section 227(3) of the Act, we report that: with by
this Keport are in agreement with the books of account; y
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
On the basis of written representations received from the directors as
on March 2011 and token on record by the Board of Directors, none of
the directors not issued any notification a, to the rate at which the
cess is to be paid under sectron 441A of the Companies Act, 1956 nor
has it issued any
(1) (a) In our opinion and according to the information and explanation
given to us, the company has maintained all the relevant records
showing full particulars including quantitative details and situation
of fixed assets.
(b) In our opinion, the fixed assets have been physically verified by
the management at reasonable intervals having regard to the size of the
company and the nature of its assets. No material discrepai ties were
noticed on such verification.
(c) The company has not disposed off any fixed assets during the year.
(2) As company is not having any kind of stock the Clauses 4(ii) of the
Companies (Auditor''s Report) Order''2003 is not applicable is not
applicable to the Company.
(3) (a) The company has not granted Loan to any party covered in the
register maintained under Section 301 of the companies Act, 1956.
Hence, Clause 4(iii)(a) to ''d) of the Order is not applicable to he
company.
(b)The company has taken unsecured loan from Two party covered in the
register maintained under section 301 of the companies Act, 1956.The
maximum amount involved during the year is Rs.187.13 lakhs and the yeai
end balance of such party is Rs. 179.41 lakhs.
(c) As per the information and explanation given to us unsecured loans
taken by the company are interest free and repayable on demand and
hence are prima facie net prejudicial to the interest of the company.
(d) As per the information and explanation given to us unsecured loans
taken by the company is repayable on demand and interest free.
(4) In our opinion and according to the information and explanation
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 the purchase of inventory,- fixed assets and
with regard CO the sale of goods. During the course of our audit, no
major weakness has been noticed in the internal controls.
(5) According to the information and explanation given to us, during
the year, there were no transactions that need to be entered into the
register maintained under section 301 of the Companies Act,1956.
Accordingly, paragraph (v) (a) and (b) of the order, are not
applicable.
(6) In our opinion and according to the information and explanations
given to us, the company not accepted any deposits from the public
which falls within the provisions of section 58 A and 58 AA of the
Companies Act, 1956, and the rules framed there under
(7) The company has" no formal internal audit system. However, in our
opinion there are adequate internal control procedures commensurate
with the size and nature of its business.
(8) To the best of knowledge and. according to the information given to
us, the Central Government has not prescribed maintenance of cost
record under section 209 (1) (d) of the Companies Act, 1956.
(9) According to the information and explanations given to us and
on the basis of our examination of the books of accounts, the company
is regular in depositing undisputed statutory duer including Provident
Fund, Investor education protection fund, Employee State Insurance
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty'' Excise
Duty, Cess and other statutory dues to the extent applicable with the
appropriate authorities.
(10) In our opinion, accumulated losses of the Company are more than
50% of its net worth. The Company has incurred cash losses-in-the
financial year under report and in the immediately preceding financial
year.
(11) According to the records of the company examined by us and the
information and explanations given to us, the company had defaulted in
repayment of dues to bank in earlier years and has now opted for One
time settlement with the bank. The Company is regular in paying the
installments of One time settlement with the bank.
According to the information & explanation given to us, the company has
not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
(12) According to the information & sxplanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(13) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provision of clause 4(xiii) of the
companies (Auditor''s Report) order, 2003 are not applicable to the
company
(14) In our opinion, the company is not dealing in o.* trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) order,
2003 are not applicable to the company.
(15) According to the information & explanations given to us, the
company has not given any guarantees for the loans taken by others from
banks or financial institutions
(16) In our opinion and as per the information given to us as the
company has taken term loan during the year.
(17) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no hinds raised on short term basis have been used for long
term investment.
(18) According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(19) According to the information and explanations given to us, Company
has not issued any debenture during the year. Hence reporting on the
question of securitization does not arise.
(20) The company has not raised any fund, by way of pubiic issues
during the - Year hence the Clause 4(xx) of the Order is not
applicable,
(21) Based upon the audit procedures perfonned and on the basis of
information and explanation provided by the management, we report that
no fraud on or by the company has been noticed or reported during ths
year.
DATE: 10TH JULY, 2013 By Order of the BoardofDirectors
PLACE: Ahmedabad. Of Khyati Multimedia Entertainment Limited
Sd/-
(Kartik J. Patel)
Chairman And Managing Director.
Mar 31, 2011
We have audited the attached Balance Sheet of KHYATI MULTIMEDIA
ENTERTAINMENT LIMITED for the year ended 31st March, 2011 and the
Profit & Loss Account and the Cash Flow Statement for the year ended on
that date, annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. 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 about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies ( Auditor's Report ) Order, 2003 and
the Companies (Auditor's Report) (Amendment) Order , 2004 issued by the
Central Government in terms of Section 227 (4A) of the Companies Act,
1956 we enclose in the Annexure a statement on the matter specified in
paragraphs 4 & 5 of the said order.
3. Further, 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 the law have
been kept by the company so far as appears from our examination of the
books;
(c) The Balance Sheet, Profit & 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 and Profit and Loss Account &
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
of the company as at March 31, 2011 and taken on record by the board of
directors, we report that no director is disqualified from being
appointed as director of the company under clause (g) of sub- section
(1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Accounting Policies and other notes thereon, give the information
required by the Companies Act, 1956, in the manner so required and give
a true & fair view;
(I) In case of the Balance Sheet, of the state of Affairs of the
company as at 31st March, 2011.
(II) In case of the Profit & Loss Account, of the Loss for the year
ended on that date.
(III) In case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(1) (a) In our opinion and according to the information and explanation
given to us, the company has maintained all the relevant records
showing full particulars including quantitative details and
situation of fixed assets.
(b) In our opinion, the fixed assets have been physically verified by
the management at reasonable intervals having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
(c) In our opinion, the disposal of fixed assets during the year does
not affect the going concern assumption.
(2) As company is not having any kind of stock the Clauses 4(ii) of the
Companies
(Auditor's Report) Order'2003 is not applicable is not applicable to
the Company.
(3) a) The company has not granted Loan to any party covered in the
register maintained under Section 301 of the companies Act, 1956.
Hence, Clause 4 (iii) (a) to (d) of the Order is not applicable to the
Company.
b) The company has taken unsecured loan from one party covered in the
register maintained under section 301 of the companies Act, 1956.The
maximum amount involved during the year is Rs.14.75 and the year end
balance of such party is Rs.Nil.
c) As per the information and explanation given to us unsecured loans
taken by the company is prima-facie prejudicial to the interest of the
company.
d) As per the information and explanation given to us unsecured loans
taken by the company is repayable on demand.
(4) In our opinion and according to the information and explanation
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 the purchase of inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, no
major weakness has been noticed in the internal controls.
(5) According to the information and explanation given to us, during
the year, there were no transactions that need to be entered into the
register maintained under section 301 of the Companies Act,1956.
Accordingly, paragraph (v) (a) and (b) of the order, are not
applicable.
(6) In our opinion and according to the information and explanations
given to us, the company not accepted any deposits from the public
which falls within the provisions of section 58 A and 58 AA of the
Companies Act, 1956, and the rules framed there under
(7) The company has no formal internal audit system. However, in our
opinion there are adequate internal control procedures commensurate
with the size and nature of its business.
(8) To the best of knowledge and according to the information given to
us, the Central Government has not prescribed maintenance of cost
record under section 209 (1) (d) of the Companies Act, 1956.
(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 is
regular in depositing undisputed statutory dues including Provident
Fund, Investor education protection fund, Employee State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise
Duty, Cess and other statutory dues with the appropriate authorities.
(b) According to information and explanation given to us, the following
are the details of the sales Tax, Income Tax, Customs Duty, Wealth Tax
or Cess which has not been deposited on account of any dispute.
Nature of Amount Forum where it
Dues (Rs. In Lacs) is pending
Provident Fund Rs. 200750/- Provident fund
Appellate Tribunal
New Delhi, which has
remanded the Case
to APFC, Ahmedabad
(10) The company have accumulated losses at the end of the financial
year and the company has incurred cash Loss during the financial year
covered by our audit and also in the immediately preceding financial
year.
(11) According to the records of the company examined by us and the
information and explanations given to us, the company during the year
has defaulted in repayment of dues to banks and the bank has been
suspended from clearing operations.
(12) According to the information & explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(13) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provision of clause 4(xiii) of the
companies (Auditor's Report) order, 2003 are not applicable to the comp
(14) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) order,
2003 are not applicable to the company.
(15) According to the information & explanations given to us, the
company has not given any guarantees for the loans taken by others from
banks or financial institutions
(16) In our opinion and as per the information given to us as the
company has taken term loan during the year.
(17) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short term basis have been used for long
term investment.
(18) According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties
and companies covered in the register maintained under section
301 of the Act.
(19) According to the information and explanations given to us, Company
has not issued any debenture during the year. Hence reporting on the
question of securitization does not arise.
(20) The company has not raised any fund by way of public issues during
the Year hence the Clause 4(xx) of the Order is not applicable.
(21) Based upon the audit procedures performed and on the basis of
information and explanation provided by the management, we report that
no fraud on or by the company has been noticed or reported during the
year.
For DJNV & CO.
Chartered Accountants
ICAI Regn No.115145W
Nainesh Khandhar
Partner
M.No.115145W
PLACE: AHMEDABAD
DATE: 02/09/2011
Mar 31, 2010
We have audited the attached Balance Sheet of KHYATI MULTIMEDIA
ENTERTAINMENT LIMITED for the year er.ded aifiMarcb, 2010 and the
Profit & 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.
1. 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 about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies ( Auditors Report) Order, 2003 and
the Companies (Auditors Report) (Amendment) Order , 2004 issued by the
Central Government in terms of Section 227 (4A) of the Companies Act,
1956 we enclose in the Annexure a statement on the matter specified in
paragraphs 4 & 5 of the said order.
3. Further, 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 the law have
been kept by the company so far as appears from our examination of the
books;
(c) The Balance Sheet, Profit & 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 and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
Sub Section (3C) of Section 211 of the Companies Act, 1956.
(e) On the basis of written representations received from the Directors
of the company as at March 31, 2010 and taken on record by the board of
directors, we report that no director is disqualified from being
appointed as director of the company under clause (g) of sub- section
(1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Accounting Policies and other notes thereon, give the information
required by the Companies Act, -.1956, in the manner so required and
give a true & fair view;
(I) in case of the Balance Sheet , of the state of Affairs of the
company as at 31s1 March, 2010.
(II) in case of the Profit & Loss Account , of the Loss for the year
ended on that date and
(III) in case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(1) (a) In our opinion and according to the information and explanation
given to us ,the company has maintained all the relevant records
showing full particulars including quantitative details and situation
of fixed assets.
(b) In our opinion, the fixed assets have been physically verified by
the management at reasonable intervals having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
(c) In our opinion, there is no disposal of fixed assets during the
year & it does not affect the going concern assumption.
(2) As company is not having any kind of stock the Clauses 4(ii) of the
Companies (Auditors Report) Order2003 is not applicable is not
applicable to the Company.
(3) (a) The company has granted Loan to Khyati Finance covered in the
register maintained under Section 301 of the companies Act, 1956. The
maximum amount involved during the year was Rs. 14.25 Lacs and the year
end balance of the loan granted to company is Rs.NIL.
(b) The rate of interest and other terms and condition of such loans
are not, prima facie, prejudicial to the interest of the company.
(c ) Mo term of repayment is prescribed for the loan granted mentioned
above.
(d)In our opinion and according to information and explanation given to
us, as there is no stipulation for repayment.of loan,there is no over
due amount of more then Rs. one Lacs.
(e) The company had not taken any loan, secured or unsecured from
companies. firms or other party covered in the register maintained
under section 301 of the companies Act, 1956.Hence the provisions of
Clause 4(iii)(e) to (g) are not applicable to the Company.
(4) Since the Company does has not acquired any goods or fixed assets
clause 4(iv) is not applicable
(5) (a) The transaction that are required to be entered into the
register in pursuance of section 301 of the act has been so entered.
(b) In our opinion and according to the information and explanation
given to us, the transaction , made in pursuance of the contract or
arrangements entered in the register maintained under section 301 of
the companies Act, 1956 exceeding the value of rupees five lacs in
respect of any party during the year, have been made at price which are
reasonable having regard to prevailing market prices at that time.
(6) In our opinion and according to the information and explanations
given to us, the company not accepted any deposits from the public
which falls within the provisions of section 58 A and 58 AA ofthe
Companies Act, 1956, and the rules framed there under. ><^^&^v Ã>
(7) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(8) To the best of knowledge and according to the information given to
us, the Central Government has not prescribed maintenance of cost
record under section 209 (l)(d) of the Companies Act. 1956.
(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 is
regular in depositing undisputed statutory dues including Provident
Fund, Investor education protection fund, Employee State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise
Duty, Cess and other statutory dues with the appropriate authorities.
(b) According to information and explanation given to us,the following
are the details of the sales Tax, Income Tax, Customs Duty, Wealth Tax
or Cess which has not been deposited on account of any dispute.
Nature of Amount Forum where it
Dues (Rs. In Lacs) is pending
Provident Rs. 200750/- Provident fund
Fund Appellate Tribunal
New Delhi, which
Has remanded the
Case to APFC,
Ahmedabad
(10) The company have accumulated losses at the end of the financial
year and the company has incurred cash Loss during the financial year
covered by our audit and there is no accumulated loss in the
immediately preceding financial year.
(11) According to the records of the company examined by us and the
information and explanations given to us, the company during the year
has defaulted in repayment of dues to banks and the bank has been
suspended from clearing operations.
(12) According to the information & explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, dÃÂ¥beTTtu7es and other securities.
(13) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provision of clause 4(xiii) of the
companies (Auditors Report) order, 2003 are not applicable to the
company.
(14) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) order,
2003 are not applicable to the company.
(15) According to the information & explanations given to us, the
company has not given any guarantees for the loans taken by others from
banks or financial institutions
(16) In our opinion and as per the information given to us as the
company has not taken term loan so this clause is not applicable.
(17) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short term basis have been used for long
term investment.
(18) According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(19) Acccrding to the information and explanations given to us, Company
has r ot issued any debenture during the year. Hence reporting on the
question of securitization does not arise.
(20) The company has not raised any fund by way of public issues during
the Year hence the Clause 4(xx) of the Order is not applicable.
(21) Based upon the audit procedures performed and on the basis of
information and explanation provided by the management, we report that
no fniud on or by the company has been noticed or reported during the
year,
For DJNV & CO.
Chartered Accountants
ICAIRegnNo.ll514SW
(VASANT PATEL)
Partner
PLACE: AHMEDABAD
DATE: 25/08/2010
Mar 31, 2009
1. We have audited the attached Balance Sheet of KHYAT1 MULTIMEDIA
ENTERTAINMENT LIMITED for the year endec 31st March, 2009 and the
Profit & Loss Account for the year ended on that date, annexed thereto.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial staiements are free of material misstatement. An audit
includes examining, on a test basis. evidence supporting the amounts
and disclosures in the financial statemerts. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies ( Auditors Report ) Order. 2003 and
(he Companies (Auditors Repcrt) {Amendment) Order , 2004 issued by ihe
Central Government in terms of Section 227 (4A) of the Companies Act,
1956 we enclose in the Annexurc a statement on the matter specified in
paragraphs 4 & 5 of the said order.
4. Further, 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 the law have
been kept by the company so far as appears from our examination of the
books;
(c) The Balance Sheet, and Profit & Loss Account dealt with by this
report are in agreement with the Books of Account;
(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
Sub Section (3C) of Section 211 of the Companies Act, 1956.
(e) On the basis of written representations received from the Directors
of the company as at March 31, 2009 and taken on record by the board of
directors, we report that no director is disqualified from being
appointed as director of the company under clause
(g) of sub- section (l) of section 274 of the Companies Act 1956.
(h) Subject to the above, in our opinion and to the best of our
information and according to the explanations given to us, the said
accounts read together with Accounting Policies and other notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true & fair view:
(I) in case of the Balance Sheet , of the. state of Affairs of the
company as at 31st March, 2009
(II) in case of the Profit & Loss Account , of the Loss for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(1) (a) In our opinion and according to the information and explanation
given, to us
the company has maintained all the relevant records showing lull
particulars including quantitative details and situation of fixed
assets.
(c) in our opinion, there is no disposal of fixed assets during the
year & it does not affect the going concern assumption.
(2) (a) N.A.
(b) N.A.
(c) N.A.
(3) (a) The company has granted Loan to Khyati Finance covered in the
register maintained under Section 301 of the companies Act,. 1956. The
maximum amount involved during the year was Rs. 157 Lacs.And the year
end balance of the loan granted to company is Rs. 14.24 Lacs.
(b) The rate of interest and other terms and condition of such loans
are not, prima facie, prejudicial to the interest of the company.
(c) No term of repayment is prescribed for the loan granted mentioned
above.
(d) In our opinion and according to information and explanation given
to us, as there is no stipulation for repayment of loan,there is no
over due amount of more then Rs. one Lacs.
(e) The company had not taken any loan, secured or unsecured from
companies, firms or other party covered in the register maintained
under section 301 of the companies Act, 1956.
(4) In our opinion and according to the information and explanation
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 the purchase of inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, no
major weakness has been noticed in the internal controls.
(5) (a) The transaction that are required to be entered into die
register in pursuance of section 301 of the act has been so entered.
(b) In our opinion and according to the information and explanation
given to us, die transaction . made in pursuance of the contract or
arrangements entered in the register maintained under section 301 of
the companies Act, 1956 exceeding the value of rupees five lacs in
respect of any party during the year have been made at price which arc
reasonable having regard to prevailing market prices at that time.
(6) In our opinion and according to the information and explanations
given to as. the company not accepted any deposits IVom the public
which falls within the provisions of section :58 A and 53 A A of The
Companies Act. 1956. and the rules framed there under.
(7) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(8) To ihe best of knowledge and according to the information given to
us, The Central Government has not prescribed maintenance of cost
record under section 209 (1 )(d) of the Companies Act 1956,
(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 is
regular in depositing undisputed statutory dues including Provident
Fund, Investor education protection fund, Employee State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise
Duty, Cess and other statutory dues with the appropriate authorities.
(b) According to information and explanation given to us,the following
are the details of the sales Tax, Income Tax, Customs Duty, Wealth Tax
or Cess which has not been deposited on accouat of any dispute.
Nature of Amount Forum where it
Dues (Rs. In Lacs) is pending
Provident Rs. 200750/- Provident fund
Fund AppellateTribunal
New Delhi, which
Has remanded the
Case to APFC,
Ahmedabad
(10) The company have accumulated losses at the end of the financial
year and the company has not incurred cash Loss during the financial
year covered by our audit and the immediately preceding financial year.
(11) According to the records of the company examined by us and the
information and explanations given to us, the company during the year
has defaulted in repayment of dues to banks and the bank has been
suspended from clearing operations.
(12) According to the information & explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(13) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provision of clause 4(xiii) of the
companies (Auditors Report) order, 2003 are not applicable to the
company.
14} in our opinion, the company is not dealing in or trading in shares,
securities, debentures and other nivc-itincnB. Accordingly, the
provisions of clause 4(xiv) of the Companies Auditors Report) order.
2003 are not applicable to the company.
15) According to the information & explanations given, to us, the
company has not given any guarantees for the loans taken by others from
hanks or financial institutions
(16) In our opinion rind as per the information given tc us as the
company has not taken term loan so this clause is not applicable.
(17) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short term basis have been used for long
term investment.
(18) According to the information and explanation given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(19) According to the information and explanations given to us, Company
has not issued any debenture during the year. Hence reporting on the
question of securatisation does not arise.
(20) The company has not raised any fund by way of public issues during
the Year.
(21) Based upon the audit procedures performed and on the basis of
information and explanation provided by the management, we report that
no fraud on or by the company has been noticed or reported during the
year.
For DJNV & CO.
Chartered Accountants
(VASANT PATEL )
Partner
PLACE: AHMEDABAD
DATE: 25/08/2009
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