Mar 31, 2014
We have audited the accompanying financial statements of Munoth
CommunicationLimited ("the Company"), which comprise the Balance Sheet
as at 31 March 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 the underlying
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 Standardsreferred to in sub-section (3C)
of section 211 of the Companies Act, 1956 ("theAct") read with General
Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate
Affairs in respect of 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.
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, plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
inorder to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity''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
andappropriate 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 sorequired 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 Profit and Loss Account, of the LOSS for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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
CashFlow Statement comply with the Accounting Standards referred to in
subsection(3C) of section 211 of the Companies Act, 1956 read with
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 ofthe directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Auditors'' Report
The Annexure referred to in our report to the members of Munoth
Communication Limited (''the Company'') for the year ended 31st March,
2014. We report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial fixed asset has been disposed during the
year and therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f)&(g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct anyweaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act are not applicable to the Company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable, except for Lease tax payable at Rs.93853/-.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has accumulated loss and has incurred cash loss during
the financial year covered by our audit and in the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations 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. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Proper
records & timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March 2014, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For KUMBHAT & CO
Chartered Accountants
FRN.:001609S
Ajit Kumbhat
Place : Chennai Partner
Date : 20/05/2014 Membership No : 019582
Mar 31, 2013
We have audited the accompanying financial statements of Munoth
Communication Limited ("the Company"), 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 is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and. to thepest of pur information and according.tp:tbe
explanatibha giyeh to statemW and fair principlesgerierally 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 Profit and Loss Account, of the LOSS for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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 31,2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Munoth Communication Limited on the accounts of the
company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
(d) Revaluation reserve is created on account of Revaluation done of
the fixed assets as on 31.03.2013 by Govt. Registered Valuer.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable, except for Lease tax payable at Rs. 93853 and Property
Tax amounting to Rs. 8715.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security
byway of pledge ofshares; debenture''s andother securities:
13. The Company is not a chit fubdor a
nidhi/mutuafbehe''fit''ftrnd/soGiety. Therefore.theprbvisiohof this
clause of the Companies (Auditors
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Proper
records & timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For KUMBHAT & CO
Chartered Accountants
FRN.:001609S
Ajit Kumbhat
Place : Chennai Partner
Date : 29/05/2013 Membership No : 019582
Mar 31, 2012
We have audited the attached Balance Sheet of M/S. MUNOTH COMMUNICATION
LIMITED. as at 31st March 2012 and the related Profit and Loss Account
and Cash Flow Statement of the company for the year ended on that date.
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.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report) order, 2003 as
amended by the companies (Auditors' Report)(amendment)order,2004
issued by the Central Government of India in terms of sub-section 4A of
section 227 of the Companies Act, 1956, and on the basis of such checks
of the books and records as we considered necessary and appropriate and
according to the information and explanation given to us during the
course of the audit, we enclose in the Annexure a statement of matters
specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to above, we
report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the company, so far as it appears from our examination of those
books.
c) The Balance Sheet, Profit and loss Account and the Cash Flow
Statement dealt with by report are in agreement with the books of
accounts;
d) In our opinion and to the best of our information the Balance Sheet
and Profit & Loss Account and the Cash Flow Statement dealt with by
this report complies with the accounting standards as referred to in
Section 211(3C) of the Companies Act, 1956.
e) On the basis of written representation received from the directors,
as on 31st March 2012 and taken on record by the board of directors, we
report that none of the Directors are disqualified as on March 31st,
2012 from being appointed as a director in terms of section 274(1) (g)
of Companies Act, 1956.
3. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India :-
a. In the case of the Balance sheet, of the state of affairs of the
company as at 31st March, 2012;and
b. In the case of Profit and Loss Account of the Loss for the year
ended on that date.
c. In the case of the Cash Flow Statement of the Cash Flow for the
year ended on that date.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its Fixed
Assets. The Fixed Assets have been physically verified by the
management during the period.
(b) According to the information and explanations given to us, Fixed
Assets have been physically verified by the management during the year
and no material discrepancies were noticed on such verification as
compared to the available records. In our opinion the frequency of such
physical verification is reasonable having regard to the size of the
company and the nature of its assets. None of the Fixed Assets have
been revalued during the year.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) According to the information and explanations given to us, the
stock of Inventory has been physically verified during the year by the
Management at reasonable intervals. In our opinion, the procedures of
physical verification of inventory followed by the management are
reasonable and adequate in relation to the size of the company and the
nature of its business. The company has maintained proper records of
inventory. And also the Company has stock in trade of shares which is
lying with and confirmed by the depository.
(iii) According to the information and explanations given to us, the
Company has not granted or taken any secured or unsecured loans during
the year from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1961 (1 of 1956) and
accordingly, paragraphs 4 (iii), (b), (c), (d), (e), (f) and (g) of the
order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to the purchase of fixed assets and for the sale of goods and service.
Further, on the basis of our examination of the books and records of
the company, and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control procedures.
(v) In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of goods and
material and sale of goods, materials and services made in pursuance of
contracts or arrangement required to be entered in the register
maintained under section 301 of the Companies Act, 1956 (1 of 1956),
aggregating during the year of Rupees Five Lakhs or more in respect of
each party.
(vi) The Company has not accepted any deposits from the public;
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business;
(viii) Maintenance of cost records as prescribed by the Central
Government under Section 209 (1) (d) of the Companies Act, 1956 (1 of
1956) are not applicable to the company.
(ix) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities,
undisputed statutory dues including Provident Fund, excepting a sum of
Rs.93,850/- of undisputed tax on lease rentals.
(b) According to the information and explanations given to us, no
disputed amounts payable in respect of statutory dues were outstanding
as at 31st March 2012 for a period of more than six months from the
date they become payable. Further, since the Central Government has not
prescribed the amount of cess payable under Section 441A of the
Companies Act, 1956, we are not in a position to comment on the
regularity or otherwise of the Company depositing the same.
(x) The accumulated losses as at 31.3.2012 are not in excess of 50% of
the net worth. The Company has incurred cash loss during the financial
year covered by our audit but not in the immediately preceding
financial year.
(xi) According to the records of the company examined by us and the
information and explanations given by the management, the company has
not defaulted in repayment of dues to banks or any financial
institutions.
(xii) The Company has not granted loans and advances on the basis of
security by way of pledge of shares.
(xiii) The provision of any special statute applicable to chit fund /
nidhi / mutual fund / societies are not applicable to the company.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for the loans taken by others from
banks or financial institutions during the year.
(xvi) According to the explanations and information given to us term
loans were applied for the purpose for which the loans were obtained by
the Company.
(xvii) According to the information and explanations given to us and on
the overall examination of the Source and Application of the Funds of
the company, we report that no funds raised on short-term basis have
been used for long-term investment by the company.
(xviii) During the year the company has not made any preferential
allotment of shares.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by way of Public Issue during
the year.
(xxi) During the course of our examination of the books and records of
the company carried in accordance with the generally accepted auditing
practices in India, and according to information and explanations given
to us, we have neither come across any instance of fraud on or by the
company noticed or reported during the year, not we have been informed
of such case by the management.
For KUMBHAT & CO
Chartered Accountants
FRN.:001609S
Ajit Kumbhat
Place : Chennai Partner
Date : 26/05/2012 M.No 19582
Mar 31, 2011
We have audited the attached Balance Sheet of M/S. MUNOTH COMMUNICATION
LIMITED . as at 31st March 2011 and the related Profit and Loss Account
and Cash Flow Statement of the company for the year ended on that date.
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.
We have conducted our audit in accordance with 'auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report) order, 2003 as
amended by the companies (Auditors' Report)(amendment)order,2004 issued
by the Central Government of India in terms of sub-section 4A of
section 227 of the Companies Act, 1956, and on the basis of such checks
of the books and records as we considered necessary and appropriate and
according to the information and explanation given to us during the
course of the audit, we enclose in the Annexure a statement of matters
specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to above, we
report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the company, so far as it appears from our examination of those
books.
c) The Balance Sheet, Profit and loss Account and the Cash Flow
Statement dealt with by report are in agreement with the books of
accounts;
d) In our opinion and to the best of our information the Balance Sheet
and Profit & Loss Account and the Cash Flow Statement dealt with by
this report complies with the accounting standards as referred to in
Section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representation received from the directors,
as on 31st March 2011 and taken on record by the board of directors, we
report that none of the Directors are disqualified as on March 31st,
2011 from being appointed as a director in terms of section 274(1) (g)
of Companies Act, 1956.
3. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India :-
i. In the case of the Balance sheet, of the state of affairs of the
company as at 31st March, 2011; and
ii. In the case of Profit and Loss Account of the PROFIT for the year
ended on that date.
iii. In the case of the Cash Flow Statement of the Cash Flow for the
year ended on that date.
ANNEXURE REFERRED TO IN PARA 1 OF OUR REPORT OF EVEN DATE RE : MUNOTH
COMMUNICATION LIMITED, CHENNAI
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its Fixed
Assets. The Fixed Assets have been physically verified by the
management during the period.
(b) According to the information and explanations given to us, Fixed
Assets have been physically verified by the management during the year
and no material discrepancies were noticed on such verification as
compared to the available records. In our opinion the frequency of such
physical verification is reasonable having regard to the size of the
company and the nature of its assets. None of the Fixed Assets have
been revalued during the year.
(c.) The fixed assets disposed off during the year, in our opinion, do
not constitute substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) (a) According to the information and explanations given to us, the
stock of Inventory has been physically verified during the year by the
Management at reasonable intervals. In our opinion, the procedures of
physical verification of inventory followed by the management are
reasonable and adequate in relation to the size of the company and the
nature of its business. The company has maintained proper records of
inventory. And also the Company has stock in trade of shares which is
lying with and confirmed by the depository.
(b) The Company has not taken during the year any loans, secured or
unsecured from parties listed in the register maintained under Section
301 of the Companies Act 1956 (1 of 1956) and accordingly, paragraphs
4(iii) (f) and (g) of the Order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to the purchase fixed assets and for the sale of goods and service.
Further, on the basis of our examination of the books and records of
the company, and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control procedures.
(v) In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of goods and
material and sale of goods, materials and services made in pursuance of
contracts or arrangement required to be entered in the register
maintained under section 301 of the Companies Act, 1956 (1 of 1956),
aggregating during the year of Rupees Five Lakhs or more in respect of
each party.
(vi) The Company has not accepted any deposits from the public;
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business;
(vii) Maintenance of cost records as prescribed by the Central
Government under Section 209 (1) (d) of the Companies Act, 1956 (1 of
1956) are not applicable to the company.
(viii) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities,
undisputed statutory dues including Provident Fund, excepting a sum of
Rs.93,583/- of undisputed tax on lease rentals pertaining to 1998.
(b) According to the information and explanations given to us, no
disputed amounts payable in respect of statutory dues were outstanding
as at 31st March 2011 for a period of more than six months from the
date they become payable. Further, since the Central Government has not
prescribed the amount of cess payable under Section 441A of the
Companies Act, 1956, we are not in a position to comment on the
regularity or otherwise of the Company depositing the same.
(ix) The accumulated losses as at 31.3.2011 are not in excess of 50% of
the net worth. The Company has not incurred cash loss during the
financial year covered by our audit and in the immediately preceding
financial year.
(x) According to the records of the company examined by us and the
information and explanations given by the management, the company has
not defaulted in repayment of dues to banks or any financial
institutions.
(xi) The Company has not granted loans and advances on the basis of
security by way of pledge of shares.
(xii) The provision of any special statute applicable to chit fund /
nidhi / mutual fund / societies are not applicable to the company.
(xiii) The Company has maintained proper records of transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein.
(xiv) According to the information and explanations given to us, the
Company has not given any guarantee for the loans taken by others from
banks or financial institutions during the year.
(xv) According to the explanations and information given to us term
loans were applied for the purpose for which the loans were obtained by
the Company.
(xvi) According to the information and explanations given to us and on
the overall examination of the Source and Application of the Funds of
the company, we report that no funds raised on short-term basis have
been used for long-term investment by the company.
(xvii) During the year the company has not made any preferential
allotment of shares.
(xviii) The Company has not issued any debentures during the year.
(xix) The Company has not raised any money by way of Public Issue
during the year.
(xx) During the course of our examination of the books and records of
the company carried in accordance with the generally accepted auditing
practices in India, and according to information and explanations given
to us, we have neither come across any instance of fraud on or by the
company noticed or reported during the year, not we have been informed
of such case by the management.
For KUMBHAT & CO
Chartered Accountants
FRN.:001609S
Ajit Kumbhat
Partner
M.No 19582
Place : Chennai
Date : May, 14, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. MUNOTH COMMUNICATION
LIMITED, as at 31st March 2010 and also the Profit and Loss account and
also the 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
Further to our report under the Companies (Auditorsà Report) Order,
2003 as amended by the Companies (Auditorsà Report) (Amendment) Order,
2004 annexed to this report we state that:
i. 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.
ii. In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
iii. The Balance Sheet, Profit and Loss account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
iv. In our, opinion the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the accounting standards, referred to
in Sub section (3C) of Section 211 of Companies Act, 1956.
v. On the basis of written representations received from the Directors
as on 31st March 2010and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31st March
2010 from being appointed as Director in terms of section 274(1)(g) of
the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India.
a. In the case of the Balance Sheet, of the state of CompanyÃs affairs
at 31st March, 2010.
b. In the case of the Profit and Loss account of the Profit for the
year ended on that date.
c. In the case of the Cash Flow Statement of the Cash flow for the
year ended 31st March, 2010
ANNEXURE REFERRED TO IN PARA 1 OF OUR REPORT OF EVEN DATE RE: MUNOTH
COMMUNICATION LIMITED, CHENNAI
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets. The Fixed Assets other than Leased Assets have been physically
verified by the management during the period. As regards Leased Assets
the lessees have certified the existence of the Assets.
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year and no materials discrepancies were noticed on such verification
as compared to the available records. In our opinion the frequency of
such physical verification is reasonable having regard to the size of
the company and the nature of its assets. None of the Fixed Assets have
been revalued during the year.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) The Company did not have any inventory other than stock in trade
of shares.
(iii) According to the information and explanations given to us, the
Company has not granted or taken or taken any secured or unsecured
loans during the year from companies, firms or other parties listed in
the register maintained under section 301 o the Companies Act, 1961 (1
of 1956) and accordingly, paragraphs 4 (iii), (b), (c), (d), (e), (f)
and (g) of the order are not applicable.
(iv) According to the information and explanations given to us, there
were to transactions of purchase of inventory during the year. In our
opinion and according to the information and explanations given to us,
there were adequate internal control system commensurate with the size
of the company and the nature of its business with regard to the
purchase fixed assets and for the sale of goods and service. Further,
on the basis of our examination of the books and records of the
company, and according to the information and explanations given to us,
we have neither come across nor have been informed of any continuing
failure to correct major weakness in the aforesaid internal control
procedures.
(v) In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of goods and
material and sale of goods, materials and services made in pursuance of
contracts or arrangement required to be entered in the register
maintained under section 301 of the Companies Act 1956 (1 of 1956),
aggregating during the year of Rupees Five Lakhs or more in respect of
each party.
(vi) The company has not accepted any deposits from the public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) Maintenance of cost records as prescribed by the Central
Government under Section 209(1)(d) of the Companies Act, 1956 (1 of
1956) are not applicable to the company.
(ix) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities,
undisputed statutory dues including Provident Fund, excepting a sum of
Rs.93,583/- of undisputed tax on lease rentals.
(b) According to the information and explanations given to us, no
disputed amounts payable in respect of statutory dues were outstanding
as at 31st March 2010 for a period of more than six months from the
date they become payable. Further, since the Central Government has not
prescribed the amount of cess payable under Section 441A of the
Companies Act, 1956, we are not in a position to comment on the
regularity or otherwise of the Company depositing the same.
(x) The companys accumulated losses amounting to Rs.341.54 lacs as on
the date of the Balance Sheet which is less than fifty per cent of its
net worth; it has not incurred cash losses during the current financial
year; in the immediately preceding financial year the Company incurred
cash loss.
(xi) According to the records of the company examined by us and the
information and explanations given to us, the company has not defaulted
in repayment of dues to any financial institutions or bank as at
Balance Sheet date.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares.
(xiii) The provision of any special statute applicable to chit
fund/nidhi/mutual fund/societies are not applicable to the company.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for the loans taken by others from
banks or financial institutions during the year.
(xvi) According to the explanations and informations given to us terms
loans were applied for the purpose for which the loans were obtained by
the Company.
(xvii) The Company has not utilized the funds raised on short term
basis for long term investment.
(xviii) During the year the company has not made any preferential
allotment of shares.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by way of Public Issue during
the year.
(xxi) During the course of our examination of the books and records of
the company carried in accordance with the generally accepted auditing
practices in India, and according to information and explanation given
to us we have neither come across any instance of fraud on or by the
company noticed or reported during the year, nor we have been informed
of such case by the management.
For KUMBHAT & CO.,
Chartered Accountants
Place : Chennai (AJIT KUMBHAT)
Date:21.05.2010 Partner
M.No. 19582
(Firm Registration No. : 00160S)