Mar 31, 2015
1. We have audited the accompanying financial statements of M/S.
SOWBHAGYA MEDIA LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, 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 Standalone Financial Statements
2. The management and Board of Directors of the Company are
responsible for the matters stated in Section 134(5) of the Companies
Act, 2013 ('the act') with respect to the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the
Act, read with rule 7 of Companies (Accounts) Rules, 2014. This
responsibility includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets
of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; design, implementation and maintenance of adequate internal
financial controls, that are operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error
Auditor's Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement
4. 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 financial control relevant
to the Company's preparation of the financial statements, that give a
true and fair view, in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, as well as evaluating the overall presentation of the
financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as at
31st March 2015, its loss and its cash flows for the year ended on that
date.
7. Emphasis of Matter
Without qualifying our opinion, we draw attention to Note No 2.26
regarding legal cases against company and its managing director as
detailed in the said note.
Report on Other Legal and Regulatory Requirements
8. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
9. As required by section 143(3) of the Act, we further report that:
a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
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 aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules 2014.
e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors are disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014;
i. the Company has disclosed the impact of pending litigations on its
financial position in its financial statements- Refer Note no.2.26 to
the financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
iii. There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
Annexure referred to in paragraph 7 Our Report of even date to the
members of Sowbhagya Media Limited on the accounts of the company for
the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets ;
(b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
ii. The nature of business of the Company does not require it to have
any inventory. Hence, the requirement of clause (ii) of paragraph 3 of
the said Order is not applicable to the Company
iii. The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act.
iv. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has been noticed or reported.
v. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
vi. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub- section (1) of Section 148 of
the Act.
vii. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including Provident
Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty and other material statutory dues,
as applicable, with the appropriate authorities in India ;
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise.
viii. The Company have accumulated losses at the end of the financial
year and has not incurred cash losses in the financial year and has
incurred cash losses in the immediately preceding financial year.
ix. According to the records of the company examined by us and as per
the information and explanations given to us, the company has not
availed of any loans from any financial institution or banks and has
not issued debentures.
x. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
xi. In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year.
xii. During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management.
For M/s. Ganesh Venkat & Co.,
Chartered Accountants
Firm Regd.No.005293S
Sd/-
G. Rajavenkat
Partner
Membership No.025014
Place: Hyderabad.
Date: 25th May, 2015.
Mar 31, 2014
We have audited the accompanying financial statements of M/S. SOWBHAGYA
MEDIA 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 and
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 (the
Act) read with the general circular 15/2013 dated 13.09.2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013 and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and 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 misstatements, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
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 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, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs).
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 are 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;
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of M/s.SOWBHAGYA MEDIA LIMITED on the accounts of the
company for the year ended 31st March, 2014.
i. (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) Fixed assets disposed off during the year were not substantial;
therefore do not affect the going concern assumption.
ii. (a) The company is not a manufacturing company and hence there are
no inventories. Therefore provisions of clause 4(ii)(a), (b) and (c)
of companies (Auditor''s Report) Order, 2003 as amended are not
applicable to the Company.
iii. (a) According to the information and explanations given to us, 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. Therefore the provisions of clauses (4)
iii (b), iii(c) and iii (d) of the companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
(e) According to the information and explanations given to us, 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. Therefore provisions of clause 4(ii)(f) and (g) of companies
(Auditor''s Report) Order, 2003 as amended are not applicable to the
Company.
iv. 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. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
v. (a) In our opinion and according to the information and explanations
given to us, and based on representations 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 exceeding five lakhs rupees in a financial year have
been duly entered.
vi. In our opinion and according to the information and explanations
given to us, The Company has not accepted any deposits from the public
covered under section 58A and 58AA of the Companies Act, 1956 and the
companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public. Therefore provisions of clause 4(vi)
of companies (Auditor''s Report) Order, 2003 as amended are not
applicable to the company.
vii. There is no Internal Audit System in Vouge in the company.
viii. In our opinion and according to information and explanation given
to us, maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub- section (1) of section 209
of the Companies Act, 1956. Therefore provisions of clause 4(viii)
(Auditor''s Report) Order, 2003 as amended are not applicable to the
Company
ix. (a) According to information and explanations given to us and the
records of the company, the company is regular in depositing 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 with the appropriate
authorities.
(b) According to the information and explanations given to us, there
are no statutory dues as on 31st of March, 2014 which are outstanding
for a period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues on account of income tax, wealth tax, service tax, sales
tax, customs duty and excise duty and any other statutory dues as at
31st March, 2014 except the following:
Name of the Amount Period to which the
statute Nature of dues Rs. amount relates
Income Tax Demand under Assessment year 2008-
Act, 1961 section 226(3) 26,24,531 09 & 2009-10
Name of the Statute Forum where dispute is pending
Income Tax Act 1961 ITAT, Hyderabad
x. The Company does not have any accumulated losses at the end of
financial year and has incurred cash losses in the financial year and
has not incurred any cash losses in the immediately preceding financial
year.
xi. In our opinon and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders during the year.
xii. In our opinion and 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.
xiii. In our opinion and according to information and explanations
given to us, the Company is not a chit fund /mutual benefit
fund/society. Therefore, the provision of this clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable
to the Company.
xiv. According to information and explanations given to us, the
Company is not trading in Shares, Mutual funds & other Investments.
Accordingly the provisions of clause 4 (xiv) of the Companies
(Auditor''s Report) Order 2003 are not applicable to the Company.
xv. 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.
xvi. According to information and explanations given to us, the
company has not availed any term loans during the year.
xvii. According to the information and explanations given to us, and
on an overall examination of the Balance Sheet of the Company, we
report that no funds raised on short-term basis have been used for
long-term investments.
xviii. According to the information and explanations given to us,
during the year under report the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
xix. The Company did not have any outstanding debentures during the
year.
xx. The Company has not raised any money by public issue during the
year.
xxi. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For M/s. Ganesh Venkat & Co.,
Chartered Accountants
Firm Regd.No.005293S
Sd/-
G. Rajavenkat
Partner
Membership No.025014
Place: Hyderabad.
Date: 29th May, 2014.
Mar 31, 2013
We have audited the accompanying financial statements of M/S. SOWBHAGYA
MEDIA LIMITED, which comprise the Balance Sheet as at March 31, 2013,
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. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
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 profit for the
year ended on that date; and
- c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. If Report on Other Legal and Regulatory
Requirements
I 1. As required by the Companies (Auditor''s Report) Order, 2003
issued by the Central
- Government of India in terms of sub-section (4A) of section 227 of
the 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;
I 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;
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of M/s. SOWBHAGYA MEDIA LIMITED on the accounts of the
company for the year ended 31st March, 2013.
i. (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) Fixed asset has been disposed off during the year were not
substantial, therefore do not affect the going concern assumption.
ii. (a) The company is not manufacturing company and hence there are no
inventories Therefore provisions of clause 4(h)(a), (b) and (c) of
companies (Auditor''s Report) Order, 2003 as amended are not applicable
to the Company.
iii. (a) According to the information and explanations given to us, 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. Therefore the provisions of clauses
(4) iii (b), iii(c) and iii (d) of the companies (Auditor''s Report)
Order, 2003 are not applicable to the Company. (e) According to the
information and explanations given to us, 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. Therefore
provisions of clause 4(ii)(f) and (g) of companies (Auditor''s Report)
Order, 2003 as amended are not applicable to the Company.
iv. 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. In our opinion according to the information and explanations
given to us, there has continuing failure to correct major weaknesses
in the internal control system during the year.
v. (a) In our opinion and according to the information and explanations
given to us, and based on representations 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 exceeding five lakhs rupees in a financial year have
been duly entered.
vi. In our opinion and according to the information and explanations
given to us, The Company has not accepted any deposits from the public
covered under section 58A and 58AA of the Companies Act, 1956 and the
companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public. Therefore provisions of clause
4(vi) of companies (Auditor''s Report) Order, 2003 as amended are not
applicable to the company.
vii. There is no internal Audit System in vogue.
viii. In our opinion and according to information and explanation
given to us, maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1] of section 209
of the Companies Act, 1956. Therefore provisions of clause 4(viii)
(Auditor''s Report) Order, 2003 as amended are not applicable to the
Company. ix. (a) According to information and explanations given to
us, the records of the company, the company regular in depositing
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 been deposited with the
appropriate authorities. (b)According to the information and
explanations given to us, there are no statutory dues as on 31st of
March, 2013 which are outstanding for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there is
no dues on account of income tax, wealth tax, service tax, sales tax,
customs duty and excise duty and any other statutory dues as at 31st
March, 2013 which have not been deposited on account of any disputes
except the following:
Period to Forum
which the where
Name of the Amount amount dispute is
statute Nature of Dues Rs. relates pending
CIT
Assessment Appeals -
Income Tax Demand under
section year 2008-09 II,
Act, 1961 226(3) 26,24,531 & 2009-10 Hyderabad
x. The Company does not have any accumulated losses at the end of
financial year and and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
xi. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders during the year
xii. In our opinion and 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.
xiii. In our opinion and according to information and explanations
given to us, the Company is not a chit fund / /mutual benefit
fund/society. Therefore, the provision of this clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable
to the Company.
xiv.According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Accordingly
the provisions of clause 4 (xiv) of the Companies (Auditor''s Report)
Order 2003 are not applicable to the Company.
xv. 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.
xvi.According to information and explanations given to us, the company
has not availed any term loans during the year.
xvii. According to the information and explanations given to us, and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investments..
xviii. According to the information and explanations given to us,
during the year under report the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
xix.The Company did not have any outstanding debentures during the
year.
xx. The Company has not raised any money by public issue during the
year.
xxi. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For M/s. Ganesh Venkat & Co.,
Chartered Accountants
Firm Regd.No.005293S
Sd/-
G. Rajavenkat
Partner
Membership No.025014
Place: Hyderabad.
Date: 29th May, 2013.
Mar 31, 2012
We have audited the attached Balance Sheet of Sowbhagya Media Limited
as at 31st March, 2012 and Profit & Loss Account and Cash Flow
Statement of the Company 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.
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 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 (Auditor's Report) Order, 2003, as
amended, issued by the Central Government of India in terms of Section
227(4A) of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order wherever applicable.
2. Subject to our comments in the Annexure referred to in paragraph 1
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of such
books;
c) The Company's Balance Sheet,Profit & Loss Account & Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and the Profit & Loss Account &
Cash Flow Statement are in compliance with the Accounting Standards
referred to in sub-section (3C) of Section 211 of the Companies Act,
1956 to the extent applicable;
e) On the basis of the written representation from the directors as at
31Ã March, 2012 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as at 31ST March,
2012 from being appointed as a Director in terms of clause(g) of
sub-section (1) of Section 274 of the Companies Act, 1956; and
3. In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Profit and
Loss Account, Cash flow statement together with the notes thereon give
the information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) In the case of the Balance sheet, of the state of affairs of the
Company as at 311March, 2012;
b) In the case of the Profit and Loss Account, profit of the Company
for the year ended on that date;
c) In the case of the Cash Flow Statement, ofthe cash flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF
EVEN DATE
1. (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the management periodically, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
(c) In our opinion the Company has not disposed off substantial part of
Fixed Assets during the period and the going concern status of the
Company is not affected.
2. The Company does not deal with stocks and it does not hold any
physical inventories. Thus paragraph 4
(ii) of the Order is not applicable.
3. The Company has not taken any loans, secured or unsecured from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956.
The Company has given interest free unsecured loans to companies, firms
and other parties listed in the register maintained under section 301
of the Companies Act, 1956. However the terms and conditions of such
loans are not prima facie prejudicial to the interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of stores, raw materials, including
components, plant and machinery, equipments, other assets and for sale
of finished goods.
5. In our opinion and according to the information and explanations
given to us, the transactions aggregating during the year to Rs.
5,00,000/-made in pursuance of contract of purchase of goods and
materials and sale of goods, materials and services that need to be
entered into the register maintained under Section 301 of the Companies
Act have been duly entered during the period under review.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from public with
in the meaning of Rule 2(b) of the Companies (Acceptance of Deposits)
Rule 1975, and the provisions of Sec. 58 A of the Companies Act, 1956.
7. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government of India has not prescribed the maintenance
of Cost Records under Section 209(1) (d) of the Companies Act,
1956forthistype of Company.
9. (a) The Company is regular in depositing undisputed statutory dues
including provident fund, sales tax, income tax, wealth tax,
professional tax and other material statutory dues with appropriate
authorities when applicable. According to the information and
explanations given to us, there are no undisputed amounts payable in
respect of such statutory dues which have remained outstanding as at
31- March,
2012 for a period exceeding six months from the date they become
payable.
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, wealth tax and other statutory
dues, which have not been deposited on account of any disputes.
10. In our opinion and according to the information and explanations
given to us and according to the books of account examined by us, the
company has not incurred cash losses during the year under review. The
company has no accumulated losses at the end of the financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
Banks and Financial Institutions.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
13. In our opinion, the Company is not a chit fund or nidhi/ mutual
benefit fund/ society. Therefore the provisions 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 or trading in shares,
securities, debentures and other investments during the year under
review. 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 and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company did not have any term loans outstanding during the
year.
17. According to the information and explanation given to us and on an
o``erall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanation given to us the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Companies Act, 1956.
19. No debentures have been issued by the Company and hence, the
question of creating securities in respect of these does not arise.
20. The Company has not raised any money by way of public issue
During the year.
21. In our opinion, according to the information and explanations
given to us no fraud on or by the Company has been noticed or reported
during the year under review that causes the financial statements to be
materially misstated.
For M/s. GANESHVENKAT & CO
Firm Registration No: 05293S
CHARTERED ACCOUNTANTS
Place: Hyderabad
Date: 27-08-2012 Sd/-
G RAJAVENKAT
M.No.25014
PARTNER
Mar 31, 2011
We have audited the attached Balance Sheet of Sowbhagya Media Limited
as at 31st March, 2011 and Profit & Loss Account and Cash Flow
Statement of the Company 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.
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 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 (Auditor's Report) Order, 2003, as
amended, issued by the Central Government of India in terms of Section
227(4A) of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order wherever applicable.
2. Subject to our comments in the Annexure referred to in paragraph 1
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of such
books;
c) The Company's Balance Sheet ,Profit & Loss Account & Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and the Profit & Loss Account &
Cash Flow Statement are in compliance with the Accounting Standards
referred to in sub-section (3C) of Section 211 of the Companies Act,
1956 to the extent applicable;
e) On the basis of the written representation from the directors as at
31st March, 2011 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as at 31st March,
2011 from being appointed as a Director in terms of clause(g) of
sub-section (1) of Section 274 of the Companies Act, 1956; and
f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Profit and
Loss Account, Cash flow statement together with the notes thereon give
the information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
i. in the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2011;
ii. in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date;
iii. in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF
EVEN DATE
1. (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the management periodically, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
(c) In our opinion the Company has not disposed off substantial part of
Fixed Assets during the period and the going concern status of the
Company is not affected.
2. The Company does not deal with stocks and it does not hold any
physical inventories. Thus paragraph 4 (ii) of the Order is not
applicable.
3. The Company has not taken any loans, secured or unsecured from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of stores, raw materials, including
components, plant and machinery, equipments, other assets and for sale
of finished goods.
5. In our opinion and according to the information and explanations
given to us, the transactions aggregating during the year to Rs.
5,00,000/-made in pursuance of contract of purchase of goods and
materials and sale of goods, materials and services that need to be
entered into the register maintained under Section 301 of the Companies
Act have been duly entered during the period under review.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from public
within the meaning of Rule 2(b) of the Companies (Acceptance of
Deposits) Rule 1975, and the provisions of Sec. 58 A of the Companies
Act, 1956.
7. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government of India has not prescribed the maintenance
of Cost Records under Section 209(1) (d) of the Companies Act, 1956 for
this type of Company.
9. (a) The Company is regular in depositing undisputed statutory dues
including provident fund, sales tax, income tax, wealth tax,
professional tax and other material statutory dues with appropriate
authorities when applicable. According to the information and
explanations given to us, there are no undisputed amounts payable in
respect of such statutory dues which have remained outstanding as at
31st March, 2011 for a period exceeding six months from the date they
become payable.
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, wealth tax and other statutory
dues, which have not been deposited on account of any disputes.
10. In our opinion and according to the information and explanations
given to us and according to the books of account examined by us, the
company has not incurred cash losses during the year under review. The
company has no accumulated losses at the end of the financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
Banks and Financial Institutions.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
13. In our opinion, the Company is not a chit fund or nidhi/ mutual
benefit fund/ society. Therefore the provisions 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 or trading in shares,
securities, debentures and other investments during the year under
review. 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 and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company did not have any term loans outstanding during the
year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanation given to us the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Companies Act, 1956.
19. No debentures have been issued by the Company and hence, the
question of creating securities in respect of these does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion, according to the information and explanations
given to us no fraud on or by the Company has been noticed or reported
during the year under review that causes the financial statements to be
materially misstated.
For M/S. GANESHVENKAT & CO
CHARTERED ACCOUNTANTS
Firm Registration No: 05293S
Sd/-
G RAJAVENKAT
PARTNER
M.No.25014
Place: Hyderabad
Date : 26th June, 2011.
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