Mar 31, 2015
We have audited the accompanying Standalone Financial Statements of Sri
Adhikari Brothers Television Network Ltd. ("the Company"), which
comprise the Balance Sheet as at 31st March, 2015, the Statement of
Profit and Loss and the Cash Flow Statement for the year then ended and
a summary of the significant accounting policies and other explanatory
information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors are responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these Financial
Statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the 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 the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the Financial Statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Financial
Statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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, and its profit/loss and its cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2015, issued by
the Central Government of India in terms of sub-section (11) of the
Section 143 of the Companies Act, 2013, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors are disqualified as on 31st March,
2015 from being appointed as a director in terms of Section 164 (2) of
the Act.
(f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements. Refer Note 31 to the
Financial Statements.
ii. According to information and explanation given to us, the Company
has not entered into any long-term contracts
including derivative contracts.
iii. There has been no delay in transferring material amounts to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO AUDITORS'' REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST
MARCH, 2015
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. a. The Company has generally maintained proper records of fixed
assets showing full particulars, including quantitative details and
situation of fixed assets.
b. According to information given to us, fixed assets have been
physically verified by the management at reasonable intervals and no
material discrepancy was noticed on such verification.
2. a. Physical verification of inventory has been conducted at
reasonable intervals by the management.
b. The procedures as informed & explained to us, 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. The Company is generally maintaining proper records of inventory
and no material discrepancies were noticed on physical verification
between the physical stocks and the book records.
3. a. According to the information and explanation given to us and on
the basis of records furnished before us, Company
has granted interest free unsecured loans to 3 (Three) parties covered
in the register maintained under section 189 of the Companies Act,
2013.
b. According to information and explanation given to us these loans
are repayable on demand and has been repaid as and when demanded.
c. According to information and explanation given to us, since the
loans are repayable on demand, we cannot comment with respect to the
overdue amount.
4. In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed asset and for the
sale of goods and services. Neither we have come across nor have we
been informed of any continuing failure to correct the major weakness
in the internal control.
5. The company has not accepted deposits form the public within the
meaning of sections 73 to 76 or any other relevant provisions of the
Companies Act and the rules framed there under. Accordingly Clause 3(v)
of Companies (Auditor''s Report) Order, 2015 is not applicable.
6. According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
sub-section (1) of section 148 of the Companies Act, 2013 in respect of
Services dealt with by the Company.
7. a. The company is generally regular in depositing statutory dues
including Provident Fund, Employee State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Duty of
Excise, Value added Tax, Cess and any other statutory dues. According
to information and explanation given to us and records examined by us
no undisputed statutory dues including Provident Fund, Employee State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Duty of Excise, Value added Tax, Cess is outstanding as at 31st March
for more than six months from the date they become payable.
b. According to information and explanation given to us and the record
examined by us no undisputed statutory dues including Provident Fund,
Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Duty of Excise, Value added Tax, Cess and any other
statutory dues which have not been deposited on account of dispute
except as stated below:
Name of statute Nature of dues Year(s) to which
it pertains
Income Tax
Act, 1961 Income Tax
Demand 2000-01
Name of Statute Amount Not paid Form Where dispute
(Rs, in lacs) pending
Income Tax Act 1961 Rs, 104.10 Bombay High Court
8. According to the information and explanation given to us, the
amount to be transferred to investor education and protection fund in
accordance with the relevant provisions of the Companies Act,1956 (1 of
1956) and the rules made there under has been transferred to such fund
within the time limit prescribed.
9. The Company has no accumulated loss at the end of the financial
year and the Company has not incurred cash loss during the year and in
the immediately preceding financial year
10. According to the records of the Company examined by us and the
information and explanations given to us, the Company has no default in
repayment of dues to any financial institution or bank as at the
Balance Sheet date.
11. According to the records of the Company examined by us and the
information and explanations given to, the Company has given guarantee
for loans taken by the subsidiary companies. However, the terms and
conditions of the same are not prejudicial to the interest of the
Company.
12. According to information and explanation given to us and records
examined by us, term loan taken during the year has been used for the
purpose for which it has been obtained.
13. During the course of our examination of the books and records of
the company, carried out in accordance with generally accepted auditing
practices in India, and according to the 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 period nor we have been
informed of such instances by the management.
For A. R. SODHA & Co.
Chartered Accountants
(FRN 110324W)
A R Sodha
Partner
M. No 31878
Place: Mumbai
Date: 29th May, 2015
Mar 31, 2013
We have audited the accompanying Financial Statements of Sri Adhikari
Brothers Television Network Ltd. ("the Company") which comprise the
Balance sheet as at 31st March, 2013, the Statement of Profit and Loss
and the Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these Financial
Statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the Financial
Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these Financial
Statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the Financial Statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the Financial Statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the Financial Statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the Financial Statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the Financial
Statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the Financial Statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.
(I) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(ii) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, 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
sub-section (3C) of Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31st March, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. a. The Company has generally maintained proper records of Fixed
Assets showing full particulars, including quantitative details and
situation of Fixed Assets.
b. According to information given to us, Fixed Assets have been
physically verified by the management at reasonable intervals. In our
opinion, the frequency of verification is reasonable with regard to the
size of the Company and nature of assets. According to information and
explanations given to us by the management, no material discrepancy was
noticed on such verification.
c. During the year the Company has not disposed off substantial part
of its fixed asset.
2. a. Physical verification of inventory has been conducted at
reasonable intervals by the management.
b. The procedures as informed and explained to us, 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. The Company is generally maintaining proper records of inventory
and no material discrepancy noticed on physical verification between
the physical stocks and the book records.
3. a. According to the information and explanation given to us and on
the basis of records furnished before us, Company has granted interest
free unsecured loans to 5 parties covered in the register maintained
under Section 301 of the Companies Act, 1956.The maximum amount
outstanding during the year is Rs. 6084.45 Lacs and the year end
Balance is Rs. 4582.85 Lacs.
b. According to information and explanation furnished to us, the rate
of interest and other terms and conditions are not prejudicial to the
interest of the Company,
c. According to information and explanation given to us these loans
are repayable on demand and during the year Company has not demanded
the repayment of loan, hence question of regularity of payment of
principal does not arise.
d. As Company has not demanded the repayment of loan hence there is no
overdue amount.
e. According to the information and explanation given to us and on the
basis of records furnished before us, Company has not taken any loans
from parties covered in the register maintained under Section 301 of
the Companies Act, 1956. Accordingly, clause 4(iii) (e), (f) and (g) of
Companies (Auditors'' Report) Order, 2003 are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory, fixed assets and for sale of goods and
services. Neither we have come across nor have we been informed of any
continuing failure to correct major weakness in the internal control.
5. a. In our opinion and according to the information and explanation
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
b. In respect of transactions entered exceeding the value of five lacs
in the register maintained in pursuance of Section 301 of the Companies
Act 1956, according to information and explanation given to us, the
transactions made pursuance of such contracts or arrangements have been
made at prices which are prlma-facle reasonable having regard to
prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975. Accordingly Clause 4(vi)
of the Companies (Auditor''s Report) Order, 2003 is not applicable.
7. According to information & explanation given to us by the
management, we are of the opinion that the Internal Audit system is
commensurate with the size of the Company and the nature of its
business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prlma facle the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. a. The Company is generally regular in depositing statutory dues
including Custom Duty, Income tax, Provident Fund, Employee State
Insurance, Professional tax, cess and other statutory dues.
b. According to information and explanation given to us and records
examined by us no undisputed statutory dues including Custom Duty,
Service Tax, Income tax, Provident Fund, Employee State Insurance,
Professional tax, cess is outstanding as at 31st March for more than
six months from the date they become payable.
c. According to the information and explanation given to us, there are
no dues relating to Income tax, Sales tax, Wealth tax, Service tax,
Custom Duty, Excise Duty, Cess or any other statute, which have not
been deposited on account of dispute except as stated below
Name of statute Nature of dues Year(s) to
which Amount Not Forum where
it pertains Paid
(Rs.) dispute is
pending
Income Tax
Act, 1961 Income Tax Demand 2000-01 Rs.294.10 Mumbai High
Court
10. The Company''s has no accumulated loss at the end of the financial
year and the Company has not incurred cash loss during the year and in
the immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanations given to us, the Company has no default in
repayment of dues to any financial institution or bank as at the
Balance Sheet date.
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. In our opinion, the Company is not chit fund, nidhi, mutual fund,
and societies accordingly clause 4(xiii) of Companies (Auditors''
Report) Order, 2003 is not applicable.
14. The Company is not dealing or trading in Shares and Securities.
Accordingly clause 4(xiv) Companies (Auditors'' Report) Order, 2003 is
not applicable.
15. According to the information and explanation given to us and
records of the Company examined by us, the company has given corporate
guarantee for loans taken by Subsidiaries from the bank. The terms and
conditions whereof in our opinion are not prima facie prejudicial to
the interest of the Company.
16. According to information and explanation given to us and records
examined by us, during the year Company has not taken any term loan
during the year. Accordingly Clause 4(xvi) Companies (Auditor''s Report)
Order, 2003 is not applicable.
17. According to the information and explanations given and overall
examination of records furnished to us, funds raised on short-term
basis have not, prima facie, been used for long-term purpose.
18. During the year, the Company has not made preferential allotment
of shares and warrants to Parties covered in the Register maintained
under Section 301 of the Companies Act, 1956. Accordingly clause
4(xviii) of Companies (Auditors'' Report) Order, 2003 is not applicable.
19. During the year, the Company has not issued any debentures.
Accordingly clause 4(xix) of Companies (Auditors'' Report) Order, 2003
is not applicable.
20. According to information and explanation given to us and records
examined by us Company has not raised any money by public issue during
the year under audit. Accordingly clause 4(xx) of Companies (Auditors''
Report) Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with generally accepted auditing
practices in India, and according to the 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 period nor we have been
informed of such instances by the management.
For A. R. SODHA & Co.
Chartered Accountants
(FRN 110324W)
A R Sodha
Partner
M. No 31878
Place: Mumbai
Date: 24th May, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of Sri Adhikari Brothers
Television Network Ltd. as at 31st March 2012, and also the Statement of
Profit and Loss and Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's Management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with Auditing Standards generally
accepted in India. These 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 statements
presentation. We Believe that our audit provides a reasonable basis for
our opinion.
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 the Paragraph 4 and 5 of the said order.
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
Pest of our knowledge and Belief, were necessary for the purpose of our
audit;
P) In our opinion, proper books of accounts as required by law have
Peen 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 is in agreement with the books of
accounts;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement Dealt with by this report is in compliance with the
Accounting standard referred to in Section 211 (3C) of the Companies
Act, 1956;
e) On the basis of written representations 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 is disqualified as on 31st March,
2012 from being appointed as a Director in terms of clause (g) of sup
section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the Pest of our information and according to
the explanations given to us, the said accounts together with the notes
thereon, give the information required by the Companies Act, 1956 in
the manner so required and gives true and fair view in conformity with
the accounting principles generally accepted in India
i. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
ii. In the case of Statement of Profit and Loss, of the Profit for the
year ended on that date.
iii. In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Referred to in Paragraph 3 of Our Report of even date, On the basis of
such checks as we considered appropriate and in terms of information
and explanations given to us, we state that:
1. a. The Company has generally maintained proper records of fixed
assets showing full particulars, including quantitative details and
situation of fixed assets.
b. According to information given to us, fixed assets have been
physically verified by the management at reasonable intervals. In our
opinion, the frequency of verification is reasonable with regard to the
size of the company and nature of assets. According to information and
explanations given to us by the management, no material discrepancy was
noticed on such verification.
c. During the year the company has not disposed off substantial part of
its fixed asset.
2. a. Physical verification of inventory has been conducted at
reasonable intervals by the management.
b. The procedures, as informed and explained to us, 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. The Company is generally maintaining proper records of inventory
and no material discrepancy noticed on physical verification between
the physical stocks and the book records.
3. a. According to the information and explanation given to us and on
the basis of records furnished before us, company has granted interest
free unsecured loans to 4 parties covered in the register maintained
under section 301 of the Companies Act, 1956.The maximum amount
outstanding during the year is Rs.4185.86 Lacs and the year end balance
is Rs. 3408.60 Lacs.
b. According to information and explanation furnished to us, the rate
of interest and other terms and conditions are not prejudicial to the
interest of the company.
c. According to information and explanation given to us these loans
are repayable on Oman and during the year company has not demanded
the repayment of loan, hence question of regularity of payment of
principal does notaries.
a. As company has not demanded the repayment of loan hence there is no
overdue amount.
e. According to the information and explanation given to us and on the
basis of records furnished before us, company has not taken any loans
from parties covered in the register maintained under section 301 of
the Companies Act, 1956. Accordingly, clause 4(iii) (e), (f) & (g) of
Companies (Auditor's Report) Order, 2003 are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory, fixed assets and for sale of goods and
services. Neither we have come across nor have we been informed of any
continuing failure to correct major weakness in the internal control.
5. a. In our opinion and according to the information and explanation
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
b. In respect of transactions entered exceeding the value of five lacs
in the register maintained in pursuance of Section 301 of the Companies
Act 1956, according to information and explanation given to us, the
transactions made pursuance of such contracts or arrangements have been
made at prices which are prima-facle reasonable having regard to
prevailing market prices at the relevant time.
6. The company has not accepted deposits from the pubic within the
meaning of Section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975. Accordingly Clause 4(vi)
of the Companies (Auditor's Report) Order, 2003 is not applicable.
7. According to information & explanation given to us by the
management, we are of the opinion that the Internal Audit system is
commensurate with the size of the company and the nature of its
Business.
8. We have Broadly reviewed the cost records maintained by the company
pursuant to the companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under section 209(l)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have Been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. a. The company is generally regular in depositing statutory dues
including Custom Duty, Income tax, Provident Fund, Employee State
Insurance, Professional tax, cess and other statutory dues except for
delays in avifauna Distribution tax and Tax Deducted at Source.
b. According to information and explanation given to us and records
examined by us no undisputed statutory dues including Custom Duly,
Service Tax, Income tax, Provident Fund, Employee State Insurance,
Professional tax, cess is outstanding as at 31st March for more than six
months from the date they Become payable except dividend Distribution
tax amounting toRs. 21.32 Lacs, which has Peen paid subsequently.
c. According to the information and explanation given to us, there are
no dues relating to Income tax, Sales tax, Wealth tax, Service tax,
Custom Duty, Excise Duty, Cess or any other statute, which have not
Peen deposited on account of dispute except as stated Below
Name of statute Nature of dues Year(s) to
which Amount
Not Forum where
it
pertains Paid
(Rs.) dispute is
pending
Income Tax
Act, 1961 Income Tax
Demand 2000-01 Rs.374.63 Mumbai High
Court
10. The Company has no accumulated losses and has not has incurred
cash loss during the year and in the immediately preceding financial
year.
11. According to information and explanation given to us and records
furnished to us for verification as on Balance sheet date company has
overdue to Banks amounting to Rs.140.23 lacs and the same has Been paid
subsequently.
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. In our opinion, the company is not chit fund, nidhi, mutual fund,
and societies accordingly clause 4(xiii) of Companies (Auditor's
Report) Order, 2003 is not applicable.
14. The Company is not dealing or trading in Shares and Securities.
Accordingly Clause 4(xiv) Companies (Auditor's Report) Order, 2003 is
Not applicable.
15. According to the information and explanation given to us and
records of the Company examined by us, the company has given corporate
guarantee for loans taken by Subsidiaries from the bank. The terms and
conditions whereof in our opinion are not prima facie prejudicial to
the interest of the Company.
16. According to information and explanation given to us and records
examined by us term loans availed during the year have Been applied for
the purpose for which they were obtained
17. According to the information and explanations given and overall
examination of records furnished to us, funds raised on short-term
basis have not, prima facie, Peen used for long-term purpose.
18. During the year, the company has not made preferential allotment
of shares and warrants to Parties covered in the Register maintained
under Section 301 of the Companies Act, 1956. Accordingly clause
4(xviii) of Companies (Auditor's Report) Order, 2003 is not applicable.
19. During the year, the Company has not issued any Debentures.
Accordingly clause 4(xix) of Companies (Auditor's Report) Order, 2003
is not applicable.
20. According to information and explanation given to us and records
examined by us company has not raised any money by public issue during
the year under audit. Accordingly clause 4(xx) of Companies (Auditor's
Report) Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the company, carried out in accordance with generally accepted auditing
practices in India, and according to the 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 period nor we have Peen
informed of such instances by the management.
For A. R. SODHA & Co.
Chartered Accountants
(FRN 110324W)
A R Sodha
Partner
M. No 31878
Place: Mumbai
Date: 29th August, 2012
Mar 31, 2010
We have audited the attached Balance Sheet of Sri Adhikari Brothers
Television Network Ltd. as at 31st March 2010, ana also the Profit ana
Loss Account, Cash Flow Statement for the year enOed on that date
annexed thereto. These financial statements are the responsibility of
the Companys Management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These Standards reauire that we plan ana 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 ana
disclosures in the financial statements. An audit also includes
assessing the accounting principles used ana significant estimates made
by management as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As reauired by the Companies (Auditors 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 the Paragraph 4 ana 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information ana explanations which, to the
best of our knowledge ana belief, were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as reauired by law have
been kept by the Company so far as appears from our examination of
those books;
c) The Balance Sheet, Profit ana Loss Account ana cash flow statement
dealt with by this report is in agreement with the books of accounts;
d) In our opinion, the Balance Sheet, Profit ana Loss Account ana cash
flow statement dealt with by this report is in compliance with the
Accounting stanOara referred to in Section211 (3C) of the Companies
Act, 1956;
e) On the basis of written representations received from the Directors,
as on 31st March, 2010, ana taken on recora by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a Director in terms of clause (g) of
subsection (1) of section 274 of the Companies Act, 1956;
f) In our opinion ana to the best of our information ana according to
the explanations given to us, the said accounts together with the notes
thereon, give the information reauired by the Companies Act, 1956 in
the manner so reauired ana gives true ana fair view in conformity with
the accounting principles generally accepted in India
i. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
ii. In the case of Profit ana Loss Account, of the loss for the year
ended on that date ana
iii. In the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
Referred to in Paragraph 3 of Our Report of even date,
On the basis of such checks as we consiaerea appropriate ana in terms
of information ana explanations given to us, we state that:
1.a. The Company has generally maintained proper records of fixed
assets showing full particulars, including guantitative details and
situation of f ixed assets.
b. We have been informed that, the tangible fixed assets has been
physically verified by the management at reasonable intervals. In our
opinion, the freauency of verification is reasonable with regard to the
size of the company ana nature of assets. According to information ana
explanations given to us by the management, no material discrepancy was
noticed on such verification.
c. During the year the company has not disposed off substantial part
of its f Ixed asset.
2. a. Physical verification of inventory has been conducted at
reasonable intervals by the management.
b. The proceaures as informed & explained to us, of physical
verification of inventories followed by the management are reasonable
and adeauate in relation to the size of the Company ana the nature of
its business.
c. The Company is generally maintaining proper records of inventory
shown in the balance sheet ana no discrepancy noticed on physical
verification between the physical stocks ana the book records.
3. a. According to the information ana explanation given to us ana on
the basis of records furnished before us,
company has granted interest free unsecured loans to 3 parties covered
in the register maintained under section 301 of the Companies Act,
1956. The aggregate amount involved during the year is Rs.608.47 Lacs
and the yearend Balance is Rs.608.47 Lacs
b. According to information ana explanation furnished to us, as these
loans are granted to wholly owned subsdiaries of the company in our
opinion the rate of interest ana other terms ana conditions on which
the Company has given loans are not, prima facie, prejudicial to the
interest of the Company
c. As these loans are interest free there is no auestion of repayment
of interest. With respect to principal as these loans are repayable on
demand we cannot comment on regularity of payment of principal
0. As these loans are repayable on demand we cannot comment for
overdue amount
e. According to the information ana explanation given to us ana on the
basis of records furnished before us, company has not taken any loans
from parties covered in the register maintained under section 301 of
the Companies Act, 1956. Accordingly, clause 4(iii) (e), (f) & (g) of
Companies (Auditors Report) Order, 2003 are not applicable.
4. In our opinion ana accordng to the information ana explanations
given to us, there is adeauate internal control system commensurate
with the size of the Company ana the nature of its business with regard
to purchases of inventory ana for sale of goods ana services. Neither
we have come across nor have we been informed of any continuing failure
to correct major weakness in the internal control.
5. a. In our opinion ana according to the information ana explanation
given to us, the particulars of contract or
arrangements that were reauired to be entered in the register
maintained under Section 301 of the Companies Act 1956 have been so
entered in the said register.
b. In respect of transactions entered exceeding the value of five lacs
in the register maintained in pursuance of Section 301 of the Companies
Act 1956, according to information ana explanation given to us, the
transactions made pursuance of such contracts or arrangements have been
made at prices which are prima-facie reasonable having regard to
prevailing market prices at the relevant time.
6. Company has not accepted deposit from the public; accordingly
clause 4(vi) of Companies (Auditors Report) Order, 2003 is not
applicable.
7. According to information & explanation given to us by the
management, we are of the opinion that the Internal Audit system is
commensurate with the size of the company ana the nature of the
business.
8. According to the information ana explanations given to us, the
Central Government has not prescribed maintenance of cost records under
section 209(1) (0) of the Companies Act, 1956 in respect of the
products dealt with by the company.
9. a. The company is generally regular in depositing statutory dues
including Custom Duty, Income tax, Provident
Fund, Employee State Insurance, Professional tax, cess and other
statutory dues except delays in payment of
TDSinfewinstancesandpaymentofdividenddistributiontax.
b. According to information and explanation given to us and records
examined by us no undisputed statutory dues including Custom Duty,
Service Tax, Income tax, Provident Fund, Employee State Insurance,
Professional tax, cess is outstanding as at 31st March for more than
six months from the date they become payable except corporate dividend
tax of Rs. 9.46 Lacs.
c. According to the information and explanation given to us, there are
no dues relating to Income tax, Sales tax, Wealth tax, Service tax,
Custom Duty, Excise Duty, Cess or any other statute, which have not
been deposited on account of dispute
10. The Company has no accumulated losses and has not has incurred
cash loss during the year. However company had incurred cash loss in
the immediately preceding financial year.
11. In our opinion and according to information and explanation given
to us and records furnished to us for verification, the company has
delayed payment of interest and principle to bank aggregating to Rs.
258.20 Lacs by 5 to 30 days, Rs.316.26 Lacs by 31 to 60 days.
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 of shares, debentures and other securities.
13. In our opinion, the company is not chit fund, nidhi, mutual fund,
and societies accordingly clause 4(xiii) of Companies (Auditors
Report) Order, 2003 is not applicable.
14. The Company is not dealing or trading in Shares and Securities.
15. According to the information and explanation given to and records
of the Company examined by us, the company has given corporate
guarantee for loans taken by 100% Subsidiary of the company from the
bank. The terms and conditions whereof in our opinion are not prima
facie prejudicial to the interest of the Company.
16. According to information and explanation given to us and records
examined by us, long term loans availed during the year have been
applied forthe purpose for which they were obtained
1 7. According to the information and explanations given and overall
examination of records furnished to us, loans raised on short-term
basis have not, prima facie, been used for long-term purpose.
18. During the year, the company has made preferential allotment of
shares and warrants to Parties covered in the Register maintained under
Section 301 of the Companies Act, 1956. As these shares and warrants
are issued as per pricing norms stipulated in Chapter VII of Securities
and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009, in our opinion price at which they are
issued are not prima facie prejudicial to the interest of the company.
19. During the year, the Company has not issued any debentures.
Accordingly clause 4(xix) of Companies (Auditors Report) Order, 2003
is not applicable.
20. According to information and explanation given to us and records
examined by us company has not raised any money by public issue during
the year under audit. Accordingly clause 4(xx) of Companies (Auditors
Report) Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the company, carried out in accordance with generally accepted auditing
practices in India, and according to the 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 period nor we have been
informed of such instances by the management.
ForA. R.SODHA&Co.
Chartered Accountant
(FRN. 110324W)
A R Sodha
Partner
M. No 31878
Place: Mumbai
Date: 28th May, 2010