| Report on the Financial Statements
We have audited the accompanying standalone financial statements of
TRILOGIC DIGITAL MEDIALIMITED ("the Company"), which comprise the
Balance Sheet, as at March 31, 2015 and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant account policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Management and Board of Directors of the company is responsible for
the matters stated in Section 134(5) of the Companies Act, 2013 ("the
Act") with respect to the preparation of these standalone 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 referred 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 judgment and estimates that are reasonable and
prudent, and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement. An audit involves performing
procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the
auditor's 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 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 control system over financial reporting and
the operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion.
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 state of affairs of the
Company as at 31st March, 2015,
b) in the case of the Statement of Profit and Loss for the period ended
on that date
c) in the case of the Statement of Cash Flow for the year ended on that
date.
Report on other legal and Regulatory Requirements
1) The Companies (Auditors Report) Order, 2015 ("the Order"), issued by
the Central Government of India in terms of sub-section (11) of section
143 of the Act, we give in the Annexure statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2) As required by section 143(3) of the Act, we report that :
(a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
(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 Statement 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 is 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 information and according to the
explanation given to us we report as under 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 :
i. the Company does not have any pending litigations which on its
financial position in its financial statements;
ii. the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
As required by Companies (Auditors Report) Order, 2015 issued by the
Ministry of Corporate Affairs, on the basis of checks of the books and
records as we considered appropriate and according to the information
and explanations given to us during the course of audit, we state as
under:-
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets has been physically verified by the management
during the year The Discrepancies noticed , if any on such verification
were not material and have been properly with in the books of account.
ii. (a) The inventories have been physically verified during the year
by the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate.
(c) The Company has maintained proper records of inventories. As per
the information and explanation given to us, no material discrepancies
were noticed on physical verification.
iii. The Company has not granted any unsecured loans to any parties
covered in the register maintained under section 189 of the Act.
iv. In our opinion and according to the information and the
explanations given to us, The Company is having an adequate internal
control system commensurate with the size of the company and nature of
its business. On the basis of our examination of the books and records
of the companies and according to the information and explanations
given to us ,we have neither come across ,nor have we been informed of
,any continuing failure to correct any major weaknesses in the
aforesaid internal control system.
v. The Company has not accepted any deposits and hence directives of
the Reserve Bank of India and the provisions of the Act and the Rules
framed there under are not applicable.
vi. The Central Government of India has not prescribed the maintained
of cost records under sub-section (1) of Section 148 of the Act for any
of the products or services of the Company.
vii. (a) According to the information and explanations given to us, no
undisputed amounts payable in respect of applicable statutory dues were
in arrears for a period exceeding six months as at the end of the
financial year from the date they became payable except in cases
mentioned hereunder:
Name of Statute Amount (Rs)
Service Tax 2,094,630
Tds Payable 25,655,285
Profession Tax 8,000
(b) According to the information and explanations given to us, the
following dues of tax deduction at sources, service tax and Profession
tax have not been deposited by the Company:
Name of Statute Amount (Rs)
Service Tax 3,344,642
Tds Payable 36,436,688
Profession Tax 20,600
(c) The Company is not required to transfer any fund to the Investor
Education and Protection Fund in accordance with provisions of
Companies Act, 1956.
viii. The Company has neither accumulated losses as at the end of the
current financial year nor have they incurred cash losses, in the
current financial year and in the immediately preceding financial year.
ix. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to any financial
institution or bank or debenture.
x. 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 during the year. Accordingly, the
provisions of clause 3(x) of the Order are not applicable to the
Company.
xi. According to the information and explanation given to us, the
company has not taken any term loan during the year except a loan for
buying a car. The Company is regularly in paying installments.
xii. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing standards in India and according to the information and
explanation given to us, we have neither come across any instance of
material fraud on or by the company, noticed or reported during the
year nor have we have been informed of any such instance by the
Management.
For Subramianiam Bengali & Associates
Chartered Accountants
Firm's Registration No.: 127499W
Sd/-
CA. Rajiv Bengali
Place: May 28, 2015 Partner
Date: Mumbai Membership Number: 043998 | 