| We have audited the accompanying financial statements of Cyber Media
(India) Limited CIN L92114DL1982PLC014334 ('the Company'), which
comprise the Balance Sheet as at 31 March 2015, and the Statement of
Profit and Loss and Cash Flow Statement for the year then ended, and
Notes to Financial Statements comprising of 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 notified under Section 134(5) the Companies
Act, 2013 ("The Act") that give a true and fair view of the
consolidated financial position, consolidated financial performance and
consolidated cash flows of the Group including its Associates and
jointly controlled entity 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 includes the
design, implementation and maintenance of internal controls 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 specified u/s 143(10) of the Act and
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 the material misstatement of the financial statements,
whether due to error of fraud. 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,
but not for the purpose of expressing an opinion on the effectiveness
of the Company's internal control. An audit also includes evaluating
the appropriateness of accounting policies used and 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 on the financial
statements.
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 31 March 2015;
In the case of the Statement of Profit and Loss, of the Loss for the
year ended on that date; and
b) 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, 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 a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2) As required by section 143(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 dealt with by this Report are in agreement with the
books of accounts.
e) 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.
f) In our opinion and the best of our information and according to the
explanations given to us, we have no observations or comments on
financial transactions or matters which have any adverse effect on the
functioning of the company.
g) On the basis of written representations received from the directors
as on 31 March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2015, from being
appointed as a director in terms of Section 164 (2) of the Companies
Act, 2013;
h) 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. 17 - to
the financial statements;
ii) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Funds.
[Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" of our Report of even date to the members of Cyber Media
(India) Limited CIN L92114DL1982PLC014334 for the year ended 31st
March, 2015
1) Fixed Assets
a. The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. All the assets have not been physically verified by the management
during the year but there is a regular program of verification, which
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
2) Inventory
a. The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3) Loans
The Company has not granted, any loans/deposits to parties covered in
the Register maintained under Section 189 of the Companies Act, 2013.
The Company has not taken any loan from companies, firms and other
parties covered in the Register maintained under Section 189 of the
Companies Act, 2013.
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 with regard to purchases of inventories and fixed assets and
sale of shares and securities. During the course of our audit, no major
weakness has been noticed in the internal controls.
5) The Company has not accepted any deposits from the public in term of
section 73 to 76 of the Companies Act, 2013.
6) The Company is not required to maintain any cost records under
Sub-Section (1) Section 148 of the Act.
7) Statutory Dues
a) According to the records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including income-tax, service tax and other statutory dues as are
applicable to it.
b) According to the records of the Company, there are dues of service
tax amounting to Rs.19,39,398/- which were outstanding, as at 31st
March, 2015 for the period from July 2014 to September 2014.
c) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
8) As end of the financial year Company does not have accumulated
losses. The Company has incurred the cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
9) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10) The Company has given guarantee for loans taken by its holding
company from State Bank of Mysore.
11) The Company has not taken any term loans.
12) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
As per our report of even date attached.
For Goel Mintri & Associates
Chartered Accountants
(Firm Reg. No. 13211N)
Sd/-
Place : New Delhi, CA Sanjay Kumar Goel
Dated : May 27, 2015 Partner
Membership No.092305
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