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Trilogic Digital Media

BSE: 531712|ISIN: INE532D01018|SECTOR: Media & Entertainment
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Mar 14
Auditor's Report (Trilogic Digital Media) Year End : Mar '15
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
Source :
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