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Den Networks Ltd.

BSE: 533137 | NSE: DEN |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE947J01015 | SECTOR: Media & Entertainment

BSE Live

Sep 27, 16:00
47.30 -0.30 (-0.63%)
Volume
AVERAGE VOLUME
5-Day
97,523
10-Day
113,530
30-Day
129,490
82,578
  • Prev. Close

    47.60

  • Open Price

    47.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 27, 15:59
47.15 -0.40 (-0.84%)
Volume
AVERAGE VOLUME
5-Day
941,896
10-Day
1,161,377
30-Day
1,032,519
762,560
  • Prev. Close

    47.55

  • Open Price

    48.00

  • Bid Price (Qty.)

    47.15 (775)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Den Networks Limited, (''the Company'') which comprise the Balance Sheet as at 31 March, 2013, the Statement of Profit and Loss and the Cash Flow Statement forthe yearthen ended, and a summary ofthe significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Management is responsible for the preparation of these financial statements that give a true & fair view ofthe financial position, financial performance & cash flows of the Company in accordance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 (the Act) & 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 ofthe financial statements that give a true & fair view & are free from material misstatements, whetherdueto fraud orerror. Auditors'' 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 the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment ofthe risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal controls relevant to the Company''s preparation and fair presentation ofthe financial statements in orderto design audit procedures that are appropriate in the circumstances, but not forthe purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness ofthe accounting estimates made by the Management, as well as evaluating the overall presentation ofthe 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 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: (a) in the case of the Balance Sheet, of the state of affairs ofthe Company as at 31 March, 2013; (b) in the case ofthe Statement of Profit and Loss, ofthe profit ofthe Company forthe year ended on that date; and (c) in the case ofthe Cash Flow Statement, ofthe cash flows of the Company 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) issued by the Central Government in terms of Section 227(4A) ofthe Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 ofthe Order. 2. As required by Section 227(3) ofthe 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 purposes of ouraudit; (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 ofthose 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 ouropinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) ofthe Act. (e) On the basis of the written representations received from the directors as on 31 March, 2013taken on record bythe Board of Directors, none of the directors is disqualified as on 31 March, 2013 from being appointed as a director in terms of Section 274(1 )(g) ofthe Act. I. Having regard to the nature of the Company''s business/activities/result, clauses ii, x, xiii, xiv and xix of Companies (Auditor''s Report) Order, 2003 are not applicable. ii. In respect of its fixed assets: a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b. According to the information and explanations given to us, the Company has a regular programme of physical verification to cover all fixed assets in a phased manner over a period of three years other than settop boxes which are in possession of the customers/ third parties and distribution equipment comprising overhead and underground cables. Management is ofthe view that it is not possible to verify these assets due to their nature and location. In accordance with this program, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, other than for physical verification of set top boxes and distribution equipment referred to above, the frequency of verification of fixed assets is reasonable. c. The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status ofthe Company. iii. The Company has neither granted nor taken any loans, secured or unsecured, to/from to companies, firms or other parties listed in the register maintained underSection 301 ofthe Companies Act, 1956. iv. In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the capital items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system. v. In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us: a. The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register maintained under the said Section have been so entered. b. Having regard to the explanation that comparative quotations were not available for some services of a specified nature that were purchased during the year, such transactions in excess ofRs. 5 lakhs in respect of any party, have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time. vi. According to the information and explanations given to us, the Company has not accepted any deposits from the public during the year, within the meaning of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. vii. In our opinion, the internal audit functions carried out during the year by firm of Chartered Accountants appointed by the Management have been commensurate with the size ofthe Company and the nature of its business. viii. 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) ofthe Companies Act, 1956 and are ofthe opinion that, prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination ofthe cost records with a view to determine whetherthey are accurate or complete. ix. According to the information and explanations given to us in respect ofstatutory dues: a. The Company has generally been regular in depositing its undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, ServiceTax, Customs Duty, Cess and other material statutory dues applicable to it with the appropriate authorities. According to information and explanations given to us, the Company''s operations did not give rise to any Excise Duty & Investor Education and Protection Fund. b. There are no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Cess and other material statutory dues in arrears as at 31 March, 2013 for a period of more than six months from the date they became payable. c. Details of dues of Sales tax which have not been deposited as on 31 March, 2013 on account of disputes are given below: Name of Nature of Forum where Statute Dues Dispute is UP Value Value Additional Added Tax Act, added tax Commissioner 2008 (appeals) Name of Statute Period to which Amount Involved the Amount Pending Relates (Rs. in million) UP Value Added Tax Act, 2008 April 2012 to 51.03 December 2012 According to the information and explanations given to us, there are no amounts of Income Tax, Wealth Tax, Service Tax, Customs Duty, and Cess which have not been deposited on account of any disputes. x. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks and financial institutions. xi. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by the way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable to the Company. xii. In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantee given by the Company fora loan taken by its subsidiary company from a bank is not prima facie prejudicial to the interest ofthe Company. xiii. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained. xiv. In our opinion and according to the information and explanations given to us and on an overall examination ofthe Balance Sheet ofthe Company, we report that funds raised on shortterm basis have, prima facie, not been used during the year for long term investment. xv. According to the information and explanations 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 ofthe Companies Act, 1956. xvi. The Management has disclosed the end use of money raised by public issues in the notes to the financial statements and we have verified the same. xvii. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company has been noticed or reported during the year. For DELOITTE HASKINS & SELLS Chartered Accountants (Registration No. 015125N) JITENDRA AGARWAL New Delhi Partner 30 May, 2013 (Membership No. 87104)