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Gradiente Infotainment Ltd.

BSE: 590126 | NSE: | Series: NA | ISIN: INE361K01017 | SECTOR: IT Services & Consulting

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Oct 29, 16:00
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Gradiente Infotainment is not traded on BSE in the last 30 days

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Dec 27, 11:22
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Gradiente Infotainment is not listed on NSE

Annual Report

For Year :
2015 2012 2011 2010 2009 2007 2004

Auditor's Report

1. We have audited the accompanying financial statements of M/s GradientInfotainments Limited (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 ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements 2. The management and Board of Directors of the Company 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 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 Companies (Accounts) Rules, 2014. This responsibility 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; design, implementation and maintenance of adequate internal financial controls, that are 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 3 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 4 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 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 accounting policies used and the reasonableness of the accounting estimates made by the Company''s management and Board of Directors, as well as evaluating the overall presentation of the financial statements 5 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion Basis of Qualified opinion 6.The balance of trade payables of Rs.8216.04 lakhs , Trade receivables of Rs.9643.16 lakhs and loans and advances Rs.1372.63 lakhs are subject to confirmation. We have not received any confirmations though management has circulated the balance confirmation letters. Qualified Opinion 7. In our opinion and to the best of our information and according to the explanations given to us, expect for the effects of the matters described in the qualifies opinion paragraph ,the financial statements give the information required by the Act in the manner so accepted in India of the state of affairs of the Company as at 31st March 2015, its Profit for the year ended on that date. Report on Other Legal and Regulatory Requirements 7 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 section143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order. 8 As required by section 143(3) of the Act, we further 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 dealt with by this Report are in agreement with the books of account; d. In our opinion, the aforesaid financial statements 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 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 does not have any pending litigations which would impact its financial position (ii) The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise (iii)There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise. Annexure referred to in paragraph 7 of Our Report of even date On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that: (i).(a) The Company has not maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. (b) Substantial portion of fixed assets have been physically verified by the management during the year at reasonable intervals and following material discrepancy between book records and physical inventory was noticed and properly dealt with in books of accounts. Capital work in progress amounting to Rs.203.98 lakhs stands duly adjusted as described in Pt no.6 forming part of notes to accounts (ii)The physical verification of inventory is not applicable to the company due to its nature of business. As at the date of reporting the company does not have any physical inventory. (iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Act. (iv) 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, for the purchase of fixed assets and for the sale of services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, no major weakness has been noticed or reported. (v) The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013. (vi) 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 Act. (vii) (a) According to the information and explanations given to us and based on the records of the company examined by us, the company is not regular in depositing the service tax The outstanding liability of service tax due for more than 6 months as on the need of financial year is Rs. 37,53,382/-.Further, the Company did not comply to the statutory requirement of prompt deduction and remittance of Tax at source on applicable instances. The provisions of Customs, Provident fund, Employees State Insurance Act are not presently applicable to the Company. (b) According to the information and explanations given to us and based on the records of the company examined by us there are statutory dues of earlier years payable in respect of Tax deducted at source being Rs.2,04,04,578/-, in respect of service tax being Rs.8,57,57,579/-, in respect of FBT being Rs.2,61,180/- and in respect of income tax payable being Rs.5,53,36,908/-. (c) According to the information and explanations given to us there is no instance of requirement to transfer any sums to the Investor Education and Protection Fund. (viii) The Company has accumulated losses of Rs.27,88,65,432/- as at 31.03.2015, being more than 50% of its net worth. The Company has incurred cash profit for the current financial year under audit and cash loss for the preceding financial year. (ix) According to the records of the company examined by us and as per the information and explanations given to us, the company has defaulted in repayment of dues to banks to the extent of Rs.40,40,870/- as per books of accounts, comprising of Rs.36,14,500/- dues to Andhra Bank and Rs.4,26,370/- dues to Indian Bank, as described in Pt no.2 forming part of notes to accounts. (x) According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution during the year (xi) According to the information and explanations given to us, the company has not raised any term loans during the year (xii) In our opinion and according to the information and explanation given to us, considering the size and nature of the Company''s operations, no fraud of material significance on or by the Company has been noticed or reported during the year. For CRK & Co, Chartered Accountants FRN: 010388S Place: Hyderabad Sd/- Date : 14.11.2015 C.R.Kumar Proprietor