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Gradiente Infotainment | Auditor's Report > Media & Entertainment > Auditor's Report from Gradiente Infotainment - BSE: 590126, NSE: N.A
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Gradiente Infotainment

BSE: 590126|ISIN: INE361K01017|SECTOR: Media & Entertainment
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Gradiente Infotainment is not listed on NSE
Mar 12
Auditor's Report (Gradiente Infotainment) Year End : Mar '15
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
Source : Dion Global Solutions Limited
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