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Luharuka Media & Infra Ltd.

BSE: 512048 | NSE: | Series: NA | ISIN: INE195E01020 | SECTOR: Media & Entertainment

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Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

1. We have audited the attached Balance Sheet of SPLASH MEDIA WORKS LTD. as at 31st March, 2007 and also the Profit and Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we give in an Annexure attached hereto a statement on matters specified in the said Order. 4. Further to our comments in the Annexure referred to above, 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 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable, except Accounting Standard 15-Accounting for retirement benefits in the financial statement of Employees, as all these benefits are accounted on cash basis. (e) On the basis of the written representations received from the Directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2007 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. (f) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read together with the notes thereon particularly note No. ( 6 ) regarding accounting of Gratuity and Bonus on cash basis; give the informations required by the Companies Act, 1956 in the manner so required, (i) In the case of Balance Sheet, of the state of affairs of the Company as at 31 st March, 2007 (ii) In the case of the Profit and Loss account, of the profit of the Company for the year ended on that date, and (iii) In the case of Cash Flow Statement of the Cash Flow for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT Annexure referred to in paragraph 3of the Auditors Report to the Members of SPLASH MEDIA WORKS LTD. for the year ended 31st March, 2007. (i) (a) The Company has maintained proper records to show full particulars, including quantitative details and situation of fixed assets. (b) As per Companys policy, verification of fixed assets is being conducted in a phased programme by the management designed to cover all assets over a period of One year, which in our opinion is reasonable having regard to the size of the Company and the nature of assets. The verification of assets as per this programme has been carried out. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of account. (c) As the Company has not disposed off any Fixed Assets during the year, paragraph 4(i)(c) of the Companies (Auditors Report) Order, 2003 (hereinafter referred to as the Order) is not applicable. (ii) (a) During the year, the inventories have been physically verified by the management. In our opinion, the frequency of verification is reasonable in relation to size of the Company and nature of its business. (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 in relation to the size of the Company and the nature of its business. (c) On the basis of our examination of the record of inventories, we are of the opinion that, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account. (iii) (a) According to the information and explanations given to us, the Company has not taken loan from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 during the year. The Company has not granted any Loan to companies firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. (b) Since the company has neither taken or nor given any Loans from/to above parties, the clause relating to terms and conditions of loan, repayment of loan and overdue amount etc. does not apply. (iv) 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, fixed assets, and with regard to the sale of goods. (v) According to the information and explanations given to us, there were no transactions with related parties , therefore the question of entering the same into the register maintained in pursuance of section 301 of the Companies Act, 1956 and comparison of prices of the transactions with transactions entered into with other parties does not arise. (vi) In our. opinion and according to the information and explanations given to us, the Company has not accepted any Deposits from Public in contravention of provision of section 58A and 58AAofthe Companies Act, 1956 and the Companies (Acceptance of deposits) Rules, 1975. We are informed, that no order has been passed by the National Company Law Tribunal. (vii) The Company has an in house internal audit system, which in our opinion, is reasonable considering size and nature of its business. (viii) As informed to us, the Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956 in respect of the activities of the Company and. therefore such accounts and records have not been made and maintained by the Company. (ix) (a) According to the records of the company and information and explanations given to us and as certified by Directors, the Company has been generally regular in depositing the undisputed statutory tax and duties with the appropriate authorities. There are no undisputed statutory dues as referred to above as at 31st March, 2007 which are outstanding for a period of more than six months from the date they become payable, except professional tax payable by the company on employees salary. (b) According to the records of the Company and information and explanations given to us, there are no dues in respect of income tax, wealth tax, excise duty, customs duty and cess, which have not been deposited on account of any dispute. (x) The Company has neither accumulated losses as at March 31,2007 nor has it incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year (xi) As no loan has been taken by the company from any banks, financial institutions or Debenture holders, the question of repayment of dues to banks, financial institutions or Debenture holders does not arise. (xii) As Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4(xii) of the Order is not applicable. (xiii) As the Company is not a chit fund / nidhi / mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4(xiii) of the Order is not applicable. (xiv) As the Company is not dealing or trading in shares, securities, debentures and other investments so clause (xiv) of the said order is applicable to the company. (xv) The Company has not given any guarantee in respect of loans taken by others from banks or financial institutions. (xvi) The Company has not taken any Term Loan during the year. (xvii) No funds have been raised by the Company for Short Term or Long Term investments. (xviii) As the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year, paragraph 4(xviii) of the Order is not applicable. (xix) As the Company has not issued any debentures during the year, paragraph 4(xix) of the Order is not applicable. (xx) Since the Company has not raised money by way of public issue during the year, paragraph 4(xx) of the Order is not applicable. (xxi) 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 during the year. For ABN & Co. Chartered Accountants (S. C. Kabra) Partner M.No:-35604 Place:- Mumbai Date :- 3/9/2007.