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Luharuka Media & Infra Ltd.

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

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Luharuka Media & Infra is not listed on NSE

Annual Report

For Year :
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Auditor's Report

We have audited the attached Balance Sheet of 'SPLASH MEDIA & INFRA LIMITED' as at 31st March, 2012, the Profit & Loss Account & also Cash flow Statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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, evidence 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.

As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order 2004 (the 'Order) issued by the Central Government of India in terms of Section 227 (4A) of 'The Companies Act, 1956' of India (the 'Act') and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

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 accounts as required by law have been kept by the Company, so far as appears from our examination of those books.

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section 3(C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representations received from the directors, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a Director in terms of clause (g) of sub-section (I) 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, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

ii. In the case of the Profit & Loss Account, of the profit of the Company for the year ended on that date, and

iii. In the case of the Cash Flow statement of the Cash Flow for the year ended on the date.

1. a. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b. The fixed assets of the company have been physically verified by the Management during the year. We have been informed that no material discrepancies were noticed on such physical verification.

c. No substantial part of the fixed assets has been disposed off during the year, which has bearing on the going concern status of the company.

2. The Company does not have any inventory therefore provisions of clause 4(ii) of the Order is not applicable.

3. a. The company has not granted interest free unsecured loans to companies, firms or other parties covered in the register maintained u/s 301 of the companies act, 1956. hence the comment on the rate of interest and terms and conditions thereon is not required.

b. The Company has not taken any loans from companies, firms or other parties covered in the register maintained u/s 301 of the companies act, 1956. hence the comment on the rate of interest and terms and conditions thereon is not required.

4 In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and nature of-its business with regards to purchase of fixed assets and for the sales. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control system.

5. According to the information and explanation given to us, there were no transaction 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 transaction with the transactions entered into with other parties does not arise.

6. As informed by the management during the year, the Company has not accepted any deposits from the public within the purview of Section 58A, 58AA or any other relevant provisions of the Companies Act.

7. The Company does not have any formal Internal audit system.

8. The Central Government has not prescribed maintenance of cost records, under section 209( I )(d) of the Companies Act, 1956 for any of the activities conducted by the Company.

9. a. According to the information and explanations given to us, and on the basis of our examination of the records of the company, amounts deducted or accrued in the books of accounts in respect of undisputed statutory dues including provident fund, income tax, service tax and other material statutory dues have been generally regularly deposited during the year by the company with the appropriate authorities. As explained to us, the company did not have any dues on account of Employees State Insurance, Wealth Tax, Cess and Investor Education and Protection Fund.

b. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, service tax and material statutory dues were in arrears as at 31 st March 2012 for a period of more than six months from the date they become payable.

c. According to the information and explanations given to us, there are no dues of income tax, provident fund, wealth tax, service tax and material statutory dues which have not been deposited with the appropriate authorities on account of any dispute.

d. There are no dues on account of cess under Section 441 A of the Companies Act, 1956 since the date from which aforesaid section comes into force has not yet been made effective by the Central Government.

10. The Company does not have accumulated losses as at the end of financial year and has not incurred cash losses in the current financial year and immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of Shares, Debentures and other securities.

13. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor's Reports) Order, 2003 are not applicable to the company.

14. As the company is not dealing or trading in shares, securities, debentures and other investments so clause (xiv) of the said order is not applicable to the company.

15. According to the information and explanation given to us, the Company has not given any guarantee for loan taken by others from bank or financial institution.

16. The Company has not obtained any term loan during the year. Accordingly clause 4(xvi) is not applicable to the Company.

17. According to the information and explanations given to us and on overall examination of Balance Sheet of the Company, we are of the opinion that the funds raised on short term basis have not been used for long term investment.

18. The Company has not made any preferential allotment of shares to companies or firms or parties covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company did not have outstanding debentures during the year.

20. The Company has not raised any money by public issue during the year.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us, we report that no fraud on or by the company has been noticed or reported during the course or our audit during the year.

For Ramanand and Associates

Chartered Accountants

Sd/-

CA Ramanand Gupta

Partner

Membership No.: 103975

Date : 5th June, 2012

Place : Mumbai