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
Further to our comments in the annexure referred to above, we Report
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
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
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
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
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
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
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
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
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
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
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
CA Ramanand Gupta
Membership No.: 103975
Date : 5th June, 2012
Place : Mumbai