| We have audited the accompanying financial statements of One source
Tech media Limited (the Company) which comprises the balance sheet as
at 31st March 2015, the statements of profit and loss and the cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management Responsibility for the Financial Statements
The company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 with respect to the
preparation and presentations of these financial statements that give a
true and fair view of the financial position, financial performance and
cash flows 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 the
Companies (Accounts) Rules , 2014. This responsibility also includes
the 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 judgements
and estimates that are reasonable and prudent ; and design,
implementation and maintenance of adequate internal financial controls,
that were 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 misstatements, whether due to fraud or
error.
Auditor's Responsibility
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 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.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgement, including the
assessment of the risks of material misstatements 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. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date.
c) In the case of the cash flows statements, of the cash flows of the
Company for the year ended on that date.
Reports on Other Legal and Regulatory Requirements
1. 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 section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we 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
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 it appears from our examination of those
books;
(c) The balance sheet, the statement of profit and loss and the cash
flow statements dealt with by this report are in the agreement with the
books of accounts;
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and cash flow statement comply with the Accounting Standards referred
to in section 133 of the Companies Act, 2013 read with rule 7 of the
Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March 2015 taken on records by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms of Section 164(2) of the
Companies Act 2013;
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our knowledge and
according the explanations given to us, none of the clauses are
applicable to the Company.
The Annexure referred to in paragraph 1 of our report of even date to
the members of M/s. One source Tech media Limited on the accounts for
the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b) These fixed assets have been physically verified by the management
at reasonable intervals; no material discrepancies were noticed on such
verification, the same have been properly dealt with in the books of
account;
2. a) The Company does not own any inventory. Hence clause 2 (a), (b)
& (c) are not applicable.
3. a) The Company has not granted any loan to any parties covered in
the register maintained under section 189 of the Companies Act, 2013.
Hence clauses (b) & (c) are not applicable.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to
purchase of fixed assets, and with regard to the sale of goods. During
the course of our audit, no major weakness has been noticed in the
internal controls.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public and
therefore, the provisions of section 73 and 74 of the Companies Act,
2013 and rules there under are not applicable to the company.
6. In the best of our knowledge and explanations, the Central
Government has not prescribed maintenance of cost records under
subsection (1) of section 148 of the Companies Act, 2013 for the
products of the company.
7. a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees' state insurance,
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues applicable to it.
b) According to the information and explanations given to us, no
disputed amounts payable in respect of provident fund, investor
education and protection fund, employees' state insurance, income-tax,
wealth-tax, service tax, customs duty, excise duty cess and other
material statutory dues were outstanding, at the year end, for a period
of more than six months from the date they became payable.
c) The Company is not required to transfer any funds to the Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act.
8. The Company does not have any accumulated losses. The company has
incurred cash losses in the current financial year but has not incurred
loss in the immediately preceding financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to the financial institutions, banks
and debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
11. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any Term Loan.
12. Based on information and explanation furnished by the management,
which have been relied upon by us, there were no frauds on or by the
Company noticed or reported during the year.
None of the other matters are either applicable or call for a statement
for the year under audit.
For N. Kanodia & Co
Chartered Accountants
Sd/-
Nikunj Kanodia
Place: Kolkata Proprietor
Dated: 28th May 2015 Mem No: 069995
FRN: 327668E
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