| We have audited the accompanying financial statements of UNISTAR
MULTIMEDIA LIMITED (the Company), which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Management is responsible for the preparation 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 Stan- dards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and main- tenance of internal
control 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.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accor- dance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 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 control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, 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.
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 March 31, 2014;
(b) In the case of the Statement of Profit and Loss, of the Loss of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order, 2003 (the
Order) issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, 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 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Account- ing Standards
notified under the Act read with the General Circular 15/2013 dated 13
th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNT FOR THE YEAR ENDED ON 31st MARCH, 2014
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date -
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situ- ation of fixed assets.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. According to the information and explanation
given to us, no material discrepancies were noticed on such physical
verification.
c) In our opinion, the Company has not disposed of a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the fre- quency of verification is
reasonable.
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) The Company has maintained proper records of inventories. As
explained to us, there were no material dis- crepancies noticed on
physical verification of inventories as compared to the book records.
3. Company has not taken/granted any loans, secured or unsecured,
from/to companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursu- ance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts /
arrangements that need to be entered in the Register maintained under
section 301 of the Companies Act, 1956 and exceeding the value of
Rs.5,00,000.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. Although, the company did not have a formal internal audit system
during the previous year, in our opinion, its internal control
procedures involved reasonable internal checking of its financial and
business transaction.
8. According to information and explanation given to us, provisions of
cost records to be maintained pursuant to the Companies (Cost
Accounting Records) Rules, 2011 as prescribed by the Central Government
under Sec- tion 209(1)(d) of the Companies Act, 1956 are not applicable
to the Company.
9. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Edu- cation and Protection Fund,
Employees' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess, and other material statutory dues
have been generally regularly deposited with the appropriate
authorities. According to the information and explanations given to
us, no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2014 for a period of more than six months
from the date of becoming payable.
b) Details of dues of Income Tax, Sale Tax, Custom Duty and Excise Duty
which have not been deposited as on March 31, 2014 on account of
disputes are given below:
Sr. Name of Nature of Amt. Period to Forum where
No. the Statute the Dues (in Rs.) which the dispute is
amount relates pending
- - - - - -
10. The Company has accumulated losses at the end of the financial
year but are not more than 50% of networth. The Company has incurred
cash losses during the financial year covered by the audit and in the
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, Company has not raised any funds from
financial institutions, banks and debenture holders so the question of
default in their repay- ment is not applicable.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company 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 / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. The Company has maintain proper records of the transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries. According to the
information provided to us, all shares, securities, and other
investments have been held by the Company in its own name.
15. According to the information and explanation given to us by the
management, Company has not given any guar- antees for loans taken by
others from banks and financial institutions.
16. The Company has not raised any term loans during the year so
question of application of same is not applicable.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that no funds raised on short term basis have been used for
long-term invest- ment during the year.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19. According to the information and explanations given to us, the
Company has not issued any secured debentures.
20. The Company has not raised any capital by way of public issues
during the year
21. To the best of our knowledge and according to the information and
explanations given to us, no material fraud on or by the Company has
been noticed or reported during the year.
FOR DRUPRAKASH & CO.
Chartered Accountants
D.P.SHETTY
Date : 29th May 2014 PROPRIETOR
Place : Mumbai Mem. No. 103534 |