| We have audited the attached Balance Sheet of OASIS MEDIA MATRIX
LIMITED as at 31st March, 2004 and also the profit and loss account 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perfom 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
discloure 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 statements
presentation. We believe that our audit provides a reasonable basis
for our opinion.
We report as follows :
1. As required by the companies(Auditors Report) order, 2003, issued
by the Central Government of India, in terms of Section 227(4A) of the
Companies Act, 1956, We enclose in the Annexure a statement on the
matters specified in the paragraph 4 and 5 of the said Order.
2. Further to our comments in the Annexure referres to in paragraph
above :
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 accounts as required by law have
been kept by the company so far as appears from our examination of the
books.
c) The Balance Sheet, Profit and Loss Account dealt with by this report
are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with this report comply with the Accounting standards referred to in
sub-section (3c) of section 211 of the Companies Act, 1956 ;
e) On the basis of written representation received from the Directors
as on 31st March, 2004 and taken on record by the Board of Directors,
We report that none of the directors is disqualified as on 31st March,
2004 from being appointed as 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
Companys Accounting Policies and the Notes thereto, 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 on March 31, 2004, and
ii) in the case of the Profit and Loss Account of the PROFIT of the
company for the year ended on that date ;
For, and on behalf of,
M/S SURANA MALOO & CO.
Chartered Accountants
Sd/-
(VIDHAN SURANA)
PARTNER
Ahmedabad, 3rd September, 2004 M. No.: 41841
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 1 of our Report of even date :
1) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of the available information. As explained to us, the fixed
assets have been physically verified by the management during the year
in a phased periodical manner, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification. In
our opinion, the Company has not disposed of substaintial part of fixed
assets during the year and the going concern status of the Company is
not affected.
2) As per information and explanation given to us, the inventory has
been physically verified by the management at the reasonable frequency
commensurate with the size and nature of its business.
3) The Company has not obtained unsecured loan from any company, firm
of parties listed in (he register maintained under Section 301 of the
Companies Act, 1956. The Company has not granted any loans to the
Company, Firms or parties listed in the register maintained under
section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanation
given to us. there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
for the purchase of inventories, fixed assets and also the sale of
goods. During the course of our audit. We have not observed any major
weaknesses in internal controls.
5) In our opinion and according to the information and explanations
given to us. there is no transations made, that needed be entered in
the register maintained under Section 301 of the Companies Act, 1956.
6) In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
7) According to records of the Company, undisputed statutory dues
includeing provident fund, Investor Education and Protection fund,
Employees state insurance, Income Tax, Sales Tax, and other statutory
dues have been generally regularly deposited with the appropriate
authorities. According to the information and explanation given to us,
no undisputed amount payable in respect of the aforesaid dues were
outstanding as at 31st March, 2004 for a period of more that six months
from the date of becoming payable. According to information and
explanation given to us, the company has not deposited a disputed
liability of Income Tax for the A.Y. 1997-98 of Rs. 1477376/- and for
the A.Y. Year 1998-99 of Rs. 1281259/-, of which appeal is pending
before the Appelate Tribunal.
8) The Company has no accumulated losses exceeding fifty percent of its
net worth and has not incurred any cash losses during the financial
year covered by our audit or in the immediately
9) According to the information and explanation given to us., the
Company has not given guarantees for loans taken by others from banks
or financial institution.
10. In our opinion and according to information and explanation given
to us, the company is maintaining proper: recores for the sale and
purchase of the shares and other securities and timely entries have
been made therein. According to information given to us. the company
has maintained all such securities in its own name.
11) According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets except permanent working capital.
12) In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
13) Other cluses of the report are not applicable.
For, and on behalf of,
M/S SURANA MALLO & CO.
(Chartered Accountants)
Sd/-
(VIDHAN SURANA)
PARTNER
M. No.41841
M/S. SURANA MALOO & CO. PHONE NOS. : 079-22161228
CHARTERED ACCOUNTS, 079-22125623
176, FIRST FLOOR,
NEW CLOTH MARKET,
AHMEDABAD.
FORM NO. 29B.
[See Rule 40B]
Report under section 115JB of the Income-Tax Act, 1961, for computing
the book profits of the company
1) We have examined the accounts and records of OASIS MEDIA MATRIX
LIMITED. 709, LOHA BHAVAN, NEAR OLD HIGH COURT, INCOME TAX, AHSRAM
ROAD, AHMEDABAD. Permanent Account No.: AAACR-7358-F engaged in the
business of Manufacturing. Mixing, Casting etc. of metal in order to
arrive at the book profits during the year ended on the 31st March,
2004.
2) We certify that the book profits has been computed in accordance
with the provisions of this section. The tax payable under section
115JB of the Income-tax Act in respect of the Assessment Year 2004-05
Rs. 16389/- which has been determined on the basis of the details in
Annexure "A" of this Form.
3) In our opinion and to the best of our knowledge and according to the
exlanations given to us the particulars given in Annexure "A" are true
and correct.
Date : Ahmedabad For & Behalf of
Place : 3rd September, 2004 SURANA MALOO & CO.
CHARTERED ACCOUNTANTS
Sd/-
(VIDHAN SURANA)
Partner
M. No.: 41841 |