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Cinerad Communications Ltd.

BSE: 530457 Sector: Media
NSE: N.A. ISIN Code: INE959B01017
BSE LIVE 15:14 | 28 Oct Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.45
PREVIOUS CLOSE 5.70
VOLUME 10
52-Week high 7.00
52-Week low 5.45
P/E
Mkt Cap.(Rs cr) 2.83
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.45
Sell Qty 509.00
OPEN 5.45
CLOSE 5.70
VOLUME 10
52-Week high 7.00
52-Week low 5.45
P/E
Mkt Cap.(Rs cr) 2.83
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.45
Sell Qty 509.00

Cinerad Communications Ltd. (CINERADCOMMUNIC) - Auditors Report

Company auditors report

CINERAD COMMUNICATIONS LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To THE MEMBERS OF CINERAD COMMUNICATIONS LIMITED 1. We have audited the attached Balance Sheet of Cinerad Communications Ltd. as at 31st March 2012 and also the Profit and Loss Account and Cash Flow Statement 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. 2. 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 from any material misstatement. An audit 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. 3. As required by the Companies (Auditor's 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 specified in paragraphs 4 & 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph (3) above, we report that: (i) 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; (ii) 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; (iii) The Balance Sheet and Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account; (iv) In our opinion the Balance Sheet and Profit and Loss Account and Cash Flow Statement comply with the accounting standards as referred to in Section 211(3C) of the Companies Act, 1956. (v) On the basis of 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 (1) of section 274 of the Companies Act, 1956; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet, the Profit and Loss Account and Cash Flow Statement 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 (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and (b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date. (c) in the case of the Cash Flow Statement, of the Cash Flow Statement for the year ended on that date. For Rastogi Narain & Co. Chartered Accountants Shanti Narain Partner, Membership No. 87370, Place: New Delhi, Date : 29th May, 2012 ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph 3 of our report of even date to the members of CINERAD COMMUNICATIONS LIMITED for the year ended 31st March 2012) On the basis of such checks as we considered appropriate and in terms of information and explanation and explanations given to us, we state that: 1. a) The Company has maintained proper records, showing full particulars including quantitative details and situation of fixed assets. However updating of the fixed assets register is under process. b) As explained to us, the fixed assets have been physically verified by the management in accordance with a phased programme of verification which is our opinion is reasonable considering the size and nature of its business. No discrepancies were noticed on the assets physically verified by the Management. c) In our opinion, a substantial part of fixed assets have been disposed off by the company during the year. According to the information & explanations given to us, we are of opinion that the sale of said premises has not affected the going concern status of the company. 2. The company has no inventory at the end of the year. 3. The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 and accordingly, paragraph (iii)(a), (iii)(b), (iii)(c) (iii)(d), (iii)(e) and (iii)(f) of the Order are not applicable. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures needs to be strengthened with the size of the company and the nature of its business with regard to purchase of fixed assets. The nature of business of the Company does not involve any purchase of inventory and sale of goods. Further, on the basis of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures. 5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register maintained under that section. b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register maintained under Section 301 in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. The company has not accepted any deposits from the Public within the meaning of section 58A & 58AA or any other relevant provisions of the Act, 1956 and rules framed there under. 7. We have been informed that though the paid up capital exceeds Rs. 50 lakhs, the company has carried out only limited activities and therefore internal audit has not been carried out during the year. 8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of Cost Records under Clause (d) of subsection 1 of section 209 of the Companies Act, 1956 in respect of services carried out by the Company. 9. a) The Company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Income tax and other material statutory dues applicable with the appropriate authorities in India. In our opinion there are no undisputed statutory dues as at the last day of the financial year that remains outstanding for more than six months from the date they become payable. 10. In our opinion, the accumulated losses of the company at the end of the financial year are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered under the audit, however the company has incurred cash losses in the financial year immediately preceding current financial year. 11. According to the information and explanations given to us, the Company has not borrowed any loans from Banks and financial institutions and there are no debentures issued by the Company. Therefore Clause 4 (xi) of Companies (Auditor's Report) Order, 2003 is not applicable. 12. Based on our examination of the records and the information & explanations given to us, the company has not granted any loans and/or advances on the security by way of pledge of shares, debentures and other securities. 13. Clause (xiii) of the order is not applicable to the company, as the company is not a chit fund company or nidhi/mutual benefit fund/society. 14. In our opinion, the company is not a dealer or trader in shares, securities, debentures and other investments. 15. According to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks and financial institutions. 16 The company has not obtained any term loan during the current year. 17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that during the year as there were no funds raised on short-term/long term basis, Clause 4(xvii) of the Companies (Auditor's Report) Order, 2003 is not applicable. 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 Act during the year. 19 The company has not issued any debentures during the year 20. The Company has not raised any money by public issues during the year. 21 During the course of our examination of the books and records of the company, carried out in accordance with generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such cases by the management. For Rastogi Narain & Co. Chartered Accountants Shanti Narain Partner, Membership No. 87370, Place: New Delhi, Date : 29th May, 2012

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