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Cyber Media (India) Ltd.

BSE: 532640 Sector: Media
NSE: CYBERMEDIA ISIN Code: INE278G01037
BSE LIVE 15:15 | 22 May 9.85 0.46
(4.90%)
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NSE 10:05 | 07 Apr Stock Is Not Traded.
OPEN 9.85
PREVIOUS CLOSE 9.39
VOLUME 200
52-Week high 14.58
52-Week low 6.90
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.85
CLOSE 9.39
VOLUME 200
52-Week high 14.58
52-Week low 6.90
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cyber Media (India) Ltd. (CYBERMEDIA) - Auditors Report

Company auditors report

To

The Members of

Cyber Media (India) Limited

New Delhi

Report on the Financial Statements

We have audited the accompanying financial statements of Cyber Media (India) Limited(the “Company”) which comprises the balance sheet as at 31stMarch 2016 the statement of profit and loss and cash flow statement of the Company forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 (“the Act”) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 as amended fromtime to time. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of internalfinancial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;

a) in the case of the Balance Sheet of the state of affairs of the Company as at March312016;

b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matters

The banker of the Company (State Bank of Mysore) has paid the guaranty amount of INR41541500 given by them to the Citi Bank N.A. against the loan provided to Cyber MediaIndia LLC (Wholly Owned Subsidiary) towards asset purchase of the TDA Group LLCCalifornia. Our Opinion is not modified with respect to this matter.

As referred in Note No. 35 to the nancial statements the Company is a defendant in alawsuit [briey described the nature of the litigation consistent with the Company'sdescription in the note to the nancial statements]. Our opinion is also not modied withrespect to this matter.

As referred in Note No. 34 (b) Cyber Media (India) Limited has secured loan outstandingin its books of accounts for which the company has not made any repayment for the entireperiod under audit and provision for interest liability were also not provided in itsbooks of accounts from the date when the loans were considered as NPA by the concernedbank because as per information provided by management the bank has taken the possessionof mortgaged property under loan agreement and liability of company is crystallized. Ouropinion is also not modied with respect to this matter.

The Company has made default in payment of undisputed statutory liability such as(service tax liability PF contribution) and the period of more than 6 month has elapsed.Our opinion is also not modied with respect to this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters Specified in paragraphs 3and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

a) We have sought and paragraph obtained all the information and explanations whichto 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 theCompany so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the

Board of Directors none of the directors is disqualified as on 31 March 2016 frombeing appointed as a director in terms of Section 164(2) of the Act.

f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in “Annexure B”; and

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

1) The Company has pending litigations which would impact its financial position.

2) The Company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.

3) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For Goel Mintri & Associates
Chartered Accountants
(Firm Reg. No. 013211N)
Sd/-
Gopal Dutt
Place: New Delhi Partner
Date: 25.05.2016 M.No. 520858

The Annexure A referred to in Independent Auditor's Report to the members of thecompany on the standalone financial statements for the year ended 31st March2016 we report that

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such verification

(c) According to the information and explanations given to us the title deeds ofimmovable properties are held in the name of the company.

(ii) The physical verification of inventory has been conducted at reasonable intervalsby the management and no material discrepancies were noticed.

(iii) According to the information and explanations given to us the company has notgranted Any Loans Secured Or Unsecured To Companies Firms Limited LiabilityPartnerships Or Other Parties Covered In The Register Maintained Under Section 186 Of TheCompanies Act 2013.

(iv) According to the information and explanations given to us there is no loanguarantee or provisions requiring compliance of section 185 and 186 of the Companies Act2013.

(v) In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits.

(vi) As per information & explanation given by the management the CentralGovernment has not prescribed the maintenance of cost records u/s 148(1) (d) of theCompanies Act 2013 for the company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the books of accounts the Company has not been regular in depositingundisputed statutory dues applicable to it and statutory dues which were outstanding asat 31st March 2016 for period of more than six month from the date become payable asdetailed in Annexure I.

(b) According to the information and explanations given to us and the record of thecompany examined by us there are no dues of sales tax income tax custom duty servicetax excise duty or any other statutory dues as at March 312016 which have not beendeposited on account of dispute except as detailed in Annexure II.

(viii) The Company has defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders as detailed in Annexure III.

(ix) The Company did not raise any moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year. In our opinion and according tothe information and explanations given to us the term loans taken by the Company havebeen applied for the purposes for which they were raised.

(x) No fraud by the company or any fraud on the Company by its officers or employeeshas been noticed or reported during the year.

(xi) According to the information and explanations given to us managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.

(xii) All the transactions with the related parties are in compliance with sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

(xiii) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year.

(xiv) The Company has not entered into any non-cash transactions with directors orpersons connected with him.

(xv) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and if so whether the registration has been obtained.

For Goel Mintri & Associates
Chartered Accountants
(Firm Reg. No. 013211N)
Sd/-
Gopal Dutt
Place: New Delhi Partner
Date: 25.05.2016 M.No. 520858

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Cyber Media(India) Limited (“the Company”) as of 31st March 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the “Guidance Note”) and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Goel Mintri & Associates
Chartered Accountants
Firm Reg. No. 013211N
Sd/-
Gopal Dutt
Place: New Delhi Partner
Date: 25.05.2016 M. No. 520858