You are here » Home » Companies » Company Overview » Dish TV India Ltd

Dish TV India Ltd.

BSE: 532839 Sector: Media
NSE: DISHTV ISIN Code: INE836F01026
BSE LIVE 15:44 | 21 Aug 76.20 -1.85
(-2.37%)
OPEN

78.05

HIGH

80.00

LOW

75.95

NSE 15:58 | 21 Aug 76.25 -1.90
(-2.43%)
OPEN

78.20

HIGH

79.35

LOW

75.75

OPEN 78.05
PREVIOUS CLOSE 78.05
VOLUME 180957
52-Week high
52-Week low
P/E 89.65
Mkt Cap.(Rs cr) 8,123
Buy Price 76.20
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 78.05
CLOSE 78.05
VOLUME 180957
52-Week high
52-Week low
P/E 89.65
Mkt Cap.(Rs cr) 8,123
Buy Price 76.20
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Dish TV India Ltd. (DISHTV) - Auditors Report

Company auditors report

TO THE MEMBERS OF

DISH TV INDIA LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Dish TV IndiaLimited ("the Company") which comprise the Balance Sheet as at 31 March2016 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended). This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act; safeguarding theassets of the Company; preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls 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

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

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

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2016 its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4of the Order.

10. Further to our comments in Annexure I as required by Section 143(3) of the Act wereport that:

a. we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit; b. in ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books;

c. the standalone financial statements dealt with by this report are in agreement withthe books of account;

d. in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended);

e. on the basis of the written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on 31 March2016 from being appointed as a director in terms of Section 164(2) of the Act;

f. we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as of 31 March 2016 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 23 March 2016 as per Annexure II expressed unqualified opinion;

g. with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. as detailed in note 39 and 46 to the standalone financial statements the Companyhas disclosed the impact of pending litigations on its standalone financial position;

ii. the Company did not have any long-term contract including derivative contracts forwhich there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Walker Chandiok & Co LLP
(Formerly Walker Chandiok & Co)
Chartered Accountants
Firm’s Registration No.: 001076N/N500013
per Sumit Mahajan
Place: Istanbul Turkey Partner
Date: 23 May 2016 Membership No.: 504822

Annexure I

Annexure I to the Independent Auditor’s Report of even date to the members of DishTV India Limited on the financial statements for the year ended 31 March 2016

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that: (i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the yearand no material discrepancies were noticed on such verification. In our opinion thefrequency of verification of the fixed assets is reasonable having regard to the size ofthe Company and the nature of its assets.

(c) The Company does not hold any immovable property (in the nature of ‘fixedassets’). Accordingly the provisions of clause 3(i)(c) of the Order are notapplicable.

(ii) The Company does not have any inventory. Accordingly the provisions of clause3(ii) of the Order are not applicable.

(iii) The Company has not granted any loan secured or unsecured to companies firmsLimited Liability Partnerships (LLPs) or other parties covered in the register maintainedunder Section 189 of the Act. Accordingly the provisions of clauses 3(iii)(a) 3(iii) (b)and 3(iii)(c) of the Order are not applicable.

(iv) In our opinion the Company has complied with the provisions of Sections 185 and186 of the Act in respect of loans investments guarantees and security.

(v) In our opinion the Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) The Central Government has not specified maintenance of cost records undersub-section (1) of Section 148 of the Act in respect of Company’s products/services.Accordingly the provisions of clause 3(vi) of the Order are not applicable.

(vii) (a) Undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax cess and other material statutory dues as applicable have generally beenregularly deposited to the appropriate authorities though there has been a slight delayin a few cases. Further no undisputed amounts payable in respect thereof were outstandingat the year-end for a period of more than six months from the date they became payable.

(b) The dues outstanding in respect of income-tax sales-tax service tax duty ofcustoms duty of excise and value added tax on account of any dispute are as follows:

Statute Amount involved Amount paid under protest Period to which the amount relates
(Rs in lacs) (Rs. in lacs)
Income Tax Act 1961 Income Tax and interest 9 - Assessment
Year 2006-07 Mumbai Income Tax-Appellate Tribunal
225 225 Assessment
Year 2009-10 *
320 320 Assessment
Year 2010-11 Income Tax-Appellate Tribunal Delhi
263 - Assessment
Year 2004-05 Mumbai Commissioner of Income Tax-Appeals
93 59 Assessment
Year 2011-12 Income Tax-Appellate Tribunal Delhi
16 - Assessment
Year 2011-12 Income Tax-Appellate Tribunal Delhi
57 50 Assessment
Year 2012-13 Noida Commissioner of Income Tax-Appeals
65 33 Assessment
Year 2013-14 Noida Commissioner of Income Tax-Appeals

 

Finance Act 1994 (Service Tax) Service Tax 167 - 2006-07 to 2010-11 Custom Excise and Service Tax
2921 - 2007-08 to 2011-12 Custom Excise and Service Tax Appellate Tribunal Allahabad
2633 - 2008-09 to 2010-11 Commissioner of Service Tax Noida
1475 500 2009-10 to 2013-14 *
Delhi Value Added Tax Act 2005 Value Added Tax 7 7 March-10 Spl. Commissioner -1 (Appeal) Department of Trade & Taxes Delhi
Value Added Tax (including penalty and interest) 283 20 2007-08 DVAT Tribunal New Delhi
Value Added Tax (including penalty and interest) 169 - 2009-10 Spl. Commissioner -1 (Appeal) Department of Trade & Taxes Delhi
Value Added Tax (including penalty and interest) 632 - 2010-11 *
Value Added Tax (including penalty and interest) 117 - 2011-12 *
Value Added Tax (including penalty and interest) 2169 - 2014-15 Spl. Commissioner - III (Appeal) Department of Trade & Taxes Delhi
Andhra Pradesh Value Added Tax Act 2005 Value Added Tax (including penalty and interest) 286 286 2006-08 State Tribunal Appellate Authority Hyderabad
Bihar Value Value Added Tax 15 15 2007-08 Commercial Tax Officer Patna
Added Tax Act 2005 Value Added Tax (including interest) 59 44 2008-09 Commercial Tax Officer Patna
Value Added Tax 270 270 2012-13 Office of the Joint Commissioner of Commercial Taxes (Appeals) Patna
Value Added Tax 6 6 2014-15 Deputy Commissioner of Commercial Taxes Patliputra Circle Patna (Vehicle Seizure)
Haryana Value Added Tax Act- 2003 Value Added Tax # # December 2012 Jt. Excise & Taxation Commissioner (Appeal) Haryana
Kerala Value Added Tax Act- 2003 Value Added Tax (including interest) Value Added Tax 34 11 2008-09 Kerala High Court
1 1 October 2013 The Intelligence inspector Department of Commercial taxes Thiruvananthapuram.
Madhya Pradesh Value Added Tax 2002 Value Added Tax 5 1 2013-14 Dy. Comm. Of Appeal Div -I Bhopal
UPVAT Act Value Added Tax (including interest) Value Added Tax (including interest) 1 - 2005-06 Joint Commissioner (Appeal) Noida Additional Commissioner Appeal-1 Noida
@ 1 2006-07
Value Added Tax $ $ 2014-15 Deputy Commissioner Khand-3 Noida (Vehicle Seizure)
116 - June 2015 Addl. Comm. Grade - 2 (Appeal) First Commercial Tax Noida
7 - August 2015 Addl. Comm. Grade - 2 (Appeal) First Commercial Tax Noida
3 - November 2015 Addl. Comm. Grade - 2 (Appeal) First Commercial Tax Noida
181 - 2012-13 Addl. Comm. Grade - 2 (Appeal) First Commercial Tax Noida
Rajasthan Tax of Entry on Goods in to local areas Act 1999 Entry Tax 173 173 2012-13 Supreme Court of India
The Jammu & Kashmir Entry Tax 43 43 2014-15 State of Jammu & Kashmir
Entry Tax on Goods Act 2000 Entry Tax 4 4 2015-16 State of Jammu & Kashmir
Indian Customs Act 1962 Special Additional Duty 795 - April 2008 to June 2009 CESTAT Delhi

* The Company is in the process of filing the appeal with respective authority

# Rs. 40540

@ Rs. 41000

$ Rs. 44900

(viii) The Company has no loans or borrowings payable to a financial institution or abank or government and no dues payable to debenture-holders during the year. Accordinglythe provisions of clause 3(viii) of the Order are not applicable.

(ix) The Company did not raise moneys by way of initial public offer or further publicoffer (including debt instruments) and did not have any term loans outstanding during theyear. Accordingly the provisions of clause 3(ix) of the Order are not applicable.

(x) No fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the period covered by our audit.

(xi) Managerial remuneration has been provided by the Company in accordance with therequisite approvals mandated by the provisions of Section 197 of the Act read withSchedule V to the Act. (xii) In our opinion the Company is not a Nidhi Company.Accordingly provisions of clause 3(xii) of the Order are not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance withSections 177 and 188 of Act where applicable and the requisite details have beendisclosed in the financial statements etc. as required by the applicable accountingstandards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

(xv) In our opinion the Company has not entered into any non-cash transactions withthe directors or persons connected with them covered under Section 192 of the Act. (xvi)The Company is not required to be registered under Section 45-IA of the Reserve Bank ofIndia Act 1934.

For Walker Chandiok & Co LLP

(Formerly Walker Chandiok & Co)

Chartered Accountants Firm’s Registration No.: 001076N/N500013

per Sumit Mahajan
Place: Istanbul Turkey Partner
Date: 23 May 2016 Membership No.: 504822

Annexure II

Independent Auditor’s report on the Internal Financial Controls under Clause (i)of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. In conjunction with our audit of the standalone financial statements of Dish TVIndia Limited ("the Company") as of and for the year ended 31 March 2016 wehave audited the internal financial controls over financial reporting ("IFCoFR")of the company of as of that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s Board of Directors is responsible for establishing andmaintaining internal financial controls based on Internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of the company’s business includingadherence to company’s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company’s IFCoFR based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India (ICAI) and deemed to be prescribed undersection 143(10) of the Act to the extent applicable to an audit of IFCoFR and theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe ICAI. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate IFCoFR were established and maintained and if such controls operated effectivelyin all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A company’s IFCoFR is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company’s IFCoFR includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company’s assets that could have a material effect on thefinancial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that IFCoFR may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2016 based on Internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Walker Chandiok & Co LLP

(Formerly Walker Chandiok & Co) Chartered Accountants Firm’s RegistrationNo.: 001076N/N500013

per Sumit Mahajan
Place: Istanbul Turkey Partner
Date: 23 May 2016 Membership No.: 504822