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Dish TV India Ltd.

BSE: 532839 Sector: Media
NSE: DISHTV ISIN Code: INE836F01026
BSE LIVE 15:41 | 20 Nov 76.90 0.65
(0.85%)
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NSE 15:58 | 20 Nov 76.75 0.55
(0.72%)
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77.15

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OPEN 76.55
PREVIOUS CLOSE 76.25
VOLUME 97582
52-Week high 110.95
52-Week low 68.00
P/E 90.47
Mkt Cap.(Rs cr) 8,198
Buy Price 0.00
Buy Qty 0.00
Sell Price 76.90
Sell Qty 840.00
OPEN 76.55
CLOSE 76.25
VOLUME 97582
52-Week high 110.95
52-Week low 68.00
P/E 90.47
Mkt Cap.(Rs cr) 8,198
Buy Price 0.00
Buy Qty 0.00
Sell Price 76.90
Sell Qty 840.00

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 March 2017 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary 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 in Section134(5) of the Companies Act 2013 ('the Act') with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards prescribedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 (asamended). This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial 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

t 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 whetherthese 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 these 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 2017 its profit and its cash flows for the year ended on that date.

Emphasis of Matter

9. We draw attention to Note 53 to the standalone financial statements wherein a loangiven to a subsidiary of the Company aggregating to Rs.85.26 crores has been consideredgood and recoverable based on the future business plans and projections theappropriateness of which is dependent upon the realization of such business plans. Ourreport is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor's Report) Order 2016 ('the order') issued bythe Central Government of India in terms of Section 143(11) of the Act we give in theAnnexure I a statement on the matters specified in paragraphs 3 and 4 of the Order.

11. 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 our opinion proper books of account as required by law have been kept by theCompany so far as 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 the

Accounting standards prescribed 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 March2017 from being appointed as a director in terms of Section164(2) of the Act;

f. we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as on 31 March 2017 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 24 May 2017 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 (as amended) inour opinion and to the best of our information and according to the explanations given tous:

i. as detailed in Note 41 and 47 to the standalone financial statements has disclosedthe impact of pending litigations on its financial position

ii. the Company did not have any long-term contracts 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

iv. the Company as detailed in Note 51 to the standalone financial statements hasmade requisite disclosures in these standalone financial statements as to holdings as wellas dealings in Specified Bank Notes during the period from 8 November 2016 to 30 December2016. Based on the audit procedures performed and taking into consideration theinformation and explanations given to us in our opinion these are in accordance with thebooks of account maintained by the Company.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
per Sumit Mahajan
place: Noida partner
Date: 24 May 2017 Membership No.: 504822

Annexure to the Independent Auditor's Report of even date to the members of Dish TVIndia Limited on the standalone financial statements for the year ended 31 March 2017

ANNEXURE-I

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 full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets other than viewing cards installed at the customers premiseshave been physically verified by the management during the year and no materialdiscrepancies were noticed on such verification. In our opinion the frequency ofverification of the fixed assets other than viewing cards installed at the customers'premises is reasonable having regard to the size of the Company and nature of its assets.The existence of activated viewing cards installed at the customers' premises isconsidered on the basis of the 'active user status' of the viewing cards. We are unable tocomment on the discrepancies if any that could have arisen on physical verification of"inactive" viewing cards installed at the customer's premises.

(c) The Company does not hold any immovable property (in the nature of 'fixed assets').Accordingly the provisions of clause 3(i)(c) of the Order are not applicable.

(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 maintained under Section189 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:

Statement of Disputed Dues

Name of the statute Nature of dues Amount (Rs.in lacs) Amount paid under Protest (Rs.in lacs) Period to which the amount relates Forum where dispute is pending
263 - Assessment Year 2004-05 Commissioner of income tax (appeals)
225 225 Assessment Year 2009-10 Income tax appellate tribunal delhi
320 320 Assessment Year 2010-11 Income tax appellate tribunal delhi
Income Tax Act 1961 Income tax and interest 93 59 Assessment Year 2011-12 Income tax appellate tribunal noida
16 - Assessment Year 2011-12 Income tax appellate tribunal delhi
57 57 Assessment Year 2012-13 Income tax appellate tribunal noida
65 65 Assessment Year 2013-14 Income tax appellate tribunal noida
167 - 2006-07 to 2010-11 Custom excise and service tax appellate tribunal
Finance Act 1994 (Service tax) Service tax 2921 2007-08 to 2011-12 Custom excise and service tax appellate tribunal delhi
2633 - 2008-09 to 2010-11 Commissioner of service tax
1475 500 2009-10 to 2013-14 Custom excise and service tax appellate tribunal delhi value added tax tribunal
Value added tax (including penalty and interest) 632 2010-11
Delhi Value Added tax Act 2005 Value added tax (including penalty and interest) 117 2011-12 Delhi value added tax tribunal
Value added tax (including penalty and interest) 2169 112 2014-15 Special. Commissioner-iii (appeal) department of trade & taxes delhi
Value added tax (including penalty and interest) 279 2012-13 Commissioner of value added taxes
Bihar Value Added Tax Act 2005 Value added tax (including penalty and interest) 168 73 2014-15 Office of the joint commissioner of commercial taxes (appeal) patna
Value added tax (including penalty and interest) @ 2014-15 Office of the joint commissioner of commercial taxes (appeal) patna
Madhya pradesh Value Added tax 2002 Value Added Tax 5 1 2013-14 Deputy comm. Of appeal division -i bhopal
upVAT Act 2007 Value Added Tax 116 23 June-2015 Additional commissioner grade-2 (appeal) first commercial tax noida
7 2 August-2015 Additional commissioner grade-2 (appeal) first commercial tax noida
3 1 November-2015 Additional commissioner grade-2 (appeal) first commercial tax noida
32 16 April-2016 Additional commissioner grade-2 (appeal) first commercial tax noida
24 12 May-2016 Additional commissioner grade-2 (appeal) first commercial tax noida
155 - 2013-14 Deputy commissioner khand-3 noida
Telangana Vat Act2005 Value Added Tax 186 - FY 2012-13 to FY 2015-16 Commercial tax officer begumpet circle
the Central sales Tax Act 1956 (Maharashtra) Central sales Tax 40 FY 2011-12 Central sales tax department(maharashtra)
The Central sales Tax Act 1956 (West Bengal) Central sales Tax 29 - FY 2012-13 Central sales tax department (west bengal) supreme court of india
Rajasthan Tax of Entry on Goods in to local areas Act 1999 Entry tax 173 173 2012-13
The Jammu & Kashmir entry Tax on Goods Act 2000 Entry tax 43 43 2014-15 State of jammu & kashmir
Entry tax 6 4 2015-16 State of jammu & kashmir

@ Rs.45112 rounded off to Rs.lacs

(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 ofclause 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 ReserveBank of India Act 1934.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's registration No.: 001076N/N500013
per Sumit Mahajan
Place: Noida Partner
Date: 24 May 2017 Membership No.: 504822

Annexure to the Independent Auditor's Report of even date to the members of Dish TVIndia Limited on the standalone financial statements for the year ended 31 March 2017

ANNEXURE II

Independent Auditor's report on the Internal Financial Controls under Clause (i) ofSub-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 2017 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 and maintaininginternal financial controls based on 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of 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 including adherenceto company's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation 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 on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute 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 j 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 including theassessment of the risks of material misstatement of the financial statements whether dueto 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 assurance regardingthe reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sIFCoFR 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 unauthorised 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

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 2017 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
Chartered Accountants
Firm's Registration No.: 001076N/N500013
per Sumit Mahajan
Place: Noida partner
Date: 24 May 2017 Membership No.: 504822