You are here » Home » Companies » Company Overview » H T Media Ltd

H T Media Ltd.

BSE: 532662 Sector: Media
NSE: HTMEDIA ISIN Code: INE501G01024
BSE LIVE 15:58 | 24 Nov 100.85 -0.95
(-0.93%)
OPEN

101.90

HIGH

103.00

LOW

100.50

NSE 15:57 | 24 Nov 100.95 -0.50
(-0.49%)
OPEN

101.45

HIGH

103.20

LOW

100.20

OPEN 101.90
PREVIOUS CLOSE 101.80
VOLUME 30388
52-Week high 108.80
52-Week low 69.50
P/E 21.14
Mkt Cap.(Rs cr) 2,347
Buy Price 100.85
Buy Qty 735.00
Sell Price 0.00
Sell Qty 0.00
OPEN 101.90
CLOSE 101.80
VOLUME 30388
52-Week high 108.80
52-Week low 69.50
P/E 21.14
Mkt Cap.(Rs cr) 2,347
Buy Price 100.85
Buy Qty 735.00
Sell Price 0.00
Sell Qty 0.00

H T Media Ltd. (HTMEDIA) - Auditors Report

Company auditors report

To

The Members of HT Media Limited

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of HT Media Limited("the Company") which comprises the Balance Sheet as at 31 March 2016 the

Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

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 ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the

Accounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures 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 control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures thataccounting are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s Directors as well as evaluatingthe overall presentation of the financial statements. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our audit opinion onthe standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone 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 of the state of affairs of the Company as at 31March 2016 its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor’s report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure 1 a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by section 143 (3) of the Act we report 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 as required by law have been kept by the Company so faras it appears from our examination of those books;

(c) The report on the accounts of the branch office of the Company audited undersection 143 (8) of the Act by branch auditor has been sent to us and have been properlydealt by us in preparing this report;

(d) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

(e) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with

Rule 7 of the Companies (Accounts) Rules 2014;

(f) On the basis of written representations received from the directors as on 31 March2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2016 from being appointed as a director in terms of section 164 (2) of theAct;

(g) With respect to the adequacy of the internal financial controls over financialreporting of the

Company and the operating effectiveness of such controls refer to our separate Reportin "Annexure 2" to this report;

(h) 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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 31 to the financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts for which there were any material foreseeable losses Refer Note 40 tothe financial statements; iii. There has been no delay in transferring amounts requiredto be transferred to the

Investor Education and Protection Fund by the Company.

OTHER MATTER

The accompanying standalone financial statements include total assets of Rs 73.17 Lacsas at 31 March 2016 and total revenues of Rs 22.40 Lacs and net cash inflows of Rs 24.89Lacs for the year ended on that date in respect of one branch which have been audited bybranch auditors which financial statements other financial information andauditor’s reports have been furnished to us. Our opinion in so far as it relatesamounts and disclosures included in respect of these branch is based solely on the reportof such branch auditors.

Our opinion is not modified in respect of this matter.

We also did not audit the total assets of Rs 11.00 Lacs as at 31 March 2016 totalrevenue of Rs Nil and net cash inflows amounting to Rs 8.42 Lacs for the year then endedincluded in the accompanying standalone financial statements in respect of HT MediaEmployee Welfare Trust (‘Trust’) not audited by us whose standalone financialstatements and other financial information has been audited by other auditor and thosereport is furnished to us. Our opinion in so far as it relates to the affairs of thetrust is based solely on report of other auditor. Our opinion is not qualified in respectof this matter.

For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Vishal Sharma
Partner
Membership Number: 096766
Place : New Delhi
Date : May 26 2016

Annexure 1 referred to in paragraph ‘Report on Other Legal and RegulatoryRequirements’ of our report of even date

Re: HT Media Limited (‘the Company’)

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

(i) (b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(i) (c) According to the information and explanations given by the management thetitle deeds of immovable properties included in fixed assets are held in the name of thecompany.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

(iii) (a) The Company has granted loans in the form of zero coupon compulsorilyconvertible debentures to one party covered in the register maintained under section 189of the Companies Act 2013. In our opinion and according to the information andexplanations given to us the terms and conditions of the grants and loans are notprejudicial to the company’s interest.

(iii) (b) The Company has granted loans in the form of zero coupon compulsorilyconvertible debentures to a party covered in the register maintained under section 189 ofthe Companies Act 2013 which have been converted into equity shares during the year asper the stipulated terms.

(iii) (c) There is no amounts of loans granted to companies firms or other partieslisted in the register maintained under section 189 of the Companies Act 2013 which areoutstanding for more than ninety days.

(iv) In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the company.

(v) The Company has not accepted any deposits from the public.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under Section 148(1) of the Companies Act 2013for the products/ services of the Company.

(vii) (a) Undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax service tax duty of custom value added tax cess andother material statutory dues have generally been regularly deposited with the appropriateauthorities though there has been a slight delay in a few cases. The provisions relatingto excise duty are not applicable to the Company.

(vii) (b) According to the information and explanations given to us no undisputedamounts payable in respect of provident fund employees’ state insurance income-taxservice tax sales-tax customs duty value added tax cess and other material statutorydues were outstanding at the year end for a period of more than six months from the datethey became payable. The provisions relating to excise duty are not applicable to Company.

(vii) (c) According to the information and explanations given to us there are no duesof sales-tax wealth tax customs duty excise duty value added tax and cess which havenot been deposited on account of any dispute. According to the records of the Company thedues outstanding of income-tax and service tax on account of any dispute are as follows:

Name of Statute Nature of Dues Amount (Rs) Period to which the amount relates Forum where the dispute is pending
Income Tax Act 1961 Income Tax Demand 389.28 AY2012-13 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax Demand 16.39 AY2011-12 Commissioner of Income Tax (Appeals)
Finance Act 1994 Service Tax Demand 316.67 FY2005-06 to 2009-10 and 2011-12 Customs Excise and Service Tax Appellate Tribunal

(viii) According to information and explanations given by the management we are of theopinion that the Company has not defaulted in repayment of dues to a financialinstitution bank or government. The Company did not have any outstanding debenturesduring the year.

(ix) According to the information and explanations given by the management the Companyhas not raised any money way of initial public offer / further public offer / debtinstruments and term loans hence reporting under clause (ix) is not applicable to theCompany and hence not commented upon.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the company or no fraud on the companyby the officers and employees of the

Company has been noticed or reported during the year.

(xi) According to the information and explanations given by the management we reportthat the managerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence not commented upon.

(xv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him as referred to in section 192 of Companies Act2013.

(xvi) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Vishal Sharma
Partner
Membership Number: 096766
Place : New Delhi
Date : May 26 2016

Annexure 2 to the Independent Auditor’s Report of even date on the StandaloneFinancial Statements of HT Media Limted

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 HT MediaLimited ("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.

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

AUDITOR’S 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 as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the

Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 judgement 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 internal financial controls system overfinancial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles.

A company’s internal financial control over financial reporting includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company’s assets that could have a materialeffect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Beause of the inherent limitations of internal financialcontrols 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 31 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 of Internal Financial Controls Over Financial

Reporting issued by the Institute of Chartered Accountants of India.

For S.R. Batliboi & CO. LLP

Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Vishal Sharma
Partner
Membership Number: 096766
Place : New Delhi
Date : May 26 2016