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Lila Worldwide Ltd.

BSE: 531894 Sector: Media
NSE: VATSMUSC ISIN Code: INE816A01029
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Lila Worldwide Ltd. (VATSMUSC) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR

To

The Members of

Lila World Wide Ltd.

Report on the Financial Statements

We have audited the accompanying financial statements of Lila World Wide Ltd ('thecompany') which comprise the Balance Sheet as at March 31 20(4 and the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the Financial position financial performance and cash flows of theCompany in accordance with Accounting Standards referred to in sub-section(3C) of section 211 of the Companies Act 1956('the Act'). This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand 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 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 complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether 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 presentalion ofthe financial statements in order to design audit procedures that are appropriatein the circumstances. 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 financial statements give the information required by the Companies Act1956 in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2014;

(b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and in the case of the Cash Flow Statement of the cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003("the Order")issued by the Central Government of India in terms of sub-section (4A) of section 227 ofthe Act we give in the Annexure statement on the matters specified in paragraphs 4 and 5of the Order.

2. As required by section 227 (3) of the Act we report that:

a) we have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books

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

d) our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in sub-section (3C) of section211 of the Companies Act 1956;

e) on the basis of written representations received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Companies Act 1956.

For K. R. MANIK & Co.
(Chartered Accountants)
Place : Mumbai
Date : 30/6/14
Sd/-
(K. R. MANIK)
(PROPRIETOR)
(M. No. 0095506)

ANNEXURE TO THE AUDITORS' REPORT

[Referred to in our report to the members of Lila World Wide Ltd (the Company') for theyear ended 31 March 2014]

On the basis of such checks as considered appropriate and in terms of the informationand explanations given to us. we state as under:

1 (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified at reasonable periods by themanagement and as informed to us no material discrepancies have been noticed on suchverification.

(c) None of the fixed assets have been disposed off during the period.

2 (a) On the Balance sheet date there was no dosing stock with the company and henceclauses 2 (b) and 2 (c) are not applicable

3 (a) The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 301 of the CompaniesAct 1956 in the current year except for interest free unsecured loan which was granted inearlier year to one party covered in the register maintained under section 301 of theCompanies Act 1956 which has been repaid during the year.

(b) As per information and explanations given to us rate of interest and other termsand conditions of the unsecured loan given by the company are not prima facie prejudicialto the interests of the company.

(c) The aforesaid loan given to the party covered In the register maintained undersection 301 was repayable on demand and the same has been repaid during the year.

(d) In case of the aforesaid loan since no overdue amount is outstanding the questionof taking reasonable steps for the recovery of the principal amount does not arise.

(e) The company has not taken any loans from the parties covered in the register maintainedunder section 301 of the Companies Act 1956.

4 In our opinion and according to information and explanation given to us during (hecourse of our audit there is adequate internal control procedure commensurate with thesize of the Company and the nature of its business for the purchase of inventory andfixed assets and for the sale of goods and services.

5 (a) In our opinion and as explained to us the particulars of contracts orarrangements referred to in section 301 of the Act have been entered in theregister required to be maintained under that section;

(b) According to the information and explanation given to us there are no contracts oragreements with parties referred under section 301 of (tie Companies Act) 956.

6 The Company has not accepted any deposits from the public during the year hence theprovisions of Section 58A Section 58AA or any other relevant provision of the CompaniesAct. 1956 and the rules made there under are not applicable to the company.

7 The company does not have an internal audit system during the year. However theconditions mentioned for conduct of Internal Audit are not applicable during the year.

8 As informed to us the Central Government has not prescribed the maintenance of costrecords by the Company under section 209(1)(d) of the Companies Act 1956.

9 (a) The company is regular in depositing undisputed statutory dues includingIncome-tax Sales-tax Custom Duty service tax and any other statutory dues with theappropriate authorities and there are no undisputed statutory dues outstanding as at 31stMarch 2014 for a period of more than six months from the date they became payable.According to the information and explanation made available to us the company is notliable to pay any sum towards Provident Fund Investor Education and Protection FundEmployees' State Insurance Wealth Tax and Excise Duty for the period covered under ouraudit

(b) According to the information and explanation given to us there are no dues ofincome tax sates tax wealth tax service tax customs duty and cess which have not beendeposited on account of any dispute.

10 The Company has accumulated Profit of Rs.131193665/-as on 31 st March 2014;

11 The company has not taken any loan from any financial institution or bank and hasnot issued any debenture hence this clause is not applicable.

12 Based on our examination of the records and the information and explanations givento us the Company has not granted any loans and/or advances on the basis of security byway of pledge of shares debentures and other securities.

13 In our opinion the company is not a chit fund nidhi / mutual benefit fund /society hence the provisions of clause 4(xiii) are not applicable to the company.

14 According to the information and explanation given to us. the Company is not dealingor trading in shares securities debentures and other investments.

15 According to the information and explanations given to us. the Company has not givenany guarantees for loans taken by others from bank or financial institutions.

16 According to the information and explanations given to us during the period companyhas not raised any term loans.

17 On an overall examination of the balance sheet of the company and according to theinformation and explanations given to us no funds raised by the company on short termbasis have been used for long term investments.

18 The company has not made any preferential allotment of shares during the period.

19 During the period covered by our audit report the Company has not issued anysecured debentures.

20 The Company has not raised any money by public issues during the period covered byour report.

21 As per the information and explanations given to us no fraud on or by the Companyhas been noticed or reported during the year (or the company.

For K.R.MANIK A Co.

(Chartered Accountants)

Place: Mumbai

Date : 30/06/2014

(K.R.MANIK)

(PROPRIETOR)

(M.No.009550)