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Luharuka Media & Infra Ltd.

BSE: 512048 Sector: Media
NSE: N.A. ISIN Code: INE195E01020
BSE LIVE 15:15 | 07 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.64
PREVIOUS CLOSE 0.64
VOLUME 475300
52-Week high 0.83
52-Week low 0.58
P/E 12.80
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.64
Sell Qty 4700.00
OPEN 0.64
CLOSE 0.64
VOLUME 475300
52-Week high 0.83
52-Week low 0.58
P/E 12.80
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.64
Sell Qty 4700.00

Luharuka Media & Infra Ltd. (LUHARUKAMEDIA) - Auditors Report

Company auditors report

To

The Members of SPLASH MEDIA & INFRA LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the attached Financial Statements of SPLASH MEDIA & INFRALIMITED ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit & Loss and Cash Flow Statement for the year ended onthat date and a summary of Significant Accounting Policies and other explanatoryinformation.

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 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 specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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.

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 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 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 and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose of expressingan opinion on the effectiveness of the company’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the financial statements.

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

BASIS OF QUALIFICATION

Contravention of Accounting Standard 15 on Accounting for retirement benefit ofemployees.

As stated in Point No. 8 of Note No.1 of Significant Accounting Policies followed bythe company the Company is not making any provision for the Gratuity and leave encashmentas the same is accounted for on payment basis. This is in Contravention of AccountingStandard 15 on Accounting for retirement benefits of employees.

Contravention of Accounting Standard 26 on Intangible Assets.

As stated in Point No.23 of Note to Accounts followed by the company the Company isnot showing expenses incurred during the period on account of Increase in AuthorisedCapital & some expenses in connection to right Issue Expenses as revenue expenditureand the same is show as Preliminary expenses to be amortised over a period of 5 years.This is in Contravention of Accounting Standard 26 on Intangible Assets.

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 Subject to the Basis forQualified Opinion Paragraph in conformity with the accounting principles generallyaccepted in India:

(i) In the case of the Balance Sheet; of the State of affairs of the company as at 31stMarch 2015;

(ii) In the case of the Statement of Profit and Loss; of the PROFIT for the yearended on that date;

(iii) In the case of the Cash Flow Statement of the Cash Flows for the year ended onthat date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the companies (Auditors Report) Order 2015 issued by the CentralGovernment of India in terms of section 143 (11) of the Act. We give in Annexure B astatement on matters specified in paragraph 3 and 4 of the said order.

2. As required by section 143(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 purposes of the audit;

b. In our opinion proper books of accounts 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 accounts;

d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the mandatory Accounting Standards referred to in section 133 of theCompanies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014 except AS 15regarding no provision created for retirement benefits and except AS 26 regardingpreliminary expenses recognized as intangible assets and not written off entirely. Had thepreliminary expenses been shown as revenue expenditure then profit would have beendecreased by Rs.881805/-.

e. On the basis of the written representation received from the Directors as on31.03.2015 and taken on record by the Board of Directors we report that none of theDirectors is disqualified as on 31.03.2015 from being appointed as a Director in terms ofSub-section (2) of section 164 of the Act 2013.

For S A R A & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REGN NO.: 120927W

Sd/-

Govind Gopal Sharma

(PARTNER)

M. No. 132454

Place : Mumbai

Date : 29 May 2015

ANNEXURE TO THE AUDITORS’ REPORT

Referred to in paragraph 3 of our report of even date on the accounts for the yearended 31st March 2015 of SPLASH MEDIA & INFRA LIMITED. On the basisof such checks as we considered appropriate and in terms of information and explanationsprovided to us state that:

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

b) All the assets have been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable; no material discrepancies werenoticed on such verification.

2) The Company does not have any inventory. Therefore the provision of clause 3 (ii)(a) (b) (c) of Companies (Auditor’s Report) Order 2015 are not applicable to theCompany.

3) The Company has not granted loans to companies firms covered in the registermaintained under section 189 of the Companies Act 2015. Consequently the provisions ofclauses 3 (a) & (b) of the order are not applicable to the company.

4) In our opinion and according to the information and explanations provided by thecompany there are adequate internal control systems commensurate with the size of theCompany and the nature of its business. During the course of audit we have not observedany continuing failure to correct major weakness in internal control system.

5) In our opinion and according to the information and explanations provided by thecompany the Company has not accepted any deposits from Public and therefore theprovisions of Sec. 73 to 76 of the Companies Act 2013 and the Companies (Acceptance ofDeposits) Rules 2014 are not applicable.

6) The Central Government has not prescribed maintenance of cost records by the companyunder sub-section (1) of section 148 of the Companies Act 2013.

7) a) According to the information and explanations provided by the company thecompany has been generally regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Wealth Tax Service Tax Duties ofCustoms Duties of Excise Value Added Tax Cess and any other statutory dues with theappropriate authorities applicable to it and no undisputed amount payable in respect ofProvident Fund Employees' State Insurance Income Tax Wealth Tax Service Tax Duties ofCustoms Duties of Excise Value Added Tax Cess were in arrears as at 31stMarch 2015 for a period of more than six months from the date they became payable.

b) In our opinion and according to the information and explanations provided by thecompany there are no dues outstanding in respect of Income Tax Sales Tax Wealth TaxService Tax Custom Duty Excise Duty Value Added Tax and Cess which have not beendeposited on account of any dispute.

c) In our opinion and according to the information and explanations given to us thecompany is not required to transfer any amount to investor education and protection fundin accordance with relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade thereunder.

8) The company does not have any accumulated losses of more than 50% of its net worthat the end of the financial year and there was no cash loss during the financial yearcovered by our Audit and in the immediately preceding financial year.

9) Based on our Audit procedures and according to the information and explanationsprovided by the company the company has not defaulted in repayment of any dues tofinancial institutions or banks or debenture holders.

10) In our opinion and according to the information and explanations provided by thecompany the company has not given any guarantees for loans taken by others from banks orother financial institutions.

11) Based on our Audit procedures and explanations given to us and on the basis of ourexamination The Company has not raised any term loans.

12) Based on our Audit procedures performed and the information and explanationsprovided by the company no fraud on or by the company has been noticed or reported duringthe course of our audit.

For S A R A & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REGN NO.: 120927W

Sd/-

Govind Gopal Sharma

(PARTNER)

M. No. 132454

Place : Mumbai

Date : 29 May 2015