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Network Ltd.

BSE: 523558 Sector: Others
NSE: NETWORK ISIN Code: INE010C01025
BSE LIVE 13:49 | 22 Sep 4.09 -0.21
(-4.88%)
OPEN

4.09

HIGH

4.09

LOW

4.09

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.09
PREVIOUS CLOSE 4.30
VOLUME 1
52-Week high 4.90
52-Week low 2.39
P/E 136.33
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.09
Sell Qty 199.00
OPEN 4.09
CLOSE 4.30
VOLUME 1
52-Week high 4.90
52-Week low 2.39
P/E 136.33
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.09
Sell Qty 199.00

Network Ltd. (NETWORK) - Auditors Report

Company auditors report

TO THE MEMBERS OF NETWORK LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of NETWORK LIMITED("theCompany") which comprise the Balance Sheet as at 31March 2016the Statement ofProfit and Loss and the Cash Flow Statement for the year then ended and a summary of thesignificant accounting 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 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.

Auditors' 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 andthe 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 control 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 on the financial statements.

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 in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at31March 2016 and its loss 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 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
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 best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on31March 2016and taken on record by the Board of Directors none of the directors is disqualified as on 31March 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) On the basis of the information and explanation of the company provided to us the internal financial control framework the report of the internal auditors and in our opinion the company has adequate internal financial controls systems in place and the operating effectiveness of such controls.
(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and 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 financial position in its financial statements refer note 2.14 to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

 

For and on behalf of
S. Kapoor & Associates
Chartered Accountants
(Registration No. 003528M)
Sd/-
Sanjay Kapoor
Place : New Delhi F.C.A. (Proprietor)
Dated : 03.05.2016 Membership No.82499

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

i. In respect of its fixed assets:

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

(b) The management had physically verified the fixed assets during the year. Accordingto the information and explanations given to us no material discrepancies were noticed onsuch verification.

ii. The Company does not have any inventory other than Securities and commodities.Accordingly the provisions of Clause 3 (ii) of the Order are not applicable to theCompany.

iii. The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the CompaniesAct 2013.

iv. In our opinion and according to the information and explanations given to us thecompany has complied with the provision of section 185 and 186 of the Companies Act 2013in respect of loans investments guaranties and security.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit during the year. Therefore the provisions of clause3(v) of the Companies (Auditors Report) Order 2016 are not applicable to the Company.

vi. According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of Section 148 of theCompanies Act 2013 for the Company.

vii. According to the information and explanations given to us in respect of statutorydues:

(a) The Company has been generally been regular in depositing undisputed statutorydues including Income-tax Service Tax Cess and other material statutory dues applicableto it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund Income-taxService Tax Cess and other material statutory dues in arrears as at March 31 2016 for aperiod of more than six months from the date they became payable.

We are informed that the operations of the Company during the year did not give rise toany liability for Employees State Insurance Sales Tax Wealth Tax Custom Duty ExciseDuty and Value Added Tax.

(c) We are informed that there are no dues in respect of Income Tax Service Tax andCess which have not been deposited on account of any dispute.

viii. According to the information and explanations given to us and the recordsexamined by us the Company has not taken any loans from financial institutions and banksnor has it issued any debentures. Accordingly the provisions of clause 3 (viii) of theOrder are not applicable to the Company.

ix. The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and no material fraud on the Company has been noticed orreported during the year.

xi. According to the information and explanations given to us and the records examinedby us the company has not been paid managerial remuneration during the year. Accordinglythe provisions of clause 3 (xi) of the Order are not applicable to the Company.

xii. In our opinion and According to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions of clause 3 (xii) of the Orderare not applicable to the Company.

xiii. According to the information and explanations given to us and the recordsexamined by us transections with the related parties are in compliance with sections 177and 188 of the Act where applicable and details of such transactions have been disclosedin the financial statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review and therefore the provisions ofclause 3 (xiv) of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany.

xv. In our opinion and according to the information and explanations given to us theCompany has not entered into any non cash transactions with directors or persons connectedwith the Directors.

xvi. In our opinion and according to the information and explanations given to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct1934.

For and on behalf of
S. Kapoor & Associates
Chartered Accountants
(Registration No. 003528M)
Sd/-
Sanjay Kapoor
Place: New Delhi (Proprietor)
Dated: 3rd May 2016 Membership No.82499