OASIS MEDIA MATRIX LIMITED
ANNUAL REPORT 2005-2006
The Members of
OASIS MEDIA MATRIX LIMITED
We have audited the attached Balance Sheet of OASIS MEDIA MATRIX LIMITED as
at 31st March 2006 and also the Profit and Loss Account for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosure in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall Financial statements presentation. We believe that our audit
Provides a reasonable basis for our opinion.
We report as follows:
As required by the Companies (Auditor's Report) order, 2003 issued by the
Central Government of India, in terms of Section 227 (4A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters specified
in the paragraph 4 and b of the said Order.
Further to our comments in the Annexure refers to in paragraph above
a) We have obtained all the the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
b) In our opinion, proper books of accounts as required by law have been
kept by the company so far as appears from our examination of the books.
c) The Balance Sheet, Profit and Loss Account dealt with by this report are
in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with
this report comply with the Accounting standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representation received from the Directors as on
31st March, 2005 and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 31st March, 2005 from
being appointed as Director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) In our opinion, and to the best of our information and according to the
explanations given to us, the said accounts, read together with the
Company's Accounting Policies and the Notes thereto, give the information
required by the Companies Act, 1956 in the manner so required and give a
true and fair view in conformity with the accounting principles generally
accepted in India:
i) In the case of the Balance Sheet, of the state of affairs of the Company
as on March 31, 2006; and
ii) In the case of the Profit and Loss Account of the PROFIT of the Company
for the year ended on that date.
For and on behalf of,
M/S. ANAND GUPTA & CO.
M. No.: 77651
Date : 3rd September, 2006
ANNEXURE TO THE AUDITOR'S REPORT
Referred to in paragraph 1 of our Report of even date:
1) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the basis
of the available information.
As explained to us, the fixed assets have been physically verified by the
management during the year in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and nature
of its assets. No material discrepancies were noticed on such physical
In our opinion. the Company has not disposed of substantial part of fixed
assets during the year and the going concern status the Company is not
2) As per information and explanation given to us, the inventory has been
physically verified by the management at the reasonable frequency
commensurate with the size and nature of its business.
3) The Company has not obtained unsecured loan from any company, firm or
parties listed in the register maintained under section 301 of the
Companies Act, 1956.
The Company has not granted any loans to the Company, Firms or Parties
listed in the register maintained under section 301 of the companies Act,
4) In our opinion and according to the information and explanation given
to us , there are adequate internal control procedures commensurate with
the size of the company and nature of its business for the purchase of
inventories, fixed assets and also the sale of goods. During the course of
our audit, we have not observed any major weaknesses in internal controls.
5) our opinion and according to the information and explanations given to
us, there is no transactions made, that needed to be entered in the
register maintained under Section 301 of the Companies Act, 1956.
6) In our opinion, the internal audit system of the Company is commensurate
with its size and nature of its business.
7) According to records of the Company, undisputed statutory dues including
Provident fund, Investor Education and Protection fund, employees stage
Insurance, Income Tax, Sales Tax,and other statutory dues have been
generally regularly deposited with the appropriate authorities. According
to the information and explanation given to us, no undisputed amount
payable in respect of the afore said dues were outstanding as at 31st
March, 2005 for a period of more that six months from the date of becoming
According to information and explanation given to us, the company has not
deposited a disputed liability of Income Tax for the A.Y. 1997-98 of
Rs.1477376/- and for the A.Y. Year 1998-99 of Rs. 1281259/-, of which
appeal is pending before the Appellate Tribunal.
8) The Company has no accumulated losses exceeding fifty per cent of its
net worth and has not incurred any cash losses during the financial year
covered by our audit or in the immediately preceding previous year.
9) According to the information and explanation given to us, the Company
has not given guarantees for loans taken by others from banks or
10) In our opinion and according to information explanation given to us,
the company is maintaining proper records for the sale and purchase of the
shares and other securities and timely entries have been made therein.
According to information given to us, the company has maintained all such
securities in its own name.
11) According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, Eye report that no
funds raised on short term basis have been used for long term investment.
No long term funds have been used to finance short term assets except
permanent working capital.
12) In our opinion and according to the information and explanations given
to us, no fraud on or by the Company has been noticed or reported during
the year, that causes the financial statements to be materially misstated.
13) Other clauses of the report are not applicable.
For and on behalf of
M/S. ANAND GUPTA & CO.
M. No.: 77651.
Dated: 3rd September, 2006