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Oyeeee Media Ltd.

BSE: 539310 Sector: Media
NSE: N.A. ISIN Code: INE365S01011
BSE LIVE 15:44 | 15 Dec 15.50 -1.70
(-9.88%)
OPEN

15.50

HIGH

15.50

LOW

15.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 15.50
PREVIOUS CLOSE 17.20
VOLUME 42000
52-Week high 35.25
52-Week low 15.50
P/E 51.67
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 15.50
Sell Qty 147000.00
OPEN 15.50
CLOSE 17.20
VOLUME 42000
52-Week high 35.25
52-Week low 15.50
P/E 51.67
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 15.50
Sell Qty 147000.00

Oyeeee Media Ltd. (OYEEEEMEDIA) - Auditors Report

Company auditors report

To

The Members of

OYEEEE MEDIA LIMITED

(Formerly Oyeeee Media Pvt Ltd)

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Oyeeee MediaLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Standalone 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 with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

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 the

50 auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s management and Boardof Directors as well 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its Profit and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Government of India in terms of sub-section (11) of Section143of the Act we give in the "Annexure A" a statement on the mattersSpecified in the 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 bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of accounts as required by law have been kept by theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014

e) On the basis of written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.

51 f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B" and

g) 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. There is no pending litigation of the Company.

ii. The Company did not have any long–term contracts including derivativecontracts for which there were any material foreseeable losses.

iii. There was no amount required to be transferred to the Investor Education andProtection Fund by the Company.

For Agarwal & Mangal

Chartered Accountants

Firm Registration No. : 100061W

CA Vinit Mangal

Partner

Membership No 146912

Place: Mumbai

Date: May 30th 2016

ANNEXURE A TO THE INDEPENDENT AUDITORS’ REPORT

With reference to the Annexure A referred to in paragraph 1 in Report on Other Legal& Regulatory Requirement of the Independent Auditor’s Report to the members ofthe company on the standalone financial statements for the year ended March 31 2016 wereport that:

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

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals. We have been informed that no material discrepancies were noticed onsuch physical verification.

(c ) The Company does not have any immovable property.

ii The inventory has been physically verified at reasonable interval by the management.In our opinion the periodicity of physical verification is reasonable having regard tothe size of the Company and the nature of its business.

iii According to the information and explanation given to us the company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnership or other parties covered in the Register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3 (iii)(a)(b)and (c) of theorder are not applicable to the company and hence not commented upon.

iv According to the information and explanation given to us the company has compliedwith the provisions of section 185 & 186 of the Act.

v According to the information and explanation given to us the company has notaccepted any deposits from the public in accordance with the provisions of sections 73 to76 or any relevant provisions of the Act and the rules frame there under.

vi The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act.

vii (a) According to the information and explanations given to us and on the basis ofour examination of the records of the company amounts deducted /accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees’ State Insurance Income-tax Sales-tax Service Tax Duty of Customs Dutyof Excise Value Added Tax and any other material statutory dues have generally beenregularly deposited during the year by the Company with the appropriateauthorities.According to the information and explanations given to us no undisputedamounts payable in respect of Provident Fund Employees’ State Insurance Income-taxSales-tax Service Tax Duty of Customs Duty of Excise Value Added Tax and any othermaterial statutory dues were in arrears as at 31st March 2016 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues whichhave not been deposited by the company on account of disputes.

viii According to the information and explanation given to us and based on ourexamination of records the company has not availed of any loans from any financialinstitution or banks and has not issued any debentures.

ix The company has raised money by way of initial public offer by issuing 3975000Equity Shares of Face Value of Rs. 10 each at a Premium of Rs. 30 each.

x According to the information and explanation given to us no material fraud on thecompany by its officers and employees or fraud by the company has been noticed or reportedduring the course of our audit.

xi According to the information and explanations given to us and based on theexamination of the records of the company the company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act.

xii According to the information and explanations given to us in our opinion theCompany is not a Nidhi Company as prescribed under Section 406 of the Act.

xiii According to the information and explanations given to us and based on ourexamination of records of the company transactions with the related parties are incompliance with sections 177 and 188 of Companies Act were applicable and details ofsuch transactions have been disclosed in the financial statements as required by theapplicable accounting standards.

xiv According to the information and explanations given to us and based on ourexamination of records of the company the company has not made preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.

xv According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with them.

xvi According to the information and explanations given to us and in our opinion thecompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For Agarwal & Mangal

Chartered Accountants

Firm Registration No. : 100061W

CA Vinit Mangal

Partner

Membership No 146912

Place: Mumbai

Date: May 30th 2016

ANNEXURE B TO THE INDEPENDENT AUDITORS’ REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF OYEEEE MEDIA LIMITED

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 OyeeeeMedia Limited ("the Company") as of March 31 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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 Reporting("Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company’spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors’ 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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 judgment 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 Company’s internal financial controlssystem over financial 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 overfinancial reporting includes those policies and procedures that:

i. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

ii. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

iii. provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls 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 issued by ICAI.

For Agarwal & Mangal

Chartered Accountants

Firm Registration No. : 100061W

CA Vinit Mangal

Partner

Membership No 146912

Place: Mumbai

Date: May 30th 2016