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Sai Television Ltd.

BSE: 521321 Sector: Media
NSE: SAITELE ISIN Code: INE294C01017
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Sai Television Ltd. (SAITELE) - Auditors Report

Company auditors report

SAI TELEVISIONS LIMITED ANNUAL REPORT 2006-2007 AUDITORS' REPORT To The Members SAI TELEVISIONS LIMITED 1. We have audited the attached Balance sheet of SAI TELEVISIONS LIMITED as on 31st March, 2007 and also the Profit and Loss Account and the Cash Flow Statement of the Company 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. 2. 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 amount and disclosures 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) order 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said Order to the extent applicable to the Company during the year. 4. Further to our comments in the Annexure referred to in para (3) above, we report as follows: a) The operations of the Company have been suspended from 1st September 97 yet the accounts are prepared on the basis of Historical Cost Convention and as a going concern in view of the efforts in progress for recommencement of the operations. b) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit; c) In our opinion, Proper books of accounts required by law have been maintained by the Company in respect of all material transaction so far as it appears from our examination of those books; d) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account of the Company; e) In our opinion the Balance sheet, Profit and Loss account and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable, except wherever expressly stated otherwise; f) On the basis of written representations received from the directors and taken on record by the Company, we report that none of the director is disqualified as on 31st March 2007 from being appointed as a director in terms of section 274 (1) (g) of the Companies Act, 1956; g) Attention is invited to the following notes in Schedule-9: i) Prate no.112 regarding pending confirmation and reconciliations if any in respect of Sundry Debtors, Loans and Advances and Current Liabilities and Bank Balances. ii) Note No.11.4 regarding non-provision in the accounts towards Sundry Debtors and Loans and Advances considered doubtful of recovery amounting to Rs. 442.12 Lakhs (Previous year Rs. 442.12 Lakhs) and Rs.35.56 Lakhs (Previous year Rs. 35.56 Lakhs) respectively. since the management is hopeful of their full recovery. Subject to the above notes and their consequential effect on the respect re assets and liabilities and loss for the year and read together with other Notes and Significant Accounting Policies in Schedule-9. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in confirmity with the accounting principles accepted in India; I) In the case of Balance sheet, of the State of affairs of the Company as on 31st March, 2007; II) In the case of the Profit and Loss Account, of the Loss of the Company for the year ended on that date; and III) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For L.S. Rajaram & Associates Chartered Accountants L.S. Rajaram Partner Membership No. 25396 Place: Chennai, Date : July 30, 2007. ANNEXURE TO THE AUDITOR'S REPORT: (As referred to in Paragraph 3 of the Auditor's Report): On the basis of such checks as we considered necessary and as per the information and explanations given to us, we state as follows: i. The Company is in the process of updating the records pertaining to fixed assets to show the required particulars, including quantitative details and situation of its Fixed Assets. Based on the records verified, in our opinion, the fixed Assets have been physically verified by the management at reasonable intervals during the year and no material discrepancies were noticed on such verification. The Company has not disposed off any significant part of the fixed assets during the year under review. ii. In our opinion, the physical verification of inventory has been conducted at reasonable intervals by the management and the procedures of the verification followed by the management are both reasonable and adequate in relation to the size of the Company and the nature of its business. In our opinion, the Company has maintained proper records of inventory and no material discrepancies were noticed on physical verification of the said inventory. iii. (a) The Company has not taken any secured or unsecured loans from concerns and parties covered in the register maintained under Section 301 of the Companies Act, 1956. (b) The Company has not granted loans to concerns and parties covered in the register maintained under Section 301 of the Companies Act, 1956. iv. In our opinion, the Company has an adequate internal control procedure commensurate with its size and the nature of its business. v. As per the records verified by us, there were no transactions involving purchase or sale of goods or provision of service during the year which aggregate to Rs. 5.00 Lacs or above, entered into with the parties listed in the register maintained under Section 301 of the Companies Act, 1956 during the year under review. vi. The Company has not accepted any deposits from the public with in the purview of Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under. vii. There is no formal internal audit system prevailing to the Company during the year under review. viii. The Central Government has not prescribed for maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 for services provided by the Company. ix. (a) As explained to us, there were no undisputed dues arising to the Company in respect of Provident Fund and Employees State Insurance, Income Tax, Sales Tax, Investor Education and Protection Fund, Wealth Tax, Customs Duty and other Statutory dues which are outstanding for a period of more than 6 months as at the close of the year. (b) In absence of relevant and appropriate information and records, we are unable to report about disputed Statutory dues, if any against the Company during the year under review. x. The Company's accumulated losses as on 31st March 2007 are exceeding fifty percent of its net worth. The Company has incurred cash losses of Rs.162.16 lacs in the current accounting year. (Previous year Rs. 21.92 Lacs). xi. The Company has not taken any loan from Financial Institutions and lanks. xii. During the year under review, the Company has not granted any loans and / or advances on the basis of security by way of pledge of shares, debentures and other securities to any party. xiii. As explained to us, the Company has not given any guarantee in respect of the loans taken by others from banks or Financial Institutions. xiv. The Company has not made any preferential allotment of shares during the year under review. xv. We have not noticed or reported any fraud on or by the Company during the year under review. For L.S. Rajaram & Associates Chartered Accountants L.S. Rajaram Partner Membership No. 25396 Place: Chennai, Date : July 30, 2007.