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Sea TV Network Ltd.

BSE: 533268 Sector: Media
NSE: N.A. ISIN Code: INE351L01016
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VOLUME 35
52-Week high 6.46
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Buy Price 0.00
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OPEN 3.90
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VOLUME 35
52-Week high 6.46
52-Week low 3.29
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sea TV Network Ltd. (SEATVNETWORK) - Auditors Report

Company auditors report

To

The Members of SEA TV NETWORK LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of SEA TV NETWORKLIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and the cash flow statement for the yearthen ended and a summary of the 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

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 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell 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 its loss and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors’ Report) Order2016 ("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Companies Act 2013. We give in the Annexure A statements on the matters specified inparagraphs 3 and 4 of the order to the extent applicable.

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 account 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 opinionthe aforesaid standalone financial statements comply with the Accounting Standardsspecified 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 on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termsof Section 164 (2) of the Act; and (f) With respect to the other matters to be included inthe 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 theexplanations given to us;

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements- Refer to Note 25 (A) (i) to (iii) to the financialstatements.

ii. The Company has made no provision as required under the applicable law oraccounting standards in the absence of material foreseeable losses on long-term contractsincluding derivative contracts- Refer to Note 25 (B) (i) & (ii) to the financialstatements.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and

Protection Fund by the Company.

Place : Agra For Surendra G. & Company
Date : 30th May 2016 Chartered Accountants
FRN: 001757C
Surendra Kumar Garg
Proprietor
M.No. : 070974

Annexure to the Auditors’ Report

The Annexure referred to in our Independent Auditors’ Report to the members of SeaTV Network Limited on the standalone financial statements for the year ended 31stmarch 2016 we report that:

(I) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification to cover all fixedassets in a phased manner over a period of two years other than set top boxes which are inpossession of the customers / third parties and distribution equipment comprising overheadand underground cables. Management is of the view that it is not possible to verify theseassets due to their nature and location. In accordance with this program certain fixedassets were physically verified during the year by the management but no discrepancieswere noticed on such verification as explained to us. In our opinion other than forphysical verification of set top boxes and distribution equipments referred to above thefrequency of verification of fixed assets is reasonable.

(c ) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company except in the case of following property whereconstruction has been made by the company on property taken on rent as under:-

148 Manas Nagar Shahganj

Mr. Neeraj Jain &

Rs.16976176/=

FY 2008-09 to

Agra- 282 010

Mr. Pankaj Jain

FY 2015-16

(II) The company is a service company primarily rendering MSO services.Accordingly it does not hold any physical inventories. Thus paragraph 3 (ii) of the Orderis not applicable to the Company.

(III) The Company has not granted any loans secured or unsecured to companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder section 189 of the Companies Act 2013 (‘the Act’). Thus clauses (a) to(c) of paragraph (iii) of the Order are not applicable.

(IV) In our opinion and according to the information and explanations given to us theCompany has not made any loans investments guarantee and security requiring complianceunder section 185 and 186 of the Companies Act 2013 during the year.

(V) The Company has not accepted any deposits from the public.

(VI) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any services rendered by the company.

(VII) (a) According to the information and explanations given to us and on thebasis of the records of the Company amounts deducted/ accrued in the books of account inrespect of undisputed statutory dues including provident fund income tax employee stateInsurance service tax duty of customs and other material statutory dues have beendeposited during the year by the Company with the appropriate authorities. As explained tous the Company did not have any dues on account of duty of excise sales tax Wealth taxvalue added tax Cess.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax employee state Insurance service taxduty of customs excise duty sales tax Wealth tax value added tax Cess and othermaterial statutory dues were in arrears as at 31st March 2016 for a periodmore than six months from the date they became payable.

Name of the statute Nature of dues Amount (Rs.) Period to which the amount relates
Income tax Act TDS 87940/= Prior Years
Income tax Act TDS 75550/= FY 2012-13
Income tax Act TDS 34900/= FY 2013-14
Income tax Act TDS 11350/= FY 2014-15
Service tax Service tax 675341/= September 2015

(b) According to the information and explanations given to us the following dueshave not been deposited by the company on account of disputes:

Name of the Nature of dues Statute Amount (Rs.) Period to which the Forum where amount relates dispute is pending
Sales tax Act Sales tax demand 2250000/=* AY 2012-13 & AY Appellate 2013-14 Authority Agra
Entertainment Licence fees Act 11600800/= ** FY 2013-14 Allahabad High Court Lucknow Bench.

*A stay order has been received after depositing 15% of disputed demand.

**Disputed amount is 10883500/= after adjustment of ascertained liability forRs.1217300/= (VIII) The company has term loans from Allahabad Bank during the yearwhich was overdue as under:

Name of financial Nature of institution account Overdue Amount Period to which the Whether (Rs.) amount relates regularized.
Allahabad Bank Term Loans 29323833/= April 2015 to March No 2016

(IX) The Company did not raise any money by way of initial public offer (including debtinstruments) and term loans during the year. Accordingly paragraph 3 (ix) of the Order isnot applicable.

(X) According to the information and the explanations given to us no material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

(XI) According to the information and the explanations given to us and based on ourexamination 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 Act.

(XII) According to the information and the explanations given to us the Company is nota nidhi Company. Accordingly paragraph 3 (xii) of the Order is not applicable.

(XIII) According to the information and the explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(XIV) According to the information and the explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(XV) According to the information and the 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 him. Accordingly paragraph 3 (xv) ofthe Order is not applicable.

(XVI) The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934.

Place : Agra For Surendra G. & Company
Date : 30th May 2016 Chartered Accountants
FRN: 001757C
Surendra Kumar Garg
Proprietor
M.No. : 070974