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Sri Adhikari Brothers Television Network Ltd.

BSE: 530943 Sector: Media
NSE: SABTN ISIN Code: INE416A01036
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VOLUME 25704
52-Week high 303.00
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Buy Price 0.00
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OPEN 17.25
CLOSE 18.15
VOLUME 25704
52-Week high 303.00
52-Week low 17.25
P/E
Mkt Cap.(Rs cr) 60
Buy Price 0.00
Buy Qty 0.00
Sell Price 17.25
Sell Qty 243152.00

Sri Adhikari Brothers Television Network Ltd. (SABTN) - Auditors Report

Company auditors report

To

The Members

Sri Adhikari Brothers Television Network Ltd

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Sri AdhikariBrothers Television Network Ltd (“the Company”) which comprise the BalanceSheet as at 31 March 2017 the Statement of Profit and Loss the Cash Flow Statement forthe year 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 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.

Auditor's 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 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 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 at 31March 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of the section 143 of the Companies Act2013 we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4of 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 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) In our opinion there are no observations or comments on the financial transactionswhich may have an adverse effect on the functioning of the company

f) On the basis of the written representations received from the directors as on 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

g) Report on the Internal Financial Controls under Clause (1) of Sub-section 3 ofSection 143 of the Companies Act 2013(“the Act”) is enclosed as Annexure B tothis report.

h) 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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements. Refer Note 30 to the financial statements.

ii. According to information and explanation given to us the Company has not enteredinto any long-term contracts including derivative contracts.

iii. There has been no delay in transferring material amounts to the Investor Educationand Protection Fund by the Company.

For A. R. Sodha & Co.

Chartered Accountants FRN 110324W

A. R. Sodha

Partner M. No.031878

Place : Mumbai

Date : 30 May 2017

ANNEXURE A TO AUDITOR'S REPORT

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:

1. a. The Company has generally maintained proper records of fixed assets showing fullparticulars including quantitative details and situation of fixed assets.

b. According to information given to us fixed assets have been physically verified bythe management at reasonable intervals and no material discrepancy was noticed on suchverification.

c. According to the information and explanation given to us and on the basis of recordsfurnished before to us the title deeds/ownership documents of the immovable propertiesare held in the name of the company.

2. Physical verification of inventory has been conducted at reasonable intervals by themanagement. The Company is generally maintaining proper records of inventory and nomaterial discrepancies were noticed on physical verification between the physical stocksand the book records.

3. a. According to the information and explanation given to us and on the basis ofrecords furnished before us during the year the company has not granted unsecured loansto any party covered in the register maintained under section 189 of the Companies Act2013. Accordingly Clauses 3(iii)(a) 3(iii)(b) and 3(iii)(c) of Companies (Auditor'sReport) Order 2016 are not applicable.

4. In our opinion and according to the information and explanations given to us theprovisions of section 186 of the Act in respect of loans and guarantees given andinvestments made have been complied with by the Company. In our opinion and according tothe information and explanations given to us the Company has not advanced any loans topersons covered under the provisions of Section 185 or granted securities or made anyinvestments under Section 186 of the Act.

5. The company has not accepted deposits form the public within the meaning of sections73 to 76 or any other relevant provisions of the Companies Act and the rules framed thereunder. Accordingly Clause 3(v) of Companies (Auditor's Report) Order 2016 is notapplicable.

6. 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 in respect of Services dealt with by the Company.

7. a. The company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxCustom Duty Duty of Excise Value added Tax Cess and any other statutory dues exceptdelays in the payment of TDS and Dividend Distribution Tax. No undisputed statutory duesas stated above is outstanding as at 31 March for more than six months from the date theybecome payable.

b. According to information and explanation given to us there are no disputedstatutory dues including Provident Fund Employees' State Insurance Income Tax SalesTax Service Tax Custom Duty Duty of Excise Value added Tax Cess and any otherstatutory dues which have not been deposited on account of dispute except as stated below:

Name of statute Nature of dues Year(s) to which it pertains Amount Not Paid (` in Lacs) Forum where dispute is pending
Income Tax Act1961 Income Tax Demand 2000-01 35.08 Mumbai High Court

8. According to the records of the company examined by us and the information andexplanations given to us the company has generally delayed the repayment of dues tobanks. As at the Balance Sheet date principal and interest for the month of February andMarch 2017 were outstanding.

9. According to information and explanation given to us and records examined by us thecompany has not raised money by way of public offers and the term loan raised during theyear has been applied for the purpose for which they have been obtained.

10. During the course of our examination of the books and records of the companycarried out in accordance with generally accepted auditing practices in India andaccording to the information and explanation given to us we have neither come across anyinstance of fraud on or by the company noticed or reported by its officers or employeesduring the year nor we have been informed of such instances by the management.

11. According to the information and 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 of the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly clause 3(xii) of Companies (Auditor's Report)Order 2016 is not applicable.

13. According to the information and explanation provided to us and based on ourexamination of the records of the Company the transactions with the related parties arein compliance with section 177 and 188 of Companies Act 2013 where applicable and thedetails of such transactions have been disclosed in financial statements as required bythe applicable accounting standards.

14. According to the information and explanation provided 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. Accordingly the clause 3(xiv) of the Companies (Auditor's Report) Order 2016 isnot applicable.

15. According to the information and explanation provide to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransaction with directors or persons connected with him. Accordingly clause 3(xv) of theCompanies (Auditor Report) Order 2016 is not applicable.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For A. R. SODHA & Co.

Chartered Accountant FRN 110324W

A. R. Sodha

Partner M. No 31878

Place: Mumbai

Date: 30 May 2017

ANNEXURE B TO AUDITOR'S REPORT

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 SriAdhikari Brothers Television Network Limited (“the Company”) as of March 312017 in conjunction with our audit of the standalone financial statements of the Companyfor the year ended on that date.

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 Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

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 on Audit of Internal Financial Controls Over Financial Reporting(the “Guidance Note”) and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorsed acquisition use or disposition of thecompany's assets that could have a 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 March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For A.R. Sodha & Co.

Chartered Accountants FRN 110324W

A.R. Sodha

Partner M No. 31878

Place: Mumbai

Date: 30 May 2017.