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Universal Media Network Ltd.

BSE: 531790 Sector: Media
NSE: N.A. ISIN Code: INE100B01026
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Universal Media Network Ltd. (UNIVERSALMEDIA) - Auditors Report

Company auditors report

UNIVERSAL MEDIA NETWORK LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT TO THE MEMBERS, UNIVERSAL MEDIA NETWORK LIMITED We have audited the attached Balance Sheet of UNIVERSAL MEDIA NETWORK LIMITED as at 31st March, 2002 and also the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of 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 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. 1. As required by the Manufacturing and Other Companies (Auditor's Report) Order 1988, issued by the Company Law Board under Section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in the said order. 2. Further we reprot that:- a) 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; 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 those books; c) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account; d) In our opinion, the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956; e) Based on information received from Directors and taken on record by the Board of Directors, none of the Directors is disqualified from being appointed as a Director in terms of amended Section 274(1)(g) of the Companies Act, 1956; f) Subject to Note no. 1B and 1G of Schedule Q regarding certain expenses and income accounted on cash basis and some investments of being held in the name of the Company, in our opinion and to the best of our information and according to the explanations given to qs, the said accounts read together with other notes thereon 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 at 31st March, 2002. ii. In the case of the Profit & Loss Account, of the Profit for the year ended on that date. For P.K. AJITSARIA & CO. Chartered Accountants (Pawan Kr. Ajitsaria) Proprietor Place: Kolkata Dated : The 27th Day of June, 2002 Annexure to the Auditor's Report referred to in paragraph 1 of our report of even date 1. The Company has maintained reasonable records to show full particulars including quantitative details and location of Fixed Assets which have been physically verified by the management at reasonable interval and no discrepancies have been noticed on such verification. 2. None of the Fixed Assets have been revalued during the year. 3. According to the explanations and information given to us, the procedure of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. 4. No discrepancies were noticed on such verification between the physical stocks and the books records. 5. On the basis of the examination of books & records, we are of the opinion that valuation is fair and proper and is in accordance with the generally accepted accounting principles. 6. According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956, in which Directors are interested as contemplated under Section 299 of the said Act. 7. In respect of the loans and advances in the nature of loans given by the Company, where stipulations have been made, the parties are generally repaying the principal amounts as stipulated and have and also been regular in the payment of interest wherever applicable. 8. The Company has not accepted any deposits from the public within the meaning of Section 58A of the Companies Act,1956. 9. The Company do not have an internal audit system, hence no comments have been made. 10. According to the information and explanations given to us, and the records examined by us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at the end of the year for a period of more than six months from the date they became payable except for T. D. S. payable of Rs.21.795/- and Income Tax Rs.19,72,347/-. 11. There is adequate internal control procedure commensurate with the size of the Company and the nature of the business for the purchase and sale of shares and securities. 12. In our opinion and according to the information and explanations given to us, the transactions of purchase and sale of shares and securities made in pursuance of contracts or arrangements entered with the parties required to be listed under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs.50,000/- or more in respect of each party, have been made at prices which are reasonable having regard to prevailing market prices for such shares and securities or the price at which transaction for similar shares and securities have been made with other parties. 13. According to the information and explanations given to us, no personal expenses have been charged to the Profit & Loss Account other than those payable under contractual obligation or in accordance with generally accepted business practice. 14. The Company has been generally regular in depositing Provident Fund & E.S.I. dues with the appropriate authorities. 15. According to the information and explanations given to us, the Company has maintained proper record of transactions and contracts of dealings in shares and timely entries have been made. However, some of the investments are not held in the name of the Company. 16. Other provisions of the said order, in our opinion are not applicable to the Company for the year under report. For P.K. AJITSARIA & CO. Chartered Accountants (Pawan Kr. Ajitsaria) Proprietor Place : Kolkata Dated : The 27th Day of June, 2002