To the Members of CYBERSCAPE MULTIMEDIA LIMITED
Report on the Consolidated Financial Statements
1. We have audited the accompanying Statement of Consolidated Financial Results ofCYBERSCAPE
MULTIMEDIA LIMITED ("the Company") and its subsidiaries (the Company and itssubsidiaries together referred to as "the Group") for the quarter and year endedMarch 31 2018 ("the Statement") being submitted by the Company pursuant to therequirements of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 as modified by Circular No. CIR/CFD/FAC/62/2016 datedJuly 5 2016.
Management's Responsibility for Financial Statements
2. This Statement is the responsibility of the Company's Management and is approved bythe Board of Directors. The Statement as it relates to the quarter ended March 31 2018has been compiled from the related interim consolidated financial statements prepared inaccordance with Indian Accounting Standard 34 "Interim Financial Reporting" (IndAS 34) and as it relates to the year ended March 31 2018 has been compiled from therelated annual consolidated financial statements prepared in accordance with IndianAccounting Standards prescribed under Section 133 of the Companies Act 2013 read withrelevant rules issued thereunder and other accounting principles generally accepted inIndia. Our responsibility is to express an opinion on the Statement based on our audits ofsuch interim consolidated financial statements and annual consolidated financialstatements.
3. We conducted our audits in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the Statement is free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in theStatement. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the Statement whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlsrelevant to the Company's preparation and fair presentation of the Statement in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on the effectiveness of the Company's internal financialcontrols.
An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by the Management as well asevaluating the overall presentation of the Statement. We believe that the audit evidenceobtained by us is sufficient and appropriate to provide a basis for our audit opinion.
1) In our opinion and to the best of our information and according to the explanationsgiven to us the Statement:
a. includes the results of an associate M/s. Forethought Technologies Private Limited;
b. is presented in accordance with the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 as modified byCircular No. CIR/CFD/FAC/62/2016 dated July 5 2016; and gives a true and fair view inconformity with the aforesaid Indian Accounting Standards and other accounting principlesgenerally accepted in India of the consolidated profit and total comprehensive income forthe period and other financial information of the Group for the quarter and year endedMarch 31 2018.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms Section 143 (11) of the Act we give inthe Annexure a statement on the matters specified in paragraph 4 and 5 of the Order.
2. As required by Section 143(3) of the Act we report that: a) We have obtained allthe information and explanations which to the best of our knowledge and belief werenecessary for the purpose of our audit; b) In our opinion proper books of accounts asrequired by law have been kept by the company as far as appears from our examination ofthose books.
c) The Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the Books of account.
d) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementcomply with the Accounting Standards notified under the Act.
e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director interms of Section 164(2) of the Act. f) In our opinion company has adequate internalfinancial control system in place and the operating effectiveness of such controls.
| ||For SHABBIR & RITA ASSOCIATES LLP |
| ||Chartered Accountants |
| ||Firm Regn. No. 109420W |
| ||Shabbir S. Bagasrawala |
|Mumbai ||Partner |
|May 29 2018 ||Membership No. 39865 |
The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof Cyberscape Multimedia Limited on the accounts of the company for the year ended 31stMarch 2018.
On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:
1. In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.
(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.
2. In respect of its inventories:
(a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals.
(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.
(c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.
3. (a) The company has taken unsecured loans covered in the register maintained undersection 189 of the Companies Act 2013. Balance outstanding as on March 31 2018 andmaximum amount outstanding during the year are as follows:
|Name of the Lender ||Balance Outstanding as on March 31 2018 ||Maximum Outstanding during the year (In Rs) |
|Anand S K ||403281/- ||403281/- |
|M.S. Sridhar ||340500/- ||340500/- |
(b) According to the information and explanations given to us and on the basis of ourexamination of the books of account the rate of interest and other terms and conditionsof such loans are not prima facie prejudicial to the interest of the Company.
(c) According to the information and explanations given to us the company has notgranted any loans to companies and parties covered in the register maintained undersection 189 of the Companies Act 2013.
4. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of thecompany & the nature of its business for the purchase of inventories & fixedassets and payment for expenses & for sale of goods. During the course of our auditno major instance of continuing failure to correct any weaknesses in the internal controlshas been noticed.
5. The Company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act 2013.
6. As per information & explanation given by the management maintenance of costrecords has been prescribed by the Central Government under sub-section (1) of section 148of the Act & we are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. We have not however made a detailed examinationof records with a view to determine whether they are accurate or complete.
7. In respect of statutory dues:
(a) Based on the records produced before us the company is generally regular indepositing with appropriate authorities undisputed statutory dues including ProvidentFund Employees' State Insurance Income-tax Sales-tax Wealth Tax Service Tax CustomDuty Excise Duty and other material statutory dues wherever applicable except in case ofcess tax. There are no arrears as at March 31 2018 which were due for more than sixmonths from the date they became payable.
(b) According to the information and explanations given to us no amount is payable inrespect of income tax wealth tax service tax sales tax customs duty and excise dutywhich have not been deposited on account of any disputes.
(c) As per information & explanation given by the management the company do notrequired to transfer any amount to investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 and rules made there under.
8. The accumulated loss of the company exceeded fifty percent of its net worth as onMarch 31 2018 and it has incurred cash loss during the financial year covered by ouraudit and the immediately preceding financial year.
9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.
10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.
11. In our opinion and according to the information and explanation given to us thecompany has not raised any term loan during the period.
12. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.
| ||For SHABBIR & RITA ASSOCIATES LLP |
| ||Chartered Accountants Firm Regn. No. 109420W |
| ||Shabbir S. Bagasrawala |
| ||Partner |
| ||Membership No: 39865 |
|Mumbai || |
|May 29 2018 || |