ESHA MEDIA RESEARCH LIMITED
Report on the Standalone Financial Statement
We have audited the accompanying standalone financial statements of M/S ESHAMEDIA RESEARCH LIMITED ("the company") which comprise the Balance Sheet asat March 31 2020 and the Statement of Profit and Loss for the year ended and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation &presentation of these standalone financial statements that give a true and fair view ofthe financial position and financial performance of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of internalfinancial control 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
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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified u/s 143 (10) issued by the Instituteof Chartered Accountants of India. 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 issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.
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 Section 143 of the Act we give in theAnnexure a statement on the matters specified in the paragraphs 3 and 4 of the order.
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 appears from our examination of those books;
(c) The Balance Sheet & Statement of Profit and Loss dealt with by this Report arein agreement with the books of account;
(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;
(e) The company has not entered into any financial transactions or matters which mayhave adverse effect on working of the company
(f) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in terms of Section164 (2) of the Act;
(g) 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 does have pending litigations which would impact its financial position.
II. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
III. The provisions relating to Investor Education and Protection Fund are notapplicable since there was no unclaimed dividend during the year.
In our opinion and to the best of our information and according to the explanationgiven to us the aforesaid standalone financial statements read with the significantaccounting policies and notes to accounts give the information required by the Act in sofar as it is possible. In our opinion the accounts give reasonably true and fair view andare in conformity with the accounting principles generally accepted in India
a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2020;
b) In the case of the Statement of Profit and Loss of the loss for the yearended on that date;
| ||For DHAKAD & Co. |
| ||(Chartered Accountants) |
|Place: Mumbai || |
|Date: 31/08/2020 || |
| ||(Amrit Dhakad) |
| ||Proprietor |
| ||(Mem. No. 137579) |
ANNEXURE TO AUDITORS REPORT
As required by the Companies (Auditors Report) Order 2015 issued by the CentralGovernment in terms of Section 143 (11) of the Companies Act 2013 we report on thematters specified in paragraph 3 of the said order to the extent applicable to thecompany.
(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;
(b) These fixed assets have been physically verified by the management at reasonableintervals and in our opinion no material discrepancies were noticed on such verification.
(c) The company did not sell or dispose off substantial part of fixed assets during theyear.
(ii) The Company is a Service Company primarily rendering data exchange Services.Accordingly it does not hold any Inventories. Thus paragraph 4(ii) of the Order is notapplicable.
(iii) (a) The company has granted & has also taken loans secured or unsecuredto/from companies firms or other parties covered in the register maintained under section301 of the Act.
(b) The rate of interest and terms and condition of such loans are prima facie notprejudicial to the interest of the company.
(iv) In our opinion and according to the explanations given to us there are adequateinternal control systems commensurate with the size of the company and the nature of itsbusiness for the purchase of inventory and fixed assets and for the sale of goods andservices. There is no continuing failure to correct major weaknesses in internal controlsystems.
(v) The company has not accepted any deposits from the public and the provisions ofsections 73 to 76 of the Companies Act 2013 and the rules framed there under do notapply.
(vi) The Central Government has not prescribed maintenance of cost records undersection 148 (1) of the Companies Act 2013 for the products manufactured and/or servicesrendered by the company.
(vii) (a) According to the information & explanation given to us & on the basisof our examination of the records of the company amounts deducted/ accrued in the booksof accounts in respect of undisputed statutory dues has been deposited with the respectivegovernment authorities. However the Company is irregular in depositing the statutory dueson time.
(b) According to the information & explanation given to us the following dues ofIncome Tax Sales Tax & Service Tax have not been deposited by the Company on accountof dispute :
|Name of the Statute ||Nature of the dues ||Amount (in Rs.) ||Period to which the Amt Relates ||Forum where dispute is Pending |
|INCOME TAX ACT 1961 ||Demand U/s 143(3) ||8183983/- ||A.Y. 2011-12 ||CIT (Appeals) - Hyderabad |
|SALES TAX ||VAT ||4656878/- ||A.Y. 1993-94 1995-96 1996-97 2002-03 2003-04 2004-05 ||A.P. High Court & Sales Tax Appellate Tribunal |
(viii) There are accumulated losses as at the end of the financial year. The companyhas also incurred cash losses for the Current year.
(ix) The company has not taken any loans from financial institutions or bank and hencethis clause does not apply.
(x) The company has not given any guarantee for loans taken by others from banks orfinancial institutions.
(xi) As informed to us the Company has not taken any term loans during the financialyear and hence this clause does not apply.
(xii) According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.
|Place: MUMBAI ||FOR DHAKAD & Co. |
|Date: 31/08/2020 ||(CHARTERED ACCOUNTANTS) |
| ||AMRIT DHAKAD |
| ||(PROPRIETOR) |