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Infomedia Press Ltd.

BSE: 509069 Sector: Services
NSE: INFOMEDIA ISIN Code: INE669A01022
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NSE 05:30 | 01 Jan Infomedia Press Ltd
OPEN 4.26
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VOLUME 147
52-Week high 6.56
52-Week low 3.41
P/E
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.26
CLOSE 4.45
VOLUME 147
52-Week high 6.56
52-Week low 3.41
P/E
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Infomedia Press Ltd. (INFOMEDIA) - Auditors Report

Company auditors report

To the Members of Infomedia Press Limited Report on the Financial Statements Opinion

We have audited the accompanying financial statements of Infomedia Press Limited(‘the Company') which comprise the Balance Sheet as at 31st March2021 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant information. (hereinafter referred to as "the FinancialStatements")

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 including Ind AS specified under Section 133 of theAct of the financial position of the Company as at 31 st March 2021 and itsfinancial performance including other comprehensive income its cash flows and the changesin equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act

2013 our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof

Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the financial statements under the provisions of the Companies Act 2013and the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Material Uncertainty Related to Going Concern

We draw attention to the Note 31 to the financial statement which indicates that theCompany had discontinued its operations and has incurred a net loss of ` 354.16 lakhduring the year ended 31st March 2021 and as of that date the Company'saccumulated losses amount to ` 9558.70 lakh resulting in negative net worth of theCompany. The management of the Company is evaluating various options including starting anew line of business. These conditions along with other matter as set forth in theaforesaid note indicate the existence of a material uncertainty that may cast significantdoubt about the Company's ability to continue as a going concern.

Network18 Media & Investments Limited the Holding Company has given a supportletter to extend for the foreseeable future any financial support which may be requiredby the Company. In lieu of the support letter from the Holding Company the management hasassessed that the Company continues to be going concern. Our opinion is not modified inrespect of the said matter.

Key Audit Matters

Key audit matters are those matters that in ourprofessionaljudgementwereofmostsignificancein our audit of the financial statements ofthe current period. These matters were addressed in the context of our audit of thefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. In addition to the matter described in the MaterialUncertainty Related to Going Concern section we have determined the matters describedbelow to be the key audit matters to be communicated in our report.

S. No. Key Audit Matter How Our Audit Addressed The Key Audit matter
1. Contingent liabilities
As at 31st March 2021 Company having contingent liabilities in respect of Income tax and Sales tax matters. Discussed significant matters and their probability with management.
The determination of the contingences and the level of disclosure required involve a high degree of judgement resulting in contingent liabilities being considered as a key audit matter. (Refer Note no. 26) Reviewing the assessment and appeal letter as presented by management before us.
We assessed the appropriateness of the related disclosures and considered it to be reasonable.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in annual report but does not include thefinancial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and those charged with Governance for the FinancialStatements

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 including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (‘Ind AS') prescribed under Section133 of the Act read with relevant rules issued there under. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgements and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controlsthatwereoperatingeffectivelyfor ensuring the accuracy and completeness of the accountingrecordsrelevanttothepreparationandpresentationoftheIndASfinancialstatements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

That Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain Professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to audit procedures responsive to those risks and obtain audit evidence thatis sufficient and appropriate to opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls with reference to financial statementin place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditionsthatmaycastsignificantdoubt on the Company's abilityto continue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 of sub-section (11) of section 143 ofthe Act we give in "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. Further to our comment in the Annexure A as required by Section 143 (3) of the Actwe 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 (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisreport are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with Ind AS prescribedunder Section 133 of the Act read with relevant rules there under; e. The matter describedunder paragraph "Material uncertainty related to going concern" in our opinionmay have an adverse effect on the functioning of the Company;

f. On the basis of the written representations received from the directors of theCompany as on 31st March 2021 taken on record by the Board of Directorsnoneofthedirectors disqualified as on 31 st March 2021 from beingappointed as a director in terms of Section 164(2) of the Act; controls with reference tofinancial statements

g. Withrespecttotheadequacyoftheinternalfinancial of the Company and the operatingeffectiveness of such controls refer to our separate Report in"Annexure B";

h. In our opinion and to the best of our information and according to the explanationsgiven to us the provisions of section 197 of the act is not applicable to the companysince no managerial remuneration is paid / provided.

i. With respect to the other matters to be included in the Auditor's report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company as detailed in Note no. 26 to the financial statements has disclosedthe impact of pending litigations on its financial position.

ii. The Company did not have any material foreseeable losses on long term contractsincluding derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company except for a sum of ` 609 whichare held in abeyance due to pending legal case.

"Annexure A" to the Independent Auditor's Report

(Referred to in paragraph 1 under the heading " Report on Other Legal andRegulatory Requirements" of our report of even date to the members of the InfomediaPress Limited on the financial statements for the year ended 31st March 2021)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) As explained to us fixed assets have been physically verified by the were noticedon such verification. In our opinion frequency of verification of the size of the Companyand nature of its assets.

(c) The tittle deeds of immovable properties are held in the name of the Company.

(ii) The Company does not have any inventory at any time during the year. Thereforethe provisions of paragraph 3 (ii) of the Order are not applicable to the Company.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Therefore the provision of paragraph 3 (iii) ofthe Order are not applicable to the Company.

(iv) According to the information and explanation given to us the Company has not madeany loan investment and guarantees to any person specified under section 185 and section186 of the Companies Act 2013. Therefore the provisions of paragraph 3(iv) of the

Order are not applicable to the Company.

(v) According to the information and explanation given to us the Company has notaccepted any deposits within the meaning of sections 73 to 76 of the Act and Companies(Acceptance of Deposits) Rules 2014. Therefore the provisions of paragraph 3(v) of theOrder are not applicable to the Company.

(vi) According to the information and explanation given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of section 148 of theAct in respect of Company's products. Therefore the provisions of paragraph 3(vi) of theOrder are not applicable to the Company.

(vii) (a) According to the records of the company and information and explanationsgiven to us the Company has generally been regular in depositing undisputed statutorydues including Provident Fund Income-tax Tax deducted at sources Tax collected atsource Professional tax Goods and services tax duty of Customs Cess and other materialstatutory dues applicable to it with the appropriate authorities. Further no undisputedamount payable in respect thereof were outstanding at the year-end for a period more thansix months from the date they become payable.

(b) According to the information and explanations given to us and the records ofthe Company examined by us there are no dues of income-tax sales-tax service-tax Goodsand services tax duty of customs and duty of excise or value added tax which have notbeen deposited on account of any dispute except as mentioned below.

Name of the Statue Nature of Dues Amount (` In Lakh) Amount paid under Protest (` In Lakh) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 55.49 - A.Y. 2008-09 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 3635.28 - A.Y. 2009-10 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 116.96 - A.Y. 2010-11 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 19.66 - A.Y. 2010-11 Commissioner of Income Tax (Appeal)
Work Contract Tax Act 1989 Work contract tax 156.59 9.00 F.Y. 2000-01 Joint Commissioner of Sales Tax (Appeal) – II
Work Contract Tax Act 1989 Work contract tax 103.00 6.00 F.Y. 2001-02 Joint Commissioner of Sales Tax (Appeal) – II
Work Contract Tax Act 1989 Work contract tax 107.58 6.00 F.Y. 2002-03 Joint Commissioner of Sales Tax (Appeal) – II
Bombay Sales Tax 1959 Sales Tax 18.25 - F.Y. 2003-04 Joint Commissioner of Sales Tax (Appeal) – II
Work Contract Tax Act 1989 Work contract tax 140.56 - F.Y. 2003-04 Joint Commissioner of Sales Tax (Appeal) – II
Bombay Sales Tax 1959 Sales Tax 3.70 1.10 F.Y. 2003-04 Joint Commissioner of Sales Tax (Appeal) – II
Work Contract Tax Act 1989 Work contract tax 175.00 20.00 F.Y. 2004-05 Joint Commissioner of Sales Tax (Appeal) - II
Bombay Sales Tax 1959 Sales Tax 123.51 - F.Y. 2004-05 Joint Commissioner of Sales Tax (Appeal) - II

A.Y. – Assessment Year F.Y. – Financial Year

(viii) The Company does not have loans or borrowings payable to a financial institutionor a bank or government and debenture holder.

Therefore the provisions of paragraph 3(viii) of the Order are not applicable to theCompany.

(ix) According to the information and explanations given to us the Company did notraise any moneys by way of initial public offer further public offer (including debtinstruments) and no term loans was raised during the year. Therefore the provisions ofClause

3(ix) of the Order are not applicable to the Company.

(x) Based on our audit procedures performed for the purpose of reporting thetrue and fair view of the financial statements and on the basis of information andexplanations given by the management no fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has not paid or provided managerial remuneration therefore requisite approvalsmandated by the provision of section 197 read with Schedule V to the Act is notapplicable.

(xii) In our opinion The Company is not Nidhi Company as per Companies Act 2013.Therefore the provisions of Clause 3(xii) of the Order are not applicable to the Company.

(xiii) According to the information and explanations given to us Company'stransactions with the related parties are in compliance with section 177 and 188 of theCompanies Act where applicable and details have been disclosed in financial statementsas required by the applicable Indian accounting standards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures. Therefore the provisionsof Clause 3(xiv) of the Order are not applicable to the Company.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him.Therefore the provisions of Clause 3(xv) of the Order are not applicable to the Company(xvi) The Company is not required to be registered under section 45-1A of the Reserve Bankof India Act 1934.

"Annexure B" to the Independent Auditor's Report

Referred to in paragraph 2(g) under the heading " Report on Other Legal andRegulatory Requirements" of our report of even date to the members of the InfomediaPress Limitedonthefinancialstatementsfor the year ended 31 st March 2021.Report on the Internal Financial Controls with reference to the aforesaid financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls with reference to the aforesaidfinancial statements of Infomedia Press Limited ("the Company") as of 31stMarch 2021 in conjunction with our audit of the financial statements of the Company forthe 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 with reference financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. 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 CompaniesAct 2013.

Auditors' Responsibility

Our responsibility is to expressfinancialcontrols with reference to financialstatements of the opinion theCompany'sinternal

Company based on our audit. We conducted our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls Over Financial Reporting (the "GuidanceNote") and the Standards on Auditing issued by ICAI and deemed to be prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols with reference to financial statements was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto 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 systemwith reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

A company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control withreference to financial statements includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to financialstatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected.

Also projections of any evaluation of the internal financial controls with referenceto financial statements to future periods are subject to the risk that the internalfinancial control with reference to financial statements may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to financial statements and such internalfinancial controls over financial reportingwereoperatingeffectivelyas at 31 stMarch 2021 based on the internal control with reference to financial statements criteriaestablished by the Company considering the essential internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For Chaturvedi & Shah LLP
Chartered Accountants
Registration No. 101720W/W100355
Vijay Napawaliya
Partner
Membership No. 109859
UDIN: 21109859AAAABP7028
Place: Mumbai
Date: 17th April 2021

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