You are here » Home » Companies » Company Overview » Infomedia Press Ltd

Infomedia Press Ltd.

BSE: 509069 Sector: Services
NSE: INFOMEDIA ISIN Code: INE669A01022
BSE 00:00 | 07 May Infomedia Press Ltd
NSE 05:30 | 01 Jan Infomedia Press Ltd
OPEN 4.32
PREVIOUS CLOSE 4.32
VOLUME 881
52-Week high 4.32
52-Week low 2.81
P/E
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.32
CLOSE 4.32
VOLUME 881
52-Week high 4.32
52-Week low 2.81
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

1. We have audited the accompanying financial statements of Infomedia Press Limited("the Company") which comprise the Balance Sheet as at 31 March 2017the Statement of Profit and Loss (including Other Comprehensive Loss) the Cash FlowStatement the Statement of Changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. 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 state of affairs(financial position) profit or loss (financial performance including other comprehensiveloss) cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)as prescribed under Section 133 of the Act. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. 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 thereunder.

5. 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 whetherthese financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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 controls 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.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on these financial statements.

Opinion

8. 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 the Ind AS specified under Section 133 ofthe Act of the state of affairs (financial position) of the Company as at 31 March 2017and its loss (financial performance including other comprehensive loss) its cash flowsand the changes in equity for the year ended on that date.

Emphasis of Matter

9. We draw attention to Note 29 to the financial statements which indicate that theCompany had discontinued its operations in the previous years and has incurred a net lossof ` 349.72 lakhs during the year ended 31 March 2017 and as of that date the Company'saccumulated losses amount to ` 8249.37 lakhs resulting in erosion of hundred percent ofnet worth of the Company. The management of the Company is evaluating various optionsincluding starting a new line of business. These conditions along with other matters asset forth in the aforesaid note indicate the existence of a material uncertainty that maycast significant doubt about the Company's ability to continue as a going concern. Ouropinion is not qualified in respect of this matter.

Other Matter

10. The Company had prepared separate sets of statutory financial statements for theyear ended 31 March 2016 and 31 March 2015 in accordance with Accounting Standardsprescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 (as amended) on which we issued auditor's reports to the shareholders of theCompany dated 20 April 2016 and 15 April 2015 respectively. These financial statementshave been adjusted for the differences in the accounting principles adopted by the Companyon transition to Ind AS which have also been audited by us. Our opinion is not modifiedin respect of this matter.

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 Section 143(11) of the Act we givein the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. Further to our comments in Annexure I as required by Section 143(3) of the Act wereport that: a. we have sought and obtained all the information and explanations which tothe best of our knowledge and belief were necessary for the purpose of our audit; b. inour opinion proper books of account as required by law have been kept by the Company sofar as it appears from our examination of those books; c. the financial statements dealtwith by this report are in agreement with the books of account; d. in our opinion theaforesaid financial statements comply with the Ind AS prescribed under Section 133 of theAct; e. the matter described in paragraph 9 under the Emphasis of Matters paragraph inour opinion may have an adverse effect on the functioning of the Company; f. on the basisof the written representations received from the directors and taken on record by theBoard of Directors none of the directors is disqualified as on 31 March 2017 from beingappointed as a director in terms of Section 164(2) of the Act; g. we have also audited theinternal financial controls over financial reporting (IFCoFR) of the Company as of 31March 2017 in conjunction with our audit of the financial statements of the Company forthe year ended on that date and our report dated 15 April 2017 as per Annexure IIexpressed unmodified opinion. h. with respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 (as amended) in our opinion and to the best of our information and according to theexplanations given to us: i. the Company as detailed in Note 22 to the financialstatements has disclosed the impact of pending litigations on its financial position; ii.the Company did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses; iii. there has been no delay in transferringamounts required to be transferred to the Investor Education and Protection Fund by theCompany. iv. the Company does not have any cash in hand during the year. The Company hasnot deposited or withdrawn any cash in/from the bank account. Therefore the requirementfor disclosures in these financial statements as to holdings as well as dealings inSpecified Bank Notes during the period from 8 November 2016 to 30 December 2016 is notapplicable to the Company.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

per Sudhir N. Pillai

Partner

Membership No.:105782

Place: Mumbai

Date: 15th April 2017

Annexure I to the Independent Auditor's Report of even date to the members of InfomediaPress Limited on the financial Statement for the year ended 31st March 2017 Annexure I

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that: (i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the yearand no material discrepancies were noticed on such verification. In our opinion thefrequency of verification of the fixed assets is reasonable having regard to the size ofthe Company and the nature of its assets.

(c) The title deeds of all the immovable properties (which are included under the head‘Property plant and equipment') are held in the name of the Company.

(ii) The Company does not have any inventory. Accordingly the provisions of clause3(ii) of the Order are not applicable. (iii) The Company has not granted any loan securedor unsecured to companies firms Limited Liability Partnerships (LLPs) or other partiescovered in the register maintained under Section 189 of the Act. Accordingly theprovisions of clauses 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the Order are not applicable.

(iv) In our opinion the Company has not entered into any transaction covered underSections 185 and 186 of the Act. Accordingly the provisions of clause 3(iv) of the Orderare not applicable.

(v) In our opinion the Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) The Central Government has not specified maintenance of cost records undersub-section (1) of Section 148 of the Act in respect of Company's products. Accordinglythe provisions of clause 3(vi) of the Order are not applicable.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and other material statutory dues asapplicable to the appropriate authorities. Further no undisputed amounts payable inrespect thereof were outstanding at the year-end for a period of more than six months fromthe date they become payable.

(b) The dues outstanding in respect of income-tax sales-tax service tax duty ofcustoms duty of excise and value added tax on account of any dispute are as follows:Statement of Disputed Dues

Name of the Statute

Nature of Dues

Amount (`) in lakhs

Amount paid under Protest (`) in lakhs

Period to which the amount relates (`) in lakhs

Forum where dispute is pending
Income-tax Act 1961 Income-tax

829.20

829.20

AY 2010-11

Commissioner of
Income Tax (Appeal)
Income-tax Act 1961 Income-tax

3635.38

-

AY 2009-10

Commissioner of
Income Tax (Appeal)
Income-tax Act 1961 Income-tax

19.66

-

AY 2013-14

Commissioner of
Income Tax (Appeal)
Works Contract Works

156.59

84.00

FY* 2000-01

Commissioner of sales
Tax Act1989 contract tax Tax (Appeal)
Works Contract Works

103.00

56.00

FY 2001-02

Commissioner of sales
Tax Act1989 contract tax Tax (Appeal)
Name of the Statute Nature of Amount (`)

Amount paid

Period to Forum where
Dues in lakhs

under Protest

which the dispute is pending

(`) in lakhs

amount
relates
(`) in lakhs
Works Contract Works 107.58

56.00

FY 2002-03 Commissioner of sales
Tax Act1989 contract tax Tax (Appeal)
Bombay Sales Sales tax 3.70

1.10

FY 2003-04 Joint Commissioner of
Tax Act1959 Sales Tax (Appeal) – II
Works Contract Works 175.00

20.00

FY 2004-05 Joint Commissioner of
Tax Act1989 contract tax Sales Tax (Appeal) – II
Maharashtra Value Works 662.62

-

FY 2006-07 Commissioner of
Added Tax Act 2002 contract tax sales Tax (Appeal)
Maharashtra Value Sales tax 1313.91

-

FY 2007-08 Commissioner of
Added Tax Act 2002 sales Tax (Appeal)
Maharashtra Value Sales tax 0.89

-

FY 2008-09 Commissioner of sales
Added Tax Act 2002 Tax (Appeal)
Maharashtra Value Sales tax 1867.13

-

FY 2008-09 Commissioner of sales
Added Tax Act 2002 Tax (Appeal)
Maharashtra Value Works 115.55

-

FY 2009-10 Commissioner of sales
Added Tax Act 2002 contract tax Tax (Appeal)
Maharashtra Value Works 75.38

-

FY 2010-11 Commissioner of
Added Tax Act 2002 contract tax sales Tax (Appeal)

*AY –Assessment Year FY- Financial Year

(viii) The Company has no loans or borrowings payable to a financial institution or abank or government and no dues payable to debenture-holders during the year. Accordinglythe provisions of clause 3(viii) of the Order are not applicable. (ix) The Company did notraise moneys by way of initial public offer or further public offer (including debtinstruments) and did not have any term loans outstanding during the year. Accordingly theprovisions of clause 3(ix) of the Order are not applicable. (x) No fraud by the Company oron the company by its officers or employees has been noticed or reported during the periodcovered by our audit.

(xi) The Company has not paid or provided for any managerial remuneration. Accordinglythe provisions of Clause 3(xi) of the Order are not applicable.

(xii) In our opinion the Company is not a Nidhi Company. Accordingly provisions ofclause 3(xii) of the Order are not applicable. (xiii) In our opinion all transactions withthe related parties are in compliance with Sections 177 and 188 of Act where applicableand the requisite details have been disclosed in the financial statements etc. asrequired by the applicable Ind AS.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

(xv) In our opinion the company has not entered into any non-cash transactions withthe directors or persons connected with them covered under Section 192 of the Act.

(xvi) The company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

per Sudhir Pillai

Partner

Membership No.: 105782

Place : Mumbai

Date :15th April 2017

Annexure II

Independent Auditor's report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. In conjunction with our audit of the financial statements of Infomedia Press Limited("the Company") as at and for the year ended 31 March 2017 we have audited theinternal financial controls over financial reporting ("IFCoFR") of the Companyas at that date.

Management's Responsibility for Internal Financial Controls

2. The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalfinancial control stated in the Guidance Note on Audit of IFCoFR issued by the Instituteof Chartered Accountants of India. These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of the Company's businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's IFCoFR based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India ("the ICAI") and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofIFCoFR and the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting ("the Guidance Note") issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate IFCoFR were established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining anunderstanding of IFCoFR 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's IFCoFR is a process designed to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sIFCoFR include 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 unauthorised 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

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that IFCoFR may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2017 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of IFCoFRissued by the Institute of Chartered Accountants of India.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

per Sudhir N. Pillai

Partner

Membership No.: 105782

Place: Mumbai

Date: 15th April 2017