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Infomedia Press Ltd.

BSE: 509069 Sector: Services
NSE: INFOMEDIA ISIN Code: INE669A01022
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OPEN 3.66
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VOLUME 500
52-Week high 4.32
52-Week low 2.81
P/E
Mkt Cap.(Rs cr) 18
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 Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Infomedia Press Limited(‘the Company') which comprise the Balance Sheet as at 31 March 2018 the Statementof Profit and Loss (including Other Comprehensive Income) the Cash Flow Statement and theStatement of Changes in Equity for the year then ended and a summary of the significantaccounting policies and other explanatory information.

Management's Responsibility for the Ind AS Financial Statements

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 Ind AS financial statements that give a true and fair view of the state of affairs(financialposition) loss (financial performance including other comprehensive income)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') prescribed under Section 133 of the Act read with relevant rules issuedthere under. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

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 there under.

We conducted our audit of financial statement in accordance with the Standards onAuditing specified under

Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether these Ind AS financial statementsare free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial controls relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including Ind AS specified under Section133 of the Act of the state of affairs (financial position) of the Company as at 31 March2018 and its loss (financial performance including other comprehensive income) its cashflows and the changes in equity for the year ended on that date.

Emphasis of Matter

We draw attention to the Note 28 to the financial statement which indicates that theCompany had discontinued its operations and has incurred a net loss of ` 310.45 lakhduring the year ended 31st March 2018 and as of that date the Company's accumulatedlosses amount to ` 8559.83 lakh resulting in negative net worth of the Company. Themanagement of the Company is evaluating various options including starting a new line ofbusiness. These conditions along with other matter as set forth in the aforesaid noteindicate the existence of a material uncertainty that may cast significant doubt about theCompany'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.

Other Matter

The Ind AS financial statement of the company for the year ended 31st March 2017 wereaudited by Walker Chandiok & Co LLP. Chartered Accountants (Firm registration no.001076N/N500013) who expressed unmodified opinion dated 15th April 2017. Our opinion isnot modified in respect of said 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 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 Ind AS financial statements comply with Ind ASprescribed under Section 133 of the Act read with relevant rules there under;

e. The matter described under Emphasis of Matters paragraph in our opinion may havean 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 2018 taken on record by the Board of Directorsnoneofthedirectors disqualified as on 31st March 2018 from being appointed as adirector in terms of Section 164(2) of the Act;

g. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B";

h. 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:statements i. has disclosed the impact ofTheCompanyasdetailed pending Note22totheInd AS financial litigations on its financial position. ii. The Company did not have anymaterial foreseeable losses on long term contracts including derivative contracts forwhich there were any material foreseeable losses. iii. There has been no delay intransferring amounts required to be transferred to the Investor Education and ProtectionFund by the Company except for a sum of ` 609 which are held in abeyance due to pendinglegal case.

For Chaturvedi & Shah

Chartered Accountants

Firm Registration No. 101720W

Vijay Napawaliya

Partner

Membership No. 109859

Place: Mumbai

Date: April 19 2018

"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 Ind AS financial statements for the year ended 31st March 2018)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets. (b) As explained to us fixedassets have been physically verified by the management during the year and no materialdiscrepancies were noticed on such verification. In our opinion frequency verification ofthe fixed assets is reasonable having regard to the size of the Company and nature of itsassets.

(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 Orderare 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 Sales tax value added tax Service tax duty of Customs dutyof excise Cess and other material statutory dues applicable to it with the appropriateauthorities Further no undisputed amount payable in respect thereof were outstanding atthe year-end for a period more than six months from the date they become payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income-tax sales-tax service-tax duty ofcustoms and duty of excise or value added tax which have not been deposited on account ofany dispute except as mentioned below.

Name of the Statue Nature of Dues Amount Amount paid under Protest Period to which the amount relates Forum where dispute is pending
(Rs. In Lakh) (Rs. In Lakh)
Income Tax Act 1961 Income Tax 139.56 - A.Y. 2006-07 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 55.49 - A.Y. 2008-09 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 3635.38 A.Y. 2009-10 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 829.20 829.20 A.Y. 2010-11 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 116.96 - A.Y. 2010-11 Assessing officer (AO)
Income Tax Act 1961 Income Tax 19.66 - A.Y. 2013-14 Commissioner of Income Tax (Appeal)
Work Contract Tax Act 1989 Work contract tax 156.59 9.00 F.Y. 2000-01 Commissioner of Sales Tax (Appeal)
Work Contract Tax Act 1989 Work contract tax 103.00 6.00 F.Y. 2001-02 Commissioner of Sales Tax (Appeal)
Work Contract Tax Act 1989 Work contract tax 107.58 6.00 F.Y. 2002-03 Commissioner of Sales Tax (Appeal)
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

AY – Assessment Year FY – 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 the true andfair view of the financial statements and on the basis of information and explanationsgiven by the management no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year.

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

(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 statementsetc. as 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 ReserveBank of India Act 1934.

For Chaturvedi & Shah

Chartered Accountants

Firm Registration No. 101720W

Vijay Napawaliya

Partner

Membership No. 109859

Place: Mumbai

Date: April 19 2018

"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 Limited on the Ind AS financial statements for the year ended 31st March 2018.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of InfomediaPress Limited ("the Company") as of March 31 2018 in conjunction with our auditof the financial statements of the Company for the 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 over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance

Note on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of 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 its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficientand appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes 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 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 over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over internal financial controls over financial reporting wereoperating effectively as at March 31 2018 based financial reporting criteria establishedby the Company considering the essential components of internal control on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Chaturvedi & Shah

Chartered Accountants

Firm Registration No. 101720W

Vijay Napawaliya

Partner

Membership No. 109859

Place: Mumbai

Date: April 19 2018