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Nextgen Animation Mediaa Ltd.

BSE: 532999 Sector: Media
NSE: N.A. ISIN Code: INE875I01010
BSE 05:30 | 01 Jan Nextgen Animation Mediaa Ltd
NSE 05:30 | 01 Jan Nextgen Animation Mediaa Ltd

Nextgen Animation Mediaa Ltd. (NEXTGENANIMAT) - Auditors Report

Company auditors report




Reports on the Financial Statements

We have audited the accompanying financial statements of M/s. NEXTGEN ANIMATION MEDIAALIMITED ("the Company") which comprise the Balance Sheet as at 30th June2015the Statement of Profit & Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Managements Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring and accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 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 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 the internal financial control relevant to the Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

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


In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at June30 2015 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure a statement on the matters specified in 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 it appears from our examination of those books;

c. the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are In 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. On the basis of written representations received from the directors as on June 302015 taken on record by the Board of Directors none of the directors is disqualified ason June 30 2015 from being appointed as a director in terms of Section 164(2) of the Act.

f. 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 has in accordance with the generally accepted accounting practicedisclosed the impact of pending litigations on its financial position in its financialstatements.

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses under the applicable law oraccounting standards.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the company.

For P.C. Surana & Co.
Chartered Accountants
(Registration No.110631W)
Place : Mumbai P.C. Surana
Dated : 24th November 2015 Partner
M. No: 017136


Referred to in the Auditor's Report of even date to the members of NEXTGEN ANIMATIONMEDIAA LIMITED MUMBAI on the financial statements for the year ended 30th June 2015

(i) In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b) As explained to us the management during the year has physically verified the fixedassets in a phased periodical manner which in our opinion is reasonable having regard tothe size of the Company and nature of its assets. No material discrepancies were noticedon such physical verification.

c) In our opinion the Company has not disposed off substantial part of fixed assetsduring the year and the going concern status of the Company is not affected.

ii) In respect of its inventories:

a) As explained to us the Company did not have any physical stock during the yearunder report.

b) In our opinion and according to the information and explanations given to us ourcomments on matters specified in clause 4(ii) of the Order are not required.

(iii) The company has not granted any loans secured or unsecured to the companiesfirms or other parties covered in the registered maintain under section 189 of CompaniesAct 2013. Therefore the provisions of clause(iii) of paragraph 3 of the Order are notapplicable to the company.

iv) In our opinion and according to the information and explanations given to us theCompany has adequate internal control procedures commensurate with the size of the Companyand the nature of its business with regards to purchase of fixed assets and for the saleof goods. During the course of our audit we have not observed any major weaknesses ininternal controls.

v) The Company has not accepted any Fixed Deposits from the public other than fromdirector and their relatives.

vi) The Central Government has not trescribed maintenance of cost records pursuant tosection 148(1) of the companies act 2013. Therefore the provision of clause(vi) ofparagraph 3 of the order are not applicable to the company.

vii) a) According to the information and explanations given to us company hasdefaulted in depositing the undisputed statutory dues in respect of Professional Tax Income tax deducted at Source by it.

b) As regards the disputed statutory liabilities -

Based on the representation by the management we report that there are disputed incometax liabilities of which appeals by the company filed before the ITAT Mumbai for theAssessment Year 2007-08 Rs. 35.39 lacs and Rs. 199.47 for the Assessment Year 2009-10 andRs. 1.94 lacs for the Assessment Year 2012-13 as on date of our reporting. Details ofauthorities before whom the tax proceedings are pending have not been provided to us andwe are also not able to comment on the outcome of income tax proceedings and consequentialincome tax liabilities. The Company has not filed the income tax return from assessmentyear 2013-14 onwards.

viii) The company has accumulated losses of Rs. 589.67 lacs at the end of the year andIf Incurred the cash losses of Rs. 34.94 lacs during the financial year covered by ourAudit and cash losses of Rs. 24.40 lacs In the Immediately preceding financial year.

ix) According to the information and explanation given to us by the management andbased on our examination of the records we are of the opinion the company has notdefaulted in repayment of dues if any to Financial Institutions Banks and Debentureholders.

x) According to the information and explanation given to us the Company has not givenguarantee in respect loans taken by other companies from Banks and financial institutions.

xi) During the year the Company has not raised any money by way of public issue andthe question of disclosing the end use of money by the management does not arise.

xii) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of any such case by the management.

For P.C. Surana & Co.
Chartered Accountants
(Registration No.110631W)
Place : Mumbai P.C. Surana
Dated : 24th November 2015 Partner
M.No: 017136