You are here » Home » Companies » Company Overview » Onesource Techmedia Ltd

Onesource Techmedia Ltd.

BSE: 535647 Sector: Media
NSE: N.A. ISIN Code: INE807O01011
BSE 00:00 | 30 Apr Onesource Techmedia Ltd
NSE 05:30 | 01 Jan Onesource Techmedia Ltd
OPEN 13.50
PREVIOUS CLOSE 13.50
VOLUME 20000
52-Week high 15.80
52-Week low 9.46
P/E 71.05
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.50
CLOSE 13.50
VOLUME 20000
52-Week high 15.80
52-Week low 9.46
P/E 71.05
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Onesource Techmedia Ltd. (ONESOURCETECHM) - Auditors Report

Company auditors report

To the Members of

Onesource Techmedia Limited

Report on the Financial Statements

We have audited the accompanying financial statements of M/S. Onesource TechmediaLimited (‘the Company’) which comprise the balance sheet as at 31st March2017 and the statement of profit and loss for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management’s 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding the assetsof the Company and for preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimatesthat are reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditor s 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 underthe provisions 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 materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s prepara ion of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but notfor the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company’s Directors as well as evaluatingthe overall presentation of the financial statements.

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

Opinion

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:

a) In case of balance sheet of the state of affairs of the Company as at 31st March2017; and

b) In case of Statement of profit & Loss of the profit of the company of the yearended on that date;

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2015 (‘the Order’)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose 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 and Cash Flow Statement dealt withby 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; and

e. On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (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 does not have any pending litigations which would impact financialsposition.

ii. The company does not have any long-term contracts; as such the question ofcommenting on any material foreseeable losses thereon does not arise.

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

iv. The Company has provided requisite disclosures in its Financial statements as toholdings as well as dealings in specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accounts maintainedby the company.

For and on behalf of
K D M AND CO
Chartered Accountants
Firm Registration No: 013630S
Sd/-
Dharmaraj P
Date: May 30 2017 Partner
Place: Chennai Membership No. 224216

Annexure A to the Independent Auditors’ Report

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended 31st March 2017 we reportthat:

(i) In respect of the fixed assets of the Company

a. The company have maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

b. The fixed assets were physically verified during the year by the Managementat reasonable intervals; According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(ii) In respect of the Inventories of the Company

a. The inventories have been physically verified by the management during the year. Inour opinion the frequency of physical verification is reasonable.

b. In our opinion and according to the information and explanations given to usthe procedures for physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature ofits business.

c. In our opinion the Company has maintained proper records of inventory. Thediscrepancies between the physical stocks and the book stocks were not material and havebeen properly dealt with in the books of account.

(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 Act. Accordingly paragraph 3(iii) of the Order is not applicable tothe Company.

(iv) The Company has not granted any loans or provided any guarantees or security to theparties covered under Section 185 of the Act. The Company has complied with the provisionsof Section 186 of the Act in respect of investments made or loans or guarantee or securityprovided to the parties covered under Section 186.

(v) No deposits have been accepted by the Company within the meaning of directivesissued by RBI (Reserve Bank of India) and Sections 73 to 76 or any other relevantprovisions of the Act and Rules framed there under.

(vi) As informed to us the maintenance of cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the Company.

(vii) According to the information and explanations given to us in respect ofstatutory dues of the Company;

a. The company is regular in depositing undisputed statutory dues including Income-taxValue Added Tax Custom duty and any other material statutory dues except forthe dues in respect of Service tax as may applicable with the appropriate authorities.The extent of arrears of statutory dues outstanding as at Balance Sheet date for aperiod exceeding six months from the date they became payable areRs.278161/- relating to Service Tax.

b. According to the information and explanations given to us and according to therecords of the Company there are no dues of sales tax income tax customs wealthtax excise duty service tax income tax sales tax service tax customs dutyduty of excise value added tax which have not been deposited on account of any dispute.

c. There is no amount required to be transferred to the investor education andprotection fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules there under has been transferred to such fund within time.

(viii) The Company has not defaulted in repayment of loans or borrowings to financialinstitutions banks and dues to debenture holders during the year. The Company hasnot taken any loans or borrowings from Government during the year.

(ix) The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) during the year or in the recent past. Based on the informationand explanations given to us by the management term loans were applied for the purposefor which the loans were obtained.

(x) 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 by or on the Company by its officers or employees noticed or reportedduring the year nor have we been informed of such case by the management.

(xi) According to the information and explanations given to us and based on ourexamination of the records the Company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V of the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of clause 3(xii) of the Orderare not applicable to the Company

(xiii) According to the information and explanations given to us and based on ourexaminations of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the financial statements as required byapplicable accounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year

(xv) According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

(xvi) The Company is not required to b registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For and on behalf of
K D M AND CO
Chartered Accountants
Firm Registration No: 013630S
Sd/-
Dharmaraj P
Date: May 30 2017 Partner
Place: Chennai Membership No. 224216

Annexure - B to the Independent Auditors Report – March 31 2017 (Referred to inour report of even date)

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

1. We have audited the internal financial controls over financial reporting of OnesourceTechmedia Limited ( the Company ) as of March 31 2017 in conjunction with our auditof the financial statements of the Company for the year ended on that date

Managements Responsibility for Internal Financial Controls

2. 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 controlstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Companys policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act2013.

Auditors Responsibility

3. Our responsibility is to express an opinion on the Company s internal financial controlsover financial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (theGuidance Note ) and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting was establishedand maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor s judgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue to 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 internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company s internalfinancial control over financial reporting includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorizations of management and directors of the Company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the Company s assets that could have a material effecton the financial statements

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. 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 to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial control system over fin ncial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For and on behalf of
K D M AND CO
Chartered Accountants
Firm Registration No: 013630S
Sd/-
Dharmaraj P
Date: May 30 2017 Partner
Place: Chennai Membership No. 224216