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Onesource Techmedia Ltd.

BSE: 535647 Sector: Media
NSE: N.A. ISIN Code: INE807O01011
BSE 00:00 | 10 Dec Onesource Techmedia Ltd
NSE 05:30 | 01 Jan Onesource Techmedia Ltd
OPEN 10.70
PREVIOUS CLOSE 7.30
VOLUME 20000
52-Week high 15.80
52-Week low 7.30
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.70
CLOSE 7.30
VOLUME 20000
52-Week high 15.80
52-Week low 7.30
P/E
Mkt Cap.(Rs cr) 5
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 Onesource Techmedia Limited(‘the Company’) which comprise the balance sheet as at 31st March 2018 and thestatement of profit and loss and the Statement of Cash Flows for the year then ended and asummary of the significant 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 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 the 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.

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 under theprovisions of the Act and the Rules made there under and the Order issued under section143(11) of the Act.

We conducted our audit of financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures 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 the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide 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 of the state of affairs of the Company as at March31 2018 and its loss and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note 25(a) of the financial statements regarding confirmation ofbalances or reconciliation of accounts pertaining to certain advances or creditors ordebtors is pending as at year end. However the management has adopted those balances inthe books of accounts as at year end. Hence those balances are subject to confirmations orreconciliations if any.

Our Opinion is not qualified in respect of this matter.

Other Matter

i) The Company is in the process of comprehensively compiling completing the fixedasset register with the particulars including quantitative details precise description ofassets and situation of its fixed assets and also reconciling the fixed asset registerwith the books of accounts;

ii) The Company is in the process of filing GSTR 3B returns for the months fromNovember 2017 to March 2018. The same is subject to reconciliation with the GSTR 1 returnsand books of accounts.

Our opinion is not qualified in respect of the above matters.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act based on our audit we report that:

a. We have sought and obtained all the information and explanations which to thebest of our knowledge 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 the Statement of Profit and Loss and the Statement of CashFlow dealt 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 the written representations received from the directors as on31st March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act.

f. 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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

g. 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

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 during the year ended March 312018.

2. 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 the "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

For K D M AND CO LLP
Chartered Accountants
Firm Registration No: 013630S/S200069
Sd/-
Dharmaraj P
Place: Chennai Partner
Date: July 13 2018 Membership No. 224216

Annexure - A to the Independent Auditor’s Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of Onesource Techmedia Limited ofeven date)

Report on the Internal Financial Controls Over Financial Reporting under clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ( the Act )

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

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 Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies 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 deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting 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 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 judgment 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 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

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 unauthorised acquisition use or disposition of theCompany s assets that could have a material effect on the financial statements

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 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

In our opinion the Company has in all material respects an adequate internalfinancial control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 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 K D M AND CO LLP
Chartered Accountants
Firm Registration No: 013630S/S200069
Sd/-
Dharmaraj P
Place: Chennai Partner
Date: July 13 2018 Membership No. 224216

Annexure B to the Independent Auditor’s Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of Onesource Techmedia Limited ofeven date)

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

a. The company has maintained records to the fixed assets however the Company is inthe process of comprehensively compiling completing the fixed asset register with theparticulars including quantitative details precise description of assets and situation ofits fixed assets;

b. The Company has a regular program of physical verification of its fixed assets tocover all the items of fixed assets in a phased manner over a period of two years whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. During the year the company has undertaken physical verification of fixedassets in accordance with the program. The management is in the process of reconcilingwith the books of accounts and the impact if any arising out of such reconciliations isnot presently determinable.

c. According to the information and explanations given to us there are no immovableproperties held in the name of the company as at March 31 2018.

(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 us theprocedures for physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

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 tothe parties covered under Section 185 of the Act. The Company has complied with theprovisions of Section 186 of the Act in respect of investments made or loans or guaranteeor security provided to the parties covered under Section 186.

(v) The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2018 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

(vi) According to the information and explanations the maintenance of cost Records hasnot been specified by the Central Government under sub-section (1) of Section 148 of theAct in respect of the activities carried out by the Company and therefore the provisionsof the clause 3 (v) of the Order are not applicable to the Company

(vii) According to the information and explanations given to us in respect ofstatutory dues of the Company; a. The Company has generally been regular in depositingundisputed statutory dues including Income Tax Value Added Tax Customs Duty and othermaterial statutory dues applicable to it with the appropriate authorities. b. There wereno undisputed amounts payable in respect of Income Tax Value Added Tax Customs Duty andother material statutory dues in arrears as at March 31 2018 except for the Goods andService Tax penalties arising out of the non-filing of GSTR 3B returns from November 2017– March 2018 for a period of more than six months from the date they became payable.

(viii) According to the records of the Company examined by us and explanation given tous the company has not defaulted in repayment of loans or borrowings from financialinstitutions and banks. The Company has not taken any loans or borrowings from governmentnor has issued any debentures during the year.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year or in the recent past. Based onthe information and explanations given to us by the management term loans were appliedfor the purpose for which the loans were obtained.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or no material fraud on the Company by its officersor 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 paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company. Therefore the provisions of clause 3(xii) ofthe Order are not applicable to the Company

(xiii) In our opinion and according to the information and explanations given to us andbased on our examinations of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable. Thedetails of such related party transactions have been disclosed in the financial statementsas required by applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of Clause 3(xiv) of the Order are not applicable to theCompany.

(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 be 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 K D M AND CO LLP
Chartered Accountants
Firm Registration No: 013630S/S200069
Sd/-
Dharmaraj P
Place: Chennai Partner
Date: July 13 2018 Membership No. 224216