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SAB Events & Governance Now Media Ltd.

BSE: 540081 Sector: Media
NSE: SABEVENTS ISIN Code: INE860T01019
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OPEN 1.71
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VOLUME 2020
52-Week high 11.98
52-Week low 1.71
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.72
Buy Qty 420.00
Sell Price 1.71
Sell Qty 98980.00
OPEN 1.71
CLOSE 1.71
VOLUME 2020
52-Week high 11.98
52-Week low 1.71
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.72
Buy Qty 420.00
Sell Price 1.71
Sell Qty 98980.00

SAB Events & Governance Now Media Ltd. (SABEVENTS) - Auditors Report

Company auditors report

To

The Members

SAB Events & Governance Now Media Limited Report on the Standalone Ind AS FinancialStatements

We have audited the accompanying standalone Ind AS financial statements of SAB Eventsand Governance Now Media Limited ("the Company") which comprise the BalanceSheet as at 31st March 2018 the Statement of Profit and Loss (including OtherComprehensive income) the statement of Cash Flows and the Statement of changes in equityfor the year ended and a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "standalone Ind AS financialstatements")

Management's Responsibility for the Standalone 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 standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act Companies (Indian Accounting Standards) Rules 2015 asamended. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS 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 standalone Ind AS financialstatements based on 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 the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its loss total comprehensive income itscash flows and the changes in equity for the year ended on that date.

Other Matters

The comparative financial information of the Company for the year ended 31 March 2017and the transition date opening balance sheet as at 1 April 2016 included in thesestandalone Ind AS financial statements are based on the statutory financial statementsprepared in accordance with the Companies (Accounting Standards) Rules 2006 audited by uswhose report for the year ended 31 March 2017 and 31 March 2016 dated 30thMay 2017 and 29th July 2016 respectively expressed an unmodified opinion onthose standalone financial statements as adjusted for the differences in the accountingprinciples adopted by the Company on transition to the Ind AS which have been audited byus.

Our opinion on the standalone Ind AS financial statements and our report on Other Legaland Regulatory Requirements below is not modified in respect of the above matters.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of the section 143 of the Companies Act2013 we give in Annexure A a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.

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 (including Other ComprehensiveIncome) the statement of Cash Flows and the statement of changes in equity dealt with bythis Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act Companies (IndianAccounting Standards) Rules 2015 as amended.

e) In our opinion there are no observations or comments on the financial transactionswhich may have an adverse effect on the functioning of the company

f) On the basis of the written representations received from the directors as on 31stMarch 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.

g) Report on the Internal Financial Controls under Clause (1) of Sub-section 3 ofSection 143 of the Companies Act 2013("the Act") is enclosed as Annexure B tothis report.

h) 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. According to the information and explanation given to us the Company does not haveany pending litigations at the year end.

ii. According to information and explanation given to us the Company has not enteredinto any long-term contracts including derivative contracts.

iii. According to the information and explanation given to us the Company is notrequired to transfer any amount to Investor Education and Protection Fund.

For A. R. SODHA & Co.

Chartered Accountants

(FRN 110324W)

  1. R. Sodha

Partner

M. No 31878

Place: Mumbai

Date: 30th May 2018

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:

1. a. The Company has generally maintained proper records of fixed assets showing fullparticulars including quantitative details and situation of fixed assets.

b. According to information given to us fixed assets have been physically verified bythe management at reasonable intervals and no material discrepancy was noticed on suchverification.

c. According to the information and explanation given to us and on the basis of recordsfurnished before to us the company does not have any immovable property and accordinglyClause 3(i)(c) of the Companies (Auditor's Report) Order 2016 is not applicable.

2. The company is not having inventory of material amount during the year hence thematters specified in clause 3(ii) of Companies (Auditor's Report) Order 2016 has not beenreported.

3. According to the information and explanation given to us and on the basis of recordsfurnished before us company has not granted any loans to any party covered in theregister maintained under section 189 of the Companies Act 2013. Accordingly Clauses3(iii)(a) (b) and (c)of Companies (Auditor's Report) Order 2016 are not applicable.

4. According to the information and explanation given to us and on the basis of recordsfurnished before us the company has not given any loan or made any investment or givenany guarantee or security during the year for which compliance under section 185 and 186is required. Accordingly Clause 3(iv) of Companies (Auditor's Report) Order is notapplicable.

5. The company has not accepted deposits form the public within the meaning of sections73 to 76 or any other relevant provisions of the Companies Act and the rules framed thereunder. Accordingly Clause 3(v) of Companies (Auditor's Report) Order 2016 is notapplicable.

6. According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of section 148 of theCompanies Act 2013 in respect of Services dealt with by the Company.

7. a. The company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees'

State Insurance. However the Company is generally irregular in payment of Income TaxService Tax Goods and Servcie Tax and Cess. No undisputed statutory dues as stated aboveis outstanding as at 31st March for more than six months from the date theybecome payable.

b. According to information and explanation given to us there are no disputedstatutory dues including Sales Tax Service Tax Custom Duty Duty of Excise Value addedTax Cess and any other statutory dues which have not been deposited on account ofdispute.

8. According to the records of the company examined by us and the information andexplanations given to us the company has not defaulted in repayment of dues to anyfinancial institution or bank as at the Balance Sheet date.

9. According to information and explanation given to us and records examined by us thecompany has neither raised any money by way of public offers nor raised any term loanduring the year. Accordingly Clause 3(ix) of Companies (Auditor's Report) Order is notapplicable.

10. During the course of our examination of the books and records of the companycarried out in accordance with generally accepted auditing practices in India andaccording to the information and explanation given to us we have neither come across anyinstance of fraud on or by the company noticed or reported by its officers or employeesduring the year nor we have been informed of such instances by the management.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided managerialremuneration in accordance with the requisite approvals mandated by the provisions of theSection 197 read with Schedule V of the Companies Act 2013.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly clause 3(xii) of Companies (Auditor's Report)Order 2016 is not applicable.

13. According to the information and explanation provided to us and based on ourexamination of the records of the Company the transactions with the related parties arein compliance with section 177 and 188 of Companies Act 2013 where applicable and thedetails of such transactions have been disclosed in financial statements as required bythe applicable accounting standards.

14. According to the information and explanation provided to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly the clause 3(xiv) of the Companies (Auditor's Report) Order 2016 isnot applicable.

15. According to the information and explanation provide to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransaction with directors or persons connected with him. Accordingly clause 3(xv) of theCompanies (Auditor Report) Order 2016 is not applicable.

16. According to the books of accounts and records of the company examined by us inour opinion the company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For A. R. SODHA & Co.

Chartered Accountants

(FRN 110324W)

  1. R. Sodha

Partner

M. No 31878

Place: Mumbai

Date: 30th May 2018

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

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 SAB Eventsand Governance Now Media Limited ("the Company") as of March 312018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor 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 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 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 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 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 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 controls 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 ICAI.

For A. R. SODHA & Co.

Chartered Accountants

(FRN 110324W)

R. Sodha

Partner

M. No 31878

Place: Mumbai

Date: 30th May 2018