The Members of
SUPERNOVA ADVERTISING LIMITED.
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of SUPERNOVA ADVERTISINGLIMITED' ("the Company") which comprise the Balance Sheet as at 31stMarch 2014 and the statement of Profit & Loss Account & Cash flow Statement forthe year ended and a summary of significant accounting policies and other explanatoryinformation.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of thecompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting Standards notified under the Companies Act 1956 read with theGeneral Circular 08/2014 dated 04th April 2014 issued by the Ministry of CorporateAffairs. This responsibility includes the design implementation and maintenance ofinternal control relevant to the preparation and presentation of the financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofCompany's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.
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 Companies Act1956 ("the Act") in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India:
a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2014;
b) In the case of the Profit and Loss of the profit of the Company for the year endedon the date; and
c) In the case of the Cash Flow statement of the cash flow for the year ended on thatdate.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order 2003 ("the Order")issued by the
Central Government of India in terms of Section 227(4A) of the Act we give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(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) That 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 Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards notified under the Companies Act 1956 readwith the General Circular 08/2014 dated 04th April 2014 issued by the Ministry ofCorporate Affairs.
e) On the basis of written representation received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) of section274 (1)(g) of the Companies Act 1956.
For A C G & Associates
Firm Regn No. 134835W
CA ANTU C GUPTA
Membership No. 149137
Place : Mumbai
ANNEXURE TO INDEPENDENT AUDITORS REPORT
ANNEXURE TO THE AUDITORS' REPORT (REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERSOF SUPERNOVA ADVERTISING LIMITED AS AT AND FOR THE YEAR ENDED 31st MARCH 2014)
1 a The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b The fixed assets have been physically verified by the Management during the year andno material discrepancies were identified on such verification.
c There was no substantial disposal of Fixed assets during the year.
2 In our opinion and according to the information and explanation given to us sincethe company does not hold any inventories the provisions of clause (2) (i).(ii) and (iii)are not applicable.
3 a According to the information and explanations given to us the company has notgranted loans secured or unsecured to companies firms or other parties covered in theregister maintained u/s 301 of the Companies Act 1956. Accordingly the provision ofclause 4 (iii) (a) to (d) of the order are not applicable to the company and hence notcommented upon.
b According to the information and explanations given to us the company has not takenloans secured or unsecured from companies firms or other parties covered in the registermaintained u/s 301 of the Companies Act 1956. Accordingly the provision of clause 4(iii) (e) to (g) of the order are not applicable to the company and hence not commentedupon.
4 In our opinion and according to information and explanation given to us there areadequate internal control procedures commensurate with the size of the company and natureof its business with regards to purchase of inventory and fixed assets and for the sale ofinventories. During the course of our audit we have not observed any continuing failureto correct major weakness in internal control system of the company.
5 a In respect of the contract or arrangements referred to in Section 301 of theCompanies Act 1956 in our opinion and according to the information and explanation givento us the transactions made in pursuance of contracts or arrangements that need to beentered in the register maintained under Section 301 of the Companies Act 1956 have beenso entered b. In our opinion and according to the information and explanation given tous the transactions made in pursuance of contracts or arrangements entered in theregister maintained under Section 301 of the Companies Act 1956 and exceeding the valueof Rs 500000 in respect of each party during the year have been made at prices whichappear reasonable as per information available with the Company.
6 The Company has not accepted deposits from public within the purview of section 58-Aor Section 58-AA of the Companies Act 1956.
7 In our opinion the Company has an internal audit system commensurate with the sizeand nature of its business.
8 To the best of our knowledge and as explained the Central Government has notprescribed maintenance of cost records under Section 209(1)(d) of the Companies Act 1956for the Services rendered by the company.
9 According to the information and explanations given to us and on the basis of ourexamination of the records of the company amounts deducted or accrued in the books ofaccounts in respect of undisputed statutory dues including provident fund Income TaxService Tax and other material statutory dues have been generally regularly depositedduring the year by the company with the appropriate authorities. As explained to us thecompany did not have any dues on account of Employees State Insurance Wealth Tax Cessand Investor Education and Protection Fund.
According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax service tax and material statutory duesin arrears as at 31st March 2014 for a period of more than six months from the date onwhich they become payables due.
10 The Company does not have accumulated losses as at the end of financial year and hasnot incurred cash losses in the current financial year and immediately preceding financialyear.
11 The company did not have outstanding dues in respect of financial institution bankor debenture holders during the year.
According to the information and explanations given to us and based on the documentsand records produced before us the Company has not granted loans and advances on thebasic of security by way of pledge of shares debentures and other securities.
13 In our opinion the company is not a chit fund or nidhi/mutual benefit fund/Society.
14 The Company has maintained proper records of the transactions and contracts of itstrading or dealing in shares securities debentures and other investments and timelyentries have been made therein. All shares securities debentures and other investmentshave been held by the company in its own name.
15 According to the information and explanations given to us the Company has not givenguarantee for loan taken by banks or financial institutions.
16. The Company did not have any term loans outstanding during the year.
17 According to the information and explanations given to us and on the basis of anOverall examination of the Balance Sheet of the Company we report that no funds raised onshort-term basis have been used for long term investment.
18 The company has not made preferential allotment of shares during the year to partiesor companies covered in the register maintained under section 301 of the Companies Act1956.
19 The company does not have any outstanding debentures during the year.
20 The Company has not raised any money by public issue during the year.
21 Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the year.
For A C G & Associates
Firm Regn No. 134835W
CA ANTU C GUPTA
Membership No. 149137
Place : Mumbai