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Top Media Entertainment Ltd.

BSE: 532036 Sector: IT
NSE: N.A. ISIN Code: INE049C01023
BSE 05:30 | 01 Jan Top Media Entertainment Ltd
NSE 05:30 | 01 Jan Top Media Entertainment Ltd

Top Media Entertainment Ltd. (TOPMEDIAENT) - Auditors Report

Company auditors report

TOP MEDIA ENTERTAINMENT LIMITED (Formerly Navyug Electric Limited) ANNUAL REPORT 1999-2000 MAYANK SHAH & ASSOCIATES 706, Mahakant, CHARTERED ACCOUNTANTS Opp. V. S. Hospital Ashram Road, Ahmedabad. AUDITORS' REPORT To, The Members of TOP MEDIA ENTERTAINMENT LTD. (Formerly Navyug Electric Ltd.) We have audited the attached Balance Sheet of TOP MEDIA ENTERTAINMENT LIMITED (Formerly Navyug Electric Limited) as at 31st March, 2000 and the Profit and Loss Account of the Company for the year ended on that date and report that, I. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, on the basis of such checks of the books and records as we considered appropriate and the information and explanations given to us during the course, of the audit, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order. II. Further to our comments in the annexure referred. to in paragraph I above : a. We have obtained all the information and explanations which to the best 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 the Company so far as it appears from our examination of the books; c. In our opinion, the Balance Sheet and Profit & Loss account comply with the accounting standards referred to in Sub-section 3 (c) of Section 211 of the Companies Act, 1956. d. The Balance Sheet and Profit & Loss Account referred to in our,report are in agreement with the books of account; e. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view :- i. in case of the Balance Sheet, of the state of affairs -of the Company as at 31st March, 2000 and ii. in case of the Profit & Loss Account, of the profit of the Company for the year ended on that date. For, MAYANK SHAH & ASSOCIATES CHARTERED ACCOUNTANTS Place : Ahmedabad (M.S. Shah) Date : 01/09/2000 Proprietor ANNEXURE TO THE AUDITORS' REPORT (Referred to in Paragraph 1 of our report of even date) 1. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets of the Company have been physically verified by the Management at reasonable intervals and no material discrepancies have been noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. The management has conducted physical verification of raw materials at reasonable intervals. 4. In our opinion, the procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the company and nature of its business. 5. On physical verification of stocks as compared to book records, no material discrepancies were noticed by the Management. 6. On the basis of our examination of the stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles, and is on the same basis as in the preceding year. 7. In our opinion, the rate of interest wherever applicable and the terms and conditions on which loans have been obtained from Companies or Other Parties as listed in the register maintained under Section 301 of the Companies Act, 1956, are not Parties prejudicial to the interest of the Company. In terms of Sub-section 6 of Section 370 of the Companies Act, 1956, provisions of Section 370 are no longer applicable to a Company since 311, October, 1998. 8. In our opinion and according to the information and explanations given to us, the terms and conditions on which loans have been given to the Companies, Firms or Other Parties listed in the register maintained under Section 301 of the Companies Act, 1956, are not prima-facie prejudicial to the interest of the Company. In terms of Sub-section 6 of Section 370 of the Companies Act, 1956, provisions of Section 370 are no longer applicable to a Company since 31st October, 1998. 9. In our opinion and according to the information and explanations given to us the persons to whom advances in the nature of loan are given, are regular in repayment of loam and interest, wherever applicable. 10. In our opinion, and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of stores, raw materials including components, plant & machinery, equipment and other assets, and for the sale of goods. 11. In our opinion and according to the information and explanations given to us, the transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or agreements entered in the Register maintained under Section 301 of the Companies Act, 1956, and aggregating during the year to Rs. 50,000/- or more in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices for such goods, materials or services where such market prices are available or the prices at which the transactions for similar goods or services have been made with other parties. 12. As explained to us, there is no unserviceable or damaged stores, raw materials or finished goods. 13. According to the information and explanations given to us, the Company has complied with the provisions of Section 58 A of the Companies Act, 1956, read alongwith the rules framed thereunder where applicable. 14. As per the information and explanations given to us, there are no transaction of sale and disposal of scrap. 15. The Company has no internal audit system. 16. We are informed that the Central Government has not prescribed maintenance of cost records for the Company u/s. 209(1) (d) of the Companies Act, 1956. 17. According to information and explanations given to us the provisions of the Provident Fund Act, Bonus Act and Employees State Insurance Act are not applicable to the Company. 18. According to the information and explanation given to us, there were no undisputed amounts in respect of income tax, sales tax, custom duty and excise duty which have remained outstanding as on 31st March, 2000, for a period of more than six months from the date they became payable. 19. In our opinion and according to the information and explanations given to us, no personal expenses have been charged to revenue account other than those. payable under contractual obligation or in accordance with generally accepted business practice. 20. The Company is not a Sick Industrial Company within the meaning of clause (0) of SubSection (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 21. As per the information and explanations given to us the Company has a reasonable system of allocating man hours utilized to the relative jobs, commensurate with its size and nature of its business. 22. All other points of Para (B) of MAOCARO, 1988 are not applicable to the Company. For, MAYANK SHAH & ASSOCIATES CHARTERED ACCOUNTANTS PLACE : Ahmedabad (M. S. Shah) Date : 01/09/2000 Proprietor