oasis media matrix ltd Auditors report

OASIS MEDIA MATRIX LIMITED ANNUAL REPORT 2005-2006 AUDITORS REPORT To, The Members of OASIS MEDIA MATRIX LIMITED We have audited the attached Balance Sheet of OASIS MEDIA MATRIX LIMITED as at 31st March 2006 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall Financial statements presentation. We believe that our audit Provides a reasonable basis for our opinion. We report as follows: As required by the Companies (Auditors Report) order, 2003 issued by the Central Government of India, in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraph 4 and b of the said Order. Further to our comments in the Annexure refers to in paragraph above a) We have obtained all the 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 accounts as required by law have been kept by the company so far as appears from our examination of the books. c) The Balance Sheet, Profit and Loss Account dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with this report comply with the Accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; e) On the basis of written representation received from the Directors as on 31st March, 2005 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2005 from being appointed as Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) 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 Companys Accounting Policies and the Notes thereto, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: i) In the case of the Balance Sheet, of the state of affairs of the Company as on March 31, 2006; and ii) In the case of the Profit and Loss Account of the PROFIT of the Company for the year ended on that date. For and on behalf of, M/S. ANAND GUPTA & CO. Chartered Accountants Sd/- (ANAND GUPTA) PROPRIETOR M. No.: 77651 Place: Ahmedabad Date : 3rd September, 2006 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 on the basis of the available information. As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. In our opinion. the Company has not disposed of substantial part of fixed assets during the year and the going concern status the Company is not affected. 2) As per information and explanation given to us, the inventory has been physically verified by the management at the reasonable frequency commensurate with the size and nature of its business. 3) The Company has not obtained unsecured loan from any company, firm or parties listed in the register maintained under section 301 of the Companies Act, 1956. The Company has not granted any loans to the Company, Firms or Parties listed in the register maintained under section 301 of the companies Act, 1956. 4) In our opinion and according to the information and explanation given to us , there are adequate internal control procedures commensurate with the size of the company and nature of its business for the purchase of inventories, fixed assets and also the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls. 5) our opinion and according to the information and explanations given to us, there is no transactions made, that needed to be entered in the register maintained under Section 301 of the Companies Act, 1956. 6) In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business. 7) According to records of the Company, undisputed statutory dues including Provident fund, Investor Education and Protection fund, employees stage Insurance, Income Tax, Sales Tax,and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanation given to us, no undisputed amount payable in respect of the afore said dues were outstanding as at 31st March, 2005 for a period of more that six months from the date of becoming payable. According to information and explanation given to us, the company has not deposited a disputed liability of Income Tax for the A.Y. 1997-98 of Rs.1477376/- and for the A.Y. Year 1998-99 of Rs. 1281259/-, of which appeal is pending before the Appellate Tribunal. 8) The Company has no accumulated losses exceeding fifty per cent of its net worth and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding previous year. 9) According to the information and explanation given to us, the Company has not given guarantees for loans taken by others from banks or financial institution. 10) In our opinion and according to information explanation given to us, the company is maintaining proper records for the sale and purchase of the shares and other securities and timely entries have been made therein. According to information given to us, the company has maintained all such securities in its own name. 11) According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, Eye report that no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets except permanent working capital. 12) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated. 13) Other clauses of the report are not applicable. For and on behalf of M/S. ANAND GUPTA & CO. Chartered Accountants Sd/- (ANAND GUPTA) PROPRIETOR M. No.: 77651. Place: Ahmeabad Dated: 3rd September, 2006