FUTURE DISH TV Auditors Report

Report on the Standalone Financial Statements


1. We have audited the accompanying standalone financial statements of Dish TV India Limited (‘the Company’), which comprise the Balance Sheet as at 31 March 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.


Management’s Responsibility for the Standalone Financial Statements


2. The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act’) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.


Auditor’s Responsibility


3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.


4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.


5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether these standalone financial statements are free from material misstatement.


6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.


7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on these standalone financial statements.


Opinion


8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2017, its profit and its cash flows for the year ended on that date.


Emphasis of Matter


9. We draw attention to Note 53 to the standalone financial statements wherein a loan given to a subsidiary of the Company aggregating to Rs.85.26 crores has been considered good and recoverable based on the future business plans and projections, the appropriateness of which is dependent upon the realization of such business plans. Our report is not modified in respect of this matter.


Report on Other Legal and Regulatory Requirements


10. As required by the Companies (Auditor’s Report) Order, 2016 (‘the order’) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order.


11. Further to our comments in Annexure I, as required by Section143(3) of the Act, we report that:


a. we have sought and 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 those books;


c. the standalone financial statements dealt with by this report are in agreement with the books of account;


d. in our opinion, the aforesaid standalone financial statements comply with the Accounting standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended);


e. on the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2017 from being appointed as a director in terms of Section164(2) of the Act;


f. we have also audited the internal financial controls over financial reporting (IFCoFR) of the Company as on 31 March 2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report dated 24 May 2017 as per Annexure II expressed unqualified opinion.


g. with respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:


i. as detailed in Note 41 and 47 to the standalone financial statements, has disclosed the impact of pending litigations on its financial position


ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses


iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company


iv. the Company, as detailed in Note 51 to the standalone financial statements, has made requisite disclosures in these standalone financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November 2016 to 30 December 2016. Based on the audit procedures performed and taking into consideration the information and explanations given to us, in our opinion, these are in accordance with the books of account maintained by the Company.


Annexure to the Independent Auditor’s Report of even date to the members of Dish TV India Limited, on the standalone financial statements for the year ended 31 March 2017


ANNEXURE I


Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:


(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.


(b) The fixed assets, other than viewing cards installed at the customers premises, have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets, other than viewing cards installed at the customers’ premises, is reasonable having regard to the size of the Company and nature of its assets. The existence of activated viewing cards installed at the customers’ premises is considered on the basis of the ‘active user status’ of the viewing cards. We are unable to comment on the discrepancies, if any, that could have arisen on physical verification of “inactive” viewing cards installed at the customer’s premises.


(c) The Company does not hold any immovable property (in the nature of ‘fixed assets’). Accordingly, the provisions of clause 3(i)(c) of the Order are not applicable.


(ii) The Company does not have any inventory. Accordingly, the provisions of clause 3(ii) of the order are not applicable.


(iii) The Company has not granted any loan, secured or unsecured to companies, firms, Limited Liability Partnerships (LLPs) or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions of clauses 3(iii)(a), 3(iii) (b) and 3(iii)(c) of the order are not applicable.


(iv) In our opinion, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of loans, investments, guarantees and security.


(v) In our opinion, the Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the order are not applicable.


(vi) The Central Government has not specified maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of Company’s products/services. Accordingly, the provisions of clause 3(vi) of the Order are not applicable.


(vii) (a) Undisputed statutory dues including provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have generally been regularly deposited to the appropriate authorities, though there has been a slight delay in a few cases. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they became payable.


(b) The dues outstanding in respect of income-tax, sales-tax, service tax, duty of customs, duty of excise and value added tax on account of any dispute, are as follows:


Statement of Disputed Dues





































































































































Name of the statute



Nature of dues



Amount (Rs. in lacs)



Amount paid under Protest (Rs. in lacs)



Period to which the amount relates



Forum where dispute is pending



263



-



Assessment Year 2004-05



Commissioner of Income tax (Appeals)



225



225



Assessment Year 2009-10



Income tax Appellate Tribunal, Delhi



320



320



Assessment Year 2010-11



Income Tax Appellate Tribunal, Delhi



Income Tax Act, 1961



Income Tax and interest



93



59



Assessment Year 2011-12



Income Tax Appellate Tribunal, Noida



16



-



Assessment Year 2011-12



Income Tax Appellate Tribunal, Delhi



57



57



Assessment Year 2012-13



Income Tax Appellate Tribunal, Noida



65



65



Assessment Year 2013-14



Income Tax Appellate Tribunal, Noida



167



-



2006-07 to 2010-11



Custom Excise and Service Tax Appellate Tribunal



Finance Act, 1994 (Service Tax)



Service Tax



2921



2007-08 to 2011-12



Custom Excise and Service Tax Appellate Tribunal, Delhi



2633



-



2008-09 to 2010-11



Commissioner of Service Tax



1475



500



2009-10 to 2013-14



Custom Excise and Service Tax Appellate Tribunal



Value added tax (including penalty and interest)



632



2010-11



Delhi Value Added Tax Tribunal



Delhi Value Added Tax



Value added tax (including penalty and interest)



117



2011-12



Delhi Value Added Tax Tribunal



Act, 2005



Value added tax (including penalty and interest)



2169



112



2014-15



Special. Commissioner - III (Appeal), Department of Trade & Taxes, Delhi



Value added tax (including penalty and interest)



279



2012-13



Commissioner of Value added taxes




















































































































Bihar Value Added Tax Act,


2005



Value added tax (including penalty and interest)



168



73



2014-15



Office of the Joint Commissioner of Commercial Taxes (Appeal) Patna



Value added tax (including penalty and interest)



@



2014-15



Office of the Joint Commissioner of Commercial Taxes (Appeal) Patna



Madhya Pradesh Value Added Tax 2002



Value Added Tax



5



1



2013-14



Deputy Comm. Of Appeal, Division -I, Bhopal



UPVAT Act,2007



Value Added Tax



116



23



June - 2015



Additional Commissioner Grade - 2 (Appeal) First, Commercial Tax, Noida



7



2



August - 2015



Additional Commissioner Grade - 2 (Appeal) First, Commercial Tax, Noida



3



1



November -2015



Additional Commissioner Grade - 2 (Appeal) First, Commercial Tax, Noida



32



16



April - 2016



Additional Commissioner Grade - 2 (Appeal) First, Commercial Tax, Noida



24



12



May - 2016



Additional Commissioner Grade - 2 (Appeal) First, Commercial Tax, Noida



155



-



2013-14



Deputy Commissioner, Khand-3, Noida



Telangana VAT Act,2005



Value Added Tax



186



-



FY 2012-13 to FY 2015-16



Commercial Tax Officer, Begumpet Circle



The Central Sales Tax Act , 1956 (Maharashtra)



Central Sales Tax



40



FY 2011-12



Central sales tax department,(Maharashtra)



The Central Sales Tax Act , 1956 (West Bengal)



Central Sales Tax



29



-



FY 2012-13



Central sales tax department (West Bengal)



Rajasthan Tax of Entry on Goods in to local areas Act, 1999



Entry Tax



173



173



2012-13



Supreme Court of India



The Jammu & Kashmir Entry Tax on Goods,


Act, 2000



Entry Tax



43



43



2014-15



State of Jammu & Kashmir



Entry Tax



6



4



2015-16



State of Jammu & Kashmir



@ Rs.45,112, rounded off to ’ lacs


(viii) The Company has no loans or borrowings payable to a financial institution or a bank or government and no dues payable to debenture-holders during the year. Accordingly, the provisions of clause 3(viii) of the Order are not applicable.


(ix) The Company did not raise moneys by way of initial public offer or further public offer (including debt instruments) and did not have any term loans outstanding during the year. Accordingly, the provisions of clause 3(ix) of the Order are not applicable.


(x) No fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period covered by our audit.


(xi) Managerial remuneration has been provided by the Company in accordance with the requisite approvals mandated by the provisions of Section 197 of the Act read with Schedule V to the Act.


(xii) In our opinion, the Company is not a Nidhi Company. Accordingly, provisions of clause 3(xii) of the Order are not applicable.


(xiii) In our opinion all transactions with the related parties are in compliance with Sections 177 and 188 of Act, where applicable, and the requisite details have been disclosed in the financial statements etc., as required by the applicable accounting standards.


(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures.


(xv) In our opinion, the Company has not entered into any non-cash transactions with the directors or persons connected with them covered under Section 192 of the Act.


(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.


For Walker Chandiok & Co LLP


Chartered Accountants


Firm’s Registration No.: 001076N/N500013


per Sumit Mahajan


Place: Noida Partner


Date: 24 May 2017 Membership No.: 504822

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.
“2019 © COPYRIGHT DYNAMIC EQUITIES PVT. LTD.”

Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at compliance@dynamiclevels.com

  • Download our Mobile App
  • Available on Google Play
  • Available on App Store
  • RSS