Auditor Report of Cinevista Ltd.
Mar 31, 2018
INDEPENDENT AUDITORSCREPORT TO THE MEMBERS OF CINEVISTA LIMITED.
Report on the Standalone Financial Statements:
We have audited the accompanying standalone financial statements of Cinevista Limited ("the Company), which comprise the Balance Sheet as at 31st March, 2018, 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:
The Company''s Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) 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 specified Under Section 133 of the Act, as applicable. This responsibility also include 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 these standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility:
Our responsibility is to express an opinion on these standalone financial statements based on our audit. 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 there under and the order Under Section 143(11) of the Act.
We have 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 the standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditorsâ judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion:
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 March 31, 2018, its loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. 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 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 relating to preparation of the standalone financial statements have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of these standalone financial statements.
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified Under Section 133 of the Act, as applicable.
(e) On the basis of the written representations received from the Directors as on March 31, 2018, taken on record by the Board of Directors, none of the Directors are disqualified as on March 31, 2018 from being appointed as a Director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in [Annexure AD Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
(g) With respect to the other matters to be included in the Independent Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i) The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.
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.
2. As required by the Companies (Auditâs Report) Order, 2016 ([the Orderly) as amended issued by the Central Government in terms of Section 143(11) of the Act, we give in [Annexure BDa statement on the matters specified in paragraphs 3 and 4 of the Order.
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ([the Actl)
We have audited the internal financial controls over financial reporting of Cinevista Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended and as on that date.
Managements Responsibility for Internal Financial Controls:
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the [Guidance Note). The responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors Responsibility:
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Standards on Auditing prescribed under Section 143(10) of the Act and the Guidance Note, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial control system over financial reporting and their operating effectiveness. Our audit of internal financial controls over the financial reporting included obtaining an understanding of internal financial controls over financial reporting , assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting:
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion:
In our opinion, to the best of our information and according the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).
Report on Companies (Auditor''s Report) Order, 2016 (the Order!) as amended, issued by the Central Government in terms of Section 143(11) of the Companies Act, 2013 (the Act'') of Cinevista Limited (the Company)
1. In respect of the Companyâs fixed assets:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provided for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and the records examined by us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date.
2. As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical verification.
3. The Company has granted interest free unsecured loans to Companies, firms or other parties covered in the register maintained under Section 189 of the Act.
(a) According to the information and explanations given to us, the terms and conditions on which the unsecured loans had been granted to companies, firms or other parties listed in the register maintained under Section 189 of the Act were not, prima fascia, prejudicial to the interest of the Company.
(b) In the case of the unsecured loans previously granted to companies, firms or other parties listed in the register maintained under section 189 of the Act, the terms of arrangements do not stipulate any repayment schedule both for interest and principal.
(c) According to the information and explanations given to us, the Company has taken reasonable steps for recover of the principal amount and the amount outstanding from the companies, firms or other parties listed in the register maintained Under Section 189 of the Act is Rs.3,75,61,682/- (Previous year Rs.3,75,61,682/-).
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of loans and investments made, as applicable.
5. The Company has not accepted deposits during the year and does not have any unclaimed deposits as at March 31, 2018 and therefore, the provisions of the clause 3(v) of the Order are not applicable to the Company.
6. Reporting under clause 3(vi) of the Order is not applicable as the Company''s business activities are not covered by the Companies (Cost Records and Audit) Rules, 2014 and section 148(1) of the Act.
7. According to the information and explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Value Added Tax and other material statutory dues applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Value Added Tax and other material statutory dues in arrears as at March 31, 2018 for a period of more than six months from the date they became payable.
(c) (i) Details of dues of Income Tax and Service Tax which have not been deposited as at March 31, 2018 on account of disputes are given below:
|
Particulars |
Forum where the dispute are pending |
Financial Year to which the amount relates |
Amount (in Rupees) |
|
Income Tax |
The Income Tax Dept. have filed appeal before the Mumbai High Court against the order of Income Tax Appellate Tribunal which was in favour of the Company. |
01-04-1987 to 15-12-1997 (Block Period) |
48,30,381/- |
|
Service Tax |
The Customs, Excise & Service Tax Appellate Tribunal, West Regional Bench, Mumbai |
2008-09 to 2012-13 |
10,51,106/- |
(ii) There were no dues of Sales Tax, duty of customs, duty of Excise , Cess and Value added tax which have not been deposited as at March 31, 2018 on account of dispute.
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to banks. The Company does not have any loans or borrowings from financial institutions or government and has not issued any debentures.
9. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable.
10. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year.
11. In our opinion and according to the information and explanations given to us, the Company has paid/provided remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
12. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable.
13. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
14. During the year, the Company has not made any preferential allotment or private placement of shares fully or partly convertible debentures and hence reporting under clause 3(xiv) of the Order is not applicable to the Company.
15. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its Directors and hence provisions of Section 192 of the Act are not applicable.
16. The Company is not required to be registered under Section 45-I of the Reserve Bank of India Act, 1934.
For SARATH & ASSOCIATES
CHARTERED ACCOUNTANTS.
Firm Regn. No. 5120S
CA. R.LAKSHMI RAO
Partner. M. No. 029081.
Place : Mumbai.
Dated: 30th May, 2018.
Mar 31, 2016
to the members of cinevista limited.
Report on the Standalone Financial Statements:
We have audited the accompanying standalone financial statements of Cinevista Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2016, 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.
Managementâs Responsibility for the standalone Financial statements:
The Companyâs Board of Director is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) 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 specified under Section 133 of the Act, as applicable. This responsibility also include 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 these standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility:
Our responsibility is to express an opinion on these standalone financial statements based on our audit. 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 there under and the Order under Section 143(11) of the Act.
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 the standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditorsâ judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone 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 Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
opinion:
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 March 31, 2016, and its profit and its cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements:
1. 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 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 relating to preparation of the standalone financial statements have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of these standalone financial statements.
(d) In our opinion , the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, as applicable.
(e) On the basis of the written representations received from the Directors as on March 31, 2016, taken on record by the Board of Directors, none the Directors is disqualified as on March 31, 2016 from being appointed as a Director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
(g) With respect to the other matters to be included in the independent Auditorsâ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i) The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.
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.
2. As required by the Companies (Auditâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
ANNEXURE âAâ To THE INDEPENDENT AUDITORSâ REPoRT
(Referred to in paragraph 1(f) under âReport on the Legal and Regulatory Requirementsâ section of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Cinevista Limited (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended and as on that date.
Managementâs Responsibility for Internal Financial Controls:
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the âGuidance Noteâ). The responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditorsâ Responsibility:
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Standards on Auditing prescribed under Section 143(10) of the Act and the Guidance Note, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial control system over financial reporting and their operating effectiveness. Our audit of internal financial controls over the financial reporting included obtaining an understanding of internal financial controls over financial reporting , assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorsâ judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting:
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
opinion:
In our opinion, to the best of our information and according the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note.
ANNEXURE âBâ To THE INDEPENDENT AUDITOR sâ REPORT
(Referred to in paragraph 2 under âReport on Other Legal and Regulatory Requirementsâ section of our report of even date)
Report on Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Companies Act, 2013 (âthe Actâ) of Cinevista Limited (âthe Companyâ)
1. In respect of the Companyâs fixed assets:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provided for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and the records examined by us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date.
2. As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical verification.
3. The Company has granted interest free unsecured loans to Companies, firms or other parties covered in the register maintained under Section 189 of the Act.
(a) According to the information and explanations given to us, the terms and conditions on which the unsecured loans had been granted to companies, firms or other parties listed in the register maintained under Section 189 of the Act were not, prima facia, prejudicial to the interest of the Company.
(b) In the case of the unsecured loans granted to companies, firms or other parties listed in the register maintained under section 189 of the Act, the terms of arrangements do not stipulate any repayment schedule both for interest and principal.
(c) According to the information and explanations given to us, the Company has taken reasonable steps for recover of the principal amount and the amount outstanding from the companies, firms or other parties listed in the register maintainer section 189 of the Act is Rs.3,75,61,682/-(Previous year Rs.3,75,84,381/-).
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of loans and investments made, as applicable.
5. The Company has not accepted deposits during the year and does not have any unclaimed deposits as at March 31, 2016 and therefore, the provisions of the clause 3(v) of the Order are not applicable to the Company.
6. Reporting under clause 3(vi) of the Order is not applicable as the Companyâs business activities are not covered by the Companies (Cost Records and Audit) Rules, 2014 and section 148(1) of the Act.
7. According to the information and explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Income Tax, Sales Tax, Service Tax, Value Added Tax and other material statutory dues applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income Tax, Sales Tax, Service Tax, Value Added Tax and other material statutory dues in arrears as at March 31, 2016 for a period of more than six months from the date they became payable.
(c) (i) Details of dues of Income Tax which have not been deposited as at March 31, 2016 on account of dispute are given below:
|
Particulars |
Forum where the dispute is pending |
Financial Year to which the amount relates |
Amount (in Rupees) |
|
Income Tax |
The Income Tax Dept. have filed appeal before the Mumbai High Court against the order of Income Tax Appellate Tribunal which was in favour of the Company. |
01-04-1987 to 15-12-1997 (Block Period) |
48,30,381/- |
|
Service Tax |
Commissioner of Central Excise (Appeals) |
2008-09 to 2012-13 |
7,22,993/- |
(ii) There were no dues of Sales Tax, duty of customs, duty of Excise , Cess and Value added tax which have not been deposited as at March 31, 2016 on account of dispute.
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to banks. The Company does not have any loans or borrowings from financial institutions or government and has not issued any debentures.
9. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable.
10. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year.
11. In our opinion and according to the information and explanations given to us, the Company has paid/provided remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
12. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable.
13. In our opinion and according to the information and explanations given to us the Company is in compliance with Section 177 and 188 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
14. During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause 3(xiv) of the Order is not applicable to the Company.
15. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its Directors and hence provisions of Section 192 of the Act are not applicable.
16. The Company is not required to be registered under Section 45-I of the Reserve Bank of India Act, 1934.
For SARATH & ASSOCIATES
CHARTERED ACCOUNTANTS.
Firm Regn. No. 5120S
CA. R.LAKSHMI RAO
Partner.
M. No.029081.
Place : Mumbai.
Dated: 30th May, 2016.
Mar 31, 2015
1. We have audited the accompanying financial statements of Cinevista
Limited (the " Company") which comprise the Balance Sheet as at March
31, 2015, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended and a summary of significant accounting
policies and other explanatory information , which we have signed under
reference to this report.
Management's Responsibility for the 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 and presentation of these 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 specified under Section 133 of 'the Companies Act,
2013' read with Rule 7 of the Companies(Accounts) Rules, 2014. 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 designed, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy completeness of the accounting records, relevant
to the preparation and presentation of 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 financial
statements based on our audit. 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 there under. We conducted our
audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. The standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence,
about the amounts and 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 auditors consider internal financial control 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, but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial control system over the financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by company's directors, as well as
evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us the aforesaid 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.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015
(b) In the case of the Statement of Profit and Loss , of the 'Loss' for
the year ended on that date and:
(c) In the case of the Cash Flow Statement of the cash flows for the
year ended on that date.
Report On Other Legal and Regulatory Requirements
7. As required by 'the Companies ( Auditors' Report ) Order, 2015'
('the Order') issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraph 3 and 4 of the Order to
the extent applicable.
8. As required by section 143(3) of the Act, we report that:
(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 accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by the report are in agreement with the books of
account.
(d) In our opinion the aforesaid financial statements comply with the
Accounting Standards specify under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014 .
(e) On the basis of written representations received from the directors
as on March 31,2015, taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164 (2) of the Act :
ANNEXURE TO THE AUDITORS' REPORT OF
CINEVISTA LIMITED
The Annexure referred to in our Independent Auditors' Report to the
members of the company on the financial statement for the year ended
March 31, 2015, we report that:
1 (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of its
fixed assets.
(b) According to information and explanations given to us, fixed assets
have been physically verified by the management at the year end and
no material discrepancies were noticed on such verification.
2 (a) The inventories has been physically verified during the year by
the management at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reason- able and adequate in relation to the size of
the company and nature of its business.
(c) The company is maintaining proper records of its inventories. The
discrepancy noticed on verification between the physical stocks and
book records were not material.
3 (a) The company has granted unsecured loans to companies, firms or
other parties covered in the register maintained under section189 of
the Companies Act, 2013 ('the Act')
(b) In the case of the unsecured loans granted to companies, firms or
other parties listed in the register maintained under section 189 of
the Act, the terms of arrangement do not stipulate any repayment
schedule both for interest and principal.
(c) The amount outstanding from the companies, firms or other parties
listed in the register maintained under section 189 of the Act is
Rs.3,75,84,381/- (previous year Rs. 3,75,58,511/-).
4 In our opinion and according to the information and explanations
given to us there are ad- equate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and sale of goods and services.
During the course of our audit, we have not observed any major
weaknesses in internal control system.
5. The company has not accepted any deposits from the public during
the year.
6 The Central Government has not prescribed the maintenance of cost
records u/s 148 (1) of the Act.
7. (a) According to the information and explanations given to us and on
the basis of our examination of the records of the company amounts
deducted /accrued in the books of account in respect of undisputed
statutory dues including Income-Tax, Sales Tax, Wealth Tax, Service
Tax, duty of Customs, Value Added Tax, Cess and other material
statutory dues has been generally regular in depositing during the year
by the company with the appropriate authorities.
(b) According to the information and explanations given to us no
undisputed amounts payable in respect of Income-Tax, Sales Tax, Wealth
Tax, Service Tax, duty of Customs, Value Added Tax, Cess and other
material statutory dues were in arrears as at March 31, 2015 for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, no
amount were required to be transferred to the 'Investor education and
protection Fund' in accordance with relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under. The company has
not paid any dividend to the shareholders since the inception of the
company.
(d) In our opinion and according to the information and explanations
given to us and on verification of records, in respect of disputed
amounts towards income-tax during the financial year 1997-98 search
action was carried out by the income-tax authorities at the premises of
the company u/s 132 of the Income tax Act, 1962 and assessment for the
same was completed on 31.01.2000 thereby resulting in a demand of
Rs.48,30,381/- on the company. As against the said demand the company
has paid Rs. 41,07,093 /- The company disputed the demand raised by the
Income- tax department and filed an appeal against the order before the
Commissioner of Income-tax (Appeals) who has partly allowed it to the
extent of Rs. 31,00,524 /-. The company, disputing the balance
liability has gone in to appeal before Income-tax Appellate Tribunal,
the order of which went in the favour of the company. Further, the
department had gone into appeal before the High Court and the matter is
still pending before the said authority.
8. The Company's accumulated losses at the end of the financial year
are less than fifty percent of its net worth and has incurred cash
losses in current financial year as against cash profit in the
immediately preceding financial year.
9. According to the information and explanations given to us, the
company has not defaulted in repayment of dues to Banks. The company
did not avail any facilities/borrowings from financial institutions or
debenture holders.
10. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks and financial institutions.
11. In our opinion and according to the information and explanations
given to us, the term loan from Bank were applied for the purpose for
which the loans were obtained.
12. According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported during
the course of our audit.
Mumbai For Sarath & Associates
Dated: 30th May, 2015 Chartered Accountants
Firm Regn. No. : 5120S
CA. R.Lakshmi Rao
Partner
M.No. : 029081
Mar 31, 2014
1. We have audited the accompanying financial statements of Cinevista
Limited (the ''Company''), which comprise the Balance Sheet as at March
31,2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information, which we have signed under
reference to this report.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:
2. The Company''s Management is responsible for the preparation of these
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 Standards notified under ''the
Companies Act, 1956'' of India (the "Act") read with the General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013. This
responsibility include the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITORS'' RESPONSIBILITY:
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conduct our audit in accordance with
the Standards on Auditing and other applicable authoritative
pronouncements issued by the Institute of Chartered Accountants of
India. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
4. An Audit involves performing procedures to obtain audit evidence,
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors'' 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 auditors consider internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. An Audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by Management, as well
as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
OPINION:
6. In our opinion, and to the best of our information and according to
the explanations given to us, the accompanying 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.
(a) in the case of the Balance Sheet of the state of affairs of the
Company as at March 31,2014.
(b) In the case of the statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS:
7. As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) [Amendment] Order, 2004,
issued by the Central Government of India in terms of sub-section [4A]
of section 227 of the Act [hereinafter referred to as the "Order"],
and on the basis of such checks of the books and records of the Company
as we considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8. 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 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 appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement dealt with by this report comply with the
Accounting Standards notified under the Act read with the General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013;
(e) On the basis of written representations received from the directors
as on March, 2014, and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
Annexure to Auditors'' Report Referredtoin Paragraph 7 of our Report
of vendate.
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative detail and situation of fixed
assets.
(b) During the year fixed assets of the company have been physically
verified by the management at all locations at reasonable intervals
having regard to the size of the company and nature of fixed assets.
No material discrepancies have been notice in respect of the fixed
assets on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and therefore, the going concern status
of the company is not affected.
(ii) (a) The physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification between
the physical stock and book records.
(iii) (a) The Company has taken unsecured loans from companies, firms
or other parties listed in the register maintained under section 301
of the Act and the maximum amount outstanding at any time during the
year is Rs. 1,71,94,396.37 (previous year: Rs. 1,27,24,453.37) and
closing balance as on 31-03-2014 is Rs. 1,56,94,396.37 (previous
year: Rs.1,27,81,976.37). The company has granted unsecured loans
to companies, firms or other parties listed in the register
maintained under section 301 of the Act and the maximum amount
outstanding at anytime during the year is Rs. 3,75,61,681.12 (
previous year: Rs 3,75,58,511.37) and closing balance as on 31.03.2014
is Rs 3,75,61,681.12 (previous year: Rs 3,75,58,511.37)
(b) The terms and conditions of the unsecured loans given or taken by
the company are prima facie not prejudicial to the interests of the
company.
(c ) There are no stipulation as to repayment of principal amount and
interest and as such there is no specific comment to be made in this
regard.
(d) In the absence of any specific stipulation as to the repayment of
principal amount and interest, the question of reporting whether
reasonable steps have been taken by the company for repayment of loans
and advances does not arise.
(iv) 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 inventory and fixed assets and for the
sale of goods. During the course of our audit, we have not observed any
major weakness in internal controls.
(v) (a) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of
contracts and arrangements, that needed to be entered in to the
register maintained under section 301 of the Companies Act,
1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are transactions in pursuance of contracts and
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956, aggregating during the year to Rs.5,00,000/-
(Rupees Five Lakhs Only) or more in respect of any party have been made
at prices which are reasonable having regard to the prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits from public and
consequently the directives issued by Reserve Bank of India and the
provisions of section 58A and 58AA of the Act and rules framed there
under are not applicable.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1)(d) of the
Companies Act, 1956.
(ix) (a) According to the information and explanations given to us the
company is generally regular in depositing undisputed statutory dues
including income tax/sales tax/wealth tax/service tax/customs duty/
excise duty/cess and other material statutory dues with the appropriate authorities during the year. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the arrears of outstanding statutory dues as at the last day of the
financial year for a period of more than 6 months from the date on
which they became payable.
(b) In our opinion and according to the information and explanations
given to us and on verification of records, in respect of disputed
amounts towards income-tax during the financial year 1997-98 search
action was carried out by the income-tax authorities at the premises of
the company u/s 132 of the Income tax Act, 1962 and assessment for the
same was completed on 31.01.2000 thereby resulting in a demand of Rs.
48,30,381 /- on the company. As against the said demand the company has
paid Rs. 41,07,093 /- The company disputed the demand raised by the
Income-tax department and filed an appeal against the order before the
Commissioner of Income-tax (Appeals) who has partly allowed it to the
extent of Rs. 31,00,524 /-. The company, disputing the balance
liability has gone in to appeal before Income-tax Appellate Tribunal,
the order of which went in the favour of the company. Further, the
department had gone into appeal before the high court and the matter is
still pending before the said authority.
(x) The company does not have any accumulated losses at the end of the
financial year. The company has gained cash profit during the financial
year covered by the audit as against cash loss in the immediately
preceding financial year.
(xi) According to the information and explanations given to us the
company has not default in repayment of dues to banks. The company did
not avail of any facilities/ borrowings from financial institutions or
debenture holders, therefore, the reporting on default in repayment of
dues etc. to financial institutions or debenture holder does not arise.
(xii) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003, is not applicable to the company.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, clause 4(xiv)
of the Companies (Auditor''s Report) Order, 2003, is not applicable to
the company.
(xv) In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions. Therefore, clause 4(xv) of
the Companies (Auditor''s Report) Order, 2003, is not applicable to the
company.
(xvi) In our opinion and according to the information and explanations
given to us, the term loan from bank were applied for the purpose for
which the loans were obtained..
(xvii) In our opinion and according to the information and explanations
given to us, the funds raised during the year on short term basis have
been used for long term investment and vice-versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act, 1956. Therefore, clause 4(xviii) of
the Companies (Auditor''s Report) Order, 2003, is not applicable to the
company.
(xix) The company has not issued any debentures. Therefore, clause
4(xix) of the Companies (Auditor''s Report) Order, 2003, is not
applicable to the company.
(xx) The company has not raised any money by way of public issue during
the year. Therefore, clause 4 of the Companies (Auditor''s Report)
Order, 2003, is not applicable to the company.
(xxi) 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. Therefore, clause 4(xxi) of the Companies (Auditor''s
Report) Order, 2003, is not applicable to the company.
FOR SARATH & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn.No. 5120 S
Place : Mumbai. CA. R. LAKSHMI RAO
Date : 30-05-2014 PARTNER
M.No. F-029081
Mar 31, 2013
1. We have audited the attached Balance Sheet of Cinevista Limited
(Formerly known as Cinevistaas Limited)as at 31st March, 2013 and also
the Statement of Proft and Loss for the year ended on that date annexed
thereto, and the Statement of Cash fow for the year ended on that date.
These fnancial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
fnancial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
fnancial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the fnancial statements. An audit also includes
assessing the accounting principles used and signifcant estimates made
by management, as well as evaluating the overall fnancial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, and on the basis of such checks
of the books and records of the Company as considered appropriate and
according to the confrmation and explanation given to us during the
course of our audit, we enclose in the Annexure a statement on the
matters specifed in paragraph 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) 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.
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of such
books.
(iii) The Balance Sheet and the Statement of Proft and Loss dealt with
by this Report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet and the Statement of Proft and
Loss dealt with by this report comply with the mandatory accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956, to the extent applicable to the company.
(v) On the basis of written representations received from the
directors, as on 31st March, 2013, and taken on record by the Board of
Directors, we report that none of the directors are disqualifed as on
31st March, 2013, from being appointed as directors in terms of clause
(g) of subsection (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and the Statement
of Proft and Loss 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 in conformity with the
accounting principles generally accepted in India :
i) In so far as it relates to the Balance Sheet, of the ''state of
affairs'' of the Company as at 31st March 2013, and
ii) In so far as it relates to the Statement of Proft and Loss, of the
''Proft'' of the Company for the year ended on that date.
Annexure to Auditors'' Report
Referred to in Paragraph 3 of our Report of even date.
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative detail and situation of fxed
assets.
(b) During the year fxed assets of the company have been physically
verifed by the management at all locations at reasonable intervals
having regard to the size of the company and nature of fxed assets. No
material discrepancies have been notice in respect of the fxed assets
on such verifcation.
(c) In our opinion, the company has not disposed off substantial part
of fxed assets during the year and therefore, the going concern status
of the company is not affected.
(ii) (a) The physical verifcation of inventory has been conducted at
reasonable intervals by the management.
(b) In our opinion, the procedures of physical verifcation of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verifcation between the
physical stock and book records.
(iii) (a) The Company has taken unsecured loans from companies, frms or
other parties listed in the register maintained under section 301 of
the Act and the maximum amount outstanding at any time during the year
is Rs. 87,24,453.37 (previous year: Rs. 82,81,976.37) and closing
balance as on 31-03-2013 Rs. 87,81,976.37 (previous year:
Rs.82,81,976.37). The company has granted unsecured loans to companies,
frms or other parties listed in the register maintained under section
301 of the Act and the maximum amount outstanding at anytime during the
year is Rs. 3,75,58,511.37 (previous year: Rs 3,75,51,779.37) and
closing balance as on 31.03.2013 is Rs 3,75,58,511.37 (previous year:
Rs 3,75,51,779.37)
(b) The terms and conditions of the unsecured loans given or taken by
the company are prima facie not prejudicial to the interests of the
company.
(c ) There are no stipulation as to repayment of principal amount and
interest and as such there is no specifc comment to be made in this
regard.
(d) In the absence of any specifc stipulation as to the repayment of
principal amount and interest, the question of reporting whether
reasonable steps have been taken by the company for repayment of loans
and advances does not arise.
(iv) 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 inventory and fxed assets and for the sale
of goods. During the course of our audit, we have not observed any
major weakness in internal controls.
(v) (a) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of
contracts and arrangements, that needed to be entered in to the
register maintained under section 301 of the Companies Act, 1956 have
been so entered. (b) In our opinion and according to the information
and explanations given to us, there are transactions in pursuance of
contracts and arrangements entered in the register maintained under
section 301 of the Companies Act, 1956, aggregating during the year to
Rs.5,00,000/- (Rupees Five Lakhs Only) or more in respect of any party
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from public and
consequently the directives issued by Reserve Bank of India and the
provisions of section 58A and 58AA of the Act and rules framed there
under are not applicable.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1)(d) of the
Companies Act, 1956.
(ix) (a) According to the information and explanations given to us the
company is generally regular in depositing undisputed statutory dues
including income tax/sales tax/wealth tax/service tax/customs duty/
excise duty/cess and other material statutory dues with the appropriate
authorities during the year. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the arrears of outstanding statutory dues as at the last day of the
fnancial year for a period of more than 6 months from the date on which
they became payable. (b) In our opinion and according to the
information and explanations given to us and on verifcation of records,
in respect of disputed amounts towards income-tax during the fnancial
year 1997-98 search action was carried out by the income-tax
authorities at the premises of the company u/s 132 of the Income tax
Act, 1962 and assessment for the same was completed on 31.01.2000
thereby resulting in a demand of Rs. 48,30,381 /- on the company. As
against the said demand the company has paid Rs. 41,07,093 /- The
company disputed the demand raised by the Income-tax department and
fled an appeal against the order before the Commissioner of Income-tax
(Appeals) who has partly allowed it to the extent of Rs. 31,00,524 /-.
The company, disputing the balance liability has gone in to appeal
before Income-tax Appellate Tribunal, the order of which went in the
favour of the company. Further, the department had gone into appeal
before the high court and the matter is still pending before the said
authority.
(x) The company does not have any accumulated losses at the end of the
fnancial year. The company has gained cash proft during the fnancial
year covered by the audit as against cash loss in the immediately
preceding fnancial year.
(xi) According to the information and explanations given to us the
company has not defaulted in repayment of dues to banks. The company
did not avail of any facilities/ borrowings from fnancial institutions
or debenture holders, therefore, the reporting on default in repayment
of dues etc. to fnancial institutions or debenture holder does not
arise.
(xii) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
beneft fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003, is not applicable to the company.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, clause 4(xiv)
of the Companies (Auditor''s Report) Order, 2003, is not applicable to
the company.
(xv) In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or fnancial institutions. Therefore, clause 4(xv) of
the Companies (Auditor''s Report) Order, 2003, is not applicable to the
company.
(xvi) In our opinion and according to the information and explanations
given to us, the term loan from bank were applied for the purpose for
which the loans were obtained.
(xvii) In our opinion and according to the information and explanations
given to us, the funds raised during the year on short term basis have
been used for long term investment and vice-versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act, 1956. Therefore, clause 4(xviii) of
the Companies (Auditor''s Report) Order, 2003, is not applicable to the
company.
(xix) The company has not issued any debentures. Therefore, clause
4(xix) of the Companies (Auditor''s Report) Order, 2003, is not
applicable to the company.
(xx) The company has not raised any money by way of public issue during
the year. Therefore, clause 4 (xx) of the Companies (Auditor''s Report)
Order, 2003, is not applicable to the company.
(xxi) 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. Therefore, clause 4(xxi) of the Companies (Auditor''s
Report) Order, 2003, is not applicable to the company.
FOR SARATH & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn.No. 5120 S
Place : Mumbai. CA. R.LAKSHMI RAO
Date : 30.05.2013 PARTNER
M.No. F-029081
Mar 31, 2012
1. We have audited the attached Balance Sheet of Cinevista Limited as
at 31st March, 2012 and' also the Statement of Profit and Loss for the
year ended on that date annexed thereto, and the Statement of Cash flow
for the year ended on that date. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 disclosures 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 statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, and on the basis of such checks
of the books and records of the Company as considered appropriate and
according to the confirmation and explanation given to us during the
course of our audit, we enclose in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) 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.
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of such
books. .
(iii) The Balance Sheet and the Statement of Profit and Loss dealt with
by this Report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet and the Statement of Profit and
Loss dealt with by this report comply with the mandatory' accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956, to the extent applicable to the company.
(v) On the basis of written representations received from the
directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
31st March, 2012, from being appointed as directors in terms of clause
(g) of subsection (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and the Statement
of Profit and Loss 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 in conformity with the
accounting principles generally accepted in India :
i) In so far as it relates to the Balance Sheet, of the 'state of
affairs' of the Company as at 31st. March 2012, and
ii) In so far as it relates to the Statement of Profit and Loss, of the
'Profit' of the Company for the year ended on that date.
(vi) The Company has not accepted any deposits from public and
consequently the directives issued by Reserve Bank of India and the
provisions of section 58A and 58AA of the Act and rules framed there
under are not applicable. '
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1)(d) of the
Companies Act, 1956.
(ix) (a) According to the information and explanations given to us the
company is generally regular in depositing undisputed statutory dues
including income tax/sales tax/wealth tax/service tax/ customs duty/
excise duty/cess and other material statutory dues with the appropriate
authorities during the year. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the arrears of outstanding statutory dues as at the last day of the
financial year for a period of more than 6 months from the date on
which they became payable.
(b) In our opinion and according to the information and explanations
given to us and on verification of records, in respect of disputed
amounts towards income-tax during the financial year 1997- 98 search
action was carried out by the income-tax authorities at the premises of
the company u/s 132 of the Income tax Act, 1962 and assessment for the
same was completed on 31.01.2000 thereby resulting in a demand of Rs.
48,30,381 /- on the company. As against the said demand the company
has paid Rs. 41,07,093 /- The company disputed the demand raised by the
Income-tax department and filed an appeal against the order before the
Commissioner of Income-tax (Appeals) who has partly allowed it to the
extent of Rs. 31,00,524 /-. The company, disputing the balance
liability has gone in to appeal before Income-tax Appellate Tribunal,
the order of which went in the favour of the company. Further, the
department had gone into appeal before the high court and the matter is
still pending before the said authority.
(x) The company does not have any accumulated losses at the end of the
financial year. The company has incurred cash losses during the
financial year covered by the audit as against cash profit in the
immediately preceding financial year.
(xi) According to the information and explanations given to us the
company has not defaulted in repayment of dues to banks. The company
did not avail of any facilities/ borrowings from financial institutions
or debenture holders, therefore, the reporting on default in repayment
of dues etc. to financial institutions or debenture holder does not
arise.
(xii) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order, 2003, is not applicable to the company.
(xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, clause 4(xiv)
of the Companies (Auditor's Report) Order, 2003, is not applicable to
the company.
(xv) In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions. Therefore, clause 4(xv) of
the Companies (Auditor's Report) Order, 2003, is not applicable to the
company.
(xvi) In our opinion and according to the information and explanations
given to us, the term loan from bank were applied for the purpose for
which the loans were obtained.
(xvii) In our opinion and according to the information and explanations
given to us, the funds raised during the year on short term basis have
been used for long term investment and vice-versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Companies Act, 1956. Therefore, clause 4(xviii) of
the Companies (Auditor's Report) Order, 2003, is not applicable to the
company.
(xix) The company has not issued any debentures. Therefore, clause
4(xix) of the Companies (Auditor's Report) Order, 2003, is not
applicable to the company.
(xx) The company has not raised any money by way of public issue during
the year. Therefore, clause 4 of the Companies (Auditor's Report)
Order, 2003, is not applicable to the company.
(xxi) 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. Therefore, clause 4(xxi) of the Companies (Auditor's
Report) Order, 2003, is not applicable to the company.
FOR SARATH & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn.No. 5120 S
Place : Mumoai. CA. R. LAKSHMI RAO
Date : 30.05.2012 PARTNER
M.No. F-029081
Mar 31, 2010
We have audited the attached Balance Sheet of Cinevistaas Limited as at
31st March, 2010 and the annexed Profit & Loss Account of the Company
for the year ended on that date annexed thereto, and the cash flow
statement for the year ended on that date. 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 have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 disclosures 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 statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003, issued by
the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956 and on the basis of such checks of the books and records of
the Company as considered appropriate and according to the information
and explanations given to us during the course of audit, we enclose in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the said Order.
Further to our comments in the Annexure, referred to in the above
paragraph, we state that:
1) 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;
2) 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 such
books;
3) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the Books of Account;
4) In our opinion, the Profit and Loss Account and the Balance Sheet
comply with the accounting standards referred to in Section 211 (3C) of
the Companies Act, 1956, to the extent applicable to the Company;
5) On the basis of written declarations received from the directors, as
on 31st March 2010 and taken on record by the board of directors, we
report that none of the directors has been disqualified as on 31st
March 2010, from being appointed as a director in terms of clause (g)
of subsection (1) of Section 274 of the Companies Act, 1956.
6) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and the Profit and
Loss Account read together with the notes thereon, give the information
required by the Companies Act, 1956, in the manner so required, and
gives true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in so far as it relates to the Balance Sheet, of the State of
Affairs of the Company as at 31st March, 2010;
(b) in so far it relates to the Profit & Loss Account, of the profit
for the year ended on that date; and
(c) in the case of the cash flow statement, of the cash flows for the
year ended on that date;
ANNEXURE REFERRED TO IN PARAGRAPH OF THE AUDITORS REPORT RELATED TO
COMPANIES (AUDITORS REPORT) ORDER, 2003 TO THE MEMBERS OF CINEVISTAAS
LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED ON 31 ST MARCH, 2010
Based on the information and explanations furnished to us and the books
and records examined by us in the normal course of audit, we report
that in our opinion;
I) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) During the year Fixed Assets of the Company have been physically
verified by the Management at all locations and there is a regular
program of verification which in our opinion, is reasonable, having
regard to the size of Company and the nature of the Fixed Assets. No
material discrepancies have been noticed in respect of the assets,
which have been physically verified during the year.
(c) There is no substantial disposal of Fixed Assets of the Company
during the year & therefore does not affect the going concern of the
company.
II) (a) The management during the year has physically verified stock of
all types of Cassettes at all locations.
(b) In our opinion, the management has followed reasonable and adequate
procedures in relation to the size of the Company and the nature of its
business for physical verification of Stock of Cassettes.
(c) No discrepancies were noticed on verification between the physical
stock and books records.
III) (a) During the year the company has not taken unsecured loans from
parties maintained under Section 301.
IV) In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size and nature of business of the Company for
the purpose of inventory & fixed assets and for the sale of serials,
films, ad-films etc. No major weaknesses in internal control were
noticed.
V) The Company has not accepted any deposits from public and
consequently the Provisions of Section 58A of the Companies Act, 1956,
and The Companies (Acceptance of Deposits) Rules, 1975, are not
applicable.
VI) The company has an internal audit system commensurate with its size
and nature of its business.
VII) We have been informed that the Central Government has not
prescribed maintenance of Cost Records under Section 209 (1) (d) of the
Companies Act, 1956.
VIII) a) The company is regularly depositing undisputed statutory dues
including income tax, sales tax, wealth tax and any other statutory
dues with the appropriate authorities.
b) According to the information and explanation given to us there were
no undisputed amount payable in respect of income tax, wealth tax,
sales tax, custom duty and excise duty .
IX) The Company has written off Sundry debtors to Rs 2241.12.
x) During the year the company has not defaulted in repayment of dues
to a financial institution or bank.
XI) The company has not granted any loans and advances during the year
on the basis of pledge of shares, debentures and other securities.
XII) The company has not given any guarantee for loans taken by others
from bank & financial institution & therefore same clause is not
applicable to company during the year.
XIII) The company has taken term loan during the year from Central
Bank.
XIV) The funds raised during the year on short-term basis have been
used for long term investments & vice- versa.
XV) The company has not issued any debentures or any securities against
them.
XVI) No public issue has been made by the company during the year.
XVIII) No fraud on or by the company has been noticed or reported
during the year.
FOR VIMAL PUNMIYA & CO.
CHARTERED ACCOUNTANTS
Place: Mumbai (VIMAL C. PUNMIYA)
Date: 30-04-2010 Proprietor
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