Mar 31, 2015
We have audited the accompanying financial statements of M/s Moving
Picture Company (India) 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.
MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
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 Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the 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 control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
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.
AUDITOR'S RESPONSIBILITY
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. 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.
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 auditor
considers 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 whether the Company has in place an
adequate internal financial controls system over financial reporting
and 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 management, 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.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the 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 31st, 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
1. As required by the Companies (Auditor's 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 paragraphs 3 and 4 of the Order,
to the extent applicable.
2. 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 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, Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014; and
e. On the basis of written representations received from the directors
as on 31 March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2015, from being
appointed as a director in terms of section 164(2) of the Act.
f. In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company did not have any pending litigations.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
The Annexure referred to in paragraph 1 under the heading "Report on
Other Legal and Regulatory Requirements" of the Our Report of even date
to the members of M/s Moving Picture Company (India) Limited, on the
accounts of the company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. As explained to us, the company is not in the business of trading,
manufacturing, mining or processing and as such, it does not hold
inventory and hence did not require physical verification, as such
para3(ii) of the order is not applicable to the Company.
3. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Companies Act, 2013. Consequently, the provisions of clauses iii
(a) and iii(b) of the order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control system
commensurate with the size of the company and the nature of its
business, for the purchase of fixed assets and payment for expenses &
for sale of goods. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, directives
issued by Reserve Bank of India and the provision of section 73 to 76
or any other relevant provisions of Companies Act is not applicable to
the deposits accepted by the company.
6. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under sub-section (1) of section 148 of the Act and we are
of the opinion that prima facie the prescribed accounts and records
have been made and maintained.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
(c) According to the information and explanations given to us, there is
no amount required to be transferred to investor education and
protection fund in accordance with the relevant provision of the
Companies Act 2013.
8. The company has an accumulated loss of Rs. 22,52,84,892/- until the
end of the year under review.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For : K L Datta and Company
Chartered Accountants
FRN:001127C
(V.K. Datta)
(Partner)
Membership No. : 070466
Place: New Delhi
Date : 30.05.2015
Mar 31, 2009
1. We have audited the attached balance sheet of MOVING PICTURE
COMPANY (INDIA) LIMITED as at 31 March 2009 and also the profit and
los- . account and the cash flow statement for the year ended on that
date annexed thereto. These financial statements arc the responsibility
of the company; management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basi.-. 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 ;i reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) Order. 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act. 1956. we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. further to our comments in the Annexure referred to above, 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 purposes 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, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act. 1956;
(e) On the basis of written representations received from the
directors, as at 31 March 2009 and taken on records by the board of
Directors, we do hereby certify that none of the directors of the
company as at 31 March 2009 is disqualified for appointment as a
director in terms of clause (g) of subsection (I) of section 274 of the
Companies Act, 1956 on the said date;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Accounting Policies and Notes to Accounts, 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:
(a) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2009;
(b) in the case of the profit and loss Account, of the loss for the
year ended on that date; and
(c) in the case of cash How statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Annexure referred to in Paragraph-3 of the Auditors Report to the
Members of M/s. MOVING PICTURE COMPANY (INDIA) LIMITED on the accounts
for the year ended 31 March 2009.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. There is a regular programme of verification, which,
in our opinion, is reasonable, having retard to the size of the company
and nature of its assets. No material discrepancies were noticed on
such verification.
(c) No substantial part of the fired assets has been disposed off
during the year.
2. (a) The inventory has been physically verified by the management at
reasonable intervals.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(e) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
invcntory. The discrepancies noticed on verification between the
physical stocks and book records were not material.
3. (a) The company has not granted any loans to the companies, firms
or other parties covered in the register maintained under section 301
of the Companies Act. 1956.
(b) Sub-Clauses (b) to (d) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system 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 and
services.
5. (a) The particulars of contracts or arrangements referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section
(b) In our opinion and according to the information and explanations
given to us. the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under Section 301 in
respect of any parly during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6. The company has not accepted any deposits from the public to which
the provisions of section 58A, 58AA or any other relevant provision of
the Companies Act, 1956 and the rules made thereunder would apply.
7. In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
8. 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.
9. (a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including employees state insurance, investor education and protection
fund, income tax, sales tax. wealth tax, service tax, custom duty.
excise duly, cess and other statutory dues applicable to it. According
to the information and explanations given to us, no undisputed amounts
payable in respect of provident fund, employees state insurance,
investor education and protection fund, income tax, wealth tax, service
tax. sales tax, customs duty, excise duty and cess were outstanding as
at 31 March 2009 for a period of more than six months from the dale
they became payable.
(b) According to the records of the company, there are no dues on
account of any dispute of income tax. sales lax, wealth tax, custom
duty. exercise duty and cess.
10. The accumulated losses Rs. 14.73.07.647.34 of the company at the
end of financial year are more than 50% of its net worth. The company
has incurred cash loss of Rs. 3,43,72,275.75 during the financial year
covered by our audit and Rs. 55,26,097.42 in the immediately preceding
financial year.
11. According to the information and explanations given to us, we are
of the opinion that the company has not defaulted in repayment of dues
to a financial institution or bank.
12. Based on our examination of documents and records, we are of the
opinion that the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities. ë
13. Clausc-(xiii) is not applicable to the company.
14. The company is not dealing or trading in shares, securities and
debentures except investment in shares and securities for which proper
records have been maintained and timely entries have been made in those
records. We also report that the company has held such shares and
securities in its own name.
15. The company has not given any guarantee lor loan taken by others
from bank or financial institution.
16. During the year, the company has not taken any term loan.
17. In our opinion and according to the information and explanations
given to us, the funds raised on short terms basis have not been used
for long- Icrm investments.
18. During the year, the company has made preferential allotment of
shares to parties covered in the register maintained under section 301
of the Act and the price at which the shares have been issued is not
prejudicial to the interest of the Company.
19 The company has not issued any debentures.
20. No money has been raised by public issues by the company during the
year.
21. According to the information and explanations given to us. we
report that no fraud on or by the company has been noticed or reported
during the year.
For UBEROI SOOD & KAPOOR
CHARTERED ACCOUNTANTS
S.D. SHARMA
PARTNER
M. No.80399
Place: Gurgaon
Date : 30 June 2009
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