We have audited the accompanying financial statements of Tarrif Cine &
Finance Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, 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 Financial Statements
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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
No. 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013. This
responsibility includes 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
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
entity'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 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 pririciples generally accepted
in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 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
1. As required by the Companies (Auditor's Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. 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 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 it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the 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 the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 the Companies Act, 1956
read with the General Circular No. 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 the written representations received from the
directors as on 31st March, 2014 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 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
(Referred to in paragraph 1 of our report of even date)
1. The Company does not have any fixed assets and hence the question
of maintaining records, physical verification & disposal of the same
does not arise.
2. a) Shares & debentures in custody of the Company have been
physically verified by the management at reasonable intervals. For
shares held -with the custodian and depository participant & for units
of mutual funds, statement from them has been obtained on a regular
basis.
b) The procedures of 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. No
discrepancies have been noticed on reconciliation of physical
inventories & with the custodian and depository participant as compared
to the book records.
3. (a) The Company has, during the year, not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the
register maintained u/s.301 of the Companies Act, 1956. Accordingly,
clause 4(iii) (a) to (d) of the Order are not applicable.
(b)The Company has, during the year, not taken any loans, secured or
unsecured, from companies, firms or other parties covered in the
register maintained u/s.301 of the Companies Act, 1956. Accordingly,
clause 4(iii) (e) to (g) of the Order are not applicable.
4. 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 with regard to purchase of inventory and for the sale of
goods. The Company does not provide any services. During the course of
our audit no major weakness have been observed in the internal
controls.
5. According to the information and explanations given to us, we are
of the opinion that there were no transactions that needed to be
entered into the register maintained under section 301 of the Companies
Act, 1956.
6. The Company has not accepted any deposits from the public and
consequently the provisions of Section 58 A, 58 AA or any other
relevant provisions of the Companies Act, 1956, and the rules framed
there under and the directives issued by RBI are not applicable.
7. The Company does not have a formal system of internal audit but
there are adequate checks & control at all levels.
8. The provisions of section 209(1) (d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a)In our opinion and according to the information and explanations
given to us, the Company has been regular in depositing undisputed
statutory dues applicable to it with the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institution
or bank or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures & other securities &
therefore, the question of maintenance of adequate documents & records
does not arise.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund /society. Therefore, the provisions of clause 4(xiii) of
CARO, 2003 are not applicable to the Company.
14. In respect of Company's activity for dealing in shares,
securities, debentures and other investments, proper records have been
maintained in regard to the transactions and contracts and timely
entries have been made therein. The shares & other investments have
been held by the Company in its own name except to the extent of
exemption granted under section 49 of the Act.
15. In our opinion & according to explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not taken any term loan & therefore, provisions of
clause (xvi) of CARO 2003 are not applicable to the Company.
17. According to the information and explanations given to us and on
an overall examination of balance sheet of the Company, we report that
the Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares to
any parties & companies covered in the register maintained u/s 301 of
the Companies Act, 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issues during the
year.
21. According to the information and explanations giben to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the course of audit.
For K K Khadaria & CO
Chartered Accountants
Firm Regn No: 105013W
Ajay Daga
Partner
Mem. No: 044162
Place: Mumbai
Dated: 24th May, 2014
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