To the Members of 52 Weeks Entertainment Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of 52 WeeksEntertainment Limited ('the Company') which comprise the balance sheet as at 31stMarch 2015 the statement of profit and loss and the cash flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 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 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 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 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 bestof 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 theCompany 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 statementdealt with by this Report are in agreement with the books of account;
(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
(e) Account has been drawn under going concern concept.
(f) on the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and
(g) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls.
(h) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements if any.
ii. the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts if any; and
iii.There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company
For Motilal & Associates
M. No. 036811
Place : Mumbai
Date : 30/05/2015
ANNEXURE TO THE AUDITORS' REPORT
Issued by the Central Government under sub section 11 of section 143 of the CompaniesAct 2013 (18 of 2013)
The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31st March 2015 wereport that:
a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;
b) The Company has regular programme of physically verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.
(II) The company is a service company primarily rendering Production house andcreative consultancy services. Accordingly it does not hold any physical inventories.Thus Para 3(ii) of the order is not applicable.
(III) According to the information and explanation given to us company has grantedloan to a associate company and two other company covered in register maintained undersection 189 of the Companies Act 2013 the outstanding balance of such loans givenaggregate Rs 167477000 and maximum amount outstanding during the year was Rs191750000 no interest has been provided on two of these company.
(IV) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of fixed assets and sale of services.The activities of the Company do not involve purchase of inventory and the sale of goods.We have not observed any major weakness in the internal control system during the courseof the audit.
(V) The Company has not accepted any deposits from the public.
(VI) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.
(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees' state insurance and duty of excise.
(b) According to the information and explanations given to us there are no dues ofIncome Tax wealth tax duty of customs and cess which have not been deposited with theappropriate authorities on account of any dispute.
According to the information and explanations given to us the no amount was requiredto be transferred to the investor education and protection fund in accordance with therelevant provisions of the Companies Act 1956 (1 of 1956).
(VIII) The Company has accumulated loss of Rs 1894.40 Lacs which is more than 50% ofnet worth of the Company. The company has not incurred cash losses in the currentfinancial year under review and has incurred cash losses of approximately Rs.852.7 Lacs inthe immediate preceding financial year.
(IX) The company has defaulted in repayment of dues to the financial institution andbanks and as on balance sheet date total amount outstanding is Rs 11.305 croresmeanwhile no provision of interest has been made for the year under review. The Companyhas not issued any debentures during the year.
(X) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.
(XI) The Company has not taken any term loan during the year.
(XII) According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.
For Motilal & Associates
M. No. 036811
Place : Mumbai
Date : 30/05/2015