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B A G Films & Media Ltd.

BSE: 532507 Sector: Media
NSE: BAGFILMS ISIN Code: INE116D01028
BSE LIVE 15:56 | 06 Dec 4.57 0.27
(6.28%)
OPEN

4.30

HIGH

4.74

LOW

4.24

NSE LIVE 15:31 | 06 Dec 4.55 0.30
(7.06%)
OPEN

4.25

HIGH

4.75

LOW

4.20

OPEN 4.30
PREVIOUS CLOSE 4.30
VOLUME 172282
52-Week high 7.29
52-Week low 2.95
P/E 35.15
Mkt Cap.(Rs cr) 85.96
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.57
Sell Qty 4956.00
OPEN 4.30
CLOSE 4.30
VOLUME 172282
52-Week high 7.29
52-Week low 2.95
P/E 35.15
Mkt Cap.(Rs cr) 85.96
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.57
Sell Qty 4956.00

B A G Films & Media Ltd. (BAGFILMS) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR

To

The Members of

B.A.G. Films and Media Limited

Report on the Financial Statements

We have audited the accompanying financial statements of B.A.G. Films and Media Limited("the Company") which comprise the Balance Sheet as at March 31 2014 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of 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 atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in subsection (3C) ofsection 211 of the Companies Act 1956 "the Act"). This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2014;

(b) in the case of the Statement of Profit and Loss Account of the loss for the yearended on that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 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 ourknowledge 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 theCompany so far as appears from our examination of those books [and proper returns adequatefor the purposes of our audit have been received from branches not visited by us];

i. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account [and with the returns receivedfrom branches not visited by us];

ii. in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in subsection (3C) of section211 of the Companies Act 1956;

iii. on the basis of written representations received from the directors as on March31 2014 and taken on record by the Board of Directors none of the directors isdisqualified 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 Companies Act 1956.

For and on behalf of Joy Mukherjee & Associates
Chartered Accountants
Joy Mukherjee
Place : Noida Partner
Dated : May 26 2014 Membership No.074602
FRN: 006792C

ANNEXURE TO INDEPENDENT AUDITOR’S REPORT

[Referred to in paragraph 1 of our Report of even date]

1. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the management during the year in aphased periodical manner which in our opinion is reasonable having regard to the size ofthe Company and the nature of its assets. No material discrepancies between the bookrecords and the physical inventory have been noticed. (c) In our opinion and according tothe information and explanations given to us a substantial part of fixed assets has notbeen disposed off by the Company during the year.

2. (a) The inventory of video tapes and films have been physically verified by themanagement during the year. In our opinion the frequency of verification is reasonable.

(b) In our opinion the procedures of physical verification of inventory of video tapesand films followed by the management are reasonable and adequate in relation to the sizeof the Company and the nature of its business.

(c) On the basis of our examination of the inventory records in our opinion theCompany is maintaining proper records of inventory. As explained to us there were nomaterial discrepancies noticed on physical verification of inventory as compared to thebook records.

3. (a) The Company has not granted any Loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 301 of the Act.

(b) The Company has not taken any loans secured or unsecured from Companies firms orother parties covered in the Register maintained under Section 301 of the Act.

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of inventory fixed assets and for the saleof television serials. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.

5. (a) In our opinion and according to the information and explanations given to usthe particulars of contracts or arrangements referred to in Section 301 of the Act ifany 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 ushaving regard to the fact that the items sold/services rendered/received are of a specialnature and suitable alternate sources do not exist for obtaining comparative quotationsthe transactions made in pursuance of such contracts or arrangements and exceeding thevalue of Rupees Five Lakhs in respect of any party during the year have been made atprices which are reasonable having regard to the prevailing market prices at the relevanttime or the prices at which the transactions for similar goods have been made with otherparties.

6. The Company has not accepted any deposits from the public within the meaning ofSections 58A and 58AA of the Act and the rules framed there under.

7. In our opinion the Company has an internal audit system commensurate with its sizeand nature of business.

8. The Central Government of India has not prescribed the maintenance of cost recordsunder clause (d) of subsection (1) of Section 209 of the Act for any of the products ofthe Company as the Company is not involved in any manufacturing activity.

9. (a) According to the records of the Company undisputed statutory dues includingprovident fund investor education and protection fund employees ‘state insuranceincome–tax sales–tax wealth tax service tax customs duty excise duty cessand other material statutory dues where applicable have been generally regularlydeposited with appropriate authorities. According to the information and explanationsgiven to us none of the undisputed amounts payable in respect of the aforesaid dues wereoutstanding as at March 31 2014 for a period of more than six months from the dates ofbecoming payable.

(b) According to the information and explanations given to us there are no cases ofnon–deposit with appropriate authorities of disputed dues of sales tax income taxcustom duty wealth tax service tax excise duty and cess.

10. The Company has incurred loss amounting to Rs 85950482/. (Previous Year Rs.88589009/-) during the year ended March 31 2014 further The Company has incurred Cashprofit after tax of Rs 29783361/- (Previous year cash profit after tax of Rs.56711400/-) during the financial year ended on that date.

11. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues to anyfinancial institution or bank or debenture holders as at the balance sheet date.

12. The Company has not granted any loans and advances on the basis of security by wayof pledge of shares debentures and other securities.

13. The provisions of any special statute applicable to chit fund/ nidhi/mutual benefitfund/societies are not applicable to the Company.

14. In our opinion the Company is not a dealer or trader in shares securitiesdebentures and other investments.

15. The company has obtained term loan of Rs 618600000 (Previous Year Rs.320000000 from Canara Bank Limited) from Yes Bank Limited during the year. On basis ofoverall examination of Balance Sheet of Company in our opinion and according to theinformation & explanation given to us no such funds is used for purpose other than forwhich it was raised. Therefore clause 4(xvi) of the order is not applicable.

16. On the basis of an overall examination of the balance sheet of the Company in ouropinion and according to the information and explanations given to us there are no fundsraised on a short-term basis which have been used for long-terms investment.

17. Based on our examination of the records and documents of the Company and accordingto the information and explanation given to us we are of the opinion that the Company isnot dealing or trading in shares securities debentures and other investments andtherefore clause(xiv) of the Order is not applicable to the Company.

18. The Company has not issued any debentures.

19. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

For and on behalf of Joy Mukherjee & Associates
Chartered Accountants
Joy Mukherjee
Place : Noida Partner
Dated : May 26 2014 Membership No.074602
FRN: 006792C

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