IDream Film Infrastructure Company Ltd.
|BSE: 504375||Sector: IT|
|NSE: N.A.||ISIN Code: INE459E01012|
|BSE LIVE 12:26 | 04 Aug||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
|BSE: 504375||Sector: IT|
|NSE: N.A.||ISIN Code: INE459E01012|
|BSE LIVE 12:26 | 04 Aug||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
The Members of
IDream Film Infrastructure Company Limited
(Formerly - Known as Softbpo Global Services Limited)
Report on the Standalone Financial Statement
We have audited accompanying financial statements of IDream Film InfrastructureCompany Limited (Formerly known as Softbpo Global Services Limited) ("theCompany") which comprise the Balance Sheet as at March 31 2016 the Statement ofProfit and Loss and Cash Flow Statement for the year ended and a summary of significantaccounting policies and other explanatory information.
Management' Responsibility for the Standalone
The Company's Board of Directors are responsible for the matters stated in Section134(5) of Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and Cash Flows of the Company in accordancewith the Accounting principles generally accepted in India including the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; design implementation and maintenance of adequate internalfinancial controls that are operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into Account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.
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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such internal controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Board of Directors aswell 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.
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 asat March 31 2016;
b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and
c) in the case of Cash Flow Statement of the cash flows for the year ended on thatdate.
Emphasis of Matter:
We draw attention to note number 4(1) of the financial statements the Company hasincurred net losses in the past years and in current year also. The Company hasaccumulated losses which exceed its net worth at the balance sheet date resulting innegative net worth. However the financial statements have been prepared on going concernbasis in view of the undertaking from its holding company for continuous financialsupport. Our opinion is not modified in respect of above matter.
According to information and explanation given to us the Company has not been able toappoint full time company secretary as per Section 203 of the Companies Act 2013.However we are informed that management is under process of appointing a CompanySecretary in due course of time.
Report on other Legal and Regulatory Requirements
1. As required by 'the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order.
2. 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 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.
c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby 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) On the basis of the written representations received from the directors as on March31 2016 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31 2016 from being appointed as a director in termsof Section 164(2) of the Companies Act 2013.
f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and
g) 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:
1. The Company did not have any pending litigations as at March 31 2016 which wouldimpact its financial position;
2. The Company did not have any long-term contracts including derivative contracts asat March 31 2016;
3. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 31 2016.
For Kanu Doshi Associates
Firm Registration Number: 104746W/W100096
Membership No: 102888
Date: May 26 2016
Annexure A to Auditors Report
(Referred to in paragraph 3 of Report on Other Legal and Regulatory Requirements of ourReport of even date on the accounts of IDREAM FILM INFRASTRUCTURE
COMPANY LIMITED (Formerly known as SOFTBPO GLOBAL SERVICES LIMITED) for the yearended 31 March 2016)
(i) The Company does not have any fixed assets. Hence the question of maintainingproper records carrying out physical verification and disposing off a substantial part ofthe fixed assets does not arise.
(ii) The Company does not have any inventory. Hence the question of carrying outphysical verification and maintaining proper records does not arise.
(iii)As per information and explanations given to us the Company has not granted loansecured or unsecured to or from companies firms or other parties covered in the registermaintained under Section 189 of the Companies Act 2013. Accordingly the sub-clause (a)and (b) of clause (iii) are not applicable to the Company.
(iv) The Company has not granted any loans or made any investments or provided anyguarantees or security as referred to Section 185 and 186 of the Companies Act 2013.Therefore the provision of clause 3(iv) of the said Order are not applicable to theCompany.
(v) The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.
(vi) The Central Government of India has not specified the maintenance of cost recordsunder section 148 (1) of the Companies Act 2013:
(vii)a) According to the information and explanations given to us and on the basis ofrecords produced before us the Company is generally regular in depositing withappropriate authorities undisputed statutory dues including provident fund investoreducation protection fund employees' state insurance income tax sales tax wealth Taxcustom duty excise duty cess and other material statutory dues applicable to it.According to the information and explanations given to us no undisputed arrearsofstatutory dues were outstanding as at 31 March 2016 for a period of more than six monthsfrom the date they became payable.
b) There are no dues in respect of Income Tax Service tax and cess that have not beendeposited with appropriate authorities on account of any dispute.
(viii) As the Company does not have any loans or borrowings from any financialinstitutions or bank or Government nor has it issued any debentures as at the balancesheet date the provisions of clause 3(viii) of the Order is not applicable to theCompany.
(ix) The Company has not raised any moneys by way of public issue further public offer(including debt instruments) and term loans. Accordingly the provisions of clause 3(ix)is not applicable
(x) 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 material fraud on or by the Company noticed or reported during the year norhave we been informed of any such case by the Management.
(xi) The managerial remuneration paid by the company is in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theCompanies Act 2013.
(xii) The company is not a Nidhi Company.
(xiii) The Company has entered into transactions with related parties in compliancewith the provisions of section 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures specified under Section 133 of the Act readwith Rule 7 of Companies (Accounts) Rules 2014.
(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of clause 3(xiv) of the Order are not applicable to theCompany.
(xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him. Accordingly provisions of clause 3(xv) of the Order are notapplicable to the Company.
(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of lndia Act 1934. Accordingly the provisions of clause 3(xvi) of the Order are notapplicable to the Company.
Annexure B to Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of IDreamFilm Infrastructure Company Limited (Formerly known as Softbpo Global Services Limited)("the Company") as of 31 March 2016 in conjunction with our audit of thefinancial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's Board of Directors are responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the
Company's internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of he company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or
disposition of the company's assets that could have a material effect on the financialstatements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.