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Purple Entertainment Ltd.

BSE: 540159 Sector: Media
NSE: N.A. ISIN Code: INE905R01016
BSE LIVE 15:10 | 14 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 30.50
PREVIOUS CLOSE 30.40
VOLUME 1
52-Week high 30.50
52-Week low 12.50
P/E 145.24
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 30.50
Sell Qty 99.00
OPEN 30.50
CLOSE 30.40
VOLUME 1
52-Week high 30.50
52-Week low 12.50
P/E 145.24
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 30.50
Sell Qty 99.00

Purple Entertainment Ltd. (PURPLEENTERTAIN) - Auditors Report

Company auditors report

TO THE MEMBERS OF PURPLE ENTERTAINMENT LIMITED

Report On the Financial Statements

We have audited the accompanying financial statements of Purple EntertainmentLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss for the year ended the cash flow statementfor the year ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position and financialperformance of the Company in accordance with the Accounting Standards notified under theCompanies Act 1956 ("the Act") read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 ofthe Companies Act 2013 and in accordance with the accounting principles respect ofSection 133 of Companies Act 2013 and in accordance with the accounting principlesgenerally accepted in India. This responsibility includes the design implementation andmaintenance of internal control relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement 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 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 auditor?5spnsiders internal control relevant to the Company's preparation and fair presentationof financial statements in order to design audit procedures that are appropriate in the^cjumstances. An audit also includes evaluating the appropriateness of accounting policies\ used and the reasonableness of the accounting estimates made by management aswell /^devaluating 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 of the state of affairs of the company as at 31stMarch 2016 and its profit and its cash flow 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 hereto a statement on the matters specified in theparagraphs 3 and 4 of the said 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 and Statements of Profit and Loss dealt with by this Report are inagreement with the books of account.

d. in our opinion the Balance Sheet and Statement of Profit and Loss 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 written representations received from the directors as on 31stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termssection 164(2) of the Act.

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". '

g. With respect to the other matters to be included in the Auditor's Report inaccordance with rule 11 the Companies (Audit and Auditor's) 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 litigation as at 31stMarch 2016 on its financial position in its financial statements.

ii. The company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

lii There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company during the year ended 31st March2016.

For Kamlesh Bhojani & Associates
Chartered Accountants
(Firm's Registration No.127505W)
(Kamlesh Bhojani)
Place : Ahmedabad AHMEDABAD (Proprietor)
Date: 08/09/2016 15 M. No. 119808 WrN. 127505V (Membership No.119808)

ANNEXURE "A" TO INDEPENDENT AUDITOR'S REPORT

(Annexure referred to in paragraph 1 under the heading of "report on other Legaland Regulatory Requirements" of our report of even date to the members of PurpleEntertainment Limited on the Standalone Financial Statements for the year ended 31stMarch 2016)

i. In respect to Fixed assets:

a. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b. As explained to us all the fixed assets have been physically verified by themanagement in accordance with the program of verification which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such verification as compared with the available records. '

ii. In respect of its inventories:

a. Inventories have been physically verified by the management during the year.

In our opinion the frequency of verification is reasonable.

b. In our opinion and according to the information and explanations given to us theprocedures of the physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c. On the basis of our examination of inventory records we are of the opinion that theCompany is maintaining proper records of inventory. As explained to us no materialdiscrepancies were noticed on physical verification of the inventories as compared tobook records maintained.

iii. In our opinion the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Act. '

iv. In our opinion and according to the information and explanations given to usthe company has not made any investments loans and guarantees under section 185 and 186of the Companies Act

v. The Company has not accepted any deposit during the year. Therefpre theprovisions of clause (v) of paragraph 3 of the said Order are not applicable to thecompany.

vi. According to the information and explanations given to us Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of Section 148 of the/Act in respect of activities carried on by the company. Therefore the provisions ofclause (vi) of paragraph 3 of the said Order are not applicable to the company.

vii. In respect to Statutory dues:

a. According to the records of the company the company has been generally regularduring the year in depositing undisputed statutory dues including Provident FundEmployees' State Insurance Income tax Sales tax Wealth tax Service tax Customs DutyExcise Duty Value Added tax Cess and any other statutory dues as applicable to it withthe appropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of such statutory dues were outstanding as at 31stMarch 2016 for a period of more than six months from the date of becoming payable.

b. In our opinion and according to the information and explanations given to us

there are no disputed dues in respect of sales tax Income Tax excise duty ServiceTax Cess and other statutory dues payable by the company as on 31st March2016.

viii. In our opinion and according to the information and explanation given to usthe company has not defaulted in the repayment of loans or borrowing to banks or financialinstitutions. The company has not issued any debentures.

ix. The company did not raise any money by way of public offer or Further PublicOffer (including debt Instrument) and term loan during the year.

x. Based upon the audit procedures performed for the purposes of reporting the trueand fair view of the Standalone Financial Statements and as per the information andexplanations even by the management we report that no fraud by the Company and nomaterial fraud on the Company has been noticed or reported during the course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not paid or provided managerialremuneration. Therefore this clause is not applicable

xii. In our opinion and according to the information and explanation given to usthe company is not a nidhi company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii. In our opinion all transactions with the related parties are in compliancewith section

177 and 188 of Companies Act 2013 and the details have been disclosed in the Financialstatements as required by the applicable Accounting Standards.

xiv. Based upon the audit procedure performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

xv. Based upon the audit procedures performed and the information and explanation givenby the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3(xv) ofthe order are not applicable to the company and hence not commented upon.

xvj. In our opinion the company is not required to be registered under section 45IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3(xvi) ofthe order are not applicable to the company and hence not commented upon.

For Kamlesh Bhojani & Associates
Chartered Accountants
(Firm's Registration NO.127505W)
(Kamlesh Bhojani)
Place: Ahmedabad (Proprietor)
Date: 08/09/2016 (Membership No. 119808)

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph (f) under ‘Report on Other Legal and RegulatoryRequirements' of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of PurpleEntertainment Limited ("the Company") as of March 31 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditor's Responsibility

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'') issued by the Institute of Chartered Accountants of India andthe Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 judgement 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 systemover 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 (1) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect fransactions and dispositions ofthe assets of the company; (2) provide reasonable assurance that transactions are recordedas necessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

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.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internai financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Kamlesh Bhojani & Associates
Chartered Accountants
(Firm's Registration No.127505W)
(Kamlesh Bhojani)
Place : Ahmedabad (Proprietor)
Date: 08/09/2016 (Membership No. 119808)