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52 Weeks Entertainment Ltd.

BSE: 531925 Sector: Media
NSE: N.A. ISIN Code: INE545N01019
BSE 00:00 | 23 Aug 0.39 -0.02
(-4.88%)
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0.39

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NSE 05:30 | 01 Jan 52 Weeks Entertainment Ltd
OPEN 0.39
PREVIOUS CLOSE 0.41
VOLUME 4645
52-Week high 2.12
52-Week low 0.39
P/E 1.56
Mkt Cap.(Rs cr) 1
Buy Price 0.41
Buy Qty 125.00
Sell Price 0.39
Sell Qty 10827.00
OPEN 0.39
CLOSE 0.41
VOLUME 4645
52-Week high 2.12
52-Week low 0.39
P/E 1.56
Mkt Cap.(Rs cr) 1
Buy Price 0.41
Buy Qty 125.00
Sell Price 0.39
Sell Qty 10827.00

52 Weeks Entertainment Ltd. (52WEEKSENTER) - Auditors Report

Company auditors report

To the Members of 52 WEEKS ENTERTAINMENT LIMITED REPORT ON THESTANDALONE IND AS FINANCIAL STATEMENTS

We have audited the accompanying standalone Ind AS financial statementsof 52 WEEKS ENTERTAINMENT LIMITED ('the Company') which comprise the Balance Sheet as at31st March 2018 the Statement of Profit and Loss the Statement of Changes in Equity andthe Cash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.

MANAGEMENT'S RESPONSIBILITYFORTHESTANDALONEINDAS FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Acf) with respect to thepreparation and presentation of these standalone Ind AS financial statements that give atrue and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act read withCompanies (Indian Accounting Standards)Rules 2015 as amended and other accountingprinciples generally accepted in India.

This responsibility also 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; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fairviewand are free frommaterial misstatement whetherdue to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone Ind ASfinancial statements based on our audit.

We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there underand the Order issued undersection 143(11) of the Act.

We conducted ouraudit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the standalone Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the standalone Ind AS 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 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 standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.

OPINION

In our opinion and to the best of our information and according to theexplanations given to us the

aforesaidstandalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31 stMarch 2018 and its Profit total comprehensive income the changes inequity 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 2016("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Act we give in the "Annexure A" statement on thematters specified in the paragraph 3 and 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books;

(c) The balance sheet the statement of profit and loss including othercomprehensive income statement of changes in equity and the cash flow statement dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financialstatements comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014;

(e) On the basis of the written representations received from thedirectors as on 31 st March 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 st March 2018 from being appointed as a director interms of Section 164 (2) of the Act; and

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. the Company has disclosed the impact of pending litigations on itsfinancial position in its standalone Ind AS financial statements if any;

ii. the Company does not have any material foreseeable losses onlong-term contracts including derivative contracts; and

iii. The Company is not required to transfer any amounts to theInvestor Education and Protection Fund by the Company.

For Motilal & Associates Chartered Accou ntants RegistrationNo.:106584W

Sd/-

Motilal Jain Partner M.No. 036811

Place: Mumbai Date :30/05/2018

"Annexure A" to the Independent Auditors' Report of even dateon the Standalone IND AS

Financial Statements of 52 Weeks Entertainment Limited

(i) a. The Company has maintained proper records showing fullparticulars including quantitative details

and situation of fixed assets.

b. The fixed assets were physically verified during the year by theManagement in accordance with a regular programme of verification which in our opinionprovides for physical verification of all the fixed assets at reasonable intervals.According to the information and explanations given to us no material discrepancies werenoticed on such verification.

c. The Company does not own any Immovable property. Accordinglyparagraph 3(i)(c) of the Order is not applicable to the Company.

(ii) As explained to us the nature of the inventories of the Companyare such that clause (ii) of paragraph 3 of the Order is not applicable to the Company.

(iii) a. According to the information and explanations given to us andbased on the audit procedures

conducted by us we are of the opinion that the Company has grantedunsecured loans to five (5) parties covered in the register required to be maintainedunder section 189 of the Companies Act 2013 and outstanding of five (5) parties coveredTotal Loan amount granted during the year Rs 4.85 Cr. Maximum outstanding as on date24.50 Cr. and Balance Outstanding as at balance sheet date Rs 13.53 Cr.

b. In our opinion the terms and conditions of the loans granted tothree parties in the register maintained under section 189 of the Act were prima facieprejudicial to the interest of the Company on account of the fact that the loans grantedare interest free.

c. According to the information and explanations given to us and basedon the audit procedures conducted by us we are of the opinion that there is nostipulation of schedule of repayment of principal and payment of interest for three (3)parties amongst the parties referred in the aforementioned point (Clause (iii) a).

In absence thereof we are unable to make comments on regularity of therepayment of principal and payment of interest for such three (3) parties. Howeveraccording to the information and explanations given to us and based on the auditprocedures conducted by us the loans to the extent demanded have been recovered duringthe year.

(iv) In our opinion and according to the information and explanationgiven to us the Company has advanced loan to Director/to a company in which the directoris interested to which the provisions of section 185 of the Companies Act 2013 apply.

Name of Director

Private Company to which Loan is forwarded in which said Director is interested

Maximum Outstanding amount during the year

Amount Outstanding as at Balance sheet Date

Naresh Jain

Pranjali (India) Pvt. Ltd.

Rs. 2350000

Rs. 2350000

In our opinion and according to the information and explanation givento us the Company has not made investment and given guarantee/provided security whichfalls under the purview of section 186 of the CompaniesAct2013and hence not commentedupon.

(v) According to the information and explanations given to us theCompany has not accepted deposits during the year and does not have any unclaimeddeposits. Accordingly the provisions of the clause 3

(v) of the Order are not applicable to the Company.

Central Government under sub-section (1) of section 148(1) of theCompanies Act 2013 is not applicable to the Company and hence not commented upon.

(vil) a. The Company has generally been regular in depositingundisputed statutory dues including Provident fund Employees' State InsuranceIncome-tax Goods & Service Tax Sales-tax Service Tax Customs duty Excise dutyValue Added Tax cess and any other material statutory dues applicable to it with theappropriate authorities.

There were no undisputed amounts payable in respect of Provident fundEmployees' State Insurance Income-tax (Except the following demand) Goods & ServiceTax Sales tax Service Tax Customs duty Excise duty Value Added Tax cess and anyother material statutory dues in arrears as at March 31 2018 for a period of more thansix months from the date they became payable except the following:

Name of Statue Nature of Dues

Period to which demand relates

Date of Demand

Amount (in Rs)

Date of Payment

Income Tax Act 1961 Income Tax Outstanding Demand

A.Y.2015-16

09/06/2016

989570

Unpaid till Date

b. According to the information and explanations given to us and basedon the audit procedures conducted by us there are income tax dues which have not beendeposited with the appropriate authorities on account of any dispute. The details areoutlined below:

Name of Statute Nature of the dues

Amount (Rs.)

Period for which the amount relates

Forum where dispute is pending

Income Tax Act 1961 Demand U/s 154

* 48230

A.Y. 2016-17

Assessing Officer

* Rectification filed with CPC OrderforAY2016-17

(viii) According to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowings from financial institutionsbanks government or debenture holders during the year.

(ix) According to the information and explanations given to us theCompany has not raised any money by way of initial public offer or further public offer(including debt instruments) and term loans during the year. Accordingly paragraph 3(ix)of the Order is not applicable to the Company and hence not commented upon.

(x) Based on the audit procedures performed for the purpose ofreporting the true and fair view of the financial statements and according to theinformation and explanations given by the management we report that there were nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year under review.

(xi) In our opinion and according to the information and explanationsgiven to us the Company has paid/provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act 2013.

(xii) In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company. Consequently provisions of clause 3(xii)of the Order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given by themanagement transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review and hence reporting under clause 3 (xiv) are notapplicable to the Company and hence not commented upon.

(xv) According to the Information and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its directors orpersons connected with him and hence provisions of section 192 of the Companies Act 2013are not applicable.

(xvi) According to the information and explanations given to us andbased on our examination of the records of the Company the Company is not required to getregistered under section 45-IAof the Reserve Bank of India Act 1934.

For MOTILAL & ASSOCIATES Chartered Accou ntants FRN: 106584W

Sd/-

Motilal Jain Partner M.No. 036811

Place: Mumbai Date: 30/05/2018

ANNEXURE "B"TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATEON THE STANDALONE IND AS FINANCIAL STATEMENTS OF 52 WEEKS ENTERTAINMENT LIMITED

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OFSUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the internal financial controls over financialreporting of 52 WEEKS ENTERTAINMENT LIMITED ("the Company") as of March 31 2018in conjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. 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 underthe Companies Act 2013.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system overfinancial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of standalone Ind AS financial statements for externalpurposes in accordance with generally accepted accounting principles. Acompany's internalfinancial control overfinancial reporting includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone Ind AS financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the

company's assets that could have a material effect on the standaloneInd AS financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIALREPORTING

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In ouropinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols overfinancial reporting were operating effectively as at March 312018 based onthe internal control overfinancial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Motilal & Associates Chartered Accou ntants Firm's RegistrationNo.106584W

Sd/-

Motilal Jain Partner M.No. 036811

Place: Mumbai Date :30/05/2018