You are here » Home » Companies » Company Overview » BMB Music & Magnetics Ltd

BMB Music & Magnetics Ltd.

BSE: 531420 Sector: Media
NSE: N.A. ISIN Code: INE644K01016
BSE 00:00 | 28 Nov 3.02 0
(0.00%)
OPEN

3.00

HIGH

3.02

LOW

3.00

NSE 05:30 | 01 Jan BMB Music & Magnetics Ltd
OPEN 3.00
PREVIOUS CLOSE 3.02
VOLUME 3659
52-Week high 3.06
52-Week low 1.71
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.00
CLOSE 3.02
VOLUME 3659
52-Week high 3.06
52-Week low 1.71
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

BMB Music & Magnetics Ltd. (BMBMUSIC) - Auditors Report

Company auditors report

To

The Members

BMB Music And Magnetics Limited Jaipur

Report on the Ind AS Financial Statements

We have audited the accompanying Lnd AS Financial Statements of BMB MUSIC AND MAGNETICSLIMITED ("The Company") which comprise the Balance Sheet as at 316t March 2022the statement of Profit and Loss the cash flow statement & the statement of changesin Equity for the year then ended and a summary of the significant accounting policiesand other explanatory information.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act2013 ("the Act") with respect to the preparation ofthese Ind AS Financial Statements that give true and fair view of tire financial positionand financial performance including cash flows and changes in equity of the Company inaccordance with tire accounting principles generally accepted in India including theIndian Accounting Standards (lnd AS) specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules. 2014 & the Companies (Indian AccountingStandards) Rules 2015 as amended. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that arc reasonable and prudent; in design implementation andmaintenance of adequate .internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to tirepreparation and presentation of the Ind AS financial statements that give a true and fairview and is free from material misstatement whether due to fraud of error.

Auditors' Responsibility:

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. Wc have t aken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provision of the Act and the Rules made thereunder.

Wc conducted our audit of the lnd AS Financial Statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements arc free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements The Procedures selected depend on the auditors'judgement including the assessment of the risks of material misstatement of the LntLASfinancial statement whether due to fraud or error.

In making those risk assessments the auditor considers internal financial controlrelevant to the company's preparation of the Ind AS financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the company'sdirectors as well as evaluating the overall presentation of the Ind AS financialstatements.

Wc believe that the audit evidence we have obtained is sufficient and appropriate toproride a basis for our Audit opinion of tire Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 2022 and its loss including its cash flows and the changes in Equityfor the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 1.43 ofthe Act we give in the ‘Annexure-A' a statement on the matters specified inthe paragraph 3 & 4 of the order.

As required by section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations to the best of ourknowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of accounts 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 & Loss including the Cash FlowStatement & Statement of Changes in Equity dealt with by this report are in agreementwith the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rule 2014 & the Companies (Indian Accounting Standards) Rules 2015 asamended.

e) On the basis of written representations received from the directors as on APRIL 302022 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

f) Witli respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls as per theChapter X Clause (i) of sub-section (3) of Section 143 of the Companies Act 2013 isapplicable on the-Company as Per Annexure-B

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:

i. The Company does not have any pending litigations which would impact its financialposition

ii. The Company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Educationand

Protection Fund by the Company

For VINOD SINGHAL & CO. LLP
MANISH KHANDELWAL
Dated: - 30-05.2022
Place: - Jaipur
ODIN: 2242S013AJYKRI8385

"ANNEXURE-A" TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in Independent Auditor's Report to the members of the Companyon the Standalone financial statements for the year ended 31 March 2022 we report that:

j) (a) Whether the company is maintaining proper records showing full particulars including quantitative detail and situation of fixed assets; THE COMPANY HAS MAINTAINED PROPER RECORDS SHOWING FULL PARTICULARS INCLUDING QUANTITATIVE DETAILS AND SITUATION OF FIXED ASSETS
(b) Whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed in such verification and if so whether the same have been properly dealt with in the books of accounts; YES & NO DISCREPANCIES WERE OBSERVED
(c) Whether title deeds of immovable properties are held in the name of the company. If not provide details thereof. YES & NO DISCREPANCIES WERE OBSERVED
(ii) Whether Physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so how they have been dealt with in the books of accounts. AS THE COMPANY IS DOING BUSINESS IN FILM PRODUCTION SECTOR ITS INVENTORY IS ITS DIRECT COST INCURRED DURING THE YEAR FOR PRODUCTION OF FILMS WHICH GETS VERIFIED TIME TO TIME BY THE MANAGEMENT.
(iii) Whether the company has granted any loans secured or unsecured to companies firms Limited Liability partnerships or other parties covered in section 189 of the Companies Act 2013. If so THE COMPANY DON'T GRANTED ANY SUCH LOANS. AS PER EXPLANATION GIVEN BY
(a) Whether the terms and conditions of the grant of such loans are not prejudicial to the company‘s interest: THE MANAGEMENT AND FROM THE EXAMINATION OF THE
(b) Whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular and BOOKS OF ACCOUNTS.
(c) If the amount is overdue state the total amount overdue for more than ninety days and whether reasonable steps have been taken by the company for recovery of the principal and interest.
(ivj In respect of loans investments guarantees and security whether provisions of section .185 and 186 of the Companies Act 20.13 have been complied with. If not provide details thereof. NOT APPLICABLE AS THERE IS NO LOAN 1NVETSMENT GUARANTEE AND SECURITY GIVEN BY THE COMPANY AS ON THE DATE OF BALANCE SHEET AND DURING THE YEAR AS WELL.
(v) In case the company has accepted deposits from the public whether the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provision of the Act and the rules framed there under where applicable have been complied with if not. the nature of contraventions should be stated; if an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal whether the same has been complied with or not? THE COMPANY HAS NOT ACCEPTED ANY DEPOSIT FROM THE PUBLIC.
(vi) Where maintenance of cost records has been prescribed by the; Central Government under sub-section (1) of section 148 of the Act where such accounts and records have been made and maintained; not APPLICABLE
(vii) (a) Whether the company regular in depositing undisputed statutory dues including Provident Fund Investor Education and protection fund Employees' State Insurance Income Tax Sales Tax Wealth tax Custom Duty Excise Duty cess and any other statutory dues with the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as at the last date of the financial year concerned for a period of more than six months from the date they became payable shall be indicated; AS PER INFORMATION 8s EXPLANATION GIVEN TO US THERE IS STATUTORY DUE OUTSTANDING FOR TDS LIABILITY AMOUNTING Rs. 3052419.64 AS AT LAST DATE OF FINANCIAL YEAR 2022 OUT OF WHICH Rs. 3052419.64
(b) Where dues of sales tax/income tax/service tax/ custom
RELATES TO PRIOR LAST SIX
tax/excise duty/cess have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. MONTHS.
(A mere representation to the concerned Department shall not constitute the dispute)
(viii) Whether the company has defaulted in repayment of loans or borrowings to a financial institution or bank or government or dues to debenture holders? If yes the period and amount of default to be reported; (in case of banks and financial institutions lender wise details to be provided). THE COMPANY DOES NOT HAVE ANY LOANS OR BORROWINGS FROM ANY FINANCIAL INSTITUTIONS BANKS GOVERNMENT OR DEBENTURE HOLDERS DURING THE YEAR. ACCORDINGLY THIS PARA IS NOT APPLICABLE.
(ix) Whether moneys raised by way of initial public offer or further public offer (including debt instruments] and term loans were applied for the purposes for which those are reused. If not the details together with delays/ default and subsequent rectification if any as may be applicable be reported. NOT APPLICABLE
(x) Whether any fraud by the company or any fraud on the company by its officers/ employees has been noticed or reported during the year If yes the nature and the amount involved be indicated. AS PER THE MANAGEMENT THERE IS NO SUCH CASE AS ON THE DATE OF BALANCE SHEET.
(xi) Whether managerial remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Companies Act? If not state the amount involved and steps taken by the company for securing of the same. NO MANAGEMENT REMUNERATION PAID DURING THE YEAR HENCE NOT APPLICABLE.
(xii) Whether the Nidhi Company has complied with the Net Owned Fund in the ratio of 1:20 to meet out the liability and whether the Nidhi Company is maintaining 10% unencumbered term deposits as specified in the Nidhi rules 2014 to meet out the liability. NOT APPLICABLE
(xml Whether all transactions with related parties are in compliance with section 188 and 177 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc as required by the accounting standards and Companies Act 2013. ACCORDING TO THE INFORMATION AND EXPLANATIONS GIVEN TO US AND BASED ON OUR EXAMINATION OF THE RECORDS OF THE COMPANY TRANSACTIONS WITH THE RELATED PARTIES ARE IN COMPLIANCE WITH SECTIONS 177 AND 188 OF THE ACT WHERE APPLICABLE AND DETAILS OF SUCH TRANSACTIONS HAVE BEEN DISCLOSED IN THE FINANCIAL
STATEMENTS AS REQUIRED BY THE APPLICABLE Ind AS.
(xiv) Whether the company has made any preferential allotment/ private placement of shares or fully or partly convertible debentures during the year under review and if so* as to whether the requirement of Section 42 of the companies act 2013 have been complied avid the amount raised have been used for the purpose for which the funds were raised. If not provide details thereof. NOT APPLICABLE
(xv) Whether the company has entered into any non- cash transactions with directors or persons connected with him and if so whether provisions of section 192 of Companies Act 2013 have been complied with. ACCORDING TO THE INFORMATION AND EXPLANATIONS GIVEN TO US AND BASED ON OUR EXAMINATION OF THE RECORDS OF THE COMPANY THE COMPANY HAS NOT ENTERED INTO NON-CASH TRANSACTIONS WITH DIRECTORS OR PERSONS CONNECTED WITH HIM HENCE THIS PARA IS NOT APPLICABLE.
(xvi) Whether the company is required to he registered under section 43-M of Reserve Bank of India Act 19-34 and if so whether the registration has been obtained THE COMPANY IS NOT REQUIRED TO BE REGISTERED UNDER SECTION 45-IA OF THE RESERVE BANK OF INDIA ACT 1934
For VINOD SINGHAL & GO.LLP
MANISH KHAN DEL
Dated: 30 .05.2022
Place: - Jaipur
UDIN: - 22425013AJYKRI8385

.