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G V Films Ltd.

BSE: 523277 Sector: Media
NSE: N.A. ISIN Code: INE395B01048
BSE 00:00 | 22 Mar 0.47 -0.02
(-4.08%)
OPEN

0.47

HIGH

0.50

LOW

0.45

NSE 05:30 | 01 Jan G V Films Ltd
OPEN 0.47
PREVIOUS CLOSE 0.49
VOLUME 195686
52-Week high 0.97
52-Week low 0.42
P/E
Mkt Cap.(Rs cr) 43
Buy Price 0.45
Buy Qty 15000.00
Sell Price 0.49
Sell Qty 3961.00
OPEN 0.47
CLOSE 0.49
VOLUME 195686
52-Week high 0.97
52-Week low 0.42
P/E
Mkt Cap.(Rs cr) 43
Buy Price 0.45
Buy Qty 15000.00
Sell Price 0.49
Sell Qty 3961.00

G V Films Ltd. (GVFILMS) - Auditors Report

Company auditors report

Independent Auditor's Report

To the Members of GV FILMS Limited Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of GV FILMS Limited('the Company') which comprise the Balance Sheet as at March 31 2018 the Statementof Profit and Loss (including other comprehensive income) and the Statement of Cash Flowsfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ('the Act') with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder and the Orderissued under Section 143(11) of the Act. We conducted our audit of the standalonefinancial statements in accordance with the Standards on Auditing specified under Section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable

assurance about whether the standalone financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the standalone financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone financial statements that give atrue and 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 standalone financialstatements. We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the standalone financialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the 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 March 31 2018 and its profit total comprehensive income the changes in equityand its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act based on our audit we report that:

1. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

2. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

3. The Balance Sheet the Statement of Profit and Loss including other comprehensiveincome and the Statement of Cash Flows dealt with by this Report are in agreement withthe books of account.

4. In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act subject to the followingStandards

a. IND AS -19 - Recognition of retirement benefits of employees.

5. On the basis of the written representations received from the directors of theCompany as on March 31 2018 taken on record by the Board of Directors none of thedirectors are disqualified as on March 31 2018 from being appointed as a director interms of Section 164(2) of the Act.

6. 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 A'. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

7. 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 as amended inour opinion and to the best of our information and according to the explanations given tous :

8. The Company has not disclosed the impact of pending litigations on its financialposition in its standalone financial statements.

9. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on longterm contracts includingderivative contracts.

10. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

11. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central Government in terms of Section 143(11) of the Act we give in 'Annexure B' astatement on the matters specified in paragraphs 3 and 4 of the Order.

For R. Ravindran& Associates
Chartered Accountants
Firm Registration No. 003222S
-Sd-
Chennai R. Ravindran
4.6.2018 Proprietor
M No 023829

Annexure A to the Independent Auditors' Report

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report to the members of GV FILMS Limited of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013 ('the Act')

We have audited the internal financial controls over financial reporting of GV FILMSLIMITED ('the Company') as of March 31 2018 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is 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. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds

and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the 'Guidance Note') issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects. Our audit involves performing procedures toobtain audit evidence about the adequacy of the internal financial controls system overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that

a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 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 authorizations of themanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

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 internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 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.

Annexure B to the Independent Auditor's Report of even date on the Standalone FinancialStatements of GV FILMS LIMITED

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report to the members of GV FILMS Limited of even date)

1. In respect of the Company's fixed assets :

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The Company has a program of verification to cover all the items of fixed assets ina phased manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the program certain fixed assets werephysically verified by the Management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds provided to us we report thatthe title deeds comprising all the immovable properties of land and buildings which arefreehold are held in the name of the Company as at the Balance Sheet date. In respect ofimmovable properties of land and building that have been taken on lease and disclosed asfixed assets in the standalone financial statements the lease agreements are in the nameof the Company.

2. The Company is in the business of providing software services and does not have anyphysical inventories. Accordingly reporting under Clause 3 (ii) of the Order is notapplicable to the Company.

3. According to the information and explanations given to us the Company has grantedunsecured loans to three bodies corporate covered in the register maintained underSection 189 of the Companies Act 2013 in respect of which :

a. The terms and conditions of the grant of such loans are in our opinion primafacie not prejudicial to the Company's interest.

b. The schedule of repayment of principal and payment of interest has been stipulatedand repayments or receipts of principal amounts and interest have been regular as perstipulations.

c. There is no overdue amount remaining outstanding as at the year-end.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

5. The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2018 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

6. The maintenance of cost records has not been specified by the Central Governmentunder Section 148(1) of the Companies Act 2013 for the business activities carried out bythe Company. Thus reporting under Clause 3(vi) of the order is not applicable to theCompany.

7. According to the information and explanations given to us in respect of statutorydues :

a. The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxGoods and Service Tax Value Added Tax Customs Duty Excise Duty Cess and other materialstatutory dues applicable to it with the appropriate authorities.

b. There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Sales Tax Service Tax Value Added Tax Goods and ServiceTax Customs Duty Excise Duty Cess and other material statutory dues in arrears as atMarch 31 2018 for a period of more than six months from the date they became payable.

c. Details dues of Income Tax Sales Tax Service Tax Excise Duty and Value Added Taxwhich have not been deposited as at March 31 2018 on account of dispute are given below :

Name of the Statute Nature of dues Amount (Rs)
Income Tax TDS 1389245
Municipal Corporation Professional Tax 68030
Employee Provident Fund Provident Fund 190018
Employee State Insurance Corporation Employee State Insurance 21648
Total 20 47 541

8. The Company has not taken any loans or borrowings from financial institutions banksand government or has not issued any debentures. Hence reporting under Clause 3 (viii) ofthe Order is not applicable to the Company.

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under Clause 3 (ix)of the Order is not applicable to the Company.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or no material fraud on the Company by its officersor employees has been noticed or reported during the year.

11. In our opinion and according to the information and explanations given to us theCompany has paid/ provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.

12. The Company is not a nidhi company and hence reporting under Clause 3 (xii) of theOrder is not applicable to the Company.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

14. During the year the Company has made any preferential allotment and therequirement of section 42 of the Act has been complied by the Company.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected to its directors and hence provisions of Section 192 of theCompanies Act 2013 are not applicable to the Company.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For R. Ravindran& Associates
Chartered Accountants
Chennai Firm Registration No. 003222S
V^l 1 C 1 1 II u 1 4.6.2018 - Sd-
R. Ravindran
Proprietor
M No 023829