You are here » Home » Companies » Company Overview » Ganesh Films India Ltd

Ganesh Films India Ltd.

BSE: 541703 Sector: Media
NSE: N.A. ISIN Code: INE00WY01013
BSE 00:00 | 23 Sep Ganesh Films India Ltd
NSE 05:30 | 01 Jan Ganesh Films India Ltd
OPEN 23.60
PREVIOUS CLOSE 20.20
VOLUME 19200
52-Week high 46.90
52-Week low 20.20
P/E
Mkt Cap.(Rs cr) 6
Buy Price 20.20
Buy Qty 1600.00
Sell Price 20.20
Sell Qty 6400.00
OPEN 23.60
CLOSE 20.20
VOLUME 19200
52-Week high 46.90
52-Week low 20.20
P/E
Mkt Cap.(Rs cr) 6
Buy Price 20.20
Buy Qty 1600.00
Sell Price 20.20
Sell Qty 6400.00

Ganesh Films India Ltd. (GANESHFILMS) - Auditors Report

Company auditors report

To

The Members of

GANESH FILMS INDIA LIMITED

qualified Report on the Audit of the Financial Statements

Qualiied Opinion

We have audited the accompanying fiinancial statements of GANESH FILMS INDIA LIMITED("the Company") which comprises of the Balance Sheet as at 31 March 2019 theStatement of Profiit and Loss the Statement of Cash Flows for the period ended on thatdate and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the fiinancial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid fiinancial statements gives a true and fair view in conformity exceptfor the e ects of matter described in the Basis for Qualified Opinion paragraph belowwith the aforesaid AS and other accounting principles generally accepted in Indiaprescribed under section 133 of the Act read with the Companies (Accounting Standards)Rules 2015 as amended ("AS") and other accounting principles generallyaccepted in India of the state of a airs of the Company as at 31 March 2019 the Profiitand its cash flows for the period ended on that date.

Basis for Qualiied Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefiinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is suf7icient and appropriate to provide a basis for our opinion except for thefollowing qualified opinion as mentioned below:

1. The balances of trade receivables trade payables loans and advances are subject toconirmations reconciliation and consequential adjustments if any.

ln view of above we are unable to comment upon the resultant impact of the above onthe profiit for the period reserve and surplus investment loans and advances tradereceivables trade payables current and non-current assets and liabilities as at balancesheet date.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignifiicance in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the fiinancial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have determined the matters described below to be the key audit mattersto be communicated in our report.

Sr. No. Key Audit Matter Auditor's Response
1 Revenue Recognition In view of the significance of the matter we applied following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
The Company in engaged in bridging the gap between South Indian film Industry and south Indian movie fans in northern regions of India. Wherein the Company provides rights to run the film in theaters. 1. We assessed and tested the effectiveness of relevant controls over revenue within each of the revenue streams.
See accounting policies in Note 7.5 to the Financial Statements 2. We inspected the terms of significant revenue contracts and assessed whether they were consistent with the basis of revenue recognized by the Company.
The Company principally derives its revenue from sale of movie distribution rights from the theaters and commission income as per terms entered thereto. 3. We agreed the weekly collection report underlying the calculation of revenue to sales records having assessed the relevant controls relating to the recording of that revenue.
We also considered the adequacy of the Company's disclosures and the accounting policies included in the financial statements.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the fiinancial statements and our auditor's report thereon. Our opinion on thefiinancial statements does not cover the other information and we do not express any formofassurance conclusion thereon.

In connection with our audit of the fiinancial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the fiinancial statements or our knowledge obtained duringthe course of our audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibility of Management 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 andpresentation of these fiinancial statements that give a true and fair view of thefiinancial position fiinancial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards (AS) specified under section 133 of the Act read with relevant rules issuedthereunder. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand 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 internalfiinancial controls that were operating e ectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe fiinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the fiinancial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's fiinancial reporting process

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the fiinancialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these fiinancial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: Identify and assess therisks of material misstatement of the fiinancial statements whether due to fraud orerror design and perform audit procedures responsive to those risks and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The riskof not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

Obtain an understanding of internal fiinancial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal fiinancial controls system in place and the operating eectiveness of such controls. Evaluate the appropriateness of accounting policies used andthe reasonableness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe fiinancial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the fiinancial statementsincluding the disclosures and whether the fiinancial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the fiinancial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the fiinancial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the e ect of anyidentified misstatements in the fiinancial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the fiinancial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

For JMR & Associates LLP
Chartered Accountants
Firm Regn. No. 0106912W/W100300
Sd/-
CA Nikesh Jain
Partner
M. No. 114003
Place: Mumbai
Date: 30 May 2019 th

.