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IDream Film Infrastructure Company Ltd.

BSE: 504375 Sector: IT
NSE: N.A. ISIN Code: INE459E01012
BSE 05:30 | 01 Jan IDream Film Infrastructure Company Ltd
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IDream Film Infrastructure Company Ltd. (IDREAMFILM) - Auditors Report

Company auditors report

To

The Members of

IDream Film Infrastructure Company Limited

(Formerly - Known as Softbpo Global Services Limited)

Report on the Standalone Indian Accounting Standards

(Ind AS) Financial Statements

We have audited the accompanying Standalone Ind AS financial statements of IDreamFilm Infrastructure Company Limited (Formerly Softbpo Global Services Limited("the Company") which comprise the Balance Sheet as at March 31 2018 and theStatement of Profit and Loss (including other comprehensive income) and the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "Standalone Ind AS financial statements").

Management' Responsibility for the Standalone

Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these Standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under Section 133 of the Act read with relevant rules issued thereunder.

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 Standalone IndAS financial 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 Standalone Ind AS financialstatements based on 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.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative pronouncements issued by the Institute of Chartered Accountants of India.Those Standards and pronouncements require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the Standalone IndAS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Standalone Ind AS financial statements thatgive a true 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 Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone 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 including the Ind AS of thestate of affairs (financial position) as at March 31 2018 and its total comprehensiveincome (comprising of loss and other comprehensive income) its cash flows and the changesin equity for the year ended on that date.

Emphasis of Matter:

Attention is drawn to Note No. 21 The Company has been continuously incurringoperating losses and has negative net worth. In view of the Management the company'saccounts are prepared on going concern basis considering the fact that its holding companywill provide continuous financial support. Our opinion is not modified in respect of thismatter.

Other Matter:

The comparative financial information of the Company for the year ended March 31 2017and the transition date opening balance sheet as at April 01 2016 included in theseStandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 for the year ended March 31 2017 and March 31 2016 on which thepredecessor auditor expressed an unmodified opinion on those Standalone financialstatements vide their audit report dated May 23 2017 and May 26 2016 respectively asadjusted for the differences in the accounting principles adopted by the Company ontransition to Ind AS which have been audited by us. Our opinion is not modified in respectof this matter.

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 AnnexureA a statement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

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

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit of the aforesaidStandalone Ind AS financial statements.

b) In our opinion proper books of account as required by law relating to preparationof the aforesaid Standalone Ind AS financial statements have been kept by the Company sofar as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisreport are in agreement with the books of account maintained for the purpose ofpreparation of the Standalone Ind AS financial statements.

d) In our opinion the aforesaid Standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of Companies Act 2013 read with rule 7of the Companies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on March31 2018 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31 2018 from being appointed as a director in termsof Section 164(2) of the Companies Act 2013.

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"; and

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:

1. The Company does not have any pending litigations which would impact its StandaloneInd AS financial statements;

2. The Company did not have any long-term contracts including derivative contracts asat March 31 2018;

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

4. The reporting on disclosures relating to Specified Bank Notes is not applicable tothe Company for the year ended March 31 2018.

For M L BHUWANIA AND CO LLP

Chartered Accountants

Firm Registration Number: 101484W / W100197

Ashishkumar Bairagra

Partner

Membership No: 109931

Place: Mumbai

Date: 29 May 2018

Annexure A to Independent Auditor's Report

[Referred to in paragraph 1 of 'Report on other Legal and Regulatory Requirements'in our Report of even date to on the account of IDream Film Infrastructure CompanyLimited (Formerly Known as Soft BPO Global Services Limited) for the period endedMarch 31 2018.]

(i) The Company does not have any fixed assets.

Consequently clause 3(I) of the Order is not applicable.

(ii) The Company does not have any inventories.

Consequently clause 3(ii) of the Order is not applicable.

(iii)The Company has not granted loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Act. Hence sub clauses (a) to (c) of clause 3(iii) of the Order are notapplicable to the Company.

(iv) The company has complied with provisions of sections 186 of the Companies Act2013 in respect of investments made and section 185 of the Companies

Act 2013 is not applicable as there were no loans

securities and guarantees given during the year.

(v) The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified and therefore clause 3(v) is not applicable.

(vi) The Central Government has not prescribed maintenance of cost records under subsection (1) of section 148 of the Companies Act 2013 for any of the products of thecompany.

(vii)a) According to information and explanation given to us and records of the companyexamined by us in our opinion. the Company is generally regular in depositing withappropriate authorities undisputed statutory dues including provident fund employees'state insurance income tax sales tax service tax duty of custom duty of excise valueadded tax cess Goods and Services Tax (GST) w.e.f. July 01 2017 and any other materialstatutory dues applicable to it. According to information and explanation given to us noundisputed amount were in arrears as on March 31 2018 for a period of more than sixmonths from the date they became payable.

b) According to the information and explanation given to us and the records of theCompany examined by us there are no dues of Income Tax Service Tax

Value Added Tax Sales Tax Excise Duty and Customs Duty which have not been depositedon account of any dispute.

(viii) According to the records of the Company examined by us and information andexplanations given to us the Company does have not any loans and borrowings from Bankgovernment or financial institution and has not issued debentures during the year.

(ix) The Company has not raised any money by way of public issue / further offer(including debt instruments). Consequently clause 3(ix) of the Order is not applicable.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no fraud on the Company by its officers oremployees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us nomanagerial remuneration has been paid or provided during the year. Hence clause 3(xi) ofthe Order are not applicable to the Company.

(xii) In our opinion and according to the information and explanations given to us thenature of the activities of the company does not attract any special statue applicable toa Nidhi Company. Accordingly clause 3(xii) of the order is not applicable to the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sec 177 and 188 of Companies Act 2013 where applicable and details ofsuch transactions have been disclosed in the financial statements as required by theapplicable accounting standards.

(xiv) In our opinion and 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. Accordingly clause 3(xiv) of the Order is not applicable tothe Company.

(xv) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intoany non-cash transactions with directors or persons connected with him. Accordinglyclause 3(xv) of the Order is not applicable to the Company..

(xvi) The company is not required to be registered under Sec 45-IA of the Reserve Bankof India Act 1934. Accordingly clause 3(xvi) of the Order is not applicable to theCompany.

For M L BHUWANIA AND CO LLP

Chartered Accountants

Firm Registration Number: 101484W / W100197

Ashishkumar Bairagra

Partner

Membership No: 109931

Place: Mumbai

Date: 29 May 2018

Annexure B to Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act

2013 ("the Act")

We have audited the internal financial controls over financial reporting of IDreamFilm Infrastructure Company Limited (Formerly known as Soft BPO Global Services Limited)("the Company") as of 31 March 2018 in conjunction with our audit of thefinancial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Board of Directors are 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 ('ICAI'). 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 under the Companies Act 2013.

Auditors' 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") and the Standards on Auditing issued by ICAI and deemedto be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofinternal financial controls and both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial 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 judgment including the assessment of the risks ofmaterial misstatement of the Standalone Ind AS financial statements whether due to fraudor 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 system over 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 ofmanagement 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.

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 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.

For M L BHUWANIA AND CO LLP

Chartered Accountants

Firm Registration Number: 101484W / W100197

Ashishkumar Bairagra

Partner

Membership No: 109931

Place: Mumbai

Date: 29 May 2018