TO THE MEMBERS OF TARRIF CINE & FINANCE LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of Tarrif Cine & FinanceLimited ("the Company") which comprise the Balance Sheet as at March 31 2014the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of the significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956 ("the Act") read with the GeneralCircular No. 15/2013 dated September 13 2013 of the Ministry of Corporate Affairs inrespect of Section 133 of the Companies Act 2013. This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withthe ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers the internal control relevant to the entity's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimatesmade by Management as well as evaluating the overall presentation of the financialstatements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2014;
(b) in the case of the Statement of Profit and Loss of the profit for the year endedon that date and
(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2003("the Order")issued by the Central Government of India in terms of sub-section (4A) of section 227 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 4 and5 of the Order.
2. As required by Section 227(3) of the Act we report that:
(a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit.
(b) 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.
(c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
(d) In our opinion the Balance Sheet Statement of Profit and Loss and the Cash FlowStatement comply with the Accounting Standards referred to in sub-section (3C) of section211 the Companies Act 1956 read with the General Circular No. 15/2013 dated September 132013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act2013.
(e) On the basis of the written representations received from the directors as on 31stMarch 2014 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2014 from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Act.
| ||For K K Khadaria & CO |
| ||Chartered Accountants |
| ||Firm Regn No: 105013W |
| ||Ajay Daga |
| ||Partner |
| ||Mem. No: 044162 |
|Place : Mumbai || |
|Dated : 24th May 2014 || |
Annexure to Auditors' Report (referred to in paragraph 1 of our report of even date)
1. The Company does not have any fixed assets and hence the question of maintainingrecords physical verification & disposal of the same does not arise.
2. a) Shares & debentures in custody of the Company have been physically verifiedby the management at reasonable intervals. For shares held -with the custodian anddepository participant & for units of mutual funds statement from them has beenobtained on a regular basis.
b) The procedures of verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
c) The Company is maintaining proper records of inventory. No discrepancies have beennoticed on reconciliation of physical inventories & with the custodian and depositoryparticipant as compared to the book records.
3. (a) The Company has during the year not granted any loans secured or unsecuredto companies firms or other parties covered in the register maintained u/s.301 of theCompanies Act 1956. Accordingly clause 4(iii)(a) to (d) of the Order are not applicable.
(b) The Company has during the year not taken any loans secured or unsecured fromcompanies firms or other parties covered in the register maintained u/s.301 of theCompanies Act 1956. Accordingly clause 4(iii)(e) to (g) of the Order are not applicable.
4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to purchase of inventory and for the sale of goods. TheCompany does not provide any services. During the course of our audit no major weaknesshave been observed in the internal controls.
5. According to the information and explanations given to us we are of the opinionthat there were no transactions that needed to be entered into the register maintainedunder section 301 of the Companies Act 1956.
6. The Company has not accepted any deposits from the public and consequently theprovisions of Section 58 A 58 AA or any other relevant provisions of the Companies Act1956 and the rules framed there under and the directives issued by RBI are notapplicable.
7. The Company does not have a formal system of internal audit but there are adequatechecks & control at all levels.
8. The provisions of section 209(l)(d) of the Companies Act 1956 regarding maintenanceof Cost records is not applicable to the Company.
9. (a)In our opinion and according to the information and explanations given to us theCompany has been regular in depositing undisputed statutory dues applicable to it with theappropriate authorities.
(b) In our opinion and according to the information 8s explanations given to us thereare no statutory dues which have not been deposited on account of any dispute.
10. The Company does not have accumulated losses as at the end of the financial yearand has not incurred cash losses during the financial year covered by our audit and in theimmediately preceding financial year.
11. In our opinion & according to the information & explanation given to usthe Company has not taken any loans from financial institution or bank or through issue ofdebentures. Therefore the question of repayment or default does not arise.
12. The Company has not granted loans and advances on the basis of security by way ofpledge of shares debentures & other securities & therefore the question ofmaintenance of adequate documents & records does not arise.
13. In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore the provisions of clause 4(xiii) of CARO 2003 are not applicable tothe Company.
14. In respect of Company's activity for dealing in shares securities debentures andother investments proper records have been maintained in regard to the transactions andcontracts and timely entries have been made therein. The shares & other investmentshave been held by the Company in its own name except to the extent of exemption grantedunder section 49 of the Act.
15. In our opinion & according to explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.
16. The Company has not taken any term loan & therefore provisions of clause (xvi)of CARO 2003 are not applicable to the Company.
17. According to the information and explanations given to us and on an overallexamination of balance sheet of the Company we report that the Company has not raised anyfunds on short-term basis.
18. The Company has not made any preferential allotment of shares to any parties &companies covered in the register maintained u/s 301 of the Companies Act 1956.
19. The Company did not have any outstanding debentures during the year.
20. The Company has not raised any money by public issues during the year.
21. According to the information and explanations given to us and to the best of ourknowledge & belief no fraud on or by the Company has been noticed or reported by theCompany during the course of audit.
| ||For K K KHADARIA & CO |
| ||CHARTERED ACCOUNTANTS |
| ||(Firm Regn. No. 105013W) |
|PLACE : Mumbai ||AJAY DAGA |
|DATED : 24th May 2014 ||PARTNER \ |
| ||M No.44162 |