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 MAGNETICS
LIMITED ("The Company") which comprise the Balance Sheet as at 316t March 2022,
the statement of Profit and Loss, the cash flow statement & the statement of changes
in Equity for the year then ended, and a summary of the significant accounting policies
and other explanatory information.
Managements Responsibility for the Financial Statements:
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act,2013 ("the Act") with respect to the preparation of
these Ind AS Financial Statements that give true and fair view of tire financial position
and financial performance including cash flows and changes in equity of the Company in
accordance with tire accounting principles generally accepted in India, including the
Indian Accounting Standards (lnd AS) specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules. 2014 & the Companies (Indian Accounting
Standards) Rules, 2015, as amended. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that arc reasonable and prudent; in design, implementation and
maintenance of adequate .internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to tire
preparation and presentation of the Ind AS financial statements that give a true and fair
view 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 based
on our audit. Wc have t aken into account the provisions of the Act, the accounting and
auditing standards and matters which are required to be included in the audit report under
the provision of the Act and the Rules made thereunder.
Wc conducted our audit of the lnd AS Financial Statements in accordance with the
Standards on Auditing specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical, requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements arc free, from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements, The Procedures selected depend on the auditors
judgement, including the assessment of the risks of material misstatement of the LntLAS
financial statement, whether due to fraud or error.
In making those risk assessments, the auditor considers internal financial control
relevant to the companys preparation of the Ind AS financial statements that give a true
and fair view in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates made by the companys
directors, as well as evaluating the overall presentation of the Ind AS financial
statements.
Wc believe that the audit evidence we have obtained is sufficient and appropriate to
proride 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 explanations
given to us, the aforesaid Ind AS financial statements give the information required by
the Act in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company
as at 31st March, 2022, and its loss including its cash flows and the changes in Equity
for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2016 ("the Order")
issued by the Central Government of India in terms of sub-section (11) of section 1.43 of
the Act, we give in the ‘Annexure-A, a statement on the matters specified in
the 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 our
knowledge 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 the
Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit & Loss including the Cash Flow
Statement & Statement of Changes in Equity dealt with by this report are in agreement
with the books of account.
d) In our opinion the aforesaid Ind AS financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rule, 2014 & the Companies (Indian Accounting Standards) Rules, 2015, as
amended.
e) On the basis of written representations received from the directors as on APRIL 30,
2022 taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2022 from being appointed as a director in terms of Section 164(2) of the
Act.
f) Witli respect, to the adequacy of the internal financial controls over financial
reporting of the Company, and the operating effectiveness of such controls, as per the
Chapter X, Clause (i) of sub-section (3) of Section 143 of the Companies Act, 2013, is
applicable on the-Company as Per Annexure-B
g} with respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules, 2014, in our opinion
and 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 financial
position
ii. The Company did not have any long term contracts including derivatives contracts
for which there were any material foreseeable losses.
iii. There were no amounts which required to be transferred, to the Investor Education
and
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 Auditors Report to the members of the Company
on 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 DONT 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. 30,52,419.64 AS AT LAST DATE OF FINANCIAL YEAR 2022
OUT OF WHICH Rs. 30,52,419.64 |
| (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 |
+91-9892691696
