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Eros International Media Ltd.

BSE: 533261 | NSE: EROSMEDIA |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE416L01017 | SECTOR: Media & Entertainment

BSE Live

Jul 28, 13:28
25.05 -0.45 (-1.76%)
Volume
AVERAGE VOLUME
5-Day
138,847
10-Day
192,247
30-Day
135,263
75,767
  • Prev. Close

    25.50

  • Open Price

    26.05

  • Bid Price (Qty.)

    25.05 (1)

  • Offer Price (Qty.)

    25.10 (50)

NSE Live

Jul 28, 13:28
25.10 -0.35 (-1.38%)
Volume
AVERAGE VOLUME
5-Day
864,745
10-Day
1,067,863
30-Day
797,000
287,822
  • Prev. Close

    25.45

  • Open Price

    25.70

  • Bid Price (Qty.)

    25.00 (239)

  • Offer Price (Qty.)

    25.10 (630)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

REPORT ON THE FINANCIAL STATEMENTS 1. We have audited the accompanying financial statements of Eros International Media Limited, (the Company), which comprise the Balance Sheet as at 31 March 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS 2. Management is responsible for the preparation of these financial statements, that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards referred to in sub- section (3C) of Section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. AUDITORS'' RESPONSIBILITY 3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. 4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. 5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION 6. In our opinion and to the best of our information and according to the explanations given to us, the 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: i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2013; ii) in the case of Statement of Profit and Loss, of the profit for the year ended on that date; and iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS 7. 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 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 8. 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 our knowledge and belief were necessary for the purpose of our audit; b. in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; c. the financial statements dealt with by this report are in agreement with the books of account; d. in our opinion, the financial statements comply with the Accounting Standards referred to in sub- section (3C) of Section 211 of the Act; and e. on the basis of written representations received from the directors, as on 31 March 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act. Annexure to the Independent Auditors'' Report of even date to the members of Eros International Media Limited on the financial statements for the year ended 31 March 2013 Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and the nature of its assets. (c) In our opinion, a substantial part of fixed assets has not been disposed off during the year. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. (b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory and no material discrepancies between physical inventory and book records were noticed on physical verification. (iii) (a) The Company has granted interest free advances to ten parties covered in the register maintained under Section 301 of the Act. The maximum amount outstanding during the year is Rs. 7,111.29 lacs and the year-end balance is Rs. 5,292.48 lacs. (b) In our opinion, the terms and conditions of such interest free advances are not, prima facie, prejudicial to the interest of the Company. (c) The above interest free advances would be adjusted on the purchase of film rights or on completion of films as applicable, and in accordance with the terms and conditions stipulated in the agreement. (d) The above interest free advances given by the Company, would be adjusted, on the purchase of film rights or on completion of films, as applicable, and therefore there are no amounts overdue in respect of advances as at the year end. Accordingly, the provisions of clause 4(iii)(d) of the Order are not applicable. (e) The Company has taken interest free advances from three parties covered under the register maintained under Section 301 of the Act. The maximum amount outstanding during the year is Rs. 881.77 lacs and the year-end balance is Rs. 334.34 lacs. (f) In our opinion, the terms and conditions of interest free advances taken by the Company are not, prima facie, prejudicial to the interest of the Company. (g) Interest free advances would be adjusted against sale of film rights or on completion of films as applicable in accordance with the terms and conditions stipulated in the agreement. (iv) In our opinion certain items purchased are of a special nature for which suitable alternative sources do not exist for obtaining comparative quotations. However there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. (v) (a) In our opinion, the particulars of all contracts or arrangements that need to be entered into the register maintained under Section 301 of the Act have been so entered. (b) Owing to the unique and specialized nature of the items involved and in the absence of any comparable prices, we are unable to comment as to whether the transactions made in pursuance of such contracts or arrangements have been made at the prevailing market prices at the relevant time. (vi) The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of clause 4(vi) of the Order are not applicable. (vii) In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business. (viii) To the best of our knowledge and belief, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act, in respect of Company''s products/ services. Accordingly, the provisions of clause 4(viii) of the Order are not applicable. (ix) (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales- tax, wealth-tax, service-tax, custom duty, excise duty, cess and other material statutory dues, as applicable, have not been regularly deposited with the appropriate authorities and there have been significant delays in a large number of cases. Undisputed amounts payable in respect thereof. which were outstanding at the year-end for a period of more than six months from the date they became payable are as follows: Name of Nature of Amount the statute the dues (Rs. inlacs) Maharashtra Value Added Tax Act, 2002 Value Added 148.00 Tax (Gross) Maharashtra Value Added Tax Act, 2002 Value Added 808.87 Tax (Gross) * Maharashtra Value Added Tax Act, 2002 Value Added 603.40 Tax (Gross) * Maharashtra Value Added Tax Act, 2002 Value Added 411.82 Tax (Gross) Maharashtra Value Added Tax Act, 2002 Value Added 378.85 Tax (Gross) Maharashtra Value Added Tax Act, 2002 Value Added 200.08 Tax (Gross) Income Tax Act, 1956 Advance Tax 1,612.80 Finance Act, 1994 Service Tax 152.51 Finance Act, 1994 Service Tax 0.06 Finance Act, 1994 Service Tax 1.74 Finance Act, 1994 Service Tax 0.30 Finance Act, 1994 Service Tax 1.40 Finance Act, 1994 Service Tax 1.12 Finance Act, 1994 Service Tax 0.20 Finance Act, 1994 Service Tax 0.25 Name Period to which the Due Date of amount relates Date Payment Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2011-12 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2010-11 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2009-10 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2008-09 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2007-08 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2006-07 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2012-13 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2010-2011 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2007-2008 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2005-2006 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2004-2005 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2003-2004 dates Maharashtra Value Added Tax Act, 2002 Financial Year Various Unpaid 2002-2003 dates Finance Act, 1994 Financial Year Various Unpaid 2001-2002 dates Finance Act, 1994 Financial Year Various Unpaid 2000-2001 dates * In line with film industry consensus, the Company is of the opinion that there are no grounds for levying VAT on film distribution activity and hence no provision is made in the books of accounts for these years. The same is disclosed as contingent liability under Notes to Accounts. (b) The dues outstanding in respect of sales-tax, income-tax, custom duty, wealth-tax, excise duty, cess on account of any dispute, are as follows: Name of Nature Amount the statute of dues (Rs. in lacs) Income Tax Act, 1961 Income tax 47.26 Income Tax Act, 1961 Income tax 3.41 Income Tax Act, 1961 Income tax 2.36 Central Sales Tax Act, 1944 Sales tax 0.16 Bombay Sales Tax Act, 1959 Sales tax 71.51 Name Period to which the Forum where dispute amount relates is pending Income Tax Act, 1961 Assessment Year 2004-05 Appellate Tribunal Income Tax Act, 1961 Assessment Year 2003-04 Appellate Tribunal Income Tax Act, 1961 Assessment Year 2002-03 Appellate Tribunal Income Tax Act, 1961 Financial Year 2004-05 Deputy Commissioner of Sales tax (Appeals) Income Tax Act, 1961 Financial Year 2004-05 Deputy Commissioner of Sales tax (Appeals) (x) In our opinion, the Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and the immediately preceding financial year. (xi) In our opinion, the Company has not defaulted in repayment of dues to any financial institution or a bank or to debenture-holders during the year. (xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable. (xiii) In our opinion, the Company is not a chit fund or a nidhi/ mutual benefit fund/ society. Accordingly, provisions of clause 4(xiii) of the Order are not applicable. (xiv) In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable. (xv) In our opinion, the terms and conditions on which the Company has given guarantee for loans taken by others from banks or financial institutions are not, prima facie, prejudicial to the interest of the Company. (xvi) In our opinion, the Company has applied the term loans for the purpose for which these loans were obtained. (xvii)In our opinion, no funds raised on short-term basis have been used for long-term investment by the Company. (xviii) During the year, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clause 4(xviii) of the Order are not applicable. (xix) The Company has neither issued nor had any outstanding debentures during the year. Accordingly, the provisions of clause 4(xix) of the Order are not applicable. (xx) The Company has not raised any money by public issues during the year. Accordingly, the provisions of clause 4(xx) of the Order are not applicable. (xxi) No fraud on or by the Company has been noticed or reported during the period covered by our audit. For Walker, Chandiok & Co Chartered Accountants Firm Registration No.: 001076N per Khushroo B. Panthaky Partner Membership No.: F-42423 Mumbai 30 May 2013