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Mukta Arts Ltd.

BSE: 532357 | NSE: MUKTAARTS |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE374B01019 | SECTOR: Media & Entertainment

BSE Live

Jul 30, 10:25
40.70 0.95 (2.39%)
Volume
AVERAGE VOLUME
5-Day
9,838
10-Day
6,768
30-Day
6,421
6,275
  • Prev. Close

    39.75

  • Open Price

    41.70

  • Bid Price (Qty.)

    40.65 (2)

  • Offer Price (Qty.)

    40.95 (674)

NSE Live

Jul 30, 10:25
40.70 0.95 (2.39%)
Volume
AVERAGE VOLUME
5-Day
67,773
10-Day
42,120
30-Day
25,126
43,818
  • Prev. Close

    39.75

  • Open Price

    41.00

  • Bid Price (Qty.)

    40.70 (1434)

  • Offer Price (Qty.)

    40.75 (404)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance Sheet of Mukta Arts Ltd. as at 31st March 2010 and the related Proft and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These fnancial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these fnancial statements based on our audit. 2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fnancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fnancial statements. An audit also includes assessing the accounting principles used and signifcant estimates made by management, as well as evaluating the overall fnancial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specifed in paragraphs 4 and 5 of the said Order. 4. As more explained in Note no. 2(f) in schedule P to the fnancial statements, the Company has disputed dues in respect of Service Tax is Rs 2.12 millions out of which Rs 0.88 millions has not been paid since the matter is pending before CESTAT. 5. As more explained in Note no. 2(g) in schedule P to the fnancial statements, the managerial remuneration paid to the Chairman is in excess of the limits prescribed under Section 198 of the Act. The Company has made an application to the Central Government seeking post-fact approval, which is awaited. 6. Further to our comments in the Annexure referred to in paragraph 3 above: (i) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; (ii) 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 such books; (iii) the Balance Sheet, Proft and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) in our opinion, the Balance Sheet, Proft and Loss Account and Cash Flow Statement dealt with by this report comply with the requirements of the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; (v) on the basis of the written representations received from the directors as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualifed as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. 7. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with signifcant accounting policies and other notes thereon, give the information required by the Companies Act, 1956, 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 31st March, 2010; (ii) in the case of Proft and Loss Account of the Loss of the Company for the year ended on that date, and (iii) in the case of Cash Flow Statement, of the cash fows for the year ended on that date. Annexure to the Auditors Report [Referred to in paragraph (3) thereof] (i) The nature of the Companys business/ activities during the year is such that clauses (viii) and (xiii) of paragraph 4 of the Companies (Auditors Report) order, 2003 are not applicable to the Company for the year ending 31st March 2010. (ii) In respect of fxed assets: (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fxed assets. (b) The fxed assets of the company have been physically verifed by the management at the end of the year and we are informed that no discrepancies between book records and the physical inventory have been noticed. (c) In our opinion and according to the information and explanations given to us, the Company has not made any substantial disposals during the year. (iii) In respect of inventories: (a) As explained to us, inventories were physically verifed during the year by the management at reasonable intervals. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verifcation of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its activity during the year. (c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verifcation. (iv) In respect of loans, secured or unsecured, granted or taken by the Company to or from companies, frms or other parties covered in the register maintained under section 301 of The Companies Act, 1956: According to the information and explanations given to us the Company has given unsecured loan to a Subsidiary Company, the maximum outstanding balance during the year was Rs. 280.3 millions and the outstanding balance as on 31st March 2010 is Rs. 265.00 millions. The outstanding interest on unsecured loan as on 31.03.2010 is Rs. 20.53 millions. The same is not overdue and the rate of interest and other terms and conditions of loan is in our opinion not prima facie prejudicial to the interest of the Company. Apart from the above, the Company has neither granted nor taken any loans, secured or unsecured, to or from companies, frms or other parties covered in the register maintained under section 301 of The Companies Act, 1956. (v) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business, for purchase of inventory and fxed assets. There are no sales of goods. (vi) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act 1956: (a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered into the register have been so entered. (b) According to the information and explanations given to us, there are transactions/arrangements in excess of Rs 0.50 millions in respect of subsidiary companies in which directors are interested and prices are reasonable having regard to the prevailing market prices at the relevant time. (vii) The Company has not accepted any deposits from the public to which the provisions of Section 58A and section 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules 1975, are applicable. (viii) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business. (ix) According to the information and explanations given to us in respect of statutory and other dues: (a) The Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Cess and any other statutory dues with the appropriate authorities during the year. There were no undisputed amount of outstanding statutory dues as at 31st March 2010 for more than six months from the date they became payable. (b) Disputed dues in respect of Service Tax is Rs 2.12 millions out of which Rs 0.88 millions has not been paid since the matter is pending before CESTAT. (kindly refer Note no. 2(f) in schedule P) (c) The managerial remuneration paid to the Chairman is in excess of the limits prescribed under Section 198 of the Act. The Company has made an application to the Central Government seeking post-fact approval, which is awaited. (kindly refer Note no. 2(g) in schedule P) (x) The Company has no accumulated losses as at the end of the year. The Company has incurred cash losses during the fnancial year, however there were no cash losses during the previous year. (xi) According to the information and explanations given to us, the Company was not liable to repay any dues to any fnancial institution and bank, and there were no debenture holders during the year. (xii) According to the information and explanations given to us, the Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The company is not a chit fund or a nidhi / mutual beneft fund / society. Therefore, the provisions of clause 4(xiii) of the companies (Auditors Report) Order, 2003 are not applicable to the company. (xiv) According to the information and explanations given to us and on the basis of our examination of the Companys records we are of the opinion that the Company is maintaining adequate records regarding transactions in its trading activities in the units of Mutual Funds (Debt Schemes) and timely entries have been made in these records. The investments have been held by the Company in its own name. (xv) According to the information and explanations given to us, the Company has given guarantee for loans taken by subsidiary Whistling Woods International Limited from Punjab National Bank during the previous year. (xvi) To the best of our knowledge and belief and according to the information and explanations given to us, the Company has taken term loan during the year and was used for the purpose for which the loan was taken. (xvii) According to the cash fow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment (fxed assets etc.) and vice versa. (xviii)The Company has not made any preferential allotment during the year. (xix) The Company has not issued any debentures during the year. (xx) The Company has not raised any money by public issues during the year. (xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For SHAMIT MAJMUDAR ASSOCIATES Firm Registration No. 109881 W Chartered Accountants Place: Mumbai SHAMIT MAJMUDAR Dated: 12th August, 2010 Proprietor Membership No. F-010595