We have audited the accompanying financial statements of P. B. FILMS LIMITED (“the Company”),
which comprise the Balance Sheet as at 31st March, 2024, and the Statement of Profit and Loss and
statement of cash flows for the year then ended, and a summary of significant accounting policies
and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us. the
aforesaid financial statements give the information required by the Companies Act, 2013 (“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 March 31, 2024, its profit and
cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described
in the Auditor’s responsibilities for the Audit of the Financial Statements section for our report. We
are independent of the Company in accordance with Code of Ethics issued by the Institute of
Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our
audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules there
under, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion on the financial statements.
Information other than the Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the management Jl^^foi^and analysis,
Board’s Report including Annexure to Board’s Report, Corporate Goverii^neysand shareholders’s
information but does not include the standalone financial statements and our auditor’s report
thereon.
Our opinion on the standalone financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the standalone financial statements or our knowledge obtained during the course of our audit 01
otherwise appears to be materially misstated. If, based on the work we have performed, tve
conclude that there is a material misstatement of this other information; we are required to repois
that fact. We have nothing to report in this regard.
Management's Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Sec 134(5) of the
Companies Act, 2013 ("the Act”) with respect to the preparation and presentation of these standalone
financial statements that give a true and fair view of the financial position, financial performance,
changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under section 133 of the
Act. This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the Company and tor preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent, and design,
implementation and maintenance of adequate internal financial controls that were opetating
effectively for ensuring the accuracy and completeness of the accounting lecoids, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are tree
from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements. Board of Directors is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company’s financial reporting
Auditor’s Responsibilities for the Audit of the standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditoi s repoit
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstatement can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decision of users taken
on the basis of these financial statements.
As part of an audit in accordance SAs, we exercise professional judgement and maintain
professional skepticism throughout the audit. We also:
a) Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
b) Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Companies
Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate
internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
c) Evaluate the appropriateness of accounting policies used and the reasonableness ot accounting
estimates and related disclosures made by management.
d) Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusion is based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue
as a going concern.
e) Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the financial statements represent the underlying transactions
and event in a manner that achieves fair presentation.
We communicate with those charges with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with the all relationships
and other matters that may reasonably be thought to bear on our independence, and where
applicable, related safeguards. From the matters communicate with those charged with governance,
we determine those matters that were of most significance in the audit of the financial statements of
the current period and are therefore the key audit matters. We describe these matters in our auditor’s
lepor; unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to out we the public interest
benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013, based on our audit we report that:
a) We have sought and obtained all the information and explanations which 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 and Loss and the cash flow statement dealt with
by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the accounting
Standards, to the extent applicable, specified under Section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2014.
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e) On the basis of the written representations received from the directors as on 31 March, 2024
taken on record by the Board of Directors, none of the directors is disqualified as on 31
March, 2024 from being appointed as a director in terms of Section 164(2) of the Act.
0 With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure A". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditors' Report in accordance with
the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of
our information and according to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the provisions of section 197
of the Act.
h) With respect to the other matters to be included in the Auditor's Report in accordance with
rule 11 of the Companies (Audit and Auditor's) Rules, 2014, in our opinion and to the best
ot our information and according to the explanations given to us:
1 • The Company does not have any pending litigation which would impact its financial
position.
2. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
3. There was no amount which were required to be transferred to the investor Education
and Protection Fund by the Company.
4. (a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the Company to or in any other person or entity,
including foreign entity ('Intermediaries'), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
(b) The Management has represented, that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf
o! the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the representations under sub-clause (i) and (il) of Rule 11(e),
as provided under (a) and (b) above, contain any material misstatement.
5. The Company has not declared or paid any dividend during the year, therefore
compliance of the provision under section 123 of the Companies Act, 2013 is not
applicable.
6. Ptoviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining
books of account using accounting software which has a feature of recording audit
trail (edit log) facility is applicable to the Company with effect from April 1, 2023,
and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors)
Rules, 2014 is not applicable for the financial year ended March 31,2023.
2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the
Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a
statement on the matters specified in paragraphs 3 and 4 of the Order.
FOR BERIWAL & ASSOCIATES
Chartered Accountants
Finn’s Registration No.: 327762H.
•>- o-u if LAA
SUNIL BERIWAL { Jgjj
(Proprietor)
Membership No.: 055302 Place: Kolkata
Dated: 21 - 0 S -Q-OXM UDIN: ^/,0SS3^ ^53-
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