We have audited the accompanying standalone Ind AS financial statements of Panorama Studios
International Limited ("the Company") which comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including the statement of other comprehensive income), the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended, and notes to the Ind AS
financial statements, including a summary of material accounting policies and other explanatory
information (hereinafter referred to as "Ind AS standalone financial statements'').
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS financial statements give the information required by the Companies Act,
2013 as amended (''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
March 31, 2025, and its profits including other comprehensive income, its cash flows and changes in
equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with the
Standards on Auditing (SAs) as specified under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the 'Auditor's Responsibilities for the Audit of the standalone
Ind AS Financial Statements' section of our report. We are independent of the Company in accordance
with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the financial statements under the provisions of
the Act and the Rules thereunder, 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 audit opinion on the standalone Ind AS financial
statements.
Key Audit Matter
Key audit matter is the matter that, in our professional judgment, is of most significance in our audit
of the standalone Ind AS financial statements for the financial year ended March 31,2025. This matter
was addressed in the context of our audit of the standalone Ind AS financial statements as a whole,
and informing our opinion thereon, and we do not provide a separate opinion on this matter.
We have determined that there is no other key audit matter to communicate in our report.
Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Management and Board of Directors is responsible for the other information. The other
information comprises the information included in the Company's Annual report, but does not include
the standalone Ind AS financial statements and our auditor's report thereon. The Company's Annual
report is expected to be made available after the date of this auditor's report.
Our opinion on the standalone Ind AS 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 Ind AS financial statements, our responsibility is to
read the other information identified above when it becomes available and, in doing so, consider
whether such other information is materially inconsistent with the standalone financial statements or
our knowledge obtained during the course of our audit or otherwise appears to be materially
misstated.
When we read the company's annual report, if we conclude that there is a material misstatement
therein; we are required to communicate the matter to those charged with governance and take
necessary actions, as applicable under the relevant laws and regulations.
Responsibilities of Management and those charged with the governance for the Ind AS standalone
financial statements
The Company's Management and Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these standalone Ind AS financial statements that
give a true and fair view of the financial position, financial performance, including other
comprehensive income, cash flows and changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including the Indian accounting Standards (Ind AS)
specified under section 133 of the Act, read with 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 implementation and
maintenance of accounting policies; making judgments and estimates that are reasonable and prudent;
and 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 the preparation and presentation of the standalone Ind AS financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone Ind AS financial statements, management 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 is also responsible for overseeing the company's financial reporting process.
Auditor's Responsibility for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor's report 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. Misstatements 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
decisions of users taken on the basis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone Ind AS 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.
• 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.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management and Board of Directors.
• 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 conclusions are 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.
• Evaluate the overall presentation, structure and content of the standalone Ind AS financial
statements, including the disclosures, and whether the standalone Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged 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 them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the Ind AS financial statements for the financial year
ended March 31, 2025 and are therefore the key audit matters. We describe these matters in our
auditor's report 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 outweigh 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 Act, we give in the Annexure
"A" a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent
applicable.
2. As required by Section 143(3) of the Act, 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 account as required by law have been kept by the Company in so
far as it appears from our examination of those books, except for the matters stated in paragraph
h(vi) below on reporting under Rule 11(g).
c. The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including the statement
of Other Comprehensive Income, the Standalone cash flow statement and Statement of Changes in
Equity dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules,2015 as amended.
e. On the basis of the written representations received from the directors as on 31st March, 2025 taken
on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2025
from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the Internal Financial Control with reference to these standalone
Financial Statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy
and operative effectiveness of the Company's internal financial control over financial reporting.
g. With respect to the other matters to be included in Auditors report in accordance with the
requirement of section 197 (16) of the Act as amended in our opinion and to the best of our
information and according to explanation given to us the remuneration paid by the company to its
directors of the company 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 Auditors) Rules, 2014, as amended 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 derivative contracts; as such the
question of commenting on any material foreseeable losses thereon does not arise;
iii. There has been no occasion in case of the Company during the year under report to transfer any
sums to the Investor Education and Protection Fund. The question of delay in transferring such
sums does not arise.
iv. (a) The management has represented that, to the best of it's knowledge and belief, other than as
disclosed in the notes to the accounts to the standalone Ind AS financial statements, no funds
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 persons or entities,
including foreign entities ("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, other than as
disclosed in the notes to the accounts of the standalone Ind AS Financial statements, no funds
have been received by the company from any persons or entities, including foreign entities
("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 of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and
(c) Based on such audit procedures that were 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 (a) and (b) contain any material misstatement.
(v) As stated in Note 55 to the standalone financial statements, the Board of Directors of the
Company have proposed final dividend for the year which is subject to the approval of the
members at the ensuing Annual General Meeting. The dividend proposed is in accordance with
section 123 of the Act to the extent it applies to declaration of dividend.
(vi) Based on our examination, which included test checks, the Company has used accounting
software systems for maintaining its books of account for the financial year ended March 31,
2025 which have the feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software systems. Further,
during the course of our audit we did not come across any instance of the audit trail feature
being tampered with and the audit trail has been preserved by the Company as per the
statutory requirements for record retention.
For S I G M A C & CO
Chartered Accountants
(Firm Reg No 116351W)
Sd/-
RahulSarda
Partner
Membership No: 135501
Place: Mumbai
Date: June 02, 2025
UDIN:25135501BMKOJJ9774
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