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Creative Eye | Auditor's Report > Media & Entertainment > Auditor's Report from Creative Eye - BSE: 532392, NSE: CREATIVEYE
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Creative Eye

BSE: 532392|NSE: CREATIVEYE|ISIN: INE230B01021|SECTOR: Media & Entertainment
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Auditor's Report (Creative Eye) Year End : Mar '15
 1.  Report on the Financial Statements
 
 We have audited the accompanying financial statements of CREATIVE EYE
 LIMITED (the Company), which comprise the Balance Sheet as at March
 31,2015, 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.
 
 2.  Management''s Responsibility for the Financial Statements
 
 The Company''s 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 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
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014.
 
 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 for 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 operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 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.
 
 3.  Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit.
 
 We have taken 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 provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit 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
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the 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 financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the financial
 statements.
 
 4.  Opinion
 
 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 Act in the manner so required and give a
 true and fair view in conformity with the accounting principles
 generally accepted in India,
 
 a.  in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31,2015;
 
 b.  in the case of the Profit and Loss Account, of the Loss for the
 year ended on that date; and
 
 c.  in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date
 
 5.  Report on Other Legal and Regulatory Requirements
 
 As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of Section 143 of the Companies Act,2013 we give in
 the Annexure a statement on the matters specified in paragraphs 3 and 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
 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 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 financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on March 31,2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31,2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 (f) 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, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements.
 
 ii.  The Company does not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. The Company does not have any pending amount, required to be
 transferred, to the Investor Education and Protection Fund.
 
 ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
 
 (Referred to in Paragraph 5 of our report of even date to the members
 of CREATIVE EYE LIMITED on the accounts for the year ended March
 31,2015)
 
 On the basis of such checks as we considered appropriate and according
 to the information and explanation given to us during the course of our
 audit, we report that:
 
 i) (a) The company has maintained proper records showing full
 particulars including quantitative details and situation of Fixed
 assets.
 
 (b) As explained by the Management, fixed assets have been physically
 verified by the management at regular intervals. In our opinion, the
 frequency of physical verification of fixed assets is reasonable having
 regard to the size of the company and nature of its assets. No material
 discrepancies were noticed on such verification.
 
 ii) (a) As explained by the Management, physical verification of
 inventory has been conducted at reasonable intervals.
 
 (b) In our opinion, the procedures of physical verification of
 inventory followed by the Management are reasonable and adequate in
 relation to the size and nature of its business.
 
 (c) The company is maintaining proper records of inventory and no
 material discrepancies were noticed on such verification.
 
 iii) Based on the audit procedures applied by us and according to the
 information and explanations given to us the company has not granted or
 taken any loans secured or unsecured to / from companies, firms or
 other parties listed in the register maintained under Section 189 of
 the Companies Act . Therefore, the provisions of clause (iii) (a) (b)
 and (c) of Para 3 of the Order are not applicable to the Company.
 
 iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control procedure
 commensurate with the size of the Company and the nature of its
 business for purchase of fixed assets and for the sale of services.
 During the course of our audit, we have not observed any continuing
 failure to correct major weakness in the internal control system.
 
 v) In our opinion and according to the information and explanation
 given to us the Company has not accepted any deposit from public within
 the provision of Section 73 to 76 and other relevant provisions of the
 Companies Act, 2013 and the rules framed there under.
 
 vi) As explained to us, the maintenance of cost records has not been
 prescribed by the Central Government under section (1) of section 148
 of the Companies Act, 2013.
 
 vii) (a) In our opinion and according to the records of the company,
 undisputed statutory dues including Provident Fund, Employees'' State
 Insurance, Income-tax, Sales-tax, Service Tax, cess to the extent
 applicable and any other statutory dues have been regularly deposited
 with the appropriate authorities. According to the information and
 explanations given to us there were no outstanding statutory dues as on
 March 31, 2015 for a period of more than six months from the date they
 became payable.
 
 (b) According to the information and explanations given to us, there
 are no amounts payable in respect of income tax, wealth tax, service
 tax, sales tax, customs duty and excise duty which have not been
 deposited on account of any disputes.
 
 (c) The company does not have any pending amount required to be
 transferred to Investor Education and Protection Fund in accordance
 with the relevant provisions of the Companies Act, and rules made
 thereof.
 
 viii) The company has accumulated losses of Rs. 724.70 lacs, which is
 less than 50% of its net worth as at March 31,2015 and the company has
 incurred cash losses of Rs. 307.00 Lacs during the current financial
 year but has not incurred any cash losses in the immediately preceding
 financial year.
 
 ix) On the basis of verification of records and according to the
 information and explanations given to us and based on the records made
 available to us, the Company has not defaulted in repayment of any
 loans from Financial Institutions or Bank or on Debentures.
 
 x) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 Banks or financial institutions.
 
 xi) According to the information and explanations given to us, the
 Company has applied loans for the purpose for which they were obtained.
 
 xii) Based on the audit procedures performed and the information and
 explanations given to us, we report that no fraud on or by the Company
 has been noticed or reported during the year, nor have we been informed
 of such case by the management.
 
                                                 For Uttam Abuwala & Co.
                                                  Chartered Accountants
 
                                                                   Sd/-
                                                     CA. Prerak Agarwal
                                                              (Partner)
                                                  Membership No. 158844
                                                       Firm No. 111184W
 Date: May 25, 2015
 Place: Mumbai
 
Source : Dion Global Solutions Limited
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