You are here » Home » Companies » Company Overview » Cineline India Ltd

Cineline India Ltd.

BSE: 532807 Sector: Media
NSE: CINELINE ISIN Code: INE704H01022
BSE LIVE 15:40 | 02 Dec 77.15 -3.10
(-3.86%)
OPEN

79.20

HIGH

80.15

LOW

76.10

NSE LIVE 15:41 | 02 Dec 77.30 -2.70
(-3.38%)
OPEN

79.05

HIGH

79.80

LOW

77.00

OPEN 79.20
PREVIOUS CLOSE 80.25
VOLUME 42901
52-Week high 105.60
52-Week low 16.30
P/E 28.26
Mkt Cap.(Rs cr) 216.02
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 79.20
CLOSE 80.25
VOLUME 42901
52-Week high 105.60
52-Week low 16.30
P/E 28.26
Mkt Cap.(Rs cr) 216.02
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cineline India Ltd. (CINELINE) - Auditors Report

Company auditors report

To the Members of Cineline India Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of Cineline India Limited("the Company") which comprise the balance sheet as at 31 March 2015 thestatement of profit and loss the cash flow statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 (asamended). This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness ofsuch controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our qualified audit opinion on the financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2015 and its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. As required by Section143(3) of the Act we report that:

a. we have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books;

c. the financial statements dealt with by this report are in agreement with the booksof account;

d. in our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended);

e. on the basis of the written representations received from the directors as on 31March 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms ofSection164(2) of the Act;

f. with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. as detailed in Note 32 to the Financial

Statements the Company has disclosed the impact of pending litigations on itsfinancial position;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Walker Chandiok & Co LLP

(Formerly Walker Chandiok & Co)

Chartered Accountants

Firm's Registration No.: 001076N/N500013

per Sudhir N. Pillai

Partner

Membership No.:105782

Place: Mumbai

Date: 27 May 2015

Annexure to the Independent Auditors' Report of even date to the members of CinelineIndia Limited on the financial statements for the year ended 31 March 2015

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assetsunder which fixed assets are verified in a phased manner over a period of three yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

(ii) (a) The Company does not have any inventory. Accordingly the provisions of clause3(ii) of the Order are not applicable.

(iii) The Company has not granted any loan secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.Accordingly the provisions of clauses 3(iii)(a) and 3(iii)(b) of the Order are notapplicable.

(iv) Owing to the nature of its business the Company does not maintain any physicalinventory. Accordingly clause 3(iv) of the Order with respect to purchase of inventoriesis not applicable. In our opinion there is an adequate internal control systemcommensurate with the size of the Company and the nature of its business for the purchaseof fixed assets and for the sale of goods and services. During the course of our audit nomajor weakness has been noticed in the internal control system in respect of these areas.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany's products. Accordingly the provisions of clause 3(vi) of the Order are notapplicable.

(vii) (a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax wealth tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues as applicable havegenerally been regularly deposited with the appropriate authorities though there has beena slight delay in a few cases. Further no undisputed amounts payable in respect thereofwere outstanding at the year-end for a period of more than six months from the date theybecame payable.

(b) There are no dues in respect of income-tax sales-tax wealth tax service taxduty of customs duty of excise value added tax and cess that have not been depositedwith the appropriate authorities on account of any dispute.

Name of the statute Nature of dues Amount (Rs. in lacs) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income tax 29.06 Previous year 2006-07 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income tax 83.25 Previous year 2007-08 High Court
Income Tax Act 1961 Income tax 77.35 Previous year 2008-09 High Court
Income Tax Act 1961 Income tax 75.34 Previous year 2009-10 High Court
Income Tax Act 1961 Income tax 2.27 Previous year 2010-11 High Court

(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made thereunder. Accordingly the provisionsof clause 3(vii)(c) of the Order are not applicable.

(viii) In our opinion the Company has no accumulated losses at the end of thefinancial year and it has not incurred cash losses in the current and the immediatelypreceding financial year.

(ix) The Company has not defaulted in repayment of dues to any bank or financialinstitution during the year. The Company did not have any outstanding debentures duringthe year.

(x) The Company has not given any guarantees for loans taken by others from banks orfinancial institutions. Accordingly the provisions of clause 3(x) of the Order are notapplicable.

(xi) In our opinion the Company has applied the term loans for the purpose for whichthese loans were obtained.

(xii) No fraud on or by the Company has been noticed or reported during the periodcovered by our audit.

For Walker Chandiok & Co LLP

(Formerly Walker Chandiok & Co)

Chartered Accountants

Firm's Registration No.: 001076N/N500013

per Sudhir N. Pillai

Partner

Membership No.:105782

Place: Mumbai

Date: 27 May 2015

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard