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Cinevista Ltd.

BSE: 532324 Sector: Media
NSE: CINEVISTA ISIN Code: INE039B01026
BSE LIVE 14:34 | 21 Apr 7.45 0.35
(4.93%)
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7.45

HIGH

7.45

LOW

7.26

NSE 14:10 | 21 Apr 7.25 0
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OPEN

7.30

HIGH

7.60

LOW

6.90

OPEN 7.45
PREVIOUS CLOSE 7.10
VOLUME 10250
52-Week high 10.20
52-Week low 3.26
P/E
Mkt Cap.(Rs cr) 42.80
Buy Price 7.45
Buy Qty 15450.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.45
CLOSE 7.10
VOLUME 10250
52-Week high 10.20
52-Week low 3.26
P/E
Mkt Cap.(Rs cr) 42.80
Buy Price 7.45
Buy Qty 15450.00
Sell Price 0.00
Sell Qty 0.00

Cinevista Ltd. (CINEVISTA) - Auditors Report

Company auditors report

TO THE MEMBERS OF CINEVISTA LIMITED.

Report on the Standalone Financial Statements:

We have audited the accompanying standalone financial statements of CinevistaLimited ("the

Company") which comprise the Balance Sheet as at 31st March 2016 the statementof Profit and Loss and the Cash Flow Statement for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements:

The Company's Board of Director is responsible for the matters stated in Section 134(5)of the Companies Act 2013 ('the Act') with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act as applicable. This responsibility also include maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of these standalone financial statements that give a true and fair view andare free from material misstatement whether due to fraud or error.

Auditors' Responsibility:

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 there under and the Order under Section 143(11)of the Act.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditors' judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. 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.

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

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted n India of the state of affairs of the Companyas at March 31 2016 and its profit and its cash flows for i the year ended on that date.

Report on Other Legal and Regulatory Requirements:

1. As required by Section 143(3) of the Actwe report that:

(a) We have sought and obtained all the information and explanations whichto 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 relating to preparationof the standalone financial statements have been kept by the Company so far as it appearsfrom our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account maintained for thepurpose of preparation of these standalone financial statements.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Actas applicable.

(e) On the basis of the written representations received from the Directors as on March31 2016 taken on record by the Board of Directors none the Directors is disqualified ason March 31 2016from being appointed as a Director in terms of Section 164 (2) of theAct.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in 'Annexure A.

Our report expresses an unmodified opinion on the adequacy and operating effectivenessof the Company's internal financial controls over financial reporting.

(g) With respect to the other matters to be included in the independent Auditors'Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014in ouropinion 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 financialposition in its standalone financial statements.

The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

There were no amounts which were required to be transferred to the Investor Educationand Protection Fund by the Company.

2. As required by the Companies (Audit's Report) Order 2016 ('the Order') issued bythe Central

Government in terms of Section 143(11) of the Actwe give in 'Annexure B' a statementon the matters specified in paragraphs 3 and 4 of the Order.

For SARATH & ASSOCIATES
CHARTERED ACCOUNTANTS.
Firm Regn. No. 5120S
CA. R.LAKSHMI RAO
Place : Mumbai. Partner.
Date: May 30 2016. M No. 029081.

ANNEXURE 'A' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1(f) under 'Report on the Legal and Regulatory Requirements'section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013('the Act')

We have audited the internalfinancialcontrols over financial reporting of CinevistaLimited ('the Company') as of March 31 2016 in conjunction with our audit of thestandalone financial statements of the Company for the year ended and as on that date.

Management's Responsibility for Internal Financial Controls:

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial

Controls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia (the 'Guidance

Note'). The responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility:

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Standards on Auditing prescribed under Section 143(10) of the Act and theGuidance Note to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with the ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over the financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors'judgment including the assessment of the risksof material misstatement of the standalone financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting:

A company's internal financial control over financial reporting is a processdesigned toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (S)provide reasonable assurance regardingprevention ortimely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting:

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial controls overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion:

In our opinion to the best of our information and according the explanations given tous the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For SARATH & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn. No. 5120S
CA. R.LAKSHMI RAO
Partner.
M. No.029081.
Place : Mumbai.
Dated: 30th May2016.

ANNEXURE 'B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

Report on Companies (Auditor's Report) Order 2016 ('the Order') issued by the CentralGovernment in terms of Section 143(11) of the Companies Act 2013 ('the Act') ofCinevista Limited ('the Company')

1. In respect of the Company's fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provided forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and the records examinedby us we report that the title deeds comprising all the immovable properties of landand buildings which are freehold are held in the name of the Company as at the balancesheet date.

2. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

3. The Company has granted interest free unsecured loans to Companies firms or otherparties covered in the register maintained under Section 189 of the Act.

(a) According to the information and explanations given to us the terms and conditionson which the unsecured loans had been granted to companies firms or other parties listedin the register maintained under Section 189 of the Act were not prima facia prejudicialto the interest of the Company.

(b) In the case of the unsecured loans granted to companies firms or other partieslisted in the register maintained under section 189 of the Act the terms of arrangementsdo not stipulate any repayment schedule both for interest and principal.

(c) According to the information and explanations given to us the Company has takenreasonable steps for recover of the principal amount and the amount outstanding from thecompanies firms or other parties listed in the register maintainer section 189 of the Actis Rs.37561682/-(Previous year Rs.375843817-).

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act in respect ofloans and investments made as applicable.

5. The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2016 and therefore the provisions of the clause 3(v)of the Order are not applicable to the Company.

6. Reporting under clause 3(vi) of the Order is not applicable as the Company'sbusiness activities are not covered by the Companies (Cost Records and Audit) Rules 2014and section 148(1) of the Act.

7. According to the information and explanations given to us in respect of statutorydues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Income TaxSales TaxService TaxValue Added Tax and other material statutorydues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Income Tax SalesTaxService Tax Value Added Taxand other material statutory dues in arrears as at March31 2016 for a period of more than six months from the date they became payable.

(c) (i) Details of dues of Income Tax which have not been deposited as at March 312016on account of dispute are given below:

Particulars Forum where the dispute is pending Financial Year to which the amount relates Amount (in Rupees)
Income Tax The Income Tax Dept. have filed appeal before the Mumbai High Court against the order of Income TaxAppellate Tribunal which was in favour of the Company. 01 -04-1 987 to 15-1 2-1 997 (Block Period) 48303817-
Service Tax Commissioner of Central Excise (Appeals) 2008-09 to 201 2-13 722993/-

(ii) There were no dues of Sales Tax duty of customs duty of Excise Cess and Valueadded tax which have not been deposited as at March 31 2016 on account of dispute.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to banks. The Companydoes not have any loans or borrowings from financial institutions or government and hasnot issued any debentures.

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3 (ix)of the Order is not applicable.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no fraud on the Company by its officers oremployees has been noticed or reported during the year.

11. In our opinion and according to the information and explanations given to us theCompany has paid/provided remuneration in accordance with the requisite approvals mandatedby the provisions of Section 197 read with Schedule V to the Act.

12. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of theOrder is not applicable.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Actwhere applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the standalone financial statements as required by the applicableaccounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the Order is not applicable to the Company.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its Directors and hence provisions of Section 192 of theAct are not applicable.

16. The Company is not required to be registered under Section 45-I of the Reserve Bankof India Act 1934.

For SARATH & ASSOCIATES
CHARTERED ACCOUNTANTS.
Firm Regn. No. 5120S
CA. R.LAKSHMI RAO
Partner.
M. No.029081.
Place : Mumbai.
Dated: 30th May 2016.