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Creative Eye Ltd.

BSE: 532392 Sector: Media
NSE: CREATIVEYE ISIN Code: INE230B01021
BSE LIVE 12:15 | 01 Dec 3.20 0.14
(4.58%)
OPEN

3.21

HIGH

3.21

LOW

3.20

NSE LIVE 15:19 | 08 Jul Stock Is Not Traded.
OPEN 3.21
PREVIOUS CLOSE 3.06
VOLUME 1001
52-Week high 5.79
52-Week low 2.96
P/E
Mkt Cap.(Rs cr) 6.42
Buy Price 3.21
Buy Qty 8999.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.21
CLOSE 3.06
VOLUME 1001
52-Week high 5.79
52-Week low 2.96
P/E
Mkt Cap.(Rs cr) 6.42
Buy Price 3.21
Buy Qty 8999.00
Sell Price 0.00
Sell Qty 0.00

Creative Eye Ltd. (CREATIVEYE) - Auditors Report

Company auditors report

To the Members of CREATIVE EYE LIMITED

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 312015 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 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.

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.

3. Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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.

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.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting

and the operating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company’s Directors as well as evaluating the overallpresentation 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 financial statements.

4. Opinion

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

a. in the case of the Balance Sheet of the state of affairs of the Company as at March312015;

b. in the case of the Profit and Loss Account of the Loss for the year ended on thatdate; and

c. in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate

5. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Companies Act2013 we give in the Annexure a statement on the mattersspecified 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of 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.

(e) On the basis of the written representations received from the directors as on March312015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312015 from being appointed as a director in terms of Section 164 (2) of theAct.

(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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

iii. The Company does not have any pending amount required to be transferred to theInvestor Education and Protection Fund.

For Uttam Abuwala & Co.
Chartered Accountants
Sd/-
CA. Prerak Agarwal
(Partner)
Membership No. 158844
Firm No. 111184W
Date: May 25 2015
Place: Mumbai

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in Paragraph 5 of our report of even date to the members of CREATIVE EYELIMITED on the accounts for the year ended March 312015)

On the basis of such checks as we considered appropriate and according to theinformation 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 includingquantitative details

and situation of Fixed assets.

(b) As explained by the Management fixed assets have been physically verified by themanagement at regular intervals. In our opinion the frequency of physical verification offixed assets is reasonable having regard to the size of the company and nature of itsassets. No material discrepancies were noticed on such verification.

ii) (a) As explained by the Management physical verification of inventory has beenconducted at

reasonable intervals.

(b) In our opinion the procedures of physical verification of inventory followed bythe Management are reasonable and adequate in relation to the size and nature of itsbusiness.

(c) The company is maintaining proper records of inventory and no materialdiscrepancies were noticed on such verification.

iii) Based on the audit procedures applied by us and according to the information andexplanations given to us the company has not granted or taken any loans secured orunsecured to / from companies firms or other parties listed in the register maintainedunder 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 thereis an adequate internal control procedure commensurate with the size of the Company andthe 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 correctmajor weakness in the internal control system.

v) In our opinion and according to the information and explanation given to us theCompany has not accepted any deposit from public within the provision of Section 73 to 76and 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 theCentral 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 undisputedstatutory dues including

Provident Fund Employees’ State Insurance Income-tax Sales-tax Service Taxcess to the extent applicable and any other statutory dues have been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on March 31 2015 for a period of more thansix months from the date they became payable.

(b) According to the information and explanations given to us there are no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise 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 InvestorEducation and Protection Fund in accordance with the relevant provisions of the CompaniesAct and rules made thereof.

viii) The company has accumulated losses of ' 724.70 lacs which is less than 50% ofits net worth as at March 312015 and the company has incurred cash losses of ' 307.00Lacs during the current financial year but has not incurred any cash losses in theimmediately preceding financial year.

ix) On the basis of verification of records and according to the information andexplanations given to us and based on the records made available to us the Company hasnot defaulted in repayment of any loans from Financial Institutions or Bank or onDebentures.

x) According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from Banks or financial institutions.

xi) According to the information and explanations given to us the Company has appliedloans for the purpose for which they were obtained.

xii) Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe 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

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