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Creative Eye Ltd.

BSE: 532392 Sector: Media
NSE: CREATIVEYE ISIN Code: INE230B01021
BSE LIVE 13:15 | 23 Mar 3.67 0.17
(4.86%)
OPEN

3.65

HIGH

3.67

LOW

3.65

NSE LIVE 15:19 | 08 Jul Stock Is Not Traded.
OPEN 3.65
PREVIOUS CLOSE 3.50
VOLUME 2600
52-Week high 4.69
52-Week low 2.99
P/E
Mkt Cap.(Rs cr) 7.36
Buy Price 3.46
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.65
CLOSE 3.50
VOLUME 2600
52-Week high 4.69
52-Week low 2.99
P/E
Mkt Cap.(Rs cr) 7.36
Buy Price 3.46
Buy Qty 1000.00
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 31 2016 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of signifi cant 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 inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these standalone financial statements that give a true andfair view of the financial position financial performance and cash fl ows of the Companyin accordance with the accounting principles generally accepted in India including theAccounting Standards specifi ed under Section 133 of the Act read with Rule 7 of theCompanies (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. Auditor’s Responsibility

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

We conducted our audit in accordance with the Standards on Auditing specifi ed 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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is suffi cient 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 stateof affairs of the Company as at March 31 2016; b. in the case of the Profit and LossAccount of the Loss for the year ended on that date; and c. in the case of theCash Flow Statement of the cash fl ows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure A astatement on the matters specifi ed in paragraphs 3 and 4 of the Order As required bySection 143 (3) of the Act we report that: (a) We have sought and obtained all theinformation and explanations which to the best of our knowledge and belief were necessaryfor 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 standalone financial statements comply with theAccounting Standards specifi ed under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(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 of the directors is disqualifi edas on March 31 2016 from 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 B; and (g) With respect to the other matters to beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us: i. The Company has disclosed the impact of pendinglitigations on its financial position in its financial statements. ii. The Company doesnot have any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses. iii. The Company does not have any pending amount requiredto be transferred to the Investor Education and Protection Fund.

Annexure to the Independent Auditor’s Report

Annexure A referred to in Paragraph 5 of Independent Auditor’s report of even dateto the members of Creative Eye Limited on the accounts for the year ended March 31 2016

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) The Fixed Assets have been physically verifi ed by the management at reasonableintervals which in our opinion is reasonable having regard to the size of the companyand nature of its business. No material discrepancies between the books records and thephysical fi xed assets have been noticed.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the company except for premises as mentioned in Note 24 of thefinancial statements.

ii) (a) As explained by the Management physical verifi cation ofinventory has been conducted at reasonable intervals.

(b) No material discrepancies were noticed on physical verifi cation of the inventoryas compared to books records.

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 fi rms 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 usthere are no loans investments and guarantees made to or on behalf of the Directors or toany other persons in whom the Directors are interested during the financial year 2015-16.Accordingly the provisions of clause (iv) of Para 3 of the order are not applicable tothe Company.

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 in respectof the activities carried on by the Company.

vii) (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Duty of Customs Duty of Excise Valueadded Tax Cess and any other statutory dues with the appropriate authorities. Accordingto the information and explanations given to us no undisputed amounts payable in respectof the above were in arrears as at March 31 2016 for a period of more than six monthsfrom the date on when they become payable.

(b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute. viii) In our opinion and according to theinformation and explanations given to us the Company has not defaulted in the repaymentof dues to banks. The Company has not taken any loan either from financial institutions orfrom the government and has not issued any debentures ix) Based upon the audit proceduresperformed and the information and explanations given by the management the company hasnot raised moneys by way of initial public offer or further public offer including debtinstruments and Term Loans. Accordingly the provisions of clause 3 (ix) of the Order arenot applicable to the Company.

x) Based on the audit procedures performed and the information and explanations givento us we report that no fraud by the Company or on the Company by its offi cers oremployees has been noticed or reported during the year.

xi) According to the information and explanations given to us and based on theexamination of the records of the Company the managerial remuneration has beenprovided/paid in accordance with the requisite approvals mandated by the provisions ofSection 197 read with schedule V to the Companies Act.

xii) The Company is not a Nidhi Company. Accordingly the provisions of clause (xii) ofPara 3 of the Order are not applicable to the Company.

xiii) According to the information and explanations given to us all transactions withthe related parties are in compliance with Section 188 and 177 of Companies Act 2013 andthe details of such transactions have been disclosed in the Financial Statements.

xiv) On the basis of verifi cation of records and according to the information andexplanations given to us and based on the records made available to us the company hasnot made any preferential allotment / private placement of shares or fully or partlyconvertible debentures during the year under review.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the company has not entered into non-cashtransactions with directors or persons connected with him. xvi) The company is notrequired to be registered under section 45 IA of the Reserve Bank of India Act 1934

Annexure B to the Independent Auditor’s Report of even date on the FinancialStatements of the Company.

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ("the Companies Act")

We have audited the internal financial controls over financial reporting of CreativeEye Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended onthat 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and effi cient conduct of itsbusiness including adherence to the Company’s policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Companies Act.

Auditor’s 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 Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by the Institute ofChartered Accountants of India and specifi ed under sub-section 10 of Section 143 of theCompanies Act to the extent applicable to an audit of internal financial controls bothapplicable to an audit of Internal Financial Controls and both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is suffi cient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly refl ect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Uttam Abuwala & Co.
Chartered Accountants
Sd/-
CA. Urmish Mehta
(Partner)
Date: May 28 2016 Membership No. 137150
Place: Mumbai Firm No. 111184W