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Creative Eye Ltd.

BSE: 532392 Sector: Media
NSE: CREATIVEYE ISIN Code: INE230B01021
BSE LIVE 15:14 | 22 Nov 4.53 -0.22
(-4.63%)
OPEN

4.53

HIGH

4.53

LOW

4.53

NSE 15:19 | 08 Jul Stock Is Not Traded.
OPEN 4.53
PREVIOUS CLOSE 4.75
VOLUME 500
52-Week high 5.65
52-Week low 3.06
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.52
Sell Qty 1000.00
OPEN 4.53
CLOSE 4.75
VOLUME 500
52-Week high 5.65
52-Week low 3.06
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.52
Sell Qty 1000.00

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 2017 and theStatement of Profit and Loss and Cash Flow Statement for the year ended and a summary ofsignificant 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 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. 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 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 stateof affairs of the Company as at March 31 2017; b. in the case of the Profit and LossAccount of the Profit for the year ended on that date; and c. in the case of theCash 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 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 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 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 standalone financial statements comply with theAccounting Standards specified 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 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 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 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.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016.

Based on audit procedures and relying on the management representation we report thatthe disclosures are in accordance with books of account maintained by the Company and asproduced to us by the Management – Refer Note 29 to the standalone financialstatements;

For Uttam Abuwala & Co.
Chartered Accountants
Firm No. 111184W
Sd/-
CA. Prerak Agarwal
(Partner)
Date : May 30 2017 Membership No. 158844
Place : Mumbai

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 2017

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 verified 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 fixed 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.

ii) (a) As explained by the Management physical verification of inventoryhas been conducted at reasonable intervals.

(b) No material discrepancies were noticed on physical verification of the inventory ascompared to books records.

iii) Based on the audit procedures applied by us and according to the informationand explanations 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 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 2016-17.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 bythe Central Government under section (1) of section 148 of the Companies Act 2013 inrespect of the activities carried on by the Company.

vii) (a) According to information and explanations given to us and on the basis ofour examination of the books of account and records the Company has been generallyregular in 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 2017 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 the information and explanations given to usthe Company has not defaulted in the repayment of dues to banks. The Company has not takenany loan either from financial institutions or from the government and has not issued anydebentures

ix) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and Term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company.

x) Based on the audit procedures performed and the information and explanationsgiven to us we report that no fraud by the Company or on the Company by its officers 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) of Para 3 of the Order are not applicable to the Company.

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

xiv) 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 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 them.

xvi) The company is not required to be registered under section 45 IA of theReserve Bank of India Act 1934

For Uttam Abuwala & Co.
Chartered Accountants
Firm No. 111184W
Sd/-
CA. Prerak Agarwal
(Partner)
Date : May 30 2017 Membership No. 158844
Place: Mumbai

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 2017 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 efficient conduct of its businessincluding adherence to the Company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 specified 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 sufficient 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 reflect 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 2017 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
Firm No. 111184W
Sd/-
CA. Prerak Agarwal
(Partner)
Date : May 30 2017 Membership No. 158844
Place : Mumbai