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Citizen Infoline Ltd.

BSE: 538786 Sector: Others
NSE: N.A. ISIN Code: INE473L01018
BSE 00:00 | 07 Aug 2.66 0
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NSE 05:30 | 01 Jan Citizen Infoline Ltd
OPEN 2.66
PREVIOUS CLOSE 2.66
VOLUME 2
52-Week high 3.19
52-Week low 2.43
P/E
Mkt Cap.(Rs cr) 1
Buy Price 2.66
Buy Qty 9.00
Sell Price 2.79
Sell Qty 323.00
OPEN 2.66
CLOSE 2.66
VOLUME 2
52-Week high 3.19
52-Week low 2.43
P/E
Mkt Cap.(Rs cr) 1
Buy Price 2.66
Buy Qty 9.00
Sell Price 2.79
Sell Qty 323.00

Citizen Infoline Ltd. (CITIZENINFOLINE) - Auditors Report

Company auditors report

To

The Members of

CITIZEN INFOLINE LIMITED

OPINION

We have audited accompanying Ind AS Standalone financial statements of M/s. CitizenInfoline Limited ("the Company") which comprises the Balance Sheet as at March31 2019 the Statement of Profit and Loss statement of changes in the Equity andstatement of cash flows for the year then ended and notes to the financial statementsincluding a summary of significant accounting policies and other explanatory information.

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 in India of the state of affairs of the Companyas at March 31 2018 and profit/loss statement of change in equity and its cash flowsfor the year ended on that date.

BASIS OF OPINION

We conducted our audit by the Standards on Auditing (SAs) specified under section143(10) of the Companies Act 2013. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE 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 standalone financial statements that give a true and fair view of the financialposition financial performance (changes in equity) [iv] 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. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; 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 financialstatement that give a true and fair view and are free misstatement whether due to fraudor error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors is also responsible for overseeing the company's financialreporting process.

AUDITORS RESPONSIBILITY FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted by SAs will alwaysdetect a material misstatement when it exists. Misstatements can arise from fraud or errorand are considered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken by these financial statements.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Companies Act 2013 we give in the ‘Annexure A' a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

As required by Section 143(3) of the Act we report that:

We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for our audit.

a. 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

b. 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.

c. In our opinion those above standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

d. By the written representations received from the directors as on 31st March 2019taken on record by the Board of Directors none of the directors is disqualified as on31st March 2019 from being appointed as a director regarding Section 164 (2) of the Act.

e. Concerning the adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure B".

f. Concerning the other matters to be included in the Auditor's Report by Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us:

1. The Company does not have any pending litigations which would impact its financialposition.

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

3. The company was not required to transfer any amount to the Investor Education andProtection Fund by the Company.

FOR MANTHAN M SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD MANTHAN SHAH
DATE: 24.05.2019 PROPRIETOR
(M No: 150534)
(FIRM REG. No.145136W)

ANNEXURE A TO THE AUDITOR'S REPORT

(Referred to in paragraph 5 of our report of even date)

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

(b) The management has physically verified all the fixed assets at the year-end. Nomaterial discrepancies have been noticed on such verification.

(c) According to information and explanations given by the management the titledeeds/lease deeds of immovable property included in Property Plant and Equipment are heldin the name of the Company.

2. The Company is engaged in the business of providing services. Hence there are noinventories in the books of accounts.

3. (a) The Company has granted a loan to parties covered in the register maintainedunder Section 189 of the Companies Act 2013. In our opinion and according to theinformation and explanations provided to us the terms and conditions of the grant of suchloans are prima facie not prejudicial to the Company's interest.

(b) The schedule of repayment of principle and payment of interest has been stipulatedfor the loans granted and the repayment/receipts are regular.

(c) The Principle and interest are not overdue in respect of loans grated to companiesfirms or other parties listed in the register maintained under Section 189 of theCompanies Act 2013 which are overdue for more than ninety days.

4. In our opinion and according to the information and explanations are given to usprovisions of Section 185 and 186 of the Companies Act 2013 and in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the Company.

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

6. The Central Government has not prescribed maintenance of cost records under section148(1) of the Act. We have broadly reviewed the accounts and records of the Company inthis connection and are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. We have not however carried out a detailedexamination of the same.

7. (a) The Company is regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Goods and Services TaxService Tax The Duty of Customs The Duty of Excise Value-Added Tax Cess and otherStatutory Dues applicable to it.

(b) According to the information and explanation gave to us there were no undisputedamounts payable in respect of Provident Fund Employees' State Insurance Income TaxSales Tax Goods and Services Tax Service Tax The Duty of Customs The Duty of ExciseValue-Added Tax Cess and other Statutory Dueswere outstanding at the year end for aperiod of more than six months from the date they became payable.

(c) According to the records of the Company there is no dispute regarding dues ofIncome Tax Sales Tax Goods and Service Tax Service Tax Duty of Custom Duty of ExciseValue Added Tax and Cess which have not been deposited on March 31 2019.

8. In our opinion and according to the information and explanations provided by themanagement the Company has not defaulted in repayment of loans or borrowing to afinancial institution bank or government or dues to debenture holders.

9. In our opinion and according to the information and explanations provided by themanagement the Company has utilized the monies raised by way of debt instruments and termloans for the purposes for which they were raised.

10. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the Financial Statements and according to the information and explanationsprovided by the management we report that no fraud by the Company or no fraud on theCompany by the officers and employees of the Company has been noticed or reported duringthe year.

11. According to the information and explanations provided by the management themanagerial remuneration has been paid/provided per the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act 2013.

12. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Order do not apply to the Company and hence not commented upon.

13. According to the information and explanations provided by the managementtransactions with the related parties comply with section 177 and 188 of Companies Act2013 where applicable and the details have been disclosed in the Financial Statements asrequired by the applicable accounting standards.

14. According to the information and explanations provided to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) of the Order are notapplicable to the Company and not commented upon.

15. According to the information and explanations provided by the management theCompany has not entered into any non-cash transactions with directors or persons connectedwith him as referred to in section 192 of Companies Act 2013.

16. According to the information and explanations provided to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 do not apply to the Company.

FOR MANTHAN M SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD MANTHAN SHAH
DATE: 24/05/2019 PROPRIETOR (M. No: 150534) (FIRM REG. No.145136W)

Annexure – B TO INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls

Under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of CitizenInfoline Limited ("the Company") as of March with our audit of the financialstatements of the Company for the year ended 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 Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to 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 2013.

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 Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 my /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 process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes by generally accepted accountingprinciples. A company's internal financial control over financial reporting includes thosepolicies and procedures that

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements by generally accepted accounting principles and thatreceipts and expenditures of the company are being made only by authorisations ofmanagement and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 inadequate because of changes in conditions or that the degree of compliance withthe policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial financial controls over financial reporting wereoperating effectively as of March 31 2019 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

FOR MANTHAN M SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD MANTHAN SHAH
DATE: 24.05.2019 PROPRIETOR (M. No: 150534) FIRM REG. No.145136W)