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Citizen Infoline Ltd.

BSE: 538786 Sector: Others
NSE: N.A. ISIN Code: INE473L01018
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NSE 05:30 | 01 Jan Citizen Infoline Ltd
OPEN 14.15
PREVIOUS CLOSE 14.15
VOLUME 107
52-Week high 36.75
52-Week low 3.89
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.15
CLOSE 14.15
VOLUME 107
52-Week high 36.75
52-Week low 3.89
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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. 2022 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 2022 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.

KEY AUDIT MATTER

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the Standalone Financial Statements for the financial yearended March 31 2022. These matters were addressed in the context of our audit of theStandalone Financial Statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters. For each key matter our description ofhow our audit addressed the matter is provided in that context.

We have determined that there are no key audit matters to be communicated in ourreport.

We have fulfilled the responsibilities described in the Auditors' responsibilities forthe audit of the Standalone Financial Statements section of our report including inrelation to these matters. Accordingly our audit included the performance of proceduresdesigned to respond to our assessment of the risks of material misstatement of theStandalone Financial Statements. Accordingly our audit included the performance ofprocedure designed to respond to our risk of material mistaken of the Standalone financialstatements. The result of our audit procedure provides the basis for our audit opinion onthe standalone financial statement.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS' REPORT THEREON

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe Standalone Financial Statements and our auditors' report thereon. Our opinion on theStandalone Financial Statements does not cover the other information and we do not expressany form of assurance conclusion thereon. In connection with our audit of the StandaloneFinancial Statements our responsibility is to read the other information and in doingso consider whether such other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report.in this regard.

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 from material misstatement whetherdue to fraud or 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 b^sis 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 are 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 StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditors' report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the StandaloneFinancial Statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditors' report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditors'report. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the StandaloneFinancial Statements including the disclosures and whether the Standalone FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation. We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable le related safeguards. From the matterscommunicated with those charged with governance we determine those matters that were ofmost significance in the audit of the Standalone Financial Statements for the financialyear ended March 31 2022 and are therefore the key audit matters. We describe thesematters in our auditors' report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

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 sub-section (11) of section 143 ofthe Companies Act 2013 we give in the 'Annexure A' a statement on the matters specifiedin 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 Statement of Changes in Equityand the Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount.

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. Based on the written representations received from the directors as on 31st March2022 taken on record by.the Board of Directors none of the directors is disqualified ason 31st March 2022 from being appointed as a director in terms of Section 164 (2) of theAct.

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. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

FOR MANTHAN M SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD
DATE: 17th MAY 2022 MANTHAN SHAH
PROPRIETOR
M No: 150534
FIRM REG. N0.145136W
UDIN : 22150534AJDGFU2483

Annexure - A to Independent Auditors' Report under CARO 2016

1- (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of plant property and Equipment's.

(b) The Company has a regular programme for physical verification in a phased periodicmanner which in our opinion is reasonable having regards to the size of the Company andthe nature of its assets. No material discrepancies were noticed on such verification.

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

(d) The Company has not revalued Property Plant and Equipment's or intangible assetsduring the year.

(e) According to information and explanations given by the management No proceedinghas been initiated or pending against the company for holding any property under theBenami Transactions (Prohibition) Act 1988 or rules made thereunder.

2. (a) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

(b) During any time of the year the Company do not have sanctioned working capitallimit in excess of Rupees Five Crore in in aggregate from banks or financial institutionson the basis of security of current assets.

3. The Company has not made any investments or provided guarantee or security orgranted loans to Companies Partnership Firms LLP or any other party or promoters orrelated parties as defined under Section 2(76) of Companies Act2013.

4. In our opinion and according to the information and explanations provided 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. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under section148(1) of the Companies Act 2013 related to the manufacturing activities and are of theopinion that prima facie the specified accounts and records have been made andmaintained. We have not however made a detailed examination of the same.

7. (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including

Provident Fund Employees' State Insurance Income-Tax Sales-Tax Goods and ServicesTax Service Tax Duty of Custom Duty of Excise Value Added Tax Cess and OtherStatutory Dues applicable to it.

(b) According to the information and explanations provided to us no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income-Tax Service TaxSales-Tax Goods and Services Tax Duty of Custom Duty of Excise Value Added Tax Cessand Other Statutory Dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

8. No transactions not recorded in the books of account have been surrendered ordisclosed as income during the year in the tax assessments under the Income Tax Act 1961

9. (a) 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.

(b) In our opinion and according to the information and explanations provided by themanagement the Company has not been declared as wilful defaulter by any bank or financialinstitution or any other lender.

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

11. (a) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the Financial Statements and according to the information andexplanations provided by the management we report that no fraud by the Company or nofraud on the Company by the officers and employees of the Company has been noticed orreported during the year.

(b) The Auditor has not filed any report under sub-section (12) of section 143 of theCompanies Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government.

(c) The Auditor has not received any whistle blower complaint during the year.

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. (a) The Company has an internal audit system commensurate with the size and natureof business of the Company (b) The reports of internal auditors were considered by thestatutory auditor of the company.

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.

17. The Company has not incurred cash losses during the financial year and in theimmediately preceding financial year.

18. There is no resignation of the Statutory Auditor during the year.

19. On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements the auditor's knowledge of the Board of Directors and managementplans we are of the opinion that no material uncertainty exists as on the date of theaudit report that company is capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate

20. Provisions of Section 135(5) of Companies Act 2013 are not applicable to thecompany.

21. The Consolidated financial statements are not applicable to the company.

FOR MANTHAN M SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD
DATE: 17™ May 2022 MANTHAN SHAH
PROPRIETOR
M. No: 150534
FIRM REG. No.l45136W
UDIN : 22150534AJDGFU2483

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 31 2022 in conjunction with ouraudit of the financial statements 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 Reporingissued 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 authorizations ofmanagement and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized 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 overfinanciaUeportingto.future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the 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 of Ma'ch 31 2021 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 MANTHAN M SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD
DATE: 17h May 2022 MANTHAlM SHAH
PROPRIETOR
M. No: 150534
FIRM REG. N0.145136W
UDIN : 22150534AJDGFU2483

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