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Thinkink Picturez Ltd.

BSE: 539310 Sector: Media
NSE: N.A. ISIN Code: INE365S01037
BSE 00:00 | 05 Jul 67.25 -0.90
(-1.32%)
OPEN

68.15

HIGH

68.25

LOW

66.50

NSE 05:30 | 01 Jan Thinkink Picturez Ltd
OPEN 68.15
PREVIOUS CLOSE 68.15
VOLUME 685222
52-Week high 77.65
52-Week low 29.35
P/E 65.93
Mkt Cap.(Rs cr) 199
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 68.15
CLOSE 68.15
VOLUME 685222
52-Week high 77.65
52-Week low 29.35
P/E 65.93
Mkt Cap.(Rs cr) 199
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Thinkink Picturez Ltd. (THINKINKPICTURE) - Auditors Report

Company auditors report

To the Members of

Thinkink Picturez Limited

SCOPE LIMITATION

It would be pertinent to mention the impact of COVID-19 situation in forming our auditopinion.

In the light of travel restrictions and social distancing imposed due to pandemic thereare numerous limitations and challenges that we faced while conducting the audit remotely.Inspection of original or source document is commonly used tool for the auditor to testcontrols.

In the current scenario this was done based on scanned/screenshot documents that wereprovided. A reliance has been placed on the management for authenticity of the dataprovided which is extracted from software and made available at remote location. We haveapplied our professional skepticism in the best possible manner. In the view of currentsituation we believe that audit evidences provided were sufficient and appropriate toprovide a basis of our opinion.

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of ThinkinkPicturez Limited (Formerly Think Ink Studio Limited) ("the Company") whichcomprises the Balance Sheet as at March 31 2020 the Statement of Profit and Loss(including Other Comprehensive Income) the Cash Flow Statement and the Statement ofChanges in Equity for the year then ended and a summary of the significant accountingpolicies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements except for the matters asreported in ‘Disclaimer of Opinion' paragraph give the information required by theCompanies Act 2013 (the ‘Act') in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India includingIndian Accounting Standards (‘Ind AS') specified under Section 133 of the Act of thestate of affairs (financial position) of the Company as at March 31 2020 and its profit(financial performance including other comprehensive income) its cash flow and thechanges in equity for the year ended on that date.

Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Our responsibility under those standards are further describedin the Auditor's Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (‘ICAI') together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Basis of Disclaimer of Opinion :

A. Non Current Financial Assets

The Company's Non Current Financial Assets as at 31st March 2020 includes Loans Givenaggregating to Rs.37.20 Lakhs (31st March 2019 Rs. 126.79 Lakhs) respectively in respectof which confirmations /statements from the respective parties have not been received andwhich were outstanding for substantial period of time. Further whilst we have been ableto perform alternate procedures with respect to certain balances in the absence ofsufficient appropriate audit evidence to support the Management's contention ofrecoverability of these balances we are unable to comment upon the adjustments if anythat are required to the carrying value of aforesaid balances and consequential impact ifany on the accompanying standalone financial results.

B. Current Financial Assets

The Company's Current Financial Assets as at 31st March 2020 includes TradeReceivables aggregating to Rs.2960.54 Lakhs (31st March 2019 Rs.3544.65 Lakhs) which wereoutstanding for substantial period of time. Management has assessed that; no adjustmentsare required for carrying value of aforesaid balances which is not in accordance with therequirements of IND AS 109 ‘Financial Instruments'. Consequently in the absence ofsufficient appropriate audit evidence to support the Management's contention ofrecoverability of these balances we are unable to comment upon the adjustments if anythat are required to the carrying value of aforesaid balances and consequential impact ifany on the accompanying standalone financial results.

C. Current Financial Liabilities

The Company's Current Financial Liabilities as at 31st March 2020 includes TradePayables aggregating to Rs.3523.26 Lakhs (31st March 2019 Rs.6441.71 Lakhs) respectivelyin respect of which confirmations/statements from the respective parties have not beenreceived and which were outstanding for substantial period of time. Further whilst wehave been able to perform alternate procedures with respect to certain balances in theabsence of confirmations/ statements from the respective parties we are unable to commentupon the adjustments if any that are required to the carrying value of aforesaid balancesand consequential impact if any on the accompanying standalone financial results.

D. Inventory

The Management has not valued the inventory (which consists of Rights of Movies forlimited period of five years for which ‘Licence Fees' have been paid) at Cost and NetRealisable Value whichever is lower as required by IND AS 2 - Inventories. The Inventoriesare stated at Cost. In our Opinion as the Licence Fees for exclusive rights have beenpaid for limited period of five years the Company should adopt time proportion method forvaluation of Rights over a period of five years. In the absence of sufficient appropriateaudit evidence we are unable to comment on impact of the same on profitability of theCompany.

E. Current Financial Assets

The Company's Current Financial Assets as at 31st March 2020 includes TradeReceivables aggregating to Rs.2960.54 Lakhs (31st March 2019 Rs.3544.65 Lakhs) which wereoutstanding for substantial period of time. Management has assessed that; no adjustmentsare required for carrying value of aforesaid balances which is not in accordance with therequirements of IND AS 109 ‘Financial Instruments'. Consequently in the absence ofsufficient appropriate audit evidence to support the Management's contention ofrecoverability of these balances we are unable to comment upon the adjustments if anythat are required to the carrying value of aforesaid balances and consequential impact ifany on the accompanying standalone financial results.

F. Current Financial Liabilities

The Company's Current Financial Liabilities as at 31st March 2020 includes TradePayables aggregating to Rs.3523.26 Lakhs (31st March 2019 Rs.6441.71 Lakhs) respectivelyin respect of which confirmations/statements from the respective parties have not beenreceived and which were outstanding for substantial period of time. Further whilst wehave been able to perform alternate procedures with respect to certain balances in theabsence of confirmations/ statements from the respective parties we are unable to commentupon the adjustments if any that are required to the carrying value of aforesaid balancesand consequential impact if any on the accompanying standalone financial results.

G. Inventory

The Management has not valued the inventory (which consists of Rights of Movies forlimited period of five years for which ‘Licence Fees' have been paid) at Cost and NetRealisable Value whichever is lower as required by IND AS 2 - Inventories. The Inventoriesare stated at Cost. In our Opinion as the Licence Fees for exclusive rights have beenpaid for limited period of five years the Company should adopt time proportion method forvaluation of Rights over a period of five years. In the absence of sufficient appropriateaudit evidence we are unable to comment on impact of the same on profitability of theCompany. 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 accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

4. 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.

5. The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

6. Our objectives are to obtain reasonable assurance whether the financial statementsas a whole are free from material misstatement whether due to fraud or e rror and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with Standardson Auditing will always detect a material misstatement when it exists. Misstatement 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 financial statements.

7. As part of an audit in accordance with Standards on Auditing we exerciseprofessional judgement and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of theAct we are also responsible for explaining our opinion on whether the

• Company has adequate internal financial controls system in place and theoperating 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 auditor's 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 auditor'sreport. 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

8. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

9. We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

10. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosures about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

11. As required by Section 197(16) of the Act we report that the Company has paidremuneration to its directors during the year in accordance with the provisions and limitslaid down under Section 197 read with Schedule V to the Act.

12. As required by the Companies (Auditor's Report) Order 2016 (the ‘Order')issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure A a statement on the matters specified in paragraphs 3 of 4 of the Order.

13. Further to our comments in Annexure A as required by Section 143(3) of the Act wereport that:

a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose 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 standalone financial statements dealt with by this report are in agreement withthe books of account;

d) in our opinion the aforesaid standalone financial statements comply with Ind ASspecified under section 133 of the Act;

e) On the basis of the written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on 31 March2020 from being appointed as a director in terms of section 164(2) of the Act;

f) we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as on March 31 2020 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport as per Annexure B expressed an unmodified opinion;

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 (as amended) inour opinion and to the best of our information and according to the explanations given tous:

i. There is no pending litigation on the Company.

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For RAMANAND & ASSOCIATES

Chartered Accountants

FRN No: 117776W

CA RAMANAND G. GUPTA

Partner

Membership No 103975

Place: Mumbai

Date: September 15 2020

UDIN : 20103975AAAAMF3594

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE TO THE MEMBERS OF THINKINKPICTUREZ LIMITED ON THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2020

Based on the audit procedures performed for the purpose of reporting a true and fairview on the standalone financial statements of the Company and taking into considerationthe information and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that:

i. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

(b) The Company has a regular program of physical verification of its property plantand equipment under which property plant and equipment are verified in a phased mannerwhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. In accordance with this program certain property plant andequipment were verified during the year and no material discrepancies were noticed on suchverification.

(c) The Company does not have any immovable property.

ii. In our opinion the management has conducted physical verification of inventory atreasonable intervals during the year except for goods-in-transit and stocks lying withthird parties. For stock lying with third parties at the year-end written confirmationshave been obtained by the management. No material discrepancies were noticed on theaforesaid verification.

iii. According to the information and explanation given to us the company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnership or other parties covered in the Register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3 (iii) of the order are notapplicable to the Company.

iv. In our opinion the Company has complied with the provisions of Section 185 &186 of the Act in respect of loans investments guarantees and security.

i. In our opinion the Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable.

ii. To the best of our knowledge and as explained the Central Government has notprescribed the maintenance of cost records under section 148(1) of the Companies Act2013 for the operation carried by the Company.

iii.(a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax goods and service taxservice tax duty of customs duty of excise value added tax cess and other materialstatutory dues as applicable with the appropriate authorities. Further no undisputedamounts payable in respect thereof were outstanding at the year-end for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees state insurance income tax Goods andService Tax duty of customs professional tax and other material statutory dues were inarrears as at 31 March 2020 for a period of more than six months from the date they becamepayable except the following.

NATURE OF DUES AMOUNT ASSESSING AUTHORITY
INCOME TAX DEMAND u/s 143(1 a) FOR THE ASSESMENT YEAR 2019- 20 3052220/- CPC

iv. The Company has not defaulted in repayment of loans or borrowings to any financialinstitution banks government or dues to debenture holders during the year.

v. The Company did not raise moneys by way of initial public offer or further publicoffer (including debt instrument) and term loans during the year.

vi. No fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the period covered by our audit.

vii. Managerial Remuneration has been paid and provided by the Company in accordancewith the requisite approvals mandated by the provisions of Section 197 of the Act readwith Schedule V of the Act.

viii. In our opinion the Company is not a Nidhi Company. Accordingly the provisionsof clause 3(xii) of the order are not applicable.

ix. In our opinion all transactions with the related parties are in compliance withSections 177 and 188 of the Act where applicable and the requisite details have beendisclosed in the financial statements etc. as required by the applicable Ind AS.

x. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures. Accordingly provisions ofparagraph 3(xiv) of the Order are not applicable.

xi. In our opinion the Company has not entered into any non-cash transactions withdirectors or persons connected with them covered under Section 192 of the Act.

xii. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For RAMANAND & ASSOCIATES

Chartered Accountants

FRN No: 117776W

CA RAMANAND G. GUPTA

Partner

Membership No 103975

Place: Mumbai

Date: September 15 2020

UDIN : 20103975AAAAMF3594.

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