February 10, 2020
The Secretary BSE Limited Pheeroze Jeejeebhoy Towers Dalal Street, Fort Mumbai - 400 001 Scrip Code: 533261
The Secretary National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No- 'C' Block, G Block Bandra-Kurla Complex, Bandra (East) Mumbai-400051 Scrip Code: EROSMEDIA
SUB: Outcome of Board Meeting held on February 10, 2020
Dear Sir(s),
The Board of Directors of the Company at their meeting held today i.e. February 1 O, 2020 considered and approved the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31 , 2019.
The Meeting of the Board of Directors commenced at 3:00 p.m. and concluded at 4:30 p.m.
Pursuant to Regulation 33(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, we enclose the following :
a) The Un-audited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2019.
b) Limited Review Report, issued by Chaturvedi & Shah LLP, Statutory Auditors of the Company, on the Un-audited Standalone and Consolidated Financial Results of the Company for the quarter and nine months ended December 31 , 2019.
Further, at the said Board Meeting, the Board of Directors has appointed Mr. Pradeep Dwivedi as Chief Executive Officer of the Company with immediate effect i.e. from February 10, 2020.
Kindly take the above on your records.
Thanking you
Yours faithfully , For Er ational Media Limi
~ t MLiVi3/\I ) d)~ J.
0 _,.,,,,,.',, ' Sunil Lulla
Executive Vice Chairman & Managing Director DIN: 00243191
Encl: a/a
EROS INTERNATIONAL MEDIA LIMITED Corporate Office : 9th Floor, Supreme Chambers, Off Veera Desai Road, Andheri (W), Mumbai - 400 053 .
Tel.: +91-22-6602 1500 Fax: +91-22-6602 1540 E-mail : eros@erosi ntl.com • www.erosplc .com Regd. Office : 20 l, 2nd Floor, Kailash Plaza, Plot No. A-12, Off New Link Road, Andheri (W), Mumbai - 400053 .
CIN No. L99999MH l 994PLC080502
Eros International Media Limited CJN: LlJIJ1J99Mli19'J~PLCOKO:i02
Rq;d Office 201 Kailash Pl;i~1. Plot No A-12 Opp La~n1i l11du sl11:tl Estate Li11k Road Andhcri (W) Murnb:i.i -1000~3
llNAl/DITED Sl ANDA LONE FINANCIAL RESIILTS FOR 'r llE QIIARl ER AND NINE MONTIIS ENDED 31 DF.CEMOER Z019
Quarter ended Quiu tc1 ended Qu:u'lcl ended Nine Months ended Nine Mouths ended
1•:1 r lir 11l11r• 31 Dccrmbcr 2019 JO September 2019 31 Dcccmlic1 2018 JI December 2019 31 December 2018 (Unaudited) (Unaudited) (Un:i.uditcd) (Un:iuditcd) (Uuaudittd)
Income I Nd SJ.ks/income from OJJCrnlions 2J.l71 19771 23.9JK 57.96K 65. 143
II Olhcr income 165 114 2,192 L7.IJ~ 27;4
I ll Toi al income {1+11) 23,436 191RRS Z6,1JO 59,176 67.897
IV Expenses a) Film rig.ht cosls including amortiz..1tion costs K,926 5,633 11 ,695 19,677 J2.X4K
bl Ch::mgcs i11 inventories of film rights IIK lUU 97 c) Emplo) cc beudits expense 742 7JZ 1.014 2 35) J.219
d) Fin;mcc costs (net) 1.792 I 805 I 650 5.3K2 5,411
e) Dcpn:ciation and amortization cxpcnsc 211 231 157 633 425
f) Othi.:r1.::-.11cnscs 9.KD 10 46K 7 796 25.6)9 14,559
Total el'.acnscs (IV) 21.494 18.869 ZZ.430 SJ.984 56 559
V Prolit bdorc ttix (Ill-IV) 1,942 1,016 3,800 5,19Z 11,338
VI Tu expense •I Current Tax (5,247) 5 349 J ,874 4,093 K.6KI I,) DdcrrcdTax 6 039 (4 944) (2 ,325) (! .164) 14 2671
Tu11I t in ~ ~ ,utiJCcrtdh ~ nt.l 792_ (05 1,54• 2.JZ9 4414
VII Profit for the period (V-VI) 1.150 61 1 2,251 2,863 G,924
VIII 01hcf conmrchcnsivc incomd(loss) : not to he rccb s!tificd- nel or l:'11t;1,.-S II I JIK) 29 K 1X Total conrnrchem,ive inc.omclflo.si) fo1· the ncriod 1.lfi l 61Z Z.233 2.89Z 6,93Z
X P:1id-u1> ci:iuil\ sh.:irc c.:ipital (foix ,,aluc or ( JO each) IJ .562 9 551 9,5)) 9 562 9-5)]
XI Other c0uit, cxcludmg revaluation reserve - . XII E:1mrngs per share (EPS)
con: 10 t!.'.1.Ch) (1101 annualised) B:isic I 211 U 64 2 36 JOU 7 28
Dilu.t.:d 1211 0 64 2 )4 B9 7 20
Notes:
The abovi..: r.:sults haw been reviewed b) the Audil Co111miUee .111d approved b) the Bo.:i.rd of Directors al its mi..:..:ting held on 10 Fcbruar:. 2020,
Yc::u c11dcd JI M:uch 2019
(Audited)
KJ.564 J.416
86,980
39,27K ( 114)
4,141 71903
539 21.556 7J JOJ 13,677
11,937 (6 996)
4,941 8,736
40 8.776 9 .55 I
1.44 ,294
9 IH Y 10
Tlk; Compan) operates 011 a singk reportable segment \\hich is co•produc1io11, acquisition and dislribution of l11dia11 language films in multiple fom1ats. being govcrn(.!(f b) similar risks ,rnd returns fanning the prima0 business si.:gmcnt According!) no segment infonnation has bei.:n submiucd as a part of the quartcrl) fin;mcial results pn.:scntOO
The Com pan) ·s lina11cial results for an) period nuctuatc due to film release sclu:dulcs "hich lake into account holid:1~ s ,md fosrivals in India and cls1."1,hcrc, competitor film releases a.ud S()Orting evi..:nts
4 TI1c Comp.:i.n) mccls ils d.:i.) to da) \\Orking capil.il rcquircm1.-i1ts .and funds ils imcslnll.:nt in content and film rights through cash generated from operalioos ;ind b) \\::&) of borro\\ iugs from banks and others As on 31 Dcet:mbcr, 2019, Compan) ·s borro\\ings falling due \\ithin next 12 mon1hs :1ggr1.-ga.tes to~ 4Jll5 l:1khs :1nd capital commilmcnt pa~ablc over a period of five yc:us for upcoming and ongoing projects aggregates 10 t IKJ,405 lakhs TilC Company"s for1.-c.asts and projections, laking a.ccounl of rc...1sooabl~ possible chang-.-s in trading pcrformano: (and :1vail:\ble mitig:ttiug actions), sho\,s that !he Compan~ \\ill be able to operate within the expected limits of 1hc facililiC$ available as of 31 D1.-ccmbcr, 2019 for the near future rurther. lhe Comi,an) ·s nel \rnrth is positi\C and h:l\'e ge11cratOO positi,c opera.ling cash flow for the uinc months ended 3 I Occcmbcr, 2019 TI1c Compan~ has content advance bal:\ncc oft 1<16 K29 lakhs and is expecting ii to be mati.;ri:1liscd gradual!~ into film rights in near foture, \\hich along with improved collections from customers \\ill generate intemal accruals and liquidit~ For this reason Ma11:1gemcnt continues to adopt tl,c going concern basis in preparing these financial statements, "hich contemplates rc.,lisalion of assets and scttli.:mcnl of liabilities in the nonnal course of busim:::ss
5 The Com1,.an) has accounts rca.:ivablcs balano: of ( 673,KO lakhs as :11 31 December. 20 l lJ of \\hich ~ 31.368 l.:ikhs arc owrduc (11L't of e.-.;pcctcd credit loss provision oft 2H,365 l:lkhs) TI1c Compan~ crc..:i.tcs expcclOO crOOil loss provision on trade receivable b.ascd on the guid.:i.ncc providc.:d under Ind AS I09 Manag1.-i11cnl believes provisiou crca.tLXl in books arc appropriate and docs not n:quire an) addi1io11al provision Further it bclicvc..-s receivable outst.::mding as at 31 Oi.:ccmbcr, 2019 .arc full) recoverable ,
As al 3 l December, 2019, the Company has content advance balance oft 146,829 lakhs (net of provision of~ 5 299 lakhs) given 10 various producers/film houses, Thi.;rc is substantial delay in completion of the projects Contractually, the Co111pan) is expecling a ca pit.al commitment of, l 1'13 ,405 1.akhs pa) able O\'er a period of five )cars for the upcoming and ongoing projects to materialise such content advance into film rights that "ill be available for cxploil.ition Management believes that it "ill be complete tl1c projects with lhc exiling borro\\ ing facilities .and internal accnials and hence d().."S not require an) additional provision
7 B.:iscd on the advice r1.-ccivOO by the Compauy, the provision for expected credit loss is considered as an nllo,\ablc expenditure for tax purpose from current quarter
fl The Compan, has adopted Ind As · 116 "Lease" cffoctiw reporting period b1.-ginning from I April, 2019, using the modified prospcctil'c appro.ich The adoption of this standard docs not have any mah:rial impacl on the fm.:i.nci:11 rcsuh of the Compan)
9 Figures for the pr-.·vious periods l\J,e bi..-cn re•group~d/ re-classified to confinn lo the figuri..-s of the cum:nl periods
Place: Mumbai D.:i.te : 10 Februar. . 2020
EROS INTERNATIONAL MEDIA LIMITED
Corporate Office: 9th Floor, Supreme Chambers, Off Veera Desai Road, Andheri (W), Mumbai - 400 053. Tel.: +91-22-6602 1500 Fax: +91-22-6602 1540 E-mail: [email protected] • www.erosplc.com
Regd. Office: 20 l , 2nd Floor, Kailash Plaza, Plot No. A-12 , Off New link Road, Andheri (W}, Mumbai - 400053 . CIN No. L 99999MH 1994PLC080502
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cHAruRvE01 m sHAH LLP Chartered Accountants
~
~
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone
Financial Results of the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended
Review Report to
The Board of Directors of
Eros International Media Limited
1. We have reviewed the accompanying Statement of unaudited standalone financial results of Eros
International Media Limited ("the Company") for the quarter ended December 31, 2019 and year
to date from April 01, 2019 to December 31, 2019 ("the Statement") attached herewith, being
submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulation').
2. This Statement, which is the responsibility of Company's Management and approved by the Board
of Directors, has been prepared in accordance with the recognition and measurement principles
laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting", prescribed
under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued
thereunder and other accounting principles generally accepted in India. Our responsibility is to
express a conclusion on the Statement based on our review.
3. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410,
'Review of Interim Financial Information Performed by the Independent Auditor of the Entity',
issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and
perform the review to obtain moderate assurance as to whether the Statement is free of material
misstatement. A review of interim financial information consists of making inquiries, primarily of
the persons responsible of financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in accordance
with the Standards on Auditing and consequently does not enable us to obtain assurance that we
would become aware of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
4. We draw attention to Note 5 of the financial results regarding the overdue trade receivables. In
view of significant delays in collections, we are unable to comment on the recoverability of the
· • MUMBAI~ I . t~ ~ I
~t~ Head Office: 714-715, Tulsiani Chambers, 212, Nari man Point, Mumbai - 400 021, India. Tel.: +91 22 3021 8500 • Fax : +91 22 3021 8595 Other Offices: 44 - 46, "C" Wing, Mittal Court, Nariman Point, Mumbai - 400 021, India. Tel.: +91 22 4510 9700 • Fax: +91 22 45109722 URL : www.cas.ind.in
Branch : Bengaluru
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CHATURVEDI !ISHAHLLP Chartered Accountants
■ ■
overdue trade receivable of ~ 31,368 Lakhs and it's consequential impact on the profit for the
period.
5. We draw attention to Note 6 of the financial results relating to the content advances given to
producers/film houses for acquisition/development of film content. There is substantial delay in
completion of the film projects. Company's ability to materialise content advances into the film
rights for exploitation is dependent it's funding the balance commitment agreed under the
contracts. In view of the above and considering the matters described in Note 5 of the Statement,
we are unable to comment on the recoverability of content advance or its materialization into film
rights and it's consequential impact on the profit for the period.
6. Based on our review conducted as stated above, except for the possible effects of the matters
stated in paragraph 4 and 5 above which are not determinable, nothing has come to our attention
that causes us to believe that the accompanying Statement, prepared in accordance with the
recognition and measurement principles laid down in applicable Indian Accounting Standards('lnd
AS') specifies under Section 133 of the Companies Act, 2013, as amended, read with relevant rules
issued thereunder and other accounting principles generally accepted in India, has not disclosed
the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in
which it is to be disclosed, or that it contains any material misstatement.
7. Material Uncertainty Related to Going Concern:
We draw attention to Note 4 of the financial results regarding preparation of the results on going
concern basis for the reasons stated therein . The appropriateness of assumption of going concern
is dependent upon content advance being materialized into film right for exploitation and
collections of dues from customers.
Place: Mumbai
Date: February 10, 2020
For Chaturvedi & Shah LLP
Chartered Accountants
FRN: 101720W/ W100355
-Ar-~~ Amit Chaturvedi Partner
Membership No.: 103141
UDIN: 20103141AAAAAK5421
Continuation sheet...
Eros International Media Limited CIN: UJ91J99Mll 191J~PLC0H0S01
Rcgd Ollicc: 20 I Knilnsh Pl.v . .'.I Plot No /\-12. Opp 1..ixmi lnduslrinl Estate, Li11k Rond. Andhcri (W). Mumbai <IOOO~J
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR TIIE QUARTER AND NINE MONl 11S ENDED JI DlsCEMDER 2019
Qua1 le,• ended Qunrtc, cuctcd Qua1 let' ended Niue Mouths ended Nine Monlhs ended Ve111 cm.Jed Pll11iculars JI December 2019 JO September 2019 JI December 2018 JI Dcccmbcr2019 JI December 2018 JI Mnrch2019
(Un:iuditcd) (Unnudited) ( Unaudited) (Unaudited) (Unaudiled) (Audited)
Income I Net sales/income from operations 27.4(,1 211.042 29 5tJ3 <•5 k55 H0(,7<1 l,11'.l, 1311 II Other income 1.4(,j I 97-1 J.M) 6. 11(1 (,977 I0MJ9
Il l Total income (lt-11) 28.926 22.016 JJ,2]8 71,971 87.651 1. IJ.969
IV Expenses n) Film right costs including amOr1i✓ .. 1lion costs IJ ,519 6.97K 14 ,551 27, 190 3K 4.13 47,) 19
b) Changes in in,entorics orfilm righls IIK 301 97 ( 114)
C) Employee benefits c.xpcuse 950 906 1,25(1 2,')42 3.928 5.t)79
d) Finance costs (net) I.KJ I 1,847 l,595 5,44(, 5 300 7.74K
c) Depreciation and runortization expense 298 305 2(,K K7J 75~ 909
0 Other expenses 10.029 10,504 7.754 27 ,514 1<1 .791 21.265
1·01111 c.-.11er.1.S'a tlV! 26 ,(i21 l0.~40 25.54) 64J66 GJ.J2J 82.206 V Profit before lax (IH-IV) 2,)99 1,476 7,696 7,705 24,328 Jl,763 VI To expense n) Current tax (5,204) .\369 J ,344 4.03 I K 50 1 11,905 hl ()c(errcd lax cxncnttS/(incoincl (, 020 (4.%2) (IK(,7) (1 ,lliJ) (4. 1 I Kl f6 .790J
Tot~l tax exncnscs/(credil) nel 816 407 1.477 2.448 4.J8J 5.115 VII P1ori1/(loss) for the period (V-VI) 1,4KJ f.069 ,,.219 :>.257 19.945 2<,.64K
Auributablc to:
Equit~ holders of Eros International Media Limilcd 1,(dH 1.198 6.301 5.579 19,t)J.j 2<,,90K
Non-Controllini; Interests (IJ5) ( 129) (R2) ()n) II 1260)
VIII O1her Comprchemive lncome/{loss) a) Items lhot \\ill not be reclassified to proril or loss- net or la:--;cs 14 5 (17) )(, 12 40
bl Items thill ,,ill be reclassified subseauenth lo nrorit or loss ! 157 2. 15~ (3K%J 2.K23 5,573 5 094 To111.I other comprehensive Income/Closs) for the Jeriod 1,17 1 2.163 fJ.91J) 2.859 5,.."iRS 5.134
IX TolRI comprehensive Income for the period (Vll+VIII) 2,654 3.232 2.30(, 81116 25 ,530 31 ,7K2 Allribulnblc Lo:
Equit~ holders of Eros International Media Limited 2,789 3 361 2 375 K,438 25.506 32,042 Tlic accomom1, i11L'. consolidnlcd. w.lilllcial .ccs.ults ha, c been r\-, ie" cd b, 1l11J All.di( ( lJj) (129 (69) (3221 ll /2(,f))
X Paid up cquih share capilal (Face value or ( IO c;1ch) 9 562 9,551 9.53] 9.562 9533 9.551
XI Rcscf"\ c escludm~ rc\'alual1on rcscf"\ c 2.47.660
XII Eunings per share (EPS) (or t I fJ each) (not annualised) Basic l 69 I 25 6 62 5 K4 20 95 2K 2(, Diluted I 69 I 25 6% 5 H3 20 7<1 ZK 1!2
Noles: I The obo,c rcsulls ha,c been re,ic\\ed b~ the Audi! Committee and ap1>ro,ed b~ the Board of Directors al its mccling held on 10 Fcbrua~ . 2020
The Group operates on a single reportable scgmc11I which is co-production. acquisition and distribution of Indian la11gu;,,gc rilms in multiple formats being go, cmed b~ simil:u risks and returns, fonning the primo~ business segment Accordingly, no segment infonnation has been submillcd as a part or the qLmrterly linancial results presented
The Group ·s finoncial results for an~ ~ car nuctuatc due to film rclcosc schedules which take inlo account holida~s and fosth al~ ii, India and clsc,,here competitor film releases and sporting c, cnls
The Pare11t Company meets its day Loda) \\orking c.ipilal requirements and runds ils imcstmcnt i11 content and film rights through cash generated from operntions and b~ \\a~ of borrowi11gs from banks ::ind others As on 31 December. 2019, Parent Compan~ 's borronini;s foiling due \\ilhin next 12 months a~rcgates lo~ 4,kl5 lakhs and capit.i,J commilmcnl payable o\'cr a period or five )Cars for upcoming and 011going projects a~rcgatcs Lo~ I K3,405 hlkhs The Parent Compan) ~s forecasts and projections, taking account ofrcasonabl) possible changes in trading pcrfonnance (ond ovailablc mi1igatin1; actions), shows that the Parent Company will be able to operate nithin the expected limits of the foci lilies a\'ailable os of 31 December, 2019 for the nc.1r foturc Further. lhc Parent Compony's net north is positi,c and ha,·c gcncrnled positi,c operating cash flcm for the nine mo11ths c11ded 31 December, 2019 The Parent Compauy has content nd\'oncc balance of~ 146,1129 lakhs nnd is expecting it lo be mnlerialiscd gradual I) into film righls in near future," hich alon1; with improved collections from customers ,,ill generate internal accrnals and liquidity For this reason Management continues to adopt the going concern basis in preparing these fi1rn11cial statements. which contemplates realisation of assets and settlement o( liabilities in the nonnal course or business
The Parent Compan) has accounts recci, ables bnlaucc oft 673,k0 lakhs as al 31 December , 2019 of which~ 31 ,36H lakh.s arc o\'crduc (net of cspccled credit loss pro, ision oft 2R,J65 lakhs) The Parent Compan) crc.1lcs expected credit loss provision on trade rccci\'ablc b.1scd on the guid:mcc provided under l11d AS \OIJ Management bclie\'CS pro, ision created in books arc appropriate and docs not require 1111~ additional prm is ion Further, it bclic,c-s rccei,·ablc outstanding as al JI December, 2019 arc folly rcco, crable
11 As at 31 Dcccn1bcr. 2019 the Parent Compan) has content advance bal:1ncc or t 14<,,K29 lakhs (net of provision ol t 5,299 lakhs) given lo various producers/film houses There is substantial dcla~ in complclion o( the projects Con1ractually, the Parent Comp:m~ is expecting a capital commitment o( t IKJ ,405 lakhs pa~ablc o,er a period or five ~cars for the upcoming and ongoin& projects to mntcrinlisc such coulent <Khancc into film rit;hls that "ill be a, :iifoblc for exploitatio1\ Management believes that it ,,ill be complete the projects \\ilh the exiting borrm,ing focilitics and intern;,,! accruals and hcucc docs not require any additional prm is ion
Based 011 the ad, ice m:ci,ed b~ the Parcnl Compan) , the pro, isio11 for expected credit loss is considered as an nllo,, able c.xpc11diturc for tax purpose from current q11artcr
The Compan~ has adopted Ind As -116 "Lease" clTccti, c reporting period beginning from I April. 2019, using the n1odified prospccti, e approach , 1 he ildoplion or this standard docs not ha, c nu~ material impacl 011 lhc finuneinl result
of the Compon~
Figures for the pre, 1m1s, c.ir ha, c bec11 re-grouped/ re-class11ied to confim1 lo
Place Mumbai Date : IO Fcl,m;,,r. 2020
EROS INTERNATIONAL MEDIA LIMITED
J.-o, and on r,
·r ..._\, ,a
,v.' Al: c-
Executive Vice Clrnirman & Managing Director
Corporate Office: 9th Floor, Supreme Chambers, Off Veera Desai Road, Andheri (W), Mumbai - 400 053. Tel.: +91-22-6602 1500 Fax: +91-22-6602 1540 E-mail: [email protected] • www.erosplc .com
Regd. Office: 20 l, 2nd Floor, Kai lash Plaza, Plot No. A-12, Off New Link Rood, Andheri (W), Mumbai - 400053 .
CIN No. L99999MH l 994PLC080502
•
cHAruRvE01 m sHAH LLP Chartered Accountants
fi1I
11d
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated
Financial Results of the Company pursuant to · Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended
Review Report to
The Board of Directors of
Eros International Media Limited
1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of
Eros International Media Limited ("the Holding Company") and its subsidiaries (the Holding
Company and its subsidiaries together referred to as "the Group"), its joint venture for the quarter
ended December 31, 2019 and year to date from April 01, 2019 to December 31, 2019 ("the
Statement") attached herewith, being submitted by the Parent pursuant to the requirements of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended ('the Regulation').
2. This Statement, which is the responsibility of the Parent's Management and approved by the
Parent's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34 "Interim Financial
Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other
accounting principles generally accepted in India. Our responsibility is to express a conclusion on
the Statement based on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent
Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim
financial information consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with Standards on Auditing and consequently
does not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMDl/44/2019 dated
March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the
Listing Regulations, to the extent applicable
Head Office: 714-715, Tulsiani Chambers, 212, Nari man Point, Mumbai - 400 021, India. Tel.: +91 22 3021 8500 • Fax : +91 22 3021 8595 Other Oflices: 44 - 46, "C" Wing, Mittal Court, Nariman Point, Mumbai - 400 021, India. Tel.: +91 22 4510 9700 • Fax: +91 22 45109722
URL : www.cas.ind.in
Branch : Bengaluru
4. The Statement includes the results of the following entities:-
Name of the Entity Eros International Films Private Limited Eyeqube Studios Private Limited EM Publishing Private Limited Eros Animation Private Limited Eros Now Private Limited (Formerly known as Universal Power Systems Private Limited) Big Screen Entertainment Private Limited Copsale Limited Digicine PTE Limited Colour Yellow Productions Private Limited Eros International Distribution LLP Reliance Eros Productions LLP
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cHATuRvE01 m sHAH LLP Chartered Accountants
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Relationship
Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary
Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Joint Venture
5. We draw attention to Note 5 of the Statement regarding the overdue trade receivables of the
Parent company. In view of significant delays in collections, we are unable to comment on the
recoverability of the overdue trade receivable of, 31,368 Lakhs and it's consequential impact on
the profit for the period.
6. We draw attention to Note 6 of the Statement relating to the content advances given to
producers/film houses for acquisition /development film of content by Parent Company. There is
substantial delay in completion of the projects. Company's ability to materialise content advances
into the film rights for exploitation is dependent it's funding the balance commitment agreed under
the contracts. In view of the above and considering the matters described in Note 5 of the
Statement, we are unable to comment on the recoverability of content advance or its
materialisation into film rights and it's consequential impact on the profit for the period.
7. Based on our review conducted and procedures performed as stated in paragraph 3 above and
based on the consideration of the review reports of the other auditors referred to in paragraph 9
(a) below, except for the possible effects of the matters stated in paragraph 5 and 6 above which
are not determinable, nothing has come to our attention that causes us to believe that the
accompanying Statement, prepared in accordance with the recognition and measurement
principles laid down in applicable Indian Accounting Standards('lnd AS') specifies under Section 133
of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other
accounting principles generally accepted in India, has not disclosed the information required to be
disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Continuation sheet...
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CHATURVEDI (ISHAHLLP Chartered Accountants
■ ■
Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed,
or that it contains any material misstatement,
8. Material Uncertainty Related to Going Concern:
We draw attention to Note 4 of the Statement regarding preparation of the results on going
concern basis for the reasons stated therein. The appropriateness of assumption of going concern is
dependent upon content advance being materialized into film right for exploitation and collections
of dues from customers.
9. We did not review the interim financial results and other financial information in respect of two
subsidiaries included in the Statement, whose interim financial results reflect total revenue of ,
5,243 Lakhs and , 5,256 Lakhs, total net loss after tax of, 269.58 Lakhs and , 646.99 Lakhs, total
comprehensive income of , 269.58 Lakhs and, 646.99 Lakhs, for the quarter ended December 31,
2019 and for the period from April 1, 2019 to December 31, 2019 respectively. These interim
financial results and other information have been reviewed by other auditors whose reports have
been furnished to us by the Management of the Company and our conclusion in so far as it relates
to the amounts and disclosures included in respect of these subsidiaries, is based solely on the
reports of the other auditors.
Our conclusion is not modified in respect of these matters.
Place: Mumbai
Date: February 10, 2020
For Chaturvedi & Shah LLP
Chartered Accountants
FRN: 101720W/ W100355
Amit Chaturvedi Partner
Membership No.: 103141
UDIN: 20103141AAAAAL8195
Continuation sheet...