1. We have audited the accompanying Standalone Financial
Statements of Cineline India Limited (‘the Company’),
which comprise the Standalone Balance Sheet as at
31 March 2025, and the Standalone Statement of Profit
And Loss (including Other Comprehensive Income),
Standalone Statement of Changes in Equity and
Standalone Statement of Cash Flows for the year ended
on that date, and notes to the Standalone Financial
Statements, including a summary of material accounting
policy information and other explanatory information
(‘the Standalone Financial Statements’).

2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone Financial Statements give the information
required by the Companies Act, 2013 (‘Act’) in the manner
so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under
section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (‘Ind
AS’) and other accounting principles generally accepted
in India, of the State of Affairs of the Company as at 31
March 2025, and its Loss and Other Comprehensive
Income, Changes in Equity and its Cash Flows for the
year ended on that date.

BASIS FOR OPINION

3. We conducted our audit in accordance with the
Standards on Auditing (‘SAs’) specified under section
143(10) of the Act. Our responsibilities under those SAs
are further described in the Auditor’s Responsibilities
for the Audit of the Standalone Financial Statements
section of our report. We are independent of the
Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of
India (‘ICAI’) together with the ethical requirements
that are relevant to our audit of the Standalone
Financial Statements under the provisions of the Act,
and the rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the
Standalone Financial Statements.

KEY AUDIT MATTERS

4. Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the Standalone Financial Statements of the
current year. We have determined that there are no Key
audit matters to be communicated in our report.

OTHER INFORMATION

5. The Company’s Board of Directors are responsible for
the other information. The other information comprises
the information included in the Company’s annual
report but does not include the Standalone Financial
Statements and our auditors’ report thereon. The Other
Information is expected to be made available to us after
the date of this auditor’s report.

6. Our opinion on the Standalone Financial Statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.

7. In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other
information identified above when it becomes available
and, in doing so, consider whether the other information
is materially inconsistent with the Standalone Financial
Statements, or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there
is a material misstatement of this other information, we
are required to report that fact.

8. When we read the Annual Report, if we conclude that
there is a material misstatement therein, we are required
to communicate the matter to those charged with
governance and take appropriate action as applicable
under the relevant laws and regulations.

RESPONSIBILITIES OF MANAGEMENT AND THOSE

CHARGED WITH GOVERNANCE FOR THE STANDALONE

FINANCIAL STATEMENTS

9. The Company’s Board of Directors is responsible for
the matters stated in section 134(5) of the Act, with
respect to the preparation of these Standalone Financial
Statements that give a true and fair view of the State of
Affairs, loss and Other Comprehensive Income, Changes
in Equity and Cash Flows of the Company in) conformity
with the Indian Accounting Standards prescribed under
section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended and
other accounting principles generally accepted in
India. This responsibility also includes maintenance of
adequate accounting records in accordance with the

provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection of the appropriate
accounting software for ensuring compliance with
applicable laws and regulations including those related
to retention of audit logs; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate
internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the Standalone Financial Statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

10. In preparing the Standalone Financial Statements,
the Board of Directors is responsible for assessing
the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
unless the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

11. The Board of Directors is also responsible for overseeing
the Company’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

STANDALONE FINANCIAL STATEMENTS

12. Our objectives are to obtain reasonable assurance
about whether the Standalone Financial Statements as
a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit
conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of
users taken on the basis of these Standalone Financial
Statements. As part of an audit in accordance with
SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

12.1. Identify and assess the risks of material
misstatement of the Standalone Financial
Statements, whether due to fraud or error, design
and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement

resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the
override of internal control.

12.2. Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3)(i) the Act, we are also responsible for
expressing our opinion on whether the Company
has adequate internal financial controls with
reference to Standalone Financial Statements
in place and the operating effectiveness of such
controls.

12.3. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting
estimates and related disclosures made by the
Management.

12.4. Conclude on the appropriateness of the
Management’s use of the going concern basis
of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the Company’s ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
disclosures in the Standalone 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’s
report. However, future events or conditions may
cause the Company to cease to continue as a
going concern.

12.5. Evaluate the overall presentation, structure and
content of the Standalone Financial Statements,
including the disclosures, and whether the
Standalone Financial Statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

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

14. We also provide those charged with governance
with a statement that we have complied with relevant
ethical requirements regarding independence, and
to communicate with them all relationships and other
matters that may reasonably be thought to bear on

our independence, and where applicable, related
safeguards.

15. From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the Standalone
Financial Statements of the current year and are
therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that
a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY

REQUIREMENTS

16. As required by the Companies (Auditor’s Report) Order,
2020 (‘the Order’), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Act,
we give in the Annexure A a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

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

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

17.2. In our opinion, proper books of accounts as
required by law have been kept by the Company
so far as it appears from our examination of those
books except for the matters stated in paragraph
18.8 below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

17.3. The standalone balance sheet, the standalone
statement of profit and loss including Other
Comprehensive Income, the Statement of Changes
in Equity and the Standalone Cash Flow Statement
dealt with by this Report are in agreement with the
books of account.

17.4. In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified under
Section 133 of the Act read with the relevant rules
thereunder.

17.5. On the basis of the written representations
received from the directors as on 31 March 2025
taken on record by the Board of Directors, none of

the directors is disqualified as on 31 March 2025
from being appointed as a director in terms of
Section 164(2) of the Act.

17.6. The modification relating to the maintenance of
books of accounts and other matters connected
therewith are as stated in the paragraph 17.2 above
on reporting under Section 143(3)(b) and paragraph
18.8 below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

17.7. With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in ‘Annexure B’.

17.8. In our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section
197 of the Act.

18. With respect to the other matters to be included
in the Auditor’s Report in accordance with Rule 11
of the Companies (Audit and Auditors) Rules, 2014
(as amended), in our opinion and to the best of our
information and according to the explanations given to
us:

18.1. The Company has disclosed the impact of pending
litigations as at 31 March 2025 on its financial
position in its Standalone Financial Statements
- Refer Note 42 to the Standalone Financial
Statements.

18.2. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses.

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

18.4. The Management has represented, to best of
their knowledge and belief, that no funds have
been advanced or loaned or invested (either from
borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in
any other person(s) or entity(ies), including foreign
entities (‘Intermediaries’), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the
Company (‘Ultimate Beneficiaries’) or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

18.5. The Management has represented, to best of their
knowledge and belief, that no funds have been
received by the Company from any person(s)
or entity(ies), including foreign entities (‘Funding
Parties’), with the understanding, whether recorded
in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party
(‘Ultimate Beneficiaries’) or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries.

18.6. Based on such audit procedures, that have been
considered reasonable and appropriate in the
circumstances, performed by us, nothing has come
to our notice that has caused us to believe that the
representation under para 18.4 and 18.5 contain
any material misstatement.

18.7. In our opinion and according to information
and explanation given to us, the Company has
not declared or paid dividend during the year,
accordingly compliance with section 123 of the Act
by the Company is not applicable.

18.8. Based on our examination which included test
checks, except for the instances mentioned below,
the Company has used accounting softwares for
maintaining its books of account, which have a
feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all

relevant transactions recorded in the respective
softwares as described in Note 47 of Standalone
Financial Statements:

- for one of the accounting software, the
feature of audit trail (edit log facility) was not
enabled at the application level to log any
data changes upto 31st March 2024.

- for one of the accounting software, the feature
of audit trail (edit log facility) was not enabled
at the application level and at the database
level to log any data changes upto 15th April
2024.

Further, where audit trail (edit log) facility was
enabled and operated throughout the year, we did
not come across any instance of audit trail feature
being tampered with. Additionally, other than for
the softwares where audit trail (edit log) facility
was not enabled in the previous year and part of
current year, the audit trail has been preserved by
the Company as per the statutory requirements for
record retention.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Divesh B Shah

Partner

ICAI Membership No: 168237
UDIN: 25168237BMIOLU2345

Place: Mumbai
Date: 12 May 2025