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Cosmo First Limited Capital/Financing Update 2019

May 15, 2019

62162_rns_2019-05-15_9e73d2da-800d-4073-9b81-3228f2f49c6f.pdf

Capital/Financing Update

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CFL/SEC/SE/PS/2019-20/MAY/02 Date: May 15, 2019

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Sub: Audited Financial Results and Outcome of Board Meetins

Dear Sir,

Pursuant to Regulation 30 & 33 ofSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Board of Directors of the Company at its meeting held today i.e. 15 May, 2019, has inter alia approved the following:

  1. Audited Financial Results of the Company for the Quarter and Year ended as on 31 March, 2019 The Financial Results were duly reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company.

The above Financial Results are enclosed herewith along with a declaration on Auditor's Report with unmodified opinion.

  1. Recommendation affinal dividend (F.Y 2018-19) on the Equity Shares of the Company @ 60% i.e. Rs. 61- per equity share. The dividend on Equity Share, shall be paid within 30 (thirty) days from the Conclusion of the ensuing Annual General Meeting, the date of which will be intimated in due course.

Subject to the approval of the Shareholders at the ensuing Annual General Meeting, the Board has further approved:

a) Re-appointment of Mr. Anil Kumar Jain (DDsf: 00027911 ) as Whole time Director of the Company w.e.f 1 October, 2019, for a term of 5 years.

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b) Re-appointment of Mr. Har Kishanlal Agrawal (DIN: 00260592 ) as Independent Director of the Company w.e.f. the date of ensuing AGM, for a second term of 5 years.

f

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c) Re-appointment of Mr. Hoshang Noshirwan Sinor (DFN: 00074905) as Independent Director of the Company w.e.f. 22nd May, 2020, for a second term of 5 years.


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d) Change in classification of Ms. Alpana Parida Shah (DW: 06796621), Non-Executive Non-Independent Director as Non-executive Independent Director of the Company, w.e.f. 15th May,2019, fora term of 5 years.

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e) Change in classification of Mr. Rajeev Gup ta (DFN: 00241501) from Non-Executive Independent Director to Non-Executive Non-independent Director of the Company w.e.f. 15th May, 2019.

N
of
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ire
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a
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None of the above Director is debarred from holding the office of Director by virtue of any SEBI order or any other such authority.

End of Tenure

In terms of Shareholders approval, the five year term of Mr. Ashish Kumar Guha (DFN: 00004364) as an Independent Director of the Company will end at the date of ensuing AGM. He has expressed his unwillingness to continue for the second temi due to his increased commitments. Hence, the tenure of Mr. Ashish Guha, Director of the Company shall come to end w.e.f. the date of ensuing AGM.

The Meeting commenced at 02:00 P.M. and concluded at^l^OP.M.

You are requested to take the same on your records.

Thanking You

Yours faithfully Fo^Cosmo Films Limited

Jyo't Corn ly Secretary & Compliance Officer y

Enclosure: as above

Walker Chandiok^Co LLP

Walker ChandiokS Co LLP (Formerly Walker, Chandiok & Co) L-41 Connaught Circus New Delhi 110001 India

T+91 1142787070 F+91 1142787071

Independent Auditor's Report on Standalone Financial Results of Cosmo Films Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Cosmo Films Limited

    1. We have audited the standalone financial results of Cosmo Films Limited ('the Company') for the year ended 31 March 2019, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Attention is drawn to Note 1 to the standalone financial results which states that the figures for the quarter ended 31 March 2019 as reported in these standalone financial results, are the balancing figures between audited standalone figures in respect of the full financial year and the published standalone year to date figures up to the end of the third quarter of the financial year. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit. These standalone financial results are based on the standalone financial statements for the year ended 31 March 2019 prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and published standalone year to date figures up to the end of the third quarter of the financial year prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, Interim Financial Reporting, specified under Section 133 of the Act, and SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibility of the Company's management. Our responsibility is to express an opinion on these standalone financial results based on our audit of the standalone financial statements for the year ended 31 March 2019 and our review of standalone financial results for the nine months period ended 31 December 2018.
    1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.
    1. In our opinion and to the best of our information and according to the explanations given to us, the standalone financial results:
  • (i) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated rs CIR/CFD/CMD/15/2015 iis regard; and

Chartered Accountants

0 <?• § -0 ^ * *ff % -s- ?p <y % ^ !?fDACGO

Valker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India

(ii) give a true and fair view of the standalone net profit (including other comprehensive income) and other financial information in conformity with the accounting principles generally accepted in India including I nd AS specified under Section 133 of the Act for the year ended 31 March 2019.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013

^^~

Siddharth Talwar Partner Membership No. 512752

Place: New Delhi Date: 15 May 2019

COSMO FILMS LIMITED AUDITED STANDALONE FINANCIAL RESULTS

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SIGNED FOR IDENTIFICATION PURPOSES

STATEMENT OF ASSETS AND LIABILITIES

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Notes:

  • 1 The above audited financial results were reviewed by the Audit Committee and approved by the Board of Directors on 15th May 2019. Figures for the quarter ended 31st March 2019 and 31st March 2018 are the balancing figures for the full financial year ended 31st March 2019 and 31st March 2018 and the published year to date figures upto the third quarter of the respective financial years.
  • 2 These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.
  • 3 According to the requirements of Ind-AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, revenue for the year ended 31st March 2018 were reported inclusive of Excise Duty. The Goverment of India has implemented Goods and Service Tax (GST) from 1st July 2017 replacing Excise Duty, Service Tax and various other indirect taxes. As per Ind-AS, the revenue for the periods post 1st July 2017 are reported net of GST. Had the previously reported revenue shown net of excise duty, comparative revenue of the Company would have been as follows:
th
de
3
m
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s
en		 Y
nd
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r e
Pa
rti
la
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rs		 31
.0
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3.
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74
8.
61

4 Other income includes sales tax exemption recomputation benefit related to previous years as under:

3 th
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5 The above results includes Qains/(loss) due to foreign exchange rate fluctuations on foreign currency borrowings as under:

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6 The Company has adopted Ind AS 115 "Revenue from contracts with customers" applying a full retrospective transition approach, which replaces earlier revenue recognition standard. The Company has assessed that, in case of certain contracts with customers, some performance obligations comprise arranging for another party to provide certain services to the customers. Accordingly, revenue for such performance obligations is recognized as the difference between the consideration allocated for services provided to customers and the related costs for arranging the same. However, there is no impact on retained earnings or profit for the respective periods.

The restated revenue for the quarter ended 31st March 2018 and year ended 31st March 2018 are lower by Rs 22.38 crore and Rs 77.98 crores respectively with the corresponding decrease in other expenses.

  • 7 The Board of Directors had recommended dividend of Rs 6 per equity share for the financial year FY 18-19 subject to approval of shareholders in annual general meeting.
  • 8 Tax expenses for the period ended 31st March 2018 include Rs 16 crores being partial reversal of deferred capital gain tax consequent to change in base year from 1981 to 2001 and other tax adjustments.

New Delhi 15th May 2019

IDENTIFICATION W( Ci/ ^ PURPOSES \^S

^r^- IASHOKJA^^TA -^^ ^^!^\ 17 ' '-CHA^R^ SIGNED FOR /^7 's%s EO (<A ^^1^ Jl ^\^-^c00 ^0^5

Walker ChandiokScCo LLP

Walker ChandiokS Co LLP (Formerly Walker, Chandiok & Co) L-41 Connaught Circus New Delhi 110001 India

T+91 1142787070 F+91 1142787071

Independent Auditor's Report on Consolidated Financial Results ofCosmo Films Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Cosmo Films Limited

    1. We have audited the consolidated financial results of Cosmo Films Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') for the year ended 31 March 2019, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Attention is drawn to Note 1 to the consolidated financial results regarding the figures for the quarter ended 31 March 2019 as reported in these consolidated financial results, which are the balancing figures between audited consolidated figures in respect of the full financial year and the published consolidated year to date figures up to the end of the third quarter of the financial year. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit. These consolidated financial results are based on the consolidated financial statements for the year ended 31 March 2019 prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and published consolidated year to date figures up to the end of the third quarter of the financial year prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, Interim Financial Reporting, specified under Section 133 of the Act, and SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibility of the Holding Company's management. Our responsibility is to express an opinion on these consolidated financial results based on our audit of the consolidated financial statements for the year ended 31 March 2019 and our review of consolidated financial results for the nine months period ended 31 December 2018.
    1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

Walker Chandiok&CoLLP

    1. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate financial results and on other financial information of the subsidiaries, the consolidated financial results:
  • (i) include the financial results for the year ended 31 March 2019, of the following entities:

Subsidiaries:

  • a. Cosmo Films Singapore Pte Ltd.
  • b. Cosmo Films Korea Limited
  • c. Cosmo Films Japan, GK
  • d. CF (Netherlands) Holdings Ltd B.V.
  • e. Cosmo Films Inc.
  • f. CF Investment Holding Private (Thailand) Company Limited g. Cosmo Films Poland Sp Z.0.0.
  • (ii) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016 in this regard; and
  • (iii) give a true and fair view of the consolidated net profit (including other comprehensive income) and other financial information in conformity with the accounting principles generally accepted in India including I nd AS specified under Section 133 of the Act for the year ended 31 March 2019.
    1. We did not audit the financial statements of three subsidiaries, whose financial statements reflect total assets of ?180.85 crores and net assets of ?42.71 crores as at 31 March 2019, and total revenues of ?305.25 crores for the year ended on that date, as considered in the consolidated financial results. These financial statements have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, in so far as it relates to the aforesaid subsidiaries are based solely on the reports of such other auditors.

Further, of these subsidiaries two subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The hlolding Company's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion, in so far as it relates to the financial information of such subsidiaries located outside India, is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated financial results is not modified in respect of this matter with respect to our reliance on the work done by and the report of the other auditors.

  1. We did not audit the financial information of four subsidiaries whose financial information reflect total assets of ?296.21 crores and net assets of ?270.16 crores as at 31 March 2019, and total revenues of ?81.19 crores for the year ended on that date, as considered in the consolidated financial results. These financial information are unaudited and have been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, in so far as it relates to the aforesaid subsidiaries are based solely on such unaudited financial information. In our opinion and according to the information and explanations given to us by the management, these financial information are notjjia^flal to the Group.

Walker Chandiok&.CoLLP

Our opinion on the consolidated financial results is not modified in respect of this matter with respect to our reliance on the financial information certified by the management.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013

:^^' ^^'^0

Siddharth Talwar Partner Membership No. 512752

Place: New Delhi Date: 15 May 2019

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2

COSMO FILMS LIMITED AUDITED CONSOLIDATED FINANCIAL RESULTS

REPORTING OF SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

3
th
de
d
m
on
s
en		 Ye
nd
ed
ar
e
Pa
rtic
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rs		 31
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18		 31
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3.
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42
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85		 4.
49
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STATEMENT OF ASSETS AND LIABILITIES

C
O
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D		 C
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N
LI
DA
T
ED
IS
.N
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31
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3.
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18
(A
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a)
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5
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7
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4
g)
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se		 12
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4
h)
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s		 1,
13
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83		 1,
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7.
77		 28
2
.0
5
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In
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2
(ii
) T
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8
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2.
4
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0
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87
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24		 1,
76
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65
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2 No
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B
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w		 43
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94		 40
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6		 .8
55
5
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-c
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s		 53
96
5.		 5
10
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5
3 C
li
ab
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ab
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(i)
B
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1.
62		 28
7
.1
5
(ii
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(a
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75
pr
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7.
27
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1.
37
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6
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.0
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6
d)
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13
T
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5
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s		 1,
87
3.
24		 1,
76
5.
65

SIGNED FOR IDENTIFICATION PURPOSES

-YEO N ^/ -Vco ^ &gt; 0 / 0 >y 0^5

Notes;

  • 1 The above audited financial results were reviewed by the Audit Committee and approved by the Board of Directors on 15th May 2019. Figures for the quarter ended 31st March 2019 and 31s1 March 2018 are the balancing figures for the full financial year ended 31st March 2019 and 31st March 2018 and the published year to date figures upto the third quarter of the respective financial years.
  • 2 These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.
  • 3 According to the requirements of Ind-AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, revenue for the year ended 31st March 2018 were reported inclusive of Excise Duty. The Goverment of India has implemented Goods and Service Tax (GST) from 1st July 2017 replacing Excise Duty. Sen/ice Tax and various other indirect taxes. As per Ind-AS, the revenue for the periods post 1st July 2017 are reported net of GST. Had the previously reported revenue shown net of excise duty, comparative revenue of the Company would have been as follows:
3
th
de
d
m
on
s
en		 Ye
nd
ed
ar
e
Pa
rti
la
cu
rs		 31
.03
.2
01
9		 31
.12
.20
18		 31
.0
3.
20
18		 31
.03
.20
19		 31
.0
3.
20
18
Re
fe
r N
ot
1
e-		 Re
vie
d
we		 Re
fe
r N
ot
1
e-		 A
ud
ite
d		 A
ud
ite
d
Ne
t S
ale
s/R
fr
O
ion
s (
Ne
f E
ise
D
)
rat
t o
uty
ev
en
ue
om
pe
xc		 54
9.
84		 71
55
7.		 50
1.
98		 2,
15
6.
52		 1,8
46
.52

4 Other income includes sales tax exemption recomputation benefit related to previous years as under

3
th
de
d
m
on
s
en		 Ye
nd
ed
ar
e
Pa
rti
la
cu
rs		 31
.03
.2
01
9		 31
.12
.2
01
8		 31
.03
.20
18		 31
.03
.2
01
9		 31
.03
.2
01
8
Re
fe
r N
1
ot
e-		 Re
vie
d
we		 Re
fe
r N
1
ot
e-		 Au
di
te
d		 A
ud
ite
d
Ot
he
r I
e
nc
om		 14
.5
9

5 The above results includes aains/doss) due to foreign exchange rate fluctuations on foreign currency borrowings as under:

3
th
de
d
m
on
s
en		 Ye
nd
ed
ar
e
Pa
rti
la
cu
rs		 31
.0
3.
20
19		 I
31
.1
2.
20
18		 I
31
.0
3.
20
18
I		 31
.0
3.
20
19		 31
.03
.20
18
Re
fe
r N
1
ot
e-		 I R
iew
ed
I
ev		 Re
fe
r N
1
ot
e-		 Au
di
d
te		 A
ud
ite
d
Co
of
Ma
ria
l c
d
st
te
on
su
me		 2.
77		 2.
77
Ot
he
r ln
/(E
s)
co
me
xp
en
se		 (1
0)
.5		 (4
7)
.7		 4.
09		 (6
.0
2)		 8.
98
Fin
C
t
an
ce
os		 0.
53		 (0
4)
.4		 (8
.2
5)		 (1
1.
66

6 The Company has adopted Ind AS 115 "Revenue from contracts with customers" applying a full retrospective transition approach, which replaces earlier revenue recognition standard. The Company has assessed that, in case of certain contracts with customers, some performance obligations comprise arranging for another party to provide certain services to the customers. Accordingly, revenue for such performance obligations is recognized as the difference between the consideration allocated for services provided to customers and the related costs for arranging the same. However, there is no impact on retained earnings or profit for the respective periods.

The restated revenue for the quarter ended 31st March 2018 and year ended 31st March 2018 are lower by Rs 25.13 crore and Rs 89.71 crores respectively with the corresponding decrease in other expenses.

  • 7 The Board of Directors had recommended dividend of Rs 6 per equity share for the financial year FY 18-19 subject to approval of shareholders in annual general meeting.
  • Tax expenses for the period ended 31 st March 2018 include Rs 16 crores being partial reversal of deferred capital gain tax consequent to change in base year from 1981 to 2001 and other tax adjustments.

9 Key numbers of Standalone financial results are as given below. The standalone financial results are available at Company's website.

3
th
de
d
m
on
s
en		 Ye
nd
ed
ar
e
Pa
rti
la
cu
rs		 31
.0
3.
20
19

Re
fe
r N
ot
1
e-		 31
.1
2.
20
18
I R
iew
ed
I
ev
31
.0
3.
20
18

Re
fe
r N
ot
1
e-		 31
.0
3.
20
19

Au
di
d
te		 31
.0
3.
20
18
_A
yd
ite
d
Inc
e f
ion
(G
s S
ale
s)
rat
om
rom
o
pe
ros		 52
2.
35		 53
5.
64		 46
3.
86		 2,
05
0.
39		 1.7
79
.07
Pr
ofi
U(
Lo
) f
rdi
tiv
ity
be
fo
tax
ss
rom
o
na
ry
ac
re		 34
.6
8		 6,
69		 17
.8
8		 69
.4
9		 85
.4
7
ofi
t/(
) f
af
Pr
Lo
rdi
tiv
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te
r ta
ss
rom
o
na
ry
ac
x		 28
.6
3		 8.
80		 29
.2
6		 58
.3
8		 84
.8
9

New Delhi

^^ 'ASHOK JAIPURIA CHAIRMAN ^

CFL/SEC/SE/PS/2019-20/DECLARATION Date: May 15, 2019

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SUB: DECLARATION WITH RESPECT TO AUDIT REPORT WITH UNMODIFIED OPINION FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019

Dear Sir

Pursuant to clause 4.1 ofSEBI Circular No. CII^/CFD/CMD/56/2016 dated May 27, 2016 we hereby declare that the Statutory Auditors of the Company M/s. Walker Chandiok & Co. LLP, Chartered Accountants, have issued the Audit Report with unmodified opinion on the Standalone and Consolidated Financial Results of the Company for the Financial Year ended on March 31, 2019 as per Regulation 33(3)(d) of SEBI (LODR) Regulations, 2015.

You are requested to take note of the above.

Thanking You, for Cosmo Films Limited

^:^>

Neeraj Jain~ Chief Financial Officer

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