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Radaan Mediaworks (I) Ltd.

BSE: 590070 Sector: Media
NSE: RADAAN ISIN Code: INE874F01027
BSE LIVE 15:15 | 20 Nov 1.68 0.08
(5.00%)
OPEN

1.52

HIGH

1.68

LOW

1.52

NSE 14:14 | 08 Apr Stock Is Not Traded.
OPEN 1.52
PREVIOUS CLOSE 1.60
VOLUME 29376
52-Week high 1.76
52-Week low 1.05
P/E 10.50
Mkt Cap.(Rs cr) 9
Buy Price 1.67
Buy Qty 15337.00
Sell Price 1.68
Sell Qty 41.00
OPEN 1.52
CLOSE 1.60
VOLUME 29376
52-Week high 1.76
52-Week low 1.05
P/E 10.50
Mkt Cap.(Rs cr) 9
Buy Price 1.67
Buy Qty 15337.00
Sell Price 1.68
Sell Qty 41.00

Radaan Mediaworks (I) Ltd. (RADAAN) - Auditors Report

Company auditors report

ON STANDALONE FINANCIAL STATEMENTS

To the Members of RADAAN MEDIAWORKS INDIA LIMITED Report on the Financial Statements

We have audited the accompanying standalone financial statements of RADAANMEDIAWORKS INDIA LIMITED

("the Company") which comprise the Balance sheet as at 31st March 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company's preparation of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byCompany's Directors as well as evaluating the overall presentation of financialstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes 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 Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in "Annexure 2";

(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 in our opinionand to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements (Refer Note 2.38 of the standalone financialstatements)

ii. the Company does not have any material foreseeable losses from long-term contractsincluding derivative contracts. Hence no provision has been created for the same.

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund.

For M/s.CNGSN & ASSOCIATES LLP Chartered Accountants
F.R.No:004915S / S200036
-sd-
C.N.Gangadaran
Place : Chennai Partner
Dated : 28th May 2016 Membership No: 011205

Annexure 1 to the Independent Auditors’ Report

Referred to in Paragraph 1 of Report on Other Legal and

Regulatory Requirements of our Report of even date

1. a. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. According to the informationand explanations given to us no material discrepancies were noticed on such physicalverification.

c. In our opinion and according to the information and explanation given to us thereare no immovable properties held in the name of the Company. Accordinglysub clause (c) ofclause (i) of paragraph 3 of Companies (Auditor's Report) Order 2016 is not applicable.

2. Physical verification of inventory has been conducted at reasonable intervals by themanagement and no material discrepancies were noticed on such verification.

3. In our opinion the company has not granted loans to parties covered in the registermaintained under section 189 of the Companies Act.

4. In our opinion and according to the information and explanations given to us theCompany has not given loans guarantee or provide security to Directors or any otherperson in whom Director is interested. Accordinglyclause iv of paragraph 3 of Companies(Auditor's Report) Order 2016 is not applicable.

5. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits. Accordingly clause v of paragraph 3 of Companies(Auditor's Report) Order 2016 is not applicable.

6. Maintenance of cost records as specified by the Central Government under sub-section(1) of Section 148 of the Companies Act 2013 is not applicable to the company.Accordingly clause vi of paragraph 3 of Companies (Auditor's Report) Order 2016 is notapplicable.

7. a. According to the records of the Company and

information and explanations given to us the company is regular in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues with the appropriate authorities. There areno undisputed statutory dues outstanding for more than six months.

b. As at 31st March 2016 according to the records of the Company the following are theparticulars of the disputed dues on account of sales tax income and service tax whichhave not been deposited on account of dispute:

Nature of Dues Period & Not Paid Amount (Rs.) Forum where Pending
Service tax Oct 2004-Sep 2007 - Rs.193027340 Oct 2007-Sep 2010 - Rs. 46855299 Oct 2010-Sep 2012 - Rs. 36084169 CESTAT Chennai
Sales tax April 2001- March 2006 - Rs. 484018098 - Rs.22860665 before Appellate Deputy Commissioner (CT) - Rs.461157433 -interim stay granted earlier by Hon’ble High Court of Madras is made absolute vide order dated 19.11.2014.
Income Tax 2008-09 - Rs. 589640 2010-11 - Rs. 189570 CIT Appeal

8. Based on our audit procedures and according to the information and explanationsgiven to us by the management we are of the opinion that the company has not defaulted inrepayment of loans or borrowings to a financial institution bank Government or debentureholders.

9. In our opinion term loans have been applied for the purposes for which they wereraised. During the year the company has not raised money by way of initial public offeror further public offer.

10. In our opinion and according to the information and explanations given to us nofraud on or by the Company has been noticed or reported during the year.

11. In our opinion the managerial remuneration has been paid or provided in accordancewith the requisite approvals mandated by the provisions of Section 197 read with ScheduleV to the Companies Act 2013.

12. In our opinion the Company is not a Nidhi Company. Accordingly clause xii of Para3 of Companies (Auditor's Report) Order 2016 is not applicable.

13. In our opinion all transactions with the related parties are in compliance withSection 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the financial statements as required by the applicable accounting standards.

14. According to the information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review. Accordingly clause xiv of Para 3 of Companies(Auditor's Report) Order 2016 is not applicable.

15. In our opinion and according to the information and explanations given to us theCompany has not entered into any non - cash transactions with directors or personsconnected with the Directors. Accordingly clause xv of Para 3 of Companies (Auditor'sReport) Order 2016 is not applicable.

16. In our opinion and according to the information and explanations given to us theCompany is not required to be registered under Section 45-lA of the Reserve Bank of IndiaAct 1934. Accordingly clause xvi of Para 3 of Companies (Auditor's Report) Order 2016is not applicable.

For M/s.CNGSN & ASSOCIATES LLP Chartered Accountants
F.R.No:004915S / S200036
-sd-
C.N.Gangadaran
Place : Chennai Partner
Dated : 28th May 2016 Membership No: 011205

Annexure 2 to the Independent Auditor’s report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of RADAANMEDIAWORKS INDIA LIMITED ("the Company") as of 31st March 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M/s.CNGSN & ASSOCIATES LLP Chartered Accountants
F.R.No:004915S / S200036
-sd-
C.N.Gangadaran
Place : Chennai Partner
Dated : 28th May 2016 Membership No: 011205