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Raj Television Network Ltd.

BSE: 532826 Sector: Media
NSE: RAJTV ISIN Code: INE952H01027
BSE LIVE 15:27 | 22 Sep 59.70 0.15
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NSE 15:59 | 22 Sep 60.05 -0.20
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OPEN 60.60
PREVIOUS CLOSE 59.55
VOLUME 953
52-Week high 75.95
52-Week low 51.50
P/E
Mkt Cap.(Rs cr) 310
Buy Price 59.05
Buy Qty 100.00
Sell Price 59.40
Sell Qty 6.00
OPEN 60.60
CLOSE 59.55
VOLUME 953
52-Week high 75.95
52-Week low 51.50
P/E
Mkt Cap.(Rs cr) 310
Buy Price 59.05
Buy Qty 100.00
Sell Price 59.40
Sell Qty 6.00

Raj Television Network Ltd. (RAJTV) - Auditors Report

Company auditors report

To the members of

M/s. Raj Television Network Limited

Report on the Financial Statements

We have audited the accompanying financial statements of M/s.Raj Television NetworkLimited (‘the Company’) which comprises the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and the Cash Flow Statement for the yearended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the AccountiOurresponsibility is to express an opinion on these financial statements based 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 there under.

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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company’s internal control.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by Company’s directors as wellas evaluating the overall presentation of the financial statements.We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i. in case of Balance Sheet of the state of affairs of the Company as at 31stMarch 2016

ii. in case of Statement of Profit and Loss of the loss for the year ended on thatdate; and

iii. in case of Cash Flow Statement of the 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 issued by the CentralGovernment of India in terms of section 143(11) of the Companies Act 2013 we enclose inthe Annexure A a statement on the matters specified in paragraphs 3 and 4 of the saidorder.

2. As required by section 143(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 purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c. the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of account;

d. in our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards referred Section 133 of the CompaniesAct 2013 read with Rule 7 of the Companies (Accounts) Rules2014

e. on the basis of written representations received from the directors as on 31st March2016 and taken on record by the Board of Directors none of the Directors aredisqualified as on 31st March 2016 from being appointed as a Director in termsof Section 164(2) of the - Companies Act 2013.

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 the Annexure B; and

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 does not have any pending litigations which would impact financialposition.

ii. the Company does not have any long term contracts including derivative Contracts:as such the question of commenting on any material foreseeable losses thereon does notarise

iii.there has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the company.

For PRATAPKARAN PAUL & CO.
Chartered Accountants
Firm Regn No.002777S
Pratapkaran Paul
29th JULY 2016 Partner
Chennai M.No.023810

Annexure A to the Independent Auditors’ Report

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

b. As explained to us all the assets have been physically verified by the managementat a reasonable interval during the year.

According to the information and explanation given to us no material discrepancieswere noticed on such verification.

c. According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deed of immovable property are heldin the name of the company.

II. The inventory has been physically verified (copyrights of media content verifiedwith reference to title documents/agreements) by the management at reasonable intervalsduring the year. As explained to us no discrepancies were noticed on physicalverification as compared to book records.

III. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under Section 189 of theAct.

IV. In our opinion and according to the information and explanation given to us andbased on the legal opinion obtained by the Company the Company has not granted any loansor provided any guarantees or security to the parties covered under Section 185 of theAct. The Company has not made any investments and granted loans in respect of personscovered under the provisions of Section 186 of the Act.

V. The Company has not accepted any deposits from the public.

VI. The Central Government has not prescribed the maintenance of Cost Record undersection 148 (1) of the Act for any of the services rendered by the company.

VII. a. According to the information and explanation given to us and the basis of ourexamination of the records of the company amounts deduced/accrued in the books of accountin respect of undisputed statutory dues including Service Tax Income tax Wealth taxEmployees State InsuranceProvident Fund and other material statutory dues have beenregularly deposited during the year by the Company with appropriate authorities. Accordingto the information and explanation given to us no undisputed amounts payable in respectof Service Tax Employees State Insurance Provident Fund and other material statutorydues were outstanding at the year end for a period of more than six months from the datethey become payable.

b. According to the information and explanation given to us there are no material duesof Service Tax Income Tax Wealth tax Employ ees State Insurance Provident Fund othermaterial statutory dues which have not been deposited on account of any dispute.

VIII. According to the information and explanation given to us the company has notdefaulted in repayment of dues to a financial institution bank or debenture holder duringthe year.

IX. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not raised any moneys by way ofinitial public offer or further public offer (including debt instruments) and has notobtained any term loans during the year. Accordingly paragraph 3(ix) of the Order is notapplicable to the Company.

X. According to the information and explanation given to us no material fraud on or bythe Company has been noticed or reported during the course of our audit.

XI. In our opinion and according to the information and explanations given to us themanagerial remuneration has been paid or provided in accor dance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.

XII. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company and the Nidhi Rules 2014 are not applicable to it.Accordingly paragraph 3(xii) of the Order is not applicable to the Company XIII. In ouropinion and according to the information and explanations given to us the Company has notentered into any transactions with related parties and the provisions of Sections 177 and188 of Companies Act2013 is not applicable to the company XIV. According to theinformation and explanations given to us and based on our examination of the records ofthe Company the Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year. Accordingly paragraphof the Order is not applicable to the Company.

XV. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable to the Company.

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

For PRATAPKARAN PAUL & CO.
Chartered Accountants
Firm Regn No.002777S
29th JULY 2016 Pratapkaran Paul
Chennai Partner - M.No.023810

Annexure B to the Independent Auditors’ 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 internalfinancial controls over financial reporting of M/s. Raj Television Network Limited(‘the Company’) as of 31st March 2016 in conjunction with our auditof the financial statement of the Company for the year 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 (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the 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 were 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 auditors’ judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea 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 processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorizations ofthe Management and directors of the Company; and (3) provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition use or dispositionof the Company’s assets that could have a material effect on the financialstatements.

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 PRATAPKARAN PAUL & CO.
Chartered Accountants
Firm Regn No.002777S
29th JULY 2016 Pratapkaran Paul
Chennai Partner - M.No.023810