TO THE MEMBERS
IRIS MEDIAWORKS LIMITED
Report on the Standalone Financial Statements
1. We have audited the accompanying (standalone) financial statements of IRISMEDIAWORKS LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of changes in equity and the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.
Management's Responsibility for the (Standalone) Financial Statements
2. The Company's Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance (including Other Comprehensive Income) changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
3. Our responsibility is to express an opinion on these (standalone) financialstatements based on our audit.
4. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.
5. We conducted our audit in accordance with the Standards on Auditing specifiedunder Section 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.
6. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessments;the auditor considers internal financial control relevant tothe Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the (standalone) financialstatements.
8. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid (standalone) financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2018 and its profit/loss totalComprehensive Income the changes in equity and its cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditor's Report) Order 2016 (the Order) issuedby the Central Government in terms of Section 143(11) of the Act we enclose in the"Annexure A" a statement on matters specified in paragraph 3 & 4 of the saidorder.
10. 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 thebest of 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 on31st March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof Section 164 (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 B".
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:
A) The Company has disclosed pending litigations in its Company Auditors Report.However there is a possible obligation or a present obligation that the likelihood ofoutflow of resources is remote no provision or disclosure has been made As per AS-29.
B) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.
C) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended31/03/2018.
|For M/s TejasNadkarni& Associates |
|Chartered Accountants |
|FRM: 135197W |
|CA TejasNadkarni |
|Membership No.: 122993 |
|Place: Mumbai |
|Date: 28/05/2018 |