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Padmalaya Telefilms Ltd.

BSE: 532350 Sector: Media
NSE: PADMALAYAT ISIN Code: INE243B01016
BSE 00:00 | 25 Apr 1.90 0.09
(4.97%)
OPEN

1.82

HIGH

1.90

LOW

1.82

NSE 05:30 | 01 Jan Padmalaya Telefilms Ltd
OPEN 1.82
PREVIOUS CLOSE 1.81
VOLUME 101
52-Week high 4.65
52-Week low 1.72
P/E
Mkt Cap.(Rs cr) 3
Buy Price 1.90
Buy Qty 1.00
Sell Price 1.90
Sell Qty 9.00
OPEN 1.82
CLOSE 1.81
VOLUME 101
52-Week high 4.65
52-Week low 1.72
P/E
Mkt Cap.(Rs cr) 3
Buy Price 1.90
Buy Qty 1.00
Sell Price 1.90
Sell Qty 9.00

Padmalaya Telefilms Ltd. (PADMALAYAT) - Auditors Report

Company auditors report

To

The Members of

Padmalaya Telefilms Limited

Report on Ind AS Financial Statements

We have audited the accompanying financial statements of M/s Padmalaya TelefilmsLimited (‘the Company’) which comprise of the Balance Sheet as at 31 March2018 the Statement of Profit and Loss (including other Comprehensive income) thestatement of Cash Flows and the statement of changes in Equity for the year then endedand a summary of significant accounting policies and other explanatory information.(herein after referred as (‘Ind As Financial statements’)

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 including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards specified underSection 133 of the Act read with relevant rules issued there under.

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 IndAS financial statements basedon our audit. 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.

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 Ind AS financial statements is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind As financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments; the auditor considers internal financial control relevant to the Company'spreparation of Ind As financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS 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 including Ind AS of the financial position of theCompany as at 31st March 2018 and its financial performance including othercomprehensive income it's cash flow and changes in the equity for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

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

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 it appears from our examination of those books.

c. the Balance Sheet Statement of Profit and Loss(including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of changes in Equity dealt with by thisReport are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with relevant rules issued thereunder.

e. On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164(2) of theAct.

f. 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 its financialposition.

ii. The Company did not have any long-term contracts including derivative Contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For P C N & Associates
(Formerly Known as Chandra Babu Naidu & Co)
Chartered Accountants
Firm Registration No: 016016S
Sd/-
Place : Hyderabad Lakshmi Prasanthi.S
Date : 30th May 2018 Partner
M.No:236578

Annexure to Auditors’ Report

Annexure referred to in Independent Auditors Report to the Members of M/s PadmalayaTelefilms

Limited on the financial statements for the year ended 31st March 2018 we report that:

i. The Company has no fixed assets. Accordingly the provisions of this clause are notapplicable to the company.

ii. The physical verification of inventory has been conducted at reasonable intervalsby the management during the year and no material discrepancies were noticed on suchverification.

iii. The company has not granted any loans secured or unsecured to the companiesfirms or other parties covered in the register maintained under section 189 of thecompanies Act 2013. Consequently the provisions of clauses iii(a) and iii(b) are notapplicable to the company.

iv. The Company has not granted any loans or made any Investments or provided anyguarantee or security to the parties covered under section 185 and 186 of the Act.Therefore the provisions of clause 3(iv) of the said order are not applicable to thecompany.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013 and rules framed there under to the extent notified.

vi. Maintenance of cost records have not been specified by the Central Government undersub-section (1) of section 148 of the Companies Act 2013 for the services rendered by thecompany.

vii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Income-tax and other material statutory dues as applicablewith the appropriate authorities in India.

(b) According to the explanation and information given to us & based on the recordsof the company there were no undisputed amounts payable in respect of Income-tax andother material statutory dues in arrears as at 31st March 2018 for a period of more than 6months for the date they became payable.

(c) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax or any other materialstatutory dues which have not been deposited on account of any disputes.

viii. According to the information and explanations given to us the company has nottaken any loans or borrowings from banks or financial institutions nor issued anydebentures during the year under consideration or outstanding accordingly this clause isnot applicable as such.

ix. The Company has not raised any moneys by way of initial public officer furtherpublic offer (including debt instruments) and term loans. Accordingly the provisions ofthis clause are not applicable to the Company.

x. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our Audit.

xi. The company has not paid/provided managerial remuneration during the year.Accordingly the provisions of Sec.197 of The Companies Act 2013 are not applicable assuch.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it; the Provisions of clause 3(xii) of the order are not applicable to the company.

xiii. The Company has not entered transactions with related parties during the year.Accordingly the provisions of clause 3(xiii) of the Order are not applicable to theCompany.

xiv. The Company has not made any preferential allotment of private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of clause 3(xiv) of the Order are not applicable to the Company.

xv. The Company has not entered into non-cash transactions with its directors orpersons connected with him. Accordingly the provisions of clause 3(xv) of the Order arenot 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 P C N & Associates
(Formerly Known as Chandra Babu Naidu & Co)
Chartered Accountants
Firm Registration No: 016016S
Sd/-
Lakshmi Prasanthi.S
Place : Hyderabad Partner
Date : 30th May 2018 M.No:236578

Annexure B to the Independent Auditor's Report

Report on the Internal Financial Controls over Financial Reporting under clause (i) ofthe Subsection 3 of the Section 143 of the Companies Act 2013 (‘The Act’)

We have audited the internal financial controls over financial reporting of M/sPadmalaya Telefilms Limited ('the company') as on 31st march 2018 inconjunction with our audit of Ind AS financial statements of the company for the yearended 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor ’s 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 deed to be prescribed undersection 143(10) of the Act to the extent applicable to an Audit of Internal FinancialControls both applicable to an audit of Internal Financial Controls and both issued bythe ICAI. These standards and guidance note require that we comply with ethicalrequirements and plan and performed 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 risk 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 and the company's internal financial control system overfinancial 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 these policies and procedures that (1) pertain to themaintenance of records that in reasonable detailed 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 principles and that receipts andexpenditures of the company are being made only in accordance with authorization ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitation of Internal Financial Controls over Financial Reporting

Because of the inherent limitation 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.

Opini on

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 March 31st 2018 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 P C N & Associates
(Formerly Known as Chandra Babu Naidu & Co)
Chartered Accountants
Firm Registration No: 016016S
Sd/-
Lakshmi Prasanthi.S
Place : Hyderabad Partner
Date : 30th May 2018 M.No:236578