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Rap Media Ltd.

BSE: 531583 Sector: Infrastructure
NSE: N.A. ISIN Code: INE483D01014
BSE 00:00 | 20 May 17.05 0.80
(4.92%)
OPEN

17.00

HIGH

17.05

LOW

17.00

NSE 05:30 | 01 Jan Rap Media Ltd
OPEN 17.00
PREVIOUS CLOSE 16.25
VOLUME 890
52-Week high 22.85
52-Week low 8.76
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.00
CLOSE 16.25
VOLUME 890
52-Week high 22.85
52-Week low 8.76
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Rap Media Ltd. (RAPMEDIA) - Auditors Report

Company auditors report

To the Members of Rap Media Limited

Report on the Audit of the Standalone Financial Statements

We have audited the standalone financial statements of Rap Media Limited ("theCompany") which comprise the balance sheet as at March 31 2021 and the statementof Profit and Loss and statement of cash flows for the year then ended attached herewithand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements

(i) Are presented in accordance with requirements of Regulation 33 of SEBI (Listingobligation and Disclosure Requirements) Regulations2015 in this regard and

(ii) give a true and fair view in conformity with the accounting principles generallyaccepted in India including the Accounting Standards prescribed under Section 133 and 134of the Act read with rule 7 of the Companies (Accounts) Rules 2014 (as amended) of thestate of affairs of the Company as at March 31 2021 and profit/loss and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 and other applicable authoritativepronouncements issued by the Institute of Chartered Accountants of India. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent auditors of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of theCompanies Act 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Emphasis of Matter

We draw your attention to Note 3(c) to the financial statements which describes themanagement's assessment of the impact of the outbreak of Coronavirus (Covid-19) pandemicon the business operations of the Company. The management believes that no adjustmentsother than those already made are required in the financial results as it does not impactthe current financial year however in view of the various preventive measures taken(such as complete lock-down restrictions by the Government of India travel restrictionsetc.) and highly uncertain economic environment a definitive assessment of the impact onthe subsequent periods is highly dependent upon circumstances as they evolve. Our opinionis not modified in respect of this matter.

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) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance 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 statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

i. Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

ii. Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

iv. Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

v. Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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 Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 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 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 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 A".

(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 no pending litigations which would impact its financial position inits financial statements under the head Contingent Liability;

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 R U V N and Associates LLP Chartered Accountants (FRN 128704W)
Place: Pune

Date: June 30 2021

Sd/- Vikrant Salunke Partner (M.No. 128114) UDIN: 21128114AAAAID5027

Annexure ‘A' to the Independent Auditor's Report

(Referred to in paragraph 3 (f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Rap Media Limited of evendate).

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act").

We have audited the internal financial controls over financial reporting of Rap MediaLimited ("the Company") as of March 31 2021 in conjunction with our audit ofthe Financial Statements of the Company for the financial 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. 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 the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 judgement 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 financial reporting includes those policiesand procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For P R U V N and Associates LLP Chartered Accountants (FRN 128704W)
Place : Pune

Date : June 30 2021

Sd/- Vikrant Salunke Partner (M.No. 128114) UDIN : 21128114AAAAID5027

ANNEXURE B:

REFERRED TO IN PARAGRAPH 3 OF THE INDEPENDENT AUDITOR'S REPORT ON THE ACCOUNTS OF RAPMEDIA LIMITED FOR THE YEAR ENDING 31st March 2021

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 reportthat:

i) In respect of fixed assets:

a. In our opinion and according to the information and explanations given to us thecompany has maintained proper register for fixed assets showing full particularsincluding quantitative details and situation of fixed assets.

b. In our opinion and according to the information and explanations given to us themanagement has physically verified the fixed assets at regular intervals which in ouropinion is reasonable having regard to the size of the company and nature of its assets.No material discrepancies have been noticed on such verification.

c. In our opinion and according to the information and explanations given to us thetitle deeds of immovable properties are held in the name of the company.

ii) In respect of Inventories :

The company does not have any inventory hence this clause is not applicable to thecompany.

iii) According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under section 189 of the Companies Act 2013 hence this clause isnot applicable to the company.

iv) According to the information and explanations given to us and on the basis of ourexamination of the books of accounts the company has not granted loans given guaranteesand securities in connection with a loan to any other body corporate. Also it has notacquired by way of subscription the securities of any other body corporate thereforeclause (iv) of paragraph 3 of CARO 2016 are not applicable to the company. The Company hascomplied with the provisions of Section 186 of the Companies Act 2013 in respect ofinvestments made.

v) According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not accepted deposits from thepublic hence this Clause is not applicable to the Company.

vi) According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records to the Company under section 148 (1) of theCompanies Act 2013.

vii) In respect of statutory dues:

a. According to the information and explanations given to us the company was generallyregular in depositing undisputed statutory dues Income Tax cess and other statutory dueswith the appropriate authority during the year.

b. According to the records examined by us and the information and explanations givento us there are no disputed amounts due in respect of income tax at the end of the year.

viii) On the basis of information and explanations given by the management the Companyhas not defaulted in repayment of dues to a financial institution and banks or Government.There are no debenture holders in the company.

ix) On the information and explanation given by the management the Company has notraised money by way of initial public offer or further public offer. The Company hasapplied term loans for the purpose for

which the loans were obtained.

x) 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 that causes thefinancial statements to be materially misstated.

xi) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has paid managerial remuneration todirectors which is within the limits specified by provisions of Section 197 read withSchedule V of Companies Act 2013.

xii) The Company is not Nidhi Company hence this clause is not applicable to company.

xiii) In our opinion and according to the information and explanations given to us thetransactions entered into by the Company with related parties are in compliance withSection 177 and 188 of the Companies Act 2013. These are in the ordinary course ofbusiness and are at arm's length price. Also company has disclosed the details in thefinancial statements as required by the applicable Accounting Standards.

xiv) In our opinion and according to the information and explanations given to us thecompany has not made preferential allotment of shares or fully or partly convertibledebentures hence this clause is not applicable to company.

xv) In our opinion and according to the information and explanations given to us andthe company has not entered into any non cash transactions with directors or any personsconnected with him hence this clause is not applicable to company.

xvi) In our opinion and according to the information and explanations given to us thecompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934. Hence this clause is not applicable to the company.

For P R U V N and Associates LLP Chartered Accountants (FRN 128704W)
Sd/-
Place: Pune

Date: June 30 2021

Vikrant Salunke Partner (M.No. 128114) UDIN: 21128114AAAAID5027

.