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TV18 Broadcast Ltd.

BSE: 532800 Sector: Media
NSE: TV18BRDCST ISIN Code: INE886H01027
BSE 00:00 | 19 Mar 35.75 0.30
(0.85%)
OPEN

35.55

HIGH

36.30

LOW

35.35

NSE 00:00 | 19 Mar 35.70 0.25
(0.71%)
OPEN

35.45

HIGH

36.35

LOW

35.30

OPEN 35.55
PREVIOUS CLOSE 35.45
VOLUME 164011
52-Week high 70.90
52-Week low 30.50
P/E 47.04
Mkt Cap.(Rs cr) 6,129
Buy Price 35.75
Buy Qty 444.00
Sell Price 35.95
Sell Qty 356.00
OPEN 35.55
CLOSE 35.45
VOLUME 164011
52-Week high 70.90
52-Week low 30.50
P/E 47.04
Mkt Cap.(Rs cr) 6,129
Buy Price 35.75
Buy Qty 444.00
Sell Price 35.95
Sell Qty 356.00

TV18 Broadcast Ltd. (TV18BRDCST) - Auditors Report

Company auditors report

To the Members of TV18 Broadcast Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of TV18Broadcast Limited (the "Company") which comprise the Balance Sheet as at March31 2018 the Statement of Profit and Loss including the statement of Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone IND AS 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 Ind AS 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 accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended. 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 the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder. We conductedour audit of the standalone Ind AS financial statements in accordance with the Standardson Auditing issued by the Institute of Chartered Accountants of India as 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 standaloneInd 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 the standalone Ind AS financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of Affairs of the Companyas at March 31 2018 its profit including other comprehensive income its cash flows andthe changes in equity for the year ended on that date.

Other Matter

The Ind AS financial statements of the Company for the year ended March 31 2017included in these standalone Ind AS financial statements have been audited by thepredecessor auditor who expressed an unmodiffed opinion on those statements on April 192017.

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.

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 the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(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) ofthe 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" to this report;

(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 standalone Ind AS financial statements – Refer Note 31 to thestandalone Ind AS financial statements;

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
per Kalpesh Jain
Mumbai Partner
April 24 2018 Membership No.: 106406

ANNEXURE 1 TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Paragraph 1 under the heading "Report on other legal and regulatoryrequirements" of our report of even date

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All fixed assets have not been physically veri_ed by the management during the yearbut there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) According to information and explanations given by the management the title deedsof immovable properties included in property plant and equipment are held in the name ofthe Company.

(ii) The Company's business does not involve inventories and accordingly therequirements under paragraph 3 (ii) of the Order are not applicable to the Company.

(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. Accordingly the provisions of paragraph 3(iii)(a) to (c) of the Order are notapplicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usprovisions of section 186 of the Act in respect of loans given and investment made havebeen complied with by the Company. There are no other loans given investments madeguarantees given and securities granted in respect of which provisions of section 185 and186 of the Act are applicable and hence not commented upon.

(v) The Company has not accepted any deposits from the public during the year. Asinformed and represented by management public deposits aggregating to Rs 46 lakhs andinterest on public deposits of Rs 21 lakhs accepted under the Companies (Acceptance ofDeposits) Rules 1975 have not been claimed by depositors till date. In our opinion andaccording to the information and explanations given to us the Company has complied withthe provisions of Sections 73 to 76 or other relevant provisions of the Act and the rulesframed there under with regard to the deposits. We are informed by the management that noorder has been passed by the Company Law Board National Company Law Tribunal ReserveBank of India or any Court or any other Tribunal.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersub-section (1) of section 148 of the Act related to the Broadcasting and relatedservices of the Company and are of the opinion that prima facie the prescribed accountsand records have been made and maintained. We have not however made a detailedexamination of the same.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income-tax servicetax duty of customs value added tax goods and service tax cess and other statutorydues applicable to it. The provisions relating to sales-tax and duty of excise are notapplicable to the Company.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax service taxduty of customs value added tax goods and service tax cess and other statutory dueswere outstanding at the year end for a period of more than six months from the date theybecame payable.

(c) According to the information and explanation given to us there are no dues ofsales-tax duty of customs and value added tax which have not been deposited on account ofany dispute. According to the records of the Company details of income tax dues andservice tax which have not been deposited on account of a dispute are as under:

Name of the statute Nature of dues Amount Period to ( Rs in which the lakhs) amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 44 Assessment Year 2002-03 Income tax Appellate Tribunal
1 Assessment Year 2003-04 Income tax Appellate Tribunal
205 Assessment Year 2010-11 Income tax Appellate Tribunal
Finance Act1994 Service tax 3603 2005-06 to 2008-09 Customs Excise and Service Tax Appellate Tribunal Allahabad

(viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of loans or borrowings to Banks orfinancial institutions. The Company has neither issued any debentures nor availed any loanor borrowings from government.

(ix) According to the information and explanations given by the management the Companyhas not raised any money by way of initial public offer or further public offer (includingdebt instruments) and term loans hence reporting under clause (ix) of the Order is notapplicable to the Company and hence not commented upon.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud by the Company or no fraud on the Company by theofficers and employees of the Company has been noticed or reported during the year.

(xi) According to the information and explanations given by the management the Companyhas not paid or provided any managerial remuneration during the year to the Managerappointed under the Act.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofparagraph 3 clause (xii) of the Order are not applicable to the Company and hence notcommented upon.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 of theAct where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence not commented upon.

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in section 192 of the Act.

(xvi) According to information and explanation given to us the provisions of section45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
per Kalpesh Jain
Mumbai Partner
April 24 2018 Membership No.: 106406