Mar 31, 2015
We have audited the accompanying financial statements of RADAAN
MEDIAWORKS INDIA LIMITED ("the Company"), which comprise the Balance
sheet as at 31st March 2015, the Statement of Profit and Loss and the
Cash Flow Statement for the period then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statement
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the company in accordance with the accounting principles generally
accepted in India, including Accounting Standards specified under
Section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility 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 auditing standards and matters which are required to be included in
the audit report underthe provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
under section 143(10) of the Act. Those standards require that we
comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgement, including the assessment of
the risks of material misstatements of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation offinancial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. 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 best of 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 the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards specified
under Section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Accounts) Rules, 2014; and
e. On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Act.
f. With respect to other matters included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations provided to us :
i. the Company has disclosed the impact of pending litigations on its
financial position in its financial
statements-ReferNote2.38tothefinancialstatements;
ii. the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended 31st March 2015, we report that:
1. In respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. All the assets have been physically verified by the management
during the year and according to the information and explanations given
to us, there is a regular program of verification which, in our
opinion, is reasonable having regard to the size of the company and the
nature of its assets. No material discrepancies were noticed on such
verification.
2. In respect of its inventories:
a. The inventories have been physically verified during the year by the
management. In our opinion the frequency ofverification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In our opinion, the company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets, inventory and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
internal control system.
5. The Company has not accepted deposits from the public, and hence
the directives issued by the Reserve Bank of India and the provisions
of section 73 to 76 of the Companies Act, 2013 and the rules framed
there under are not applicable.
6. Maintenance of cost records as specified by the Central Government
under sub-section (1) of section 148 of the Companies Act, 2013 is not
applicable to the Company.
7. In respect of statutory dues:
a. According to the information and explanations given to us, and on the
basis of our examination of the records of the Company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues, including Provident Fund, Employees State Insurance
Scheme, Income Tax, Service Tax and other material statutory dues as
applicable, have during the year been regularly deposited by the Company
with the appropriate authorities. There are no undisputed amounts in
excess of 6 months that remain unpaid.
b. Unpaid disputed taxes are as follows:-
Period to
Nature Amount which the Forum Where dispute
of Dues Rs relates is pending
(Fin. year)
Service Oct 2004 - CFSTAT Chennai
Tax 19,30.27.340 Sep2007
4,68,55,299 Oct 2007 -do-
Sep 2010
360,84,169 Oct 2010 -do
Sep2012
Rs.2,28,60,665 before
Appellate Deputy
Commissioner (CT)
Sales 48,40,18,098 April 2001 t0 Rs.46,11,57,433 -
tax March 2006 lnterim say granted
earlier by Hon' ble
High Court of Madras
is made absolute
vide order dated
19.11.2014.
c. According to the information and explanations given to us, there
are no amounts required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder.
8. The company does not have accumulated losses as at 31st March,
2015; it has not incurred any cash losses during the financial year
ended on that date or in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by management, we are of opinion that the company
has not defaulted in repayment of dues to Financial Institutions or
bank or debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. According to the information and explanations given to us, the
term loans have been applied for the purposes for which they were
obtained.
12. According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
For CNGSN & ASSOCIATES LLP
Chartered Accountants
F.R.NO.004915S
-sd-
Place : Chennai C N GANGADARAN
Dated : 26th May, 2015 Partner
Memb.No.11205
Mar 31, 2014
We have audited the accompanying financial statements of RADAAN MEDIA
WORKS INDIA LIMITED ("the Company"), which comprise the Balance sheet
as at 31st March 2014, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting Standards referred to in subsection (3C) of section 211
of the Companies Act, 1956 read with the General Circular 15/2013 dated
13 September 2013 of the Ministry of Corporate Affairs in respect of
Section133 of the Companies Act, 2013. This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgement, including the assessment of
the risks of material misstatements of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
of the entity''s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Companies Act,1956 in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014;
(b) in the case of the Statement of Profit and Loss, of the PROFIT for
the year ended on that date; and
(c) in the case of the 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, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Companies Act,1956 we give in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the Order.
2. As required by section 227(3) of the Companies Act, 1956 we report
that:
a. we have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of Ministry of
Corporate Affairs in respect of Section133 of the Companies Act, 2013;
and
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditor''s Report
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of RADAAN MEDIA WORKS INDIA LIMITED on the
accounts for the year ended 31st March 2014.
1. In respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. The company has done a physical verification of its fixed assets
during the year. Material discrepancies between the book balance and
physical verification have been properly dealt with in the books of
accounts.
c. The fixed assets disposed of during the year do not constitute a
substantial part of the fixed assets of the Company and such disposal,
in our opinion has not affected the going concern status of the
Company.
2. In respect of its inventories:
a. The inventories have been physically verified during the year by the
management. In our opinion the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. The company has neither taken nor given loans, during the year
secured or unsecured from/to companies, firms or other parties listed
in the Register maintained under Section 301 of the Companies Act,
1956.
4. In our opinion, and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with
regards to purchase of fixed assets and income from operations.
5. In respect of contracts or arrangements referred to in section 301
of Companies Act, 1956
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b. in our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5 lakhs in
respect of each party during the year have been made at prices which
appear reasonable having regard to the prevailing market prices at the
relevant time, as per information available with the Company.
6. The company has not accepted any Fixed Deposits from the public
during the year and therefore, the question of compliance with the
directives issued by the Reserve Bank of India and the provision of
section 58A and 58AA or any other relevant provisions of the Act and
the rules framed there under does not arise.
7. In our opinion, the company has an adequate internal audit
commensurate with its size and nature of its business.
8. Maintenance of cost records under 209(1)(d) of the Companies
Act,1956 is not applicable to the company.
9. In respect of statutory dues:
a. According to the records of the company, undisputed statutory dues
including provident fund, employees state insurance fund, income-tax,
wealth tax, service tax, sales tax, customs duty, excise duty and other
statutory dues have been deposited regularly during the year with the
appropriate authorities. There are no undisputed taxes outstanding
beyond 6 months.
b. Unpaid disputed taxes are as follows.
Nature of Dues Amount Period to which Forum where
Rs. the amount relates dispute is
(Fin. year) pending
Service tax 19,30,27,340 Oct 2004 - Sep 2007 CESTAT, Chennai
4,68,55,299 Oct 2007 - Sep 2010 -do-
3,60,84,169 Oct 2010 - Sep 2012 -do-
Sales tax 48,40,18,098 April 2001 to March Rs.2,28,60,665
2006 before Appellate
Deputy Commissioner
(CT)Rs.46,11,57,433
- in- terim stay
granted by Hon''ble
High Court of Madras.
10. The accumulated losses of the company are not more than 50% of net
worth. The company has not incurred cash losses in the current year and
immediately preceding financial year.
11. On the basis of examination of books of accounts carried out by us
and according to information and explanations given to us, the company
has not defaulted in repayment of dues to banks during the year.
12. According to the information and explanation given to us, the
company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and to the best of our information and according to
the explanations provided by the management, the Company is not a Chit
Fund or a Nidhi / Mutual Benefit Fund / Society. Therefore the
provisions of Clause 4(xiii) of the Companies (Auditor''s Report) Order
2003 (as amended) do not apply to the Company.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4(xiv) of Companies (Auditor''s
Report) Order, 2003 is not applicable.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, no term
loans have been obtained during the year.
17. According to the information and explanation given to us by the
management, the funds raised on short-term basis have not been used for
long-term investment.
18. During the year, the company has not made any preferential
allotment of shares to the parties and companies covered in the
register maintained under section 301 of the Companies Act 1956.
Accordingly, clause 4(xviii) of Companies (Auditor''s Report) Order 2003
is not applicable.
19. The company has not issued any debentures during the year and
therefore the question of creation of securities does not arise.
20. The Company has not raised any money by way of public issue during
the period. Hence, in our opinion Clause 4(xx) of the Companies
(Auditor''s Report) Order 2003 (as amended) is not applicable to the
Company
21. According to the information and explanations given to us, no fraud
on / by the Company was noticed / reported during the year that causes
the financial statements to be materially misstated.
For CNGSN & ASSOCIATES
Chartered Accountants
F.R.No.004915S
-sd-
C NGANGADARAN
Place : Chennai Partner
Date : 30th May 2014 Memb.No.11205
Mar 31, 2012
We have audited the attached balance sheet of RADAAN MEDIAWORKS INDIA
LIMITED as at 31st March 2012 and also the profit and loss statement of
the company for the year ended on that date. These financial statements
are the responsibility of the company's management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit included
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also included
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order,2003 issued by
the Department of Company Affairs, in terms of sub-section 4(A) of
section 227 of the Companies Act,1956 we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order to the extent applicable to the company.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all information and explanation, which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by the law have
been kept by the company, so far as appears from our examination of
those books.
c) The Balance Sheet and Profit and Loss Statement dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and loss Statement
dealt with by this report comply with the accounting standard referred
to in sub-section (3C) of section 211 of the Companies Act 1956.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March 2012 from being
appointed as a director in terms of clause(g) of sub-section(1) of
section 274 of the Companies Act,1956.
f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts together with the notes
thereon, give the information required by the Companies Act,1956 in the
manner so required, and give a true and fair view in conformity with
the accounting principles generally accepted in India
i. In the case of Balance Sheet, of the state of affairs of the
company as at 31st March 2012, and ii. In the case of profit and loss
Statement, of the Profit for the year ended on that date. iii. In the
case of cash flow statement, of cash flows for the year ended on that
date;
ANNEXURE TO THE AUDITOR'S REPORT
Annexure referred to in paragraph 3 of the report of even date of the
Auditors to the members of RADAAN MEDIAWORKS INDIA LIMITED on the
accounts for the year ended 31st March 2012.
1. (a) The company is maintaining proper records, showing full
particulars including quantitative details and situation of fixed
assets.
(b) The company has done a physical verification of its fixed assets
during the year. Material discrepancies between the book balance and
physical verification have been properly dealt with in the books of
accounts.
(c) No substantial part of the fixed assets has been disposed off
during the year and the going concern status of the company is not
affected.
2. (a) Inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is reasonable.
(b) In our opinion, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) The company has maintained proper records of inventories. The
discrepancies noticed on verification between the physical stock and the
book records were not material.
3. The company has neither taken nor given loans, during the year
secured or unsecured from/to companies, firms or other parties listed in
the Register maintained under Section 301 of the Companies Act, 1956.
4. In our opinion, and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with
regards to purchase of fixed assets and income from operations.
5. In respect of transactions covered under section 301 of the
Companies Act,1956.
a) In our opinion, and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Act have been entered in the register to be
maintained under that Section.
b) In our opinion, and according to the information and explanation
given to us, the transaction made in pursuance of such contracts or
arrangement have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
6. The company has not accepted any Fixed Deposits from the public
during the year and therefore, the question of compliance with the
directives issued by the Reserve Bank of India and the provision of
section 58A and 58AA or any other relevant provisions of the Act and the
rules framed there under does not arise.
7. In our opinion, the company has an adequate internal audit system
commensurate with its size and nature of its business.
8. Maintenance of cost records under 209(1) (d) of the Companies
Act,1956 is not applicable to the company.
9. (a) According to the records of the company, undisputed statutory
dues including provident fund, employees
state insurance fund, income-tax, wealth tax, service tax, sales tax,
customs duty, excise duty and other statutory dues have been deposited
regularly during the year with the appropriate authorities. There are
no undisputed taxes outstanding beyond 6 months.
(b) Unpaid disputed taxes are as follows:
Nature of Dues Amount Period to which the Forum where
Rs. amount relates dispute is
(Financial years) pending
Service tax 19,30,27,340 Oct 2004 - Sep 2007 CESTAT,
Chennai
4,68,55,299 Oct 2007 - Sep 2010 -do-
Sales tax 48,40,18,098 April 2001 - March Rs. 2,28,60,665
2006 before
Appellate
Deputy
Commissioner
(CT)
Rs. 46,11,57,433
- interim stay
granted
by Hon'ble High
Court of Madras.
10. The accumulated losses of the company are not more than 50% of net
worth. The company has not incurred cash losses in the current year and
immediately preceding financial year.
11. On the basis of examination of books of accounts carried out by us
and according to information and explanations given to us, the company
has not defaulted in repayment of dues to banks during the year.
12. No loans or advances have been granted by the company against
pledge of securities.
13. In our opinion the company is not a chit fund or a nidhi, mutual
benefit fund/society. Therefore clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the company.
14. Clause 4(xiv) of Companies (Auditor's Report) Order 2003 is not
applicable to the company as it is not dealing or trading in shares,
securities, debentures and other investments.
15. According to the information and explanation given to us, the
company has not given any corporate guarantee during the year.
16. In our opinion and according to the information and explanations
given to us, term loans have been applied for the purposes for which
they were obtained.
17. According to the information and explanation given to us by the
management, the funds raised on short-term basis have not been used for
long-term investment.
18. During the year the company has not made any preferential allotment
of shares to the parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
clause 4(xviii) of Companies (Auditor's Report) Order 2003 is not
applicable.
19. The company has not issued any debentures during the year and
therefore the question of creation of securities does not arise.
20. During the year, the company has not raised any money by way of
public issue and the question of disclosing the end use of money by the
management does not arise.
21. According to the information and explanations given to us, no fraud
on/by the Company was noticed/reported during the year that causes the
financial statements to be materially misstated.
FOR CNGSN & ASSOCIATES
chartered accountants
F. R. No. 004915S
-sd-
c. N. Gangadaran
Partner
Memb. No. 11205
Place : Chennai
Date : 29th May, 2012
Mar 31, 2011
We have audited the attached balance sheet of RADAAN MEDIAWORKS INDIA
LIMITED as at 31st March 2011 and also the profit and loss account of
the company for the year ended on that date. These financial statements
are the responsibility of the company's management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit included
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also included
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors' Report) Order, 2003 issued by
the Department of Company Affairs, in terms of sub-section 4(A) of
section 227 of the Companies Act, 1956 we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order to the extent applicable to the company.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all information and explanation, which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by the law have
been kept by the company, so far as appears from our examination of
those books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and loss Account dealt
with by this report comply with the accounting standard referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March 2011 from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts together with the notes
thereon, give the information required by the Companies Act,1956 in the
manner so required, and give a true and fair view in conformity with
the accounting principles generally accepted in India
i. In the case of Balance Sheet, of the state of affairs of the
company as at 31st March 2011,
ii. In the case of Profit and Loss account, of the PROFIT for the year
ended on that date and
iii. In the case of Cash Flow statement, of cash flows for the year
ended on that date
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to in paragraph 3 of the report of even date of the
Auditors to the members of RADAAN MEDIAWORKS INDIA LIMITED on the
accounts for the year ended 31st March 2011.
1. (a) The company is maintaining proper records, showing full
particulars including quantitative details and situation of fixed
assets.
(b) The company has done a physical verification of its fixed assets
during the year. Material discrepancies between the book balance and
physical verification have been properly dealt with in the books of
accounts.
(c) No substantial part of the fixed assets has been disposed off
during the year and the going concern status of the company is not
affected.
2. (a) Inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) The company has maintained proper records of inventories. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
3. The company has neither taken nor given loans, during the year
secured or unsecured from/to companies, firms or other parties listed
in the Register maintained under Section 301 of the Companies Act 1956.
4. In our opinion, and according to the information and explanation
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business with
regards to purchase of fixed assets and for the sale of teleserial /
game shows and feature film.
5. In respect of transactions covered under section 301 of the
Companies Act, 1956.
(a) In our opinion, and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register to be maintained under that Section.
(b) In our opinion, and according to the information and explanation
given to us, the transaction made in pursuance of such contracts or
arrangement have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
6. The company has not accepted any Fixed Deposits from the public
during the year and therefore, the question of compliance with the
directives issued by the Reserve Bank of India and the provision of
section 58A and 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under does not arise.
7. In our opinion, the company has an adequate internal audit system
commensurate with its size and nature of its business.
8. Maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956 is not applicable to the company.
9. (a) According to the records of the company, undisputed statutory
dues including provident fund, employees state insurance fund,
income-tax, wealth tax ,Service tax, sales tax, customs duty, excise
duty and other statutory dues have been deposited regularly during the
year with the appropriate authorities. There are no undisputed taxes
outstanding beyond 6 months.
(b) Unpaid disputed taxes is as follows.
Nature of Dues Amount Period to which
the amount relates Forum where dispute
is pending
Rs. (Financial years)
Service tax 19.30 crores 2004-2007 CESTAT, Chennai
10. The accumulated losses of the company are not more than 50% of net
worth. The company has not incurred cash losses in the current year but
has incurred cash loss in the immediately preceding financial year.
11. On the basis of examination of books of accounts carried out by us
and according to information and explanations given to us, the company
has not defaulted in repayment of dues to banks during the year.
12. No loans or advances have been granted by the company against
pledge of securities.
13. In our opinion the company is not a chit fund or a nidhi, mutual
benefit fund/society. Therefore clause 4(xiii) of the Companies
(Auditor's Report) Order, 2003 is not applicable to the company .
14. Clause 4(xiv) of Companies (Auditors' Report) Order, 2003 is not
applicable to the company as it is not dealing or trading in shares,
securities, debentures and other investments.
15. According to the information and explanation given to us, the
company has not given any corporate guarantee during the year.
16. In our opinion and according to the information and explanations
given to us, term loans have been applied for the purposes for which
they were obtained.
17. According to the information and explanation given to us by the
management, the funds raised on short-term basis have not been used for
long-term investment.
18. During the year the company has not made any preferential
allotment of shares to the parties and companies covered in the
Register maintained under section 301 of the Companies Act 1956.
Accordingly, clause 4(xviii) of Companies (Auditors' Report) Order,
2003 is not applicable.
19. The company has not issued any debentures during the year and
therefore the question of creation of securities does not arise.
20. During the year, the company has not raised any money by way of
public issue and the question of disclosing the end use of money by the
management does not arise.
21. According to the information and explanations given to us, no
fraud on / by the Company was noticed /reported during the year that
causes the financial statements to be materially misstated.
FOR CNGSN &ASSOCIATES
Chartered Accountants
F.R.NO.004915S
-sd-
Place: Chennai C.N.Gangadaran
Date: 30.05.2011 Partner
Memb.No.11205
Mar 31, 2010
We have audited the attached Balance Sheet of RADAAN MEDIAWORKS INDIA
LIMITED as at 31st March 2010 and also the Proft and Loss Account of
the company for the year ended on that date. These fnancial statements
are the responsibility of the companyÃs management. Our responsibility
is to express an opinion on these fnancial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the fnancial
statements are free of material misstatement. An audit included
examining, on a test basis, evidence supporting the amounts and
disclosures in the fnancial statement. An audit also included assessing
the accounting principles used and signifcant estimates made by
management as well as evaluating the overall fnancial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (AuditorÃs Report) Order, 2003 issued by
the Department of Company Affairs, in terms of sub-section 4 (A) of
section 227 of the Companies Act, 1956 we enclose in the Annexure a
statement on the matters specifed in paragraph 4 and 5 of the said
order to the extent applicable to the company.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all information and explanation, which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by the law have
been kept by the company, so far as appears from our examination of
those books;
c) The Balance Sheet and Proft and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Proft and loss Account dealt
with by this report comply with the accounting standard referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the directors is disqualifed as on 31st March 2010 from being appointed
as a director in terms of clause (g) of sub-section (1) of section 274
of the Companies Act,1956;
f) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts together with the notes
thereon, give the information required by the Companies Act,1956 in the
manner so required, and give a true and fair view in conformity with
the accounting principles generally accepted in India
i. In the case of Balance Sheet, of the state of affairs of the
company as at 31st March 2010;
ii. In the case of Proft and Loss Account, of the LOSS for the year
ended on that date; and
iii. In the case of cash fow statement, of cash fows for the year ended
on that date.
ANNEXURE TO THE AUDITORS REPORT
Annexure referred to in paragraph 3 of the report of even date of the
Auditors to the members of RADAAN MEDIAWORKS INDIA LIMITED on the
accounts for the year ended 31st March 2010.
1. (a) The company is maintaining proper records, showing full
particulars including quantitative details and situation of fxed
assets.
(b) The company has done a physical verifcation of its fxed assets
during the year. Material discrepancies between the book balance and
physical verifcation have been properly dealt within the books of
accounts.
(c) No substantial part of the fxed assets has been disposed off during
the year and the going concern status of the company is not affected.
2 (a) Inventories have been physically verifed during the year by the
management. In our opinion, the frequency of verifcation is reasonable.
(b) In our opinion, the procedure of physical verifcation of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) The company has maintained proper records of inventories. The
discrepancies noticed on verifcation between the physical stock and the
book records were not material.
3. The company has neither taken nor given loans, during the year
secured or unsecured from/to companies, frms or other parties listed in
the Register maintained under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business with
regards to purchase of fxed assets and for the sale of teleserial /
game shows and feature flm.
5. In respect of transactions covered under section 301 of the
Companies Act, 1956.
a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Act have been entered in the register to be
maintained under that Section.
b) In our opinion and according to the information and explanation
given to us, the transaction made in pursuance of such contracts or
arrangement have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
6. The company has not accepted any Fixed Deposits from the public
during the year and therefore, the question of compliance with the
directives issued by the Reserve Bank of India and the provision of
section 58A and 58AA or any other relevant provisions of the Act and
the rules framed thereunder does not arise.
7. In our opinion, the company has an adequate internal audit system
commensurate with its size and nature of its business.
8. Maintenance of cost records under 209(1) (d) of the Companies
Act,1956 is not applicable to the company.
9. (a) According to the records of the company, undisputed statutory
dues including provident fund, employees state insurance fund,
income-tax, wealth tax, service tax, sales tax, customs duty, excise
duty and other statutory dues have been deposited regularly during the
year with the appropriate authorities. There are no undisputed taxes
outstanding beyond 6 months.
(b) Unpaid disputed taxes is as follows.
Nature of Dues Amount Period to which the
amount relates Forum where
dispute is
Rs. (Financial Year) pending
Service tax 19.30 crores 2004-2007 CESTAT, Chennai
10. The company has no accumulated losses and has incurred cash losses
during the fnancial year covered by our audit but not in the
immediately preceding fnancial year.
11. On the basis of examination of books of accounts carried out by us
and according to information and explanations given to us, the company
has not defaulted in repayment of dues to banks during the year.
12. No loans or advances have been granted by the company against
pledge of securities.
13. In our opinion the company is not a chit fund or a nidhi, mutual
beneft fund/society. Therefore clause 4 (xiii) of the Companies
(AuditorÃs Report) Order, 2003 is not applicable to the company.
14. Clause 4 (xiv) of Companies (AuditorÃs Report) Order, 2003 is not
applicable to the company as it is not dealing or trading in shares,
securities, debentures and other investments.
15. According to the information and explanation given to us, the
company has not given any corporate guarantee during the year.
16. During the year, the company has not raised term loans.
17. According to the information and explanation given to us by the
management, the funds raised on short-term basis have not been used for
long-term investment.
18. During the year the company has not made any preferential
allotment of shares to the parties and companies covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, clause 4 (xviii) of Companies (AuditorÃs Report) Order,
2003 is not applicable.
19. The company has not issued any debentures during the year and
therefore the question of creation of securities does not arise.
20. During the year, the company has not raised any money by way of
public issue and the question of disclosing the end use of money by the
management does not arise.
21. According to the information and explanations given to us, no
fraud on / by the Company was noticed /reported during the year that
causes the fnancial statements to be materially misstated.
For CNGSN & ASSOCIATES
Chartered Accountants
-sd-
Place: Chennai C.NGangadaran
Date : 26.05.2010 Partner
Memb.No.11205
F.RNo.0049155
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article