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Radaan Mediaworks India Ltd.

BSE: 590070 | NSE: RADAAN |

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Series: BE | ISIN: INE874F01027 | SECTOR: Media & Entertainment

BSE Live

Sep 28, 16:00
1.36 0.01 (0.74%)
Volume
AVERAGE VOLUME
5-Day
19,776
10-Day
26,816
30-Day
44,965
8,043
  • Prev. Close

    1.35

  • Open Price

    1.41

  • Bid Price (Qty.)

    1.32 (800)

  • Offer Price (Qty.)

    1.41 (10000)

NSE Live

Sep 28, 15:40
1.35 -0.05 (-3.57%)
Volume
AVERAGE VOLUME
5-Day
53,158
10-Day
63,343
30-Day
58,901
48,252
  • Prev. Close

    1.40

  • Open Price

    1.40

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2008 2007 2006

Auditor's Report

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