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.
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
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.
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
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
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
ii. the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
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
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:-
Nature Amount which the Forum Where dispute
of Dues Rs relates is pending
Service Oct 2004 - CFSTAT Chennai
Tax 19,30.27.340 Sep2007
4,68,55,299 Oct 2007 -do-
360,84,169 Oct 2010 -do
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
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
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
Place : Chennai C N GANGADARAN
Dated : 26th May, 2015 Partner