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Radaan Mediaworks India Ltd.

BSE: 590070 | NSE: RADAAN |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE874F01027 | SECTOR: Media & Entertainment

BSE Live

Oct 27, 16:00
1.34 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
24,769
10-Day
34,412
30-Day
31,835
3,583
  • Prev. Close

    1.34

  • Open Price

    1.34

  • Bid Price (Qty.)

    1.32 (2000)

  • Offer Price (Qty.)

    1.40 (2)

NSE Live

Oct 27, 15:58
1.30 -0.05 (-3.70%)
Volume
AVERAGE VOLUME
5-Day
73,580
10-Day
90,499
30-Day
78,212
72,661
  • Prev. Close

    1.35

  • Open Price

    1.40

  • Bid Price (Qty.)

    1.30 (10)

  • 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 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