We have audited the accompanying Ind AS Financial Statements of M/s. Padmalaya Telefilms Limited ("the company"),
which comprise the Balance Sheet as at March 31 2025, the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the
matters described in the 'Basis for Qualified Opinion' section of our report, the aforesaid Ind AS Financial Statements give
the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India prescribed under Section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2025 and its Loss, total comprehensive income,
changes in equity and its cash flows for the year ended on that date.
Basis for Qualified Opinion
1. The company has not paid the GST Liability of Rs. 56.06 (in Lakhs) up to 31-03-2025.
2. The company has not submitted physical verification reports of inventory aggregating to Rs. 1313.14 (in Lakhs)
as at 31st March 2025 and We were unable to obtain sufficient & appropriate audit evidence regarding the
physical existence and valuation of inventory. In the absence of alternative corroborate evidence, we are
unable to comment on carrying value of the inventory and realizable value of the same.
3. The company has not submitted the confirmations of Trade Receivables of Rs. 36.00 (in Lakhs). In the absence
of alternative corroborative evidence, we are unable to comment on the extent to which such balances are
payable or receivable.
We conducted our audit of the Ind AS Financial Statements in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Ind AS Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the
ethical requirements that are relevant to our audit of the Ind AS Financial Statements under the provisions of the Act and
the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our qualified audit opinion on the Ind AS Financial Statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit of the
Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Except the matters discussed in the Qualified Opinion paragraph, there are no other key audit matters be discussed.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board's Report including Annexure to Board's Report,
Business Responsibility Report, Corporate Governance and Shareholder's Information, but does not include the Ind AS
Financial Statements and our auditor's report thereon.
Our opinion on the Ind AS Financial Statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of Ind AS Financial Statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the Ind AS Financial Statements or our
knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these Ind AS Financial Statements that give a true and fair view of the financial position, financial
performance, including other comprehensive income, changes in equity and cash flows of the Company in
accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting 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 adequate internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS
Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud
or error.
In preparing the Ind AS Financial Statements, management is responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS Financial Statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these Ind AS Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the Ind AS Financial Statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures
that is appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a going concern. If we conclude that a material
uncertainty exists; we are required to draw attention in our auditor's report to the related disclosures in the Ind
AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Ind AS Financial Statements, including the
disclosures, and whether the Ind AS Financial Statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Ind AS Financial Statements for the financial year ended 31st March, 2025 and are therefore
the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh
the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the
matters Specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit 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 purposes of our audit except for the points discussed in the Basis for
Qualified Opinion.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books except for the points given in the Basis for Qualified Opinion.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the
relevant books of account.
d) In our opinion, the aforesaid Financial Statements comply with the Ind AS specified under Section 133 of the
Act, read with relevant rules issued there under except for the matters discussed in the Basis for Qualified
Opinion.
e) On the basis of the written representations received from the directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report
expresses a modified opinion on the adequacy and operating effectiveness of the Company's internal
financial controls over financial reporting.
g) In our opinion and to the best of our information and according to the explanations given to us, the
Company has not paid any remuneration to its directors during the year.
h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information
and according to the explanations given to us:
i. The Company does not have pending litigations on its financial position in its Ind AS Financial Statements.
ii. The Company does not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds have
been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other persons or entities, including foreign
entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The Management has represented that, to the best of its knowledge and belief, no funds have been
received by the Company from any persons or entities, including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that the Company shall directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of the Funding Parties or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to believe
that the representations under sub-clause (i) and (ii) of Rule 11(e) contain any material
misstatement
v. The company has not declared or paid any dividend during the year.
vi. The Company uses accounting software for maintaining its books of account which has a
feature of recording Audit Trial (edit log) facility, but the same was not enabled in the software
during the year.
For P. Murali & Co.
Chartered Accountants
FRN:007257S
Sd/-
M.V. Joshi
Partner
M. No: 024784
UDIN No: 25024784BMIXTU4396
Place: Hyderabad
Date: 30.05.2025
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