TO THE MEMBERS OF
LUHARUKA MEDIA & INFRA LIMITED
(Formerly Known as Splash Media & Infra Limited)
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of LUHARUKA MEDIA & INFRA
LIMITED (Formerly Known as Splash Media & Infra Limited)("the Company"),
which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss
and the Statement of Cash Flows for the year ended on that date, and a summary of the
significant accounting policies and other explanatory information (hereinafter referred to
as "financial statements").
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
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, of the
state of affairs of the Company as at March 31,2023, the profit and its cash flows for the
year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under
those Standards are further described in the Auditors Responsibilities for the Audit of
the 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 independence requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules made thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on the 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 financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters. We
have determined following the key audit matters in our report.
| Sr. No. Key Audit Matter |
How our audit addressed the key matter |
| 1. Company has entered into a Development Agreement with M/s. Krishna Sagar Builders
Ltd. to develop a property situated at Charkop Village, Kandivali (West) admeasuring total
area of 1138.78 Sq. Mtrs (Developable Area: 984.90 Sq Mtrs) the total amount incurred on
the said project is Rs. 446.62 Lacs as on 31st March, 2023 which is under Legal
Dispute and the company has entered into a Joint Venture Agreement with M/s. Krishna
Developers through its proprietor Mr. Rajiv Kashyap to develop the property situated at
CTS No.484 at Gulmohar Road, Juhu, Mumbai the total amount incurred on the said project is
Rs. 147.45, which is also under Dispute but the company has made a recovery of Rs. 50.70
Lacs in the year 2013 so the net amount incurred on the said project is Rs.90.50 Lacs as
on 31st March 2023. |
Our procedures for going through the projects include the following: |
| Company showing both the Project under development Amount Rs. 5,37,12,067/- in Other
Non-Current Assets. The matters are in legal Dispute since long period and final result
awaited. In view of this, we identified the assessments of projects as key audit matter. |
• Understanding the development agreements and legal matters going on |
|
• Enquiry and discussion with the Management |
|
• Assessing the accuracy and reasonableness of the input data provided by the
management. |
|
• Assessed adequacy of relevant disclosures in the financial statement |
Other Information
The Companys board of directors is responsible for the preparation for the other
information. The other information comprises the information included in the annual
report, but does not include the financial statements and our auditors report thereon.
Our opinion on the 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 the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the standalone financial statements or our knowledge obtained
in the 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.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of 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 the Accounting Standards specified under Section 133 of the Act, read with Rule
7 of the Companies (Accounts) Rules, 2014. 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 financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the
Companys 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.
The Board of Directors are responsible for overseeing the Companys financial reporting
process.
Auditors Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors 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 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 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 are 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 managements 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 Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the 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 auditors
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 financial
statements, including the disclosures, and whether the 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 financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors 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 (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government in terms of Section 143(11) of the Act, we give in
"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.
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.
c) The Balance Sheet, the Statement of Profit and Loss 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 mandatory
Accounting Standards referred to in section 133 of Companies Act, 2013 read with Rule 7 of
the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on March
31,2023 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023
f) from being appointed as a director in terms of Section 164 (2) of the Act.
g) 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".
h) With respect to the other matters to be included in the Auditors 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 has disclosed the impact of pending litigations on its financial
position in its financial statements.
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company.
3. As required by the Non-Banking Financial Companies Auditors Report (Reserve Bank)
Direction, 2016, issued by the Reserve Bank of India in exercise of the powers conferred
by sub-section (1A) of Section 45MA of the Reserve Bank of India Act, 1934, we give in the
"Annexure C", an additional Audit Report addressed to the Board of Directors
containing our statements on the matters specified therein.
For R S R V & ASSOCIATES
CHARTERED ACCOUNTANTS
(FRN. 115691W)
Sd/-
Ajay Sundaria
Partner
(M. No.181133)
UDIN: 23181133BGYKVA1729
Place: Mumbai
Date: 05th May, 2023
ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of LUHARUKA MEDIA & INFRA LIMITED
(Formerly Known as Splash Media & Infra Limited)
i. In respect of its Property Plant and Equipment:
(a) (A) Based on the records examined by us and information and explanation given to us
the Company is maintaining proper records showing full particulars, including quantitative
details and situation of Property Plant and Equipment.
(B) The Company does not have any intangible assets during the year.
(b) We are informed that Property Plant and Equipment have been physically verified by
the management at reasonable intervals and no material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification is reasonable
having regard to the size of the Company and nature of its assets.
(c) According to the information and explanations given to us and on the basis of
records examined by us, we report that, The Company has no immoveable property in its
name.
(d) According to the information and explanations given to us and on the basis of
records examined by us, the Company has neither revalued any of its Property, Plant and
Equipment (including Right-of-use Assets) nor its Intangible Assets during the year.
Accordingly, reporting under clause 3(i)(d) of the Order is not applicable.
(e) According to the information and explanations given to us, no proceedings have been
initiated or are pending against the Company for holding any benami property under the
Benami Transactions (Prohibitions) Act, 1988 (as amended in 2016) and Rules made
thereunder. Accordingly, reporting under clause 3(i)(e) of the Order is not applicable.
ii. The Company does not have any inventories. Accordingly, reporting under clause 3
(ii) of the Order is not applicable to the Company.
iii. (a) The company is a NBFC whose principal business is to give loans, so this
clause is not applicable to the company.
(b) According to information and explanation given to us, and based on the audit
procedure we are of the opinion that the terms and conditions on which loans have been
granted by the company during the year are not prejudicial to the companys interest.
(c) According to information and explanation given to us, repayment of loan installment
together with interest, wherever stipulated, are regular.
(d) According to information and explanation and based on our audit procedure there is
no overdue amount remain outstanding for more than 90 days as at the year end.
(e) The company is a NBFC whose principal business is to give loans, so this clause is
not applicable to the company.
(f ) The company has provided loans or advances in the nature of loans repayable on
demand to related party as defined in clause (76) of section 2 of the Companies Act, 2013.
iv. In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of Sections 185 and 186 of the Act with respect
to the loans and investments made.
v. As per the information and explanation given to us The Company has not accepted any
deposits from the public and hence the directives issued by the Reserve Bank of India and
the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the
Companies (Acceptance of Deposit) Rules, 2015 as amended with regard to the deposits
accepted from the public are not applicable.
vi. The provision of sub-section (1) of section 148 of the Act are not applicable to
the Company as the Central Government of India has not specified the maintenance of cost
records for any of the products of the Company. Accordingly, the provision stated in
paragraph 3(vi) of the Order are not applicable to the Company.
vii. (a) According to the information and explanations given to us and the records of
the Company examined by us, in our opinion, the Company is generally regular in depositing
with appropriate authorities undisputed statutory dues including Income Tax, Goods and
Service Tax, Cess and any other statutory dues applicable to it. According to the
information and explanations given to us, no undisputed amounts are payable in respect of
income-tax, goods and service tax and any other statutory dues which were applicable to
the company were in arrears, as at March 31, 2023 for a period of more than six months
from the date they became payable.
(b) According to the information and explanation given to us and the records of the
Company examined by us, there are no dues of Income Tax, Goods and Service Tax, Cess and
any other statutory dues which have not been deposited on account of any dispute, except
following:
| So. No. |
Name of the Statute |
Nature of Dues |
Amount (In Rs.) |
Period to which the amount is related |
Forum Where Dispute is Pending |
| 1 |
Income Tax Act, 1961 |
Income Tax |
2,42,881/- |
2005-06 |
DCIT 3(1) Indore |
| 2 |
|
|
1,49,804/- |
2006-07 |
DCIT 3(1) Indore |
| 3 |
|
|
99,041/- |
2007-08 |
DCIT 3(1) Indore |
| 4 |
|
|
58,021/- |
2008-09 |
DCIT 3(1) Indore |
| 5 |
|
|
51,680/- |
2012-13 |
DCIT 3(1) Indore |
| 6 |
|
|
3,02,590/- |
2015-16 |
CPC of I Tax Department |
| 7 |
|
|
1,43,590/- |
2016-17 |
CPC of I Tax Department |
| 8 |
|
|
3,24,100/- |
2018-19 |
CPC of I Tax Department |
| 9 |
|
|
5,032/- |
2021-22 |
CPC of I Tax Department |
| 10 |
GST ACT |
GST |
24,35,148/- |
2017-18 |
State Tax Officer |
viii. According to information and explanation given to us there are no undisclosed
transaction reported in the books accordingly clause related to reporting of transactions
which are not reported in the books of account and which have been surrendered and
disclosed as income during the assessment proceedings of the income tax as unrecorded
income in the books of account accordingly this clause related to disclosure of
undisclosed transaction is not applicable.
ix. a) According to the information and explanations given to us, as also on the basis
of the books and records examined by us, the Company has not defaulted in repayment of
dues to financial institutions or banks or any lenders. The Company has not taken any loan
or borrowing from Government and has not issued any debenture during the year.
b) According to the information and explanations given to us and on the basis of our
audit procedures, the Company is not declared willful defaulter by any bank or financial
institution or other lender.
c) The Company does not have any term loan. Accordingly the paragraph3(ix)(c) of the
order is not applicable.
d) According to the information and explanations given to us and on an overall
examination of the balance sheet of the Company, we report that funds raised on short-term
basis have not been utilised for long-term purposes.
e) The Company does not have any subsidiaries, associates, joint ventures. Accordingly
the paragraph 3(ix) (e) of the order is not applicable.
f) The Company does not have any subsidiaries, associates, joint ventures. Accordingly
the paragraph 3(ix) (f) of the order is not applicable.
x. (a) According to the information and explanations given to us and on the basis of
the books and records examined by us, the Company has not raised any money by way of
initial public offer or further public offer (including debt instruments) during the year.
Accordingly, reporting under clause 3 (x)(a) of the Order is not applicable.
(b) According to the information and explanations given to us and on the basis of the
books and records examined by us, the Company has not made any preferential allotment or
private placement of shares or convertible debentures (fully, partially or optionally
convertible) during the year. Accordingly, reporting under clause 3(x)(b) of the Order is
not applicable.
xi.(a) On the basis of books and records of the Company examined by us and according to
the information and explanations given to us, we report that no material fraud by the
Company or any fraud on the Company has been noticed or reported during the year in the
course of our audit.
(b) According to the information and explanations given to us, no report under section
143(12) of the Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the
date of this report.
(c) As represented to us by the management, the Company has not received any
whistle-blower complaint during the year and upto the date of this report.
xii. The Company is not a Nidhi Company. Accordingly, reporting under clause 3(xii) of
the Order is not applicable.
xiii. According to the information and explanations given to us and on the basis of
records of the Company examined by us, transactions with the related parties are in
compliance with Sections 177 and 188 of the Act, where applicable, and the details of such
transactions have been disclosed in the standalone financial statements as required by the
applicable accounting standards.
xiv. (a) In our opinion the Company has an adequate internal audit system commensurate
with the size and the nature of its business.
(b) We have considered, the internal audit reports for the year under audit, issued to
the Company during the year and till date, in determining the nature, timing and extent of
our audit procedures.
xv. According to the information and explanations given to us and on the basis of the
books and records examined by us, the Company has not entered into non-cash transactions
with directors or persons connected to its directors. Accordingly, reporting under clause
3(xv) of the Order is not applicable.
xvi. (a) The company is a NBFC (Loan finance company-Non deposit) and registered under
section 45-IA of the Reserve Bank of India Act 1934.
(b) Company has conducted Non-Banking Financial Activities with a valid certificate of
registration (COR) From the Reserve Bank of India under the Reserve Bank of India ACT
1934.
(c) The company is an exempted Core Investment Company (CIC) and we are of the opinion
that, it continues to fulfill such criteria for exemption from registration as CIC.
(d) This clause is not applicable to the company as it is not CIC
xvii. In our Opinion the Company has not incurred cash losses in the Financial Year and
in the immediately preceding financial year.
xviii. There has been resignation of the statutory auditors during the year however
there was no issues, objection or concern raised by the outgoing auditor.
xix. On the basis of ageing and expected dates of realisation of financial assets and
payment of financial liabilities, other information accompanying the standalone financial
statements and more particularly, our knowledge of the Board of Directors and Management
plans and based on our examination of the evidence supporting the assumptions, nothing has
come to our attention, which causes us to believe that any material uncertainty exists as
on the date of the audit report indicating that Company is not capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a
period of one year from the balance sheet date. We, however, state that this is not an
assurance as to the future viability of the Company. We further state that our reporting
is based on the facts up to the date of the audit report and we neither give any guarantee
nor any assurance that all liabilities falling due within a period of one year from the
balance sheet date, will get discharged by the Company as and when they fall due.
xx. Since the company does not fall in the obligation prescribed u/s 135 of Company act
2013 accordingly clause related to compliance of CSR funds is not applicable to it.
xxi. This clause is not applicable to the company as company is not a
Holding/Subsidiary/Associate/Joint Venture company of any other company.
For R S R V & ASSOCIATES
CHARTERED ACCOUNTANTS
(FRN. 115691W)
Sd/-
Ajay Sundaria
Partner
(M. No.181133)
UDIN: 23181133BGYKVA1729
Place: Mumbai
Date: 05th May, 2023
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of Luharuka Media & Infra Limited
(Formerly Known as Splash Media & Infra Limited) of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Luharuka
Media & Infra Limited (Formerly Known as Splash Media & Infra Limited) ("the
Company") as of March 31, 2023 in conjunction with our audit of financial statements
of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaining
internal financial controls based on the internal control over financial reporting
criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to respective companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the internal financial controls over
financial reporting of the Company based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants
of India and the Standards on Auditing prescribed under Section 143(10) of the Companies
Act, 2013, to the extent applicable to an audit of internal financial controls. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to
provide a basis for our audit opinion on the internal financial controls system over
financial reporting of the Company.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given
to us, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at March 31,2023, based on the internal control
over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India.
For R S R V & ASSOCIATES
CHARTERED ACCOUNTANTS
(FRN. 115691W)
Ajay Sundaria
Partner
(M. No.181133)
UDIN: 23181133BGYKVA1729
Place: Mumbai
Date: 05th May, 2023
"ANNEXURE C" TO THE AUDITORS REPORT
To the Board of Directors of,
Luharuka Media & Infra Limited
(Formerly Known as Splash Media & Infra Limited)
We have audited the Balance Sheet of Luharuka Media & Infra Limited for the
year ended on March 31, 2023, 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 annexed thereto. As required by the Non-Banking Financial
Companies Auditors Report (Reserve Bank) Direction, 2016, and according to the
information and explanations given to us, we provide herewith, a statement on the matters
specified in paragraphs 3 and 4 of the aforesaid directions;
i. The company is engaged in the business of Non-Banking Financial Institution and it
has obtained the certificate of registration as provided in section 45-IA of the RBI Act,
1934.
ii. The Company is entitled to continue to hold the Certificate of Registration in
terms of the Asset/Income pattern as on March 31, 2023.
iii. The company is meeting the requirements of net owned funds as laid down in master
directions -Non-banking financial company-Systemically important non-deposit taking
company and deposit taking company Reserve Bank) Directions, 2016.
iv. The Board of Directors of the Company has passed a resolution for non-acceptance of
public deposit.
v. The Company has not accepted any public deposit during the period under review.
vi. According to the information and explanation given to us, the Company has complied
with the prudential norms on Income Recognition, Indian Accounting Standards, Asset
Classification, provisioning for bad and doubtful debts as specified in the direction
issued by the Reserve Bank of India in terms of the Master Direction-Non-Banking Financial
Company-Systemically Important Non-Deposit taking Company and deposit taking Company
(Reserve Bank) Directions, 2016.
vii. The capital adequacy ratio as disclosed in the return submitted to RBI in terms of
Master Direction - Non-Banking Financial Company - Systemically Important Non- deposit
taking Company and Deposit taking Company (Reserve Bank) Direction, 2016, has been
correctly arrived at and such ratio is in compliance with the minimum CRAR as prescribed
by the Reserve Bank of India.
viii. The Company has furnished to RBI the annual statement of Capital Fund, risk
assets/Exposures and risk assets ratio within the stipulated period.
ix. The Company has not been classified as NBFC-MFI for the year ended March 31, 2023.
The report has been issued pursuant to the Non-Banking Financial Companies Auditors
Report (Reserve Bank) Direction, 2016 and is issued to the Board of Directors of the
Company as required by Paragraph 2 of such directions and should not be used for any other
purpose.
For R S R V & ASSOCIATES
CHARTERED ACCOUNTANTS
(FRN. 115691W)
Ajay Sundaria
Partner
(M. No.181133)
UDIN: 23181133BGYKVA1729
Place: Mumbai
Date: 05th May, 2023.
+91-9892691696
