To the members of M/s. Mediaone Global Entertainment Limited
Report on the audit of Financial Statements
Opinion
We have audited the standalone financial statements of M/s.
Mediaone Global Entertainment Limited ("the Company"), which comprise the
Balance Sheet as at 31st March, 2023, the Statement of Profit and Loss (including other
comprehensive income), statement of Changes in Equity and the Statement of Cash Flows for
the year ended on that date, including a summary of the significant accounting policies
and other explanatory information (hereinafter referred to as the "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 in conformity with Indian Accounting Standards 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, 2023 and its Profit and
Other total Comprehensive Income, Changes in Equity and Cash Flows for the year ended on
that date.
Basis of Opinion
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 ethical requirements that are relevant to our audit of the financial statements
under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with the requirements and the
ICAI s Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the financial statements.
Information Other than the Financial Statements and Auditors Report
Thereon
The Companys Board of Directors is responsible for the other
information. The other information comprises the Boards report, including Annexure to
Board Report, and Shareholders Information 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 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, on the other information
obtained prior to the date of this auditors report, 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.
Responsibility of Management for the Financial Statements
The Companys Board of Directors is responsible for the matters
stated 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, total comprehensive income, changes in equity
and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards (Ind AS) specified under Section 133
of the Act, read with relevant rules made thereunder.
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, the 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 the management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do
Those Board of Directors are also 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 scepticism 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 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.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors 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, we report that:
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.
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
The Balance Sheet, the Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement of Changes in Equity and the Cash Flow
Statement dealt with by this Report are in agreement with the books of account.
In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
On the basis of the written representations received from the directors
as on 31st March, 2023, taken on record by the Board of Directors, none of the directors
is disqualified as on 31st March, 2023 from being appointed as a director in terms of
Section 164 (2) of the Act.
With respect to the adequacy of the internal financial controls over
financial reporting of the company and other operating effectiveness of such controls,
refer to our separate report in "Annexure B".
With respect to the other matters to be included in the Auditors Report
in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to its directors during the
year is in accordance with the provisions of section 197 of the Act.
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, in
our opinion and to the best of our information and according to the explanations given to
us:
The Companys pending litigations that will have an impact on its
financial position has been fully disclosed in the Notes to Accounts.
The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.
There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Management has represented that, to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts, no funds have been advanced
or loaned or invested (either from borrowed funds or any other sources or kind of funds)
by the company to or in any other person(s) or entity(is), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
Management has represented that, to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts no funds have been received
by the Company from any person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries, and Based on the audit procedures
adopted by us, nothing has come to our notice that has caused us to believe that the
representations made by the management under sub clause (i) and (ii) above, contain any
material Misstatement.
In our opinion and according to the information and explanations given
to us, the remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which
are required to be commented upon by us.
For VIVEKANANDAN ASSOCIATES
Chartered Accountants (ICAI Regn. No.: 05268 S)
Sd/-
R. LAKSHMINARAYANAN
Partner
Membership No. 204045 UDIN: 23204045BGVSOW3218
"Annexure A" to the Independent Auditors Report
Referred to in paragraph 1 under the heading Report on Other Legal
& Regulatory Requirement of our report of even date to the financial statements of
the Company for the year ended March 31, 2023:
The Company has maintained proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipments. There are
no intangible assets held by the Company.
These Property, Plant and Equipments have been physically verified by
the management in a phased manner, at regular intervals, which in our opinion, is
reasonable having regard to the size of the company and nature of its business and no
material discrepancies between the book records and the physical fixed assets have been
noticed.
The company holds immovable properties in its own name.
The Company have not revalued its Property, Plant and Equipments during
the year under review.
The Company is not holding any Property, Plant and Equipments under
benami names and no proceedings have been initiated during the year or are pending against
the Company for holding any benami property under the Benami Transactions (Prohibition)
Act, 1988 (45 of 1988) and rules made thereunder.
(a) As informed to us, the management has conducted physical
verification of inventory (including inventory lying with third parties) at reasonable
intervals during the year. In our opinion the coverage and the procedure of such
verification by the management is appropriate. Discrepancies noticed on such physical
verification is less than 10% in aggregate for each class of inventory and have been
properly dealt with in the books of account.
(b) The Company had not availed any working capital loans from banks
during the year against the security of the work-in-progress.
The Company has not granted any loans, secured or unsecured to
companies, firms, Limited Liability partnerships or other parties covered in the Register
maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a)
to (f) of the Order are not applicable to the Company and hence not commented upon.
In our opinion and according to the information and explanations given
to us, the company has complied with the provisions of section 185 and I86 of the
Companies Act, 2013 in respect of loans, investments, guarantees, and security.
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 with regard to the deposits accepted from the public are not applicable.
As informed to us, the maintenance of Cost Records has not been
specified by the Central Government under sub-section (1) of Section 148 of the Act, in
respect of the activities carried on by the company.
(a) According to information and explanations given
to us and on the basis of our examination of the books of account, and records, the
Company has been generally regular in depositing undisputed statutory dues including
Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of
Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the
appropriate authorities. According to the information and explanations given to us, no
undisputed amounts payable in respect of the above were in arrears as at March 31, 2023
for a period of more than six months from the date on when they become payable. There are
payments by the Company towards income tax deducted at source and filed the returns with a
delay due to which the deducted amounts paid by them does not match with the records
available with the Income tax department. The reconciliation of the payments made by the
company with the figures shown by the Income tax department is in progress.
According to the information and explanation given to us, there are no
dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added
tax outstanding on account of any dispute.
In our opinion and according to the information and explanations given
to us, there are no transactions unrecorded previously in the books of account that have
been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961 (43 of 1961). Accordingly, the requirement to report on Clause
3(viii) of the Order is not applicable to the Company.
The Company has defaulted in the repayment of both interest and
principal dues amounting to Rs.60,90,201/- in respect of a loan borrowed from a bank in
the past and the bank had initiated legal action for recovery of the past dues.
Based upon the audit procedures performed and the information and
explanations given by the management, the company has not raised moneys by way of initial
public offer or further public offer including debt instruments and term Loans during the
year. The company has not made any preferential allotment or private placement of shares
or fully or partially or optionally convertible debentures during the year under audit.
Accordingly, the provisions of clause 3 (x) (a) and 3(x) (b) of the Order are not
applicable to the Company and hence not commented upon.
(a) During the course of our examination of books and records of the
company, carried out in accordance with the generally accepted audit procedures performed
for the purpose of reporting true and fair view of the standalone financial statements, to
the best of our knowledge and belief and as per the information and explanations given by
the Management and the representations obtained from the Management, no material fraud on
the company by its officers or employees has been noticed or reported during the year.
There is no report under sub-section (12) of section 143 of the
Companies Act has been filed by us in Form ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government during the year. According to
the information and explanations given to us and records verified by us, the Secretarial
Auditors have not filed report in Form ADT-4 prescribed under rule 13 of Companies (Audit
and Auditors) Rules, 2014 with the Central Government.
According to the information and explanations given to us and records
verified by us, there are no whistle blower complaints received by the Company during the
year.
In our opinion, the Company is not a Nidhi Company. Therefore, the
provisions of clause (xii) of the Order are not applicable to the Company.
In our opinion and according to the information and explanations given
to us, based on verification of the records and approvals of the Audit Committee, the
Company is in compliance with Section 177 and Section 188 of the Act, where applicable,
for all transactions with the related parties and the details of related party
transactions have been disclosed in the Standalone financial statements as required by the
applicable accounting standards
a) In our opinion and based on our examination, the Company has an
internal audit system commensurate with the size and nature of its business.
b) The internal audit reports of the Company issued till the date of
this audit report, for the period under audit have been considered by us.
Based upon the audit procedures performed and the information and
explanations given by the management, the company has not entered into any non-cash
transactions with directors or persons connected with him. Accordingly, the provisions of
clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
(a) In our opinion, and according to the information and explanations
given by the management and verified by us, the company is not required to be registered
under section 45 IA of the Reserve Bank of India Act, 1934. Accordingly, the requirement
to report under clause (xvi) of the Order does not arise.
The Company has not conducted any Non-Banking Financial or House
Financing activities.
The Company is not a core investment company as defined in the
regulations made by the Reserve Bank of India. Accordingly, the requirement to report
under clause (xvi) of the Order does not arise.
The Company had incurred cash loss in the current year as well as in
the immediately preceding financial year respectively.
There is no resignation of the statutory auditor during the year under
review. Accordingly, the requirement to report under clause 3 (xviii) of the Order does
not arise.
According to the information and explanations given to us and on the
basis of the financial ratios, ageing and expected dates of realisation of financial
assets and payment of financial liabilities and other information accompanying the
financial statements together with 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 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.
According to the information and explanations given to us, the
provisions of Section 135 of the Companies Act, 2013 relating Corporate Social
Responsibility are not applicable to this Company and hence not commented upon.
For VIVEKANANDAN ASSOCIATES
Chartered Accountants (ICAI Regn. No.: 05268 S)
Sd/-
R. LAKSHMINARAYANAN
Place: Chennai Partner
Date: 10/05/2023 Membership No. 204045
UDIN: 23204045BGVSOW3218
"Annexure B" to the Independent Auditors Report of even
date on the Financial Statements of M/s. Mediaone Global Entertainment Limited for the
year ended March 31, 2023
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 M/s. Mediaone Global Entertainment Limited ("the Company") as of
March 31, 2023 in conjunction with our audit of the IND As financial statements of the
Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on [for example, "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 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 Companys
internal financial controls over financial reporting 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") and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and, both issued by the Institute of Chartered
Accountants of India. 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 Companys internal financial
controls system over financial reporting.
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.
Inherent 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 my opinion, 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 as stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India].
For VIVEKANANDAN ASSOCIATES
Chartered Accountants (ICAI Regn. No.: 05268 S)
Sd/-
R. LAKSHMINARAYANAN
Partner
Membership No. 204045 UDIN: 23204045BGVSOW3218
Place: Chennai Date: 10/05/2023
+91-9892691696
