To the Members of Madhya Pradesh Today Media Limited
Report on the Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of Madhya Pradesh
Today Media Limited, which comprise the Balance Sheet as at March 31, 2023, and the
Statement of Profit and Loss (including other comprehensive income), Statement of changes
in equity and Cash Flow Statement for the year ended, notes to the financial statement
including a summary of significant accounting policies and other explanatory information
(hereinafter referred to as "the standalone financial statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone 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 31st March, 2023, and its profit,
total comprehensive income, the changes in equity and its cash flows for the year ended on
that date.
Basis for opinion
We conducted our audit of the standalone 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 Auditors
Responsibilities for the Audit of the Standalone 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 standalone 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 ICAIs 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 standalone 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 accompanying financial statements for the financial year
ended March 31, 2022. These matters were addressed in the context of our audit of the
accompanying financial statements as a whole and in forming our opinion. Based on facts
and circumstances of the entity under audit, we conclude that there are no key audit
matters to communicate.
Information Other than the Standalone Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Boards Report including Annexures to Boards Report, Business
Responsibility Report, Corporate Governance and Shareholders Information, but does not
include the standalone financial statements and our auditors report thereon.
Our opinion on the standalone 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 standalone 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 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.
Managements Responsibility 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 standalone financial statements that give a true and fair view of the financial
position, and financial performance 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 of 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.
The Board of Directors is also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone
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 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
standalone financial statements.
As part of an audit, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone 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 controls.
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 standalone 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 standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the financial statements.
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 standalone 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 section 143 (3) of the Act, 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, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this
Report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
e) 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.
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 A". Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Companys internal financial controls over
financial reporting.
g) 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.
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 standalone 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 and its subsidiary companies
incorporated in India.
2. As required by the Companies (Auditors Report) Order, 2020 issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE
FINANCIAL STATEMENTS OF MADHYA PRADESH TODAY MEDIA LIMITED
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 Madhya
Pradesh Today Media Limited ("the Company") as of March 31, 2023 in conjunction
with our audit of the standalone 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 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 Notes 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 our 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 stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
ANNEXURE B REFERRED TO IN POINT 1 OF REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF MADHYA PRADESH TODAY MEDIA
LIMITED FOR THE YEAR ENDED 31st MARCH, 2023
3(i) Property, Plant and Equipment
(a) (A) The company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment;
(B) The company has maintained proper records showing full particulars of intangible
assets;
(b) The Property, Plant and Equipment have been physically verified by the management
at reasonable intervals and in accordance with the confirmation provided by the management
there was no material discrepancy found on such verification;
(c) The title deeds of all the immovable properties disclosed in the financial
statements are held in the name of the company;
(d) There was no revaluation of Property, Plant and Equipment or intangible assets
during the year under audit;
(e) There have been no proceedings found initiated or are pending against the company
for holding any Benami Property under the Benami Transactions (Prohibition) Act, 1988 and
Rules made there under;
3(ii) Inventories
(a) Physical verification of inventory has been conducted as at reasonable intervals by
the management and in our opinion, the coverage and the procedure adopted for such
verification by the management is found appropriate. As per the information provided by
the management, there was no major discrepancy noticed during the course of verification;
(b) The company has not been enjoying working capital limits in excess of Rs. 5 Crore
in aggregate, from banks on the basis of security of current assets. Therefore, we have no
comment to offer under this paragraph;
3(iii) Investments, guarantees, loans and advances
The company has made investments, provided guarantee or security or granted any loans
and advances in the nature of loans, secured or un-secured, to companies, firms, LLPs or
any other party except bank guarantees in favour of Govt. Departments and advances for
supplies in normal course of business which are not prejudicial to the interest of the
company. The details of which are as under;
| Particulars |
During the year |
Balance as on 31.03.2023 |
| Investments |
Nil |
Rs. 69.22 Lacs |
| Corporate Guarantee |
Nil |
Rs. 4700.00 Lacs |
| Advances |
Nil |
Nil |
This has been going on for last number of years and have not been found prejudicial to
the interest of the company;
3(iv) Compliance of section 185 and 186 of The Companies Act, 2013
The company has adhered to the provisions of section 185 and 186 of The Companies Act,
2013 in respect of loans, investments, guarantees and security;
3(v) Deposits U/s 73 to 76 of The Companies Act, 2013
The company has not accepted deposits or amounts which are deemed to be deposits and
thereby the provisions of section 73 to 76 or any other relevant provisions of The
Companies Act and the Rules framed there under as well as directives issued by Reserve
Bank of India have been complied with;
3(vi) Maintenance of cost records
The company is not covered under the clause regarding maintenance of cost records as
prescribed by the Central Government under section 148 (1) of the Companies Act, 2013;
3(vii) Statutory dues
The company is regular in depositing statutory dues including Goods and Service Tax,
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 to the
appropriate authorities except followings which have not been deposited or deposited under
protest since the demand is sub-judice being in appeal:
| Particulars |
|
| Name of statute |
Income Tax |
| Amount |
Rs. 94,59,690/- |
| Period to which the amount relates |
A.Y. 2018-19 |
| Forum where the dispute is pending |
CIT |
| Due date for payment |
Not specified |
| Arrears in amount at the balance sheet date |
Rs. 94,59,690/- |
| Reason for arrears |
It is a disputed demand since assessed has opted for appeal. |
3(viii) Unrecorded transactions
During the course of audit, we have not come across any transaction not recorded in the
books of account required to be surrendered or disclosed as income during the year in the
tax assessments under The Income Tax Act, 1961;
3(ix) Long term funds and its utilization
(a) The company has not defaulted in repayment of loans or other borrowings or in the
payment of interest thereon to any lender;
(b) The company has not been declared willful defaulter by any bank or financial
institution or other lender;
(c) As per our scrutiny, term loans borrowed during the year were applied for the
purpose for which the loans were obtained;
(d) We have not come across any instance of fund raised on short term basis having been
utilized for long term purposes;
(e) The company has not taken any funds from any entity or person on account of or to
meet the obligation of its subsidiaries, associates or joint ventures;
(f) The company has not raised loans during the year on the pledge of securities held
in its subsidiaries, joint ventures or associate companies;
3(x) Public Money and Preferential Allotments
(a) The company has not raised moneys by way of initial public offer or further public
offer (including debt instruments) during the year and therefore we have no comments to
offer whether the raised funds were applied for the purposes for which those are raised;
(b) The company has not made any preferential allotment or private placement of shares
of convertible debentures (fully, partially or optionally convertible) during the year and
thereby there is no contravention of Section 42 and 62 of The Companies Act, 2013;
3(xi) Fraud, Fraudulent Transactions and Whistle Blowing
(a) We have not noticed any fraud by the company or any fraud on the company which has
been reported during the year;
(b) We have not come across an offence of fraud while performing our duties as an
Auditor which is required to be reported under sub-section (12) of section 143 of The
Companies Act, 2013;
(c) We have not found any whistle blower complaint received during the year by the
company;
3(xii) Compliance of Provisions related to Nidhi Companies
The provisions related to a Nidhi company are not applicable to the company being not a
Nidhi Company;
3(xiii) Related party transactions
All transactions with the related parties are in compliance with section 177 and 188 of
The Companies Act, where applicable and relevant details have been disclosed in the
financial statements etc., as required by the applicable accounting standards;
3(xiv) Internal audit under section 138 of The Companies Act, 2013
(a) The company has an internal audit system commensurate with the size and nature of
its business;
(b) The reports of the internal auditor for the period under audit are placed on record
and reviewed by us before finalizing the audit report;
3(xv) Non cash transactions
During the course of our random checking, we have not come across any non-cash
transaction with directors or persons connected with directors by the company or vice
versa;
3(xvi) NBFC related provisions
The company is not required to be registered under section 45-IA of The Reserve Bank of
India Act, 1934 (2) of 1934 since the company has neither conducted any Non-banking
Financial or Housing Finance Activities nor investment activities;
3(xvii) Cash losses
The company has not incurred cash losses in the financial year and in the immediately
preceding financial year;
3(xviii) Resignation of auditor
There has not been any resignation of the Statutory Auditors during the year under
audit;
3(xix) Financial Ratio Analysis
On the basis of the financial ratios, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
financial statements, the auditors knowledge of the Board of the Directors and management
plans, we are of the opinion that no material uncertainty exists as on the date of the
audit report about the companys capability of meeting its liabilities existing at the
date of the balance sheet as and when they fall due within a period of one year from the
balance sheet date;
3(xx) Corporate Social Responsibility under section 135 of The Companies Act, 2013
It is not applicable to the company for the year under audit;
3(xxi) Consideration of consolidate components
We have no comments to offer under this paragraph of CARO being no consolidation of
financial statements during the year under audit;
| For P. K. Shishodiya & Co. |
| Chartered Accountants |
| P.K. Shishodiya |
| Proprietor |
| M. No. 036015 |
| FR No. 03233C |
| UDIN : 23036015BHANLF7480 |
| Indore: May 30, 2023 |
+91-9892691696
