To
The Members of Madhuveer Com 18 Network Limited,
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial Statements of Madhuveer Com18
Network Limited ("the Company"), which comprise the Balance Sheet as at 31
March 2023, and the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and the Cash Flow Statement for the year ended on that
date, and a summary of the significant accounting policies and other explanatory
information (herein after referred to as "Standalone Ind AS 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 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,
the profit and total comprehensive income, changes in equity and its cash flows for the
year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under Section 143(10) of the Act. Our responsibilities under those SAs 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 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 thereunder, 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 opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone Financial Statements of the current year.
These matters, were addressed in the context of our audit of the Standalone Financial
Statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Other Information
The Companys management and Board of Directors are responsible for the other
information. The other information comprises the information included in the Companys
annual report, but does not include the 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 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 Standalone Financial Statements
The Companys management and Board of Directors are responsible for the matters stated
in Section 134(5) of the Act with respect to the preparation of these Standalone Financial
Statements that give a true and fair view of the state of affairs, profit and other
comprehensive income, changes in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under Section 133 of the Act. 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 Standalone Financial Statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone financial statements, management and Board of Directors are
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. The Board of
Directors is also responsible for overseeing the Companys financial reporting process.
Auditors Responsibilities for the Audit of the Standalone 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 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 Standalone 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 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
control.
• Obtain an understanding of internal control 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 with reference to financial statements 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 onthe 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 Ind
AS financial statements, including the disclosures, and whether the Standalone 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 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 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 the
"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.
(A) As required by Section 143(3) of the Act, 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 (including Other Comprehensive
Income), the Statement of Changes in Equity and the Cash Flow Statement 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 Ind AS
specified under Section 133 of the Act;
e) On the basis of the written representations received from the directors as on 31
March 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 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 with reference to
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B"; and
(B) 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:
i. The Company has Contingent liabilities of Rs 256.38 lakhs as on 31 March 2023 on its
financial position in its Standalone Financial Statements- Refer Note 22 to the Standalone
financial statements;
ii. The Company has made provision, as and when required under the applicable law or
Indian Accounting Standards (Ind AS), 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
(C) With respect to the matter to be included in the Auditors Report under Section
197(16) of the Act, 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, MAAK and Associates |
|
[Firm Registration No. 135024W] |
|
Chartered Accountants |
|
SD/- |
| Place : Ahmedabad |
Marmik Shah |
| Date : 21/04/2023 |
Partner |
| UDIN : 23133926BGWEQT8884 |
Mem. No. 133926 |
ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 3 under Report on Other Legal and Regulatory
Requirementssection of our Report of even date)
(i) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment.
(b) According to information and explanation given to us, the Company does not have any
intangible assets and therefore, requirement of this clause is not applicable.
(c) The Property, Plant and Equipment have been physically verified by the management
in a phased manner, designed to cover all the items over a period of three years, which in
our opinion, is reasonable having regard to the size of the Company and nature of its
business and no material discrepancies were noticed on such verification.
(d) There are no immovable properties held by the Company, hence this clause is not
applicable.
(e) The Company has not revalued its Property, Plant and Equipment (including Right of
Use assets) or intangible assets or both during the year, the clause for revaluation of
Property, Plant and Equipment (including Right of Use assets) or intangible assets or both
is not applicable.
(f) No any proceedings have been initiated or are pending against the Company for
holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and rules made there under.
(ii) (a) Since Company is provider of services of Film Production, Distribution &
Exhibition, the clause for physical verification of inventory at reasonable interval by
the management is not applicable.
(b) During any point of time of the year, the Company has not been sanctioned any
working capital limits from banks or financial institutions on the basis of security of
current assets.
(iii) (a) According to information and explanation given to us, the Company has not
granted on, secured or unsecured to companies, firms, Limited Liability Partnerships or
other parties covered in the register maintained under section 189 of the Companies Act,
2013.
(iv) (a) In our opinion and according to information and explanations given to us the
Company has not made investments, not provided guarantees, and not given security the
terms and conditions of the grant of all loans and advances in the nature of loans and
guarantees provided are not prejudicial to the companys interest; this clause is not
applicable to the company.
(b) According to information and explanation given to us, the Company has not given any
loans. Accordingly, the requirement of this clause is not applicable to the company.
(c) According to information and explanation given to us, the Company has not given any
loan to the party, the clause for total amount overdue for more than ninety days,and
whether reasonable steps have been taken by the Company for recovery of the principal and
interest; [Paragraph 3(iii) (d)] is not applicable.
(d) According to information and explanation given to us the Company has not given any
loan to the party, hence the clause for any loan or advance in the nature of loan granted
which has fallen due during the year, has been renewed or extended or fresh loans granted
to settle the overdue of existing loans given to the same parties, is not applicable to
the company.
(e) According to information and explanation given to us the Company has not grantedany
loans or advances to Promoters, related parties as defined in clause (76) of section2 of
the Companies Act, 2013, the requirement of this clause is not applicable to the company.
(v) In our opinion and according to information and explanations given to us, the
Company has not given any loan to directors the requirement to complied with the
provisions of section 185 and 186 of the Companies Act, 2013, is not applicable to the
company.
(vi) According to information and explanation given to us, the Company has not accepted
any deposits as defined in the Companies (Acceptance of Deposits) Rules, 2014.Accordingly,
the provision of Clause 3(v) of the order is not applicable to the Company.
(vii) The provisions of Section 148 (1) is not applicable to the Company for the FY
2022-23, the requirement of maintaining cost records in pursuant to Companies (Cost
records and Audit) Rules, 2014 is not applicable to the company.
(viii) According to the information and explanations given to us, in respect of
statutory dues:
a. The Company is not regular in payment of undisputed statutory dues.
b. There were no undisputed amounts payable as at March 31, 2023 for a period of more
than six months from the date they became payable.
c. The Company has no disputed outstanding statutory dues as at 31st March, 2023,
except outstanding demand pending with Income tax authority of statutory dues of Rs 256.38
lakhs.
(ix) According to the information and explanations given to us, there is no any
transactions found which is not recorded in the books of account, accordingly provision of
tax assessments under the Income Tax Act, 1961 (43 of 1961), is not applicable to company;
(x) (a) In our opinion and according to information and explanations given to us, the
Company has not applied for loan hence the clause for reporting of defaulted in the
repayment of loans and borrowings to financial institutions and bank is not applicable to
the company.
(b) In our opinion and according to information and explanations given to us the
Company is not a declared wilful defaulter by any bank or financial institution or other
lender;
(c) In our opinion and according to information and explanations given to us the
Company has not applied for term loans;
(d) In our opinion and according to information and explanations given to us the
Company has not utilised fund raised on short term basis have been utilised for long term
purposes.
(e) In our opinion and according to information and explanations given to us the
Company has not taken any funds from any entity or person on account of or to meetthe
obligations of its subsidiaries, associates or joint ventures;
(f) In our opinion and according to information and explanations given to us the
Company has not raised loans during the year on the pledge of securities held in its
subsidiaries, joint ventures or associate companies.
x) (a) In our opinion and according to information and explanations given to us, the
Company has not raised moneys by way of initial public offer or further public offer
(including debt instruments) during the year.
(b) During the year, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures and therefore, the reporting
under clause 3 (xiv) of the Order is not applicable to the company.
(xi) (a) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the Company by its officers
or employees has been noticed or reported during the course of our audit.
(b) To the best of our knowledge and according to the information and explanations
given to us, any report under sub-section (12) of section 143 of the Companies Act has not
been filed by the auditors in Form ADT-4, the clause for rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government hence this clause is not applicable to
the company.
(c) To the best of our knowledge and according to the information and explanations
given to us, there are no whistle-blower complaints received during the year by the
Company and accordingly, no reporting is required under this clause.
(xii) In our opinion and according to the information and explanations given to us, the
Company is not a nidhi company. Accordingly reporting under clause 3(xii) of the Orderis
not applicable.
(xiii) In our opinion and according to the information and explanations given to us,
the Company is in compliance with sections 177 and 188 of the Companies Act, 2013 where
applicable for all transactions with related parties and details of such transactions
havebeen disclosed in the financial statements as required by the applicable Indian
Accounting Standards (Ind AS).
(xiv) (a) In our opinion and according to the information and explanations given to us
the Company has an internal audit system commensurate with the size and nature of its
business.
(b) We have considered the reports of the Internal Auditors for the period under audit
and there are no adverse comments made by the Internal Auditors.
(xv) In our opinion and according to the information and explanations given to us,
during the year the Company has not entered into non-cash transactions with directors or
persons connected with him and hence provisions of section 192 of the Companies Act, 2013
are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under section 45-IA of the
Reserve Bank of India Act, 1934. Therefore, the reporting under clause (xvi) of the Order
is not applicable to the company.
(b) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India, hence this clause is not applicable to the company.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India, hence this clause is not applicable to the company.
(d) In our opinion and according to the information and explanations given to us the
Company is not a Core Investment Company (CIC) and not a part of the group having more
than once Core Investment Companies (CIC). Hence this clause is not applicable to the
company.
(xvii) In our opinion and according to the information and explanations given to us
Company has not incurred cash losses in the financial year and in the immediately
preceding financial year.
(xviii) There has been no any resignation of the statutory auditors during the year.
(xix) In our opinion and according to the information and explanations given to us the
Company is 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.
(xx) In our opinion and according to the information and explanations given to us,
other than ongoing projects, the Company has not transferred unspent amount to a Fund
specified in Schedule VII to the Companies Act within a period of six months of the expiry
of the financial year. Hence the clause for second proviso to sub-section (5) of section
135 is not applicable to the company.
(xxi) In our opinion and according to the information and explanations given to us
there have not been any qualifications or adverse remarks by the respective auditors in
the Companies (Auditors Report) Order (CARO) reports of the companies.
|
For, MAAK and Associates |
|
[Firm Registration No. 135024W] |
|
Chartered Accountants |
|
SD/- |
| Place : Ahmedabad |
Marmik Shah |
| Date : 21/04/2023 |
Partner |
| UDIN 23133926BGWEQT8884 |
Mem. No. 133926 |
Annexure - B to the Auditors Report
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 Madhuveer
Com18 Network Limited ("the Company") as of 31 March 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 (ICAI). 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 judgment, including the assessment of the risks of
material misstatement of the standalone Ind AS 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;
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 authorizations of management and directors of the company; and Provide
reasonable assurance regarding prevention or timely detection of unauthorized 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 31 March 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, MAAK and Associates |
|
[Firm Registration No. 135024W] |
|
Chartered Accountants |
|
sd/- |
| Place : Ahmedabad |
Marmik Shah |
| Date : 21/04/2023 |
Partner |
| UDIN : 23133926BGWEQT8884 |
Mem. No. 133926 |
+91-9892691696
