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Madhuveer Com 18 Network Ltd.

BSE: 531910 Sector: Others
NSE: N.A. ISIN Code: INE312M01016
BSE 00:00 | 30 Nov 13.79 0
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13.83

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13.83

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NSE 05:30 | 01 Jan Madhuveer Com 18 Network Ltd
OPEN 13.83
PREVIOUS CLOSE 13.79
VOLUME 109
52-Week high 32.91
52-Week low 2.50
P/E 76.61
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.83
CLOSE 13.79
VOLUME 109
52-Week high 32.91
52-Week low 2.50
P/E 76.61
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Madhuveer Com 18 Network Ltd. (MADHUVEERCOM) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

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 Com18Network Limited ("the Company") which comprise the Balance Sheet as at 31March 2022 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 thatdate and a summary of the significant accounting policies and other explanatoryinformation (herein after referred to as "Standalone Ind AS financialstatements") .

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Financial Statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2022 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the Standalone Financial Statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance 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 FinancialStatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Other Information

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditors' reportthereon.

Our opinion on the Standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone Financial Statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibility for the Standalone Financial Statements

The Company's management and Board of Directors are responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these Standalone FinancialStatements that give a true and fair view of the state of affairs profit and othercomprehensive income changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the Standalone Financial Statements that give atrue 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 areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. The Board of Directors areresponsible for overseeing the Company's financial reporting process. The Board ofDirectors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign 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 hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the Standalone IndAS financial statements including the disclosures and whether the Standalone FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors' report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe 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 theOrder 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 bestof 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 theCompany so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid Standalone Financial Statements comply with the Ind ASspecified under Section 133 of the Act;

e) On the basis of the written representations received from the directors as on 31March 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2022 from being appointed as a director in terms of Section164(2) of the Act;

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B"; and

(B) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has not any pending litigations as at 31 March 2022 on its financialposition in its Standalone Financial Statements- Refer Note 23 to the Standalone financialstatements;

ii. The Company has made provision as and when required under the applicable law orIndian Accounting Standards (Ind AS) for material foreseeable losses if any on longtermcontracts including derivative contracts

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company; and

(C) With respect to the matter to be included in the Auditors' Report under Section197(16) of the Act in our opinion and according to the information and explanations givento us the remuneration paid by the Company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) whichare required to be commented upon by us.

For MAAK and Associates
[Firm Registration No. 135024W]
Chartered Accountants
Place : Ahmedabad Marmik Shah
Date :30/08/2022 Partner
UDIN : 22133926AJSJON9344 Mem. No. 133926

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our Report of even date)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

(b) According to information and explanation given to us the company has maintainingproper records showing full particulars of Property Plant and Equipment.

(c) The Property Plant and Equipment have been physically verified by the managementin a phased manner designed to cover all the items over a period of three years which inour opinion is reasonable having regard to the size of the company and nature of itsbusiness and no material discrepancies were noticed on such verification.

(d) The title deeds of immovable properties are held in the name of Company.

(e) The company has not revalued its Property Plant and Equipment (including Right ofUse assets) or intangible assets or both during the year the clause for revaluation ofProperty Plant and Equipment (including Right of Use assets) or intangible assets or bothis not applicable.

(f) No any proceedings have been initiated or are pending against the company forholding any Benami property under the Benami Transactions (Prohibition) Act 1988 (45 of1988) 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 bythe management is not applicable.

(b) During any point of time of the year the company has not been sanctioned anyworking capital limits from banks or financial institutions on the basis of security ofcurrent assets.

(iii) (a) According to information and explanation given to us the Company has notgranted loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under section 189 of the Companies Act2013.

(b) In our opinion and according to information and explanations given to us thecompany has not made investments not provided guarantees and not given security theterms and conditions of the grant of all loans and advances in the nature of loans andguarantees provided are not prejudicial to the company's interest; this clause is notapplicable to the company.

(c) According to information and explanation given to us the company has not given anyloans In respect of loans and advances in the nature of loans Accordingly the scheduleof repayment of principal and payment of interest has been stipulated and the repaymentsor receipts are regular is not applicable to the company.

(d) According to information and explanation given to us the company has not given anyloan to the party the clause for total amount overdue for more than ninety days andwhether reasonable steps have been taken by the company for recovery of the principal andinterest; [Paragraph 3(iii)(d)] is not applicable.

(e) According to information and explanation given to us the company has not given anyloan to the party hence the clause for any loan or advance in the nature of loan grantedwhich has fallen due during the year has been renewed or extended or fresh loans grantedto settle the overdue of existing loans given to the same parties is not applicable tothe company.

(f) 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 section 2of the Companies Act 2013 in the nature of loans either repayable on demand or withoutspecifying any terms or period of repayment;

(iv) In our opinion and according to information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investment guarantees and security.

(v) According to information and explanation given to us the Company has not acceptedany 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.

(vi) The provisions of Section 148 (1) are not applicable to the company for the FY2021-22. In this context the company has maintained cost records in pursuant to Companies(Cost records and Audit) Rules 2014 for internal control purpose.

(vii) (a) According to the information and explanations given to us in respect ofstatutory dues:

1. The Company has generally been regular in depositing undisputed statutory dues.

2. There were no undisputed amounts payable as at March 31 2022 for a period of morethan six months from the date they became payable.

3. The Company has no disputed outstanding statutory dues as at 31st March 2022 exceptoutstanding demand pending with Income tax authority of statutory dues of Rs 25636320.

(viii) According to the information and explanations given to us there is no anytransactions found which is not recorded in the books of account. Accordingly clause ofany transactions not recorded in the books of account have been surrendered or disclosedas income during the year in the tax assessments under the Income Tax Act 1961 (43 of1961) if so whether the previously unrecorded income has been properly recorded in thebooks of account during is not applicable to company;

(ix) (a) In our opinion and according to information and explanations given to us theCompany not applied for loan hence for reporting of defaulted in the repayment of loansand borrowings to financial institutions and banks. This clause is not applicable to thecompany.

(b) In our opinion and according to information and explanations given to us thecompany has not applied for loan therefore the clause for declared willful defaulter byany bank or financial institution or other lender is not applicable to the company.

(c) In our opinion and according to information and explanations given to us thecompany has not applied for term loans;

(d) In our opinion and according to information and explanations given to us thecompany has not utilised fund raised on short term basis have been utilised for long termpurposes.

(e) In our opinion and according to information and explanations given to us thecompany has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries associates or joint ventures;

(f) In our opinion and according to information and explanations given to us thecompany has not raised loans during the year on the pledge of securities held in itssubsidiaries joint ventures or associate companies.

x) (a) In our opinion and according to information and explanations given to us theCompany 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 privateplacement of shares or fully or partly convertible debentures and therefore the reportingunder 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 explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor 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 explanationsgiven to us any report under sub-section (12) of section 143 of the Companies Act has notbeen filed by the auditors in Form ADT-4 the clause for rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government hence this clause is not applicable tothe company.

(c) To the best of our knowledge and according to the information and explanationsgiven to us there are no whistle-blower complaints received during the year by thecompany and accordingly no reporting is required under this clause.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly reporting under clause 3(xii) of the Order isnot applicable.

(xiii) In our opinion and according to the information and explanations given to usthe Company is in compliance with sections 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with related parties and details of such transactions havebeen disclosed in the financial statements as required by the applicable Indian AccountingStandards (Ind AS).

(xiv) (a) In our opinion and according to the information and explanations given to usthe company has an internal audit system commensurate with the size and nature of itsbusiness.

(b) We have considered the reports of the Internal Auditors for the period under auditand there are no adverse comments made by the Internal Auditors.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into non-cash transactions with directors orpersons connected with him and hence provisions of section 192 of the Companies Act 2013are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934. Therefore the reporting under clause (xvi) of the Orderis not applicable to the company.

(b) In our opinion and according to the information and explanations given to us thecompany has not conducted any Non-Banking Financial or Housing Finance activities withouta valid Certificate of Registration (CoR) from the Reserve Bank of India as per theReserve Bank of India Act 1934;

(c) The company is not a Core Investment Company (CIC) as defined in the regulationsmade 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 thecompany is not a Core Investment Company (CIC) and not a part of the group having morethan once Core Investment Companies (CIC). Hence this clause is not applicable to thecompany.

(xvii) In our opinion and according to the information and explanations given to usCompany has not incurred cash losses in the financial year and in the immediatelypreceding financial year.

(xviii) During the Year the statutory auditor M/S P.Dalal & CO has removed ascooling period have been expired and new auditor appointed in annual general meeting forthe period of FY 2021-22 to FY 2025-26 and there are no issues objections or concernsraised by the outgoing auditors.

(xix) In our opinion and according to the information and explanations given to us thecompany is capable of meeting its liabilities existing at the date of balance sheet as andwhen 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 thatother than ongoing projects the company has not transferred unspent amount to a Fundspecified 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) ofsection 135 is not applicable to the company.

(xxi) In our opinion and according to the information and explanations given to usthere have not been any qualifications or adverse remarks by the respective auditors inthe Companies (Auditor's Report) Order (CARO) reports of the companies.

For MAAK and Associates
[Firm Registration No. 135024W]
Chartered Accountants
Place : Ahmedabad Marmik Shah
Date : 30/08/2022 Partner
UDIN : 22133926AJSJON9344 Mem. No. 133926

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of MadhuveerCom18 Network Limited ("the Company") as of 31 March 2022 in conjunction withour audit of the Standalone Financial Statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to

company's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone Ind AS financial statements whether due to fraudor error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) Pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For MAAK and Associates
[Firm Registration No. 135024W]
Chartered Accountants
Place : Ahmedabad Marmik Shah
Date :30/08/2022 Partner
UDIN : 22133926AJSJON9344 Mem. No. 133926

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