To the Members of Mediaone Global Entertainment Limited
Report on the Audit of Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of Mediaone GlobalEntertainment Limited (the Company") which comprises the Balance Sheet as atMarch 31 2021 and the Statement of Profit & Loss the Cash flow Statement and theStatement of Changes in Equity for the year then ended and a summary of the significantaccounting policies and other explanatory information. In our opinion and to the best ofour information and according to the explanations given to us the aforesaid standaloneInd AS financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31stMarch2021 and its loss total comprehensive income its cash flows and the changes in equityfor the year ended on that date.
Basis of Opinion
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with the requirements and the ICAIsCode of Ethics.. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the Board's report including Annexure to Board Report andShareholders Information but does not include the financial statements and our auditor'sreport thereon.
Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.
In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse 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 thedate of this auditor's report we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report inthis regard.
Responsibility of Management for the Financial Statements
The Company's 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 thesestandalone Ind AS financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standards (Ind As) referred to in Section 133 of the Act read with rules made thereunder.
This responsibility includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial controls thatwere operating effectively for ensuring accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the financial statements the management isresponsible 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 the management either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so. Those Board of Directorsare also responsible for overseeing the Company's financial reporting process.
Auditors' Responsibility for the Audit of Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. As part of an audit in accordance with SAs weexercise professional judgment and maintain professional scepticism throughout theaudit.We also:
Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal controls 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 system in place and the operating effectiveness ofsuch controls.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 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 auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")and issued by the Central Government of India in terms of sub-section (11) of Section 143of the Act we give in the AnnexureA a statement on the matters specified in paragraph 3and 4 of the said Order to the extent applicable.
2. As required by Section 143(3) of the Act 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 appears from our examination of those books.
c) The Balance Sheet the Statement of Profit & Loss the Cash Flow Statement andStatement of Changes in Equity dealt with by this report are in agreement with the booksof account.
d) In our opinion the standalone Ind AS financial statements comply with theAccounting Standards specified in Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e) On the basis of written representations received fromthe directors as on 31st March 2021 and taken on record by the Board ofDirectors none of the directors is disqualified as on 31st March 2021 frombeing 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 financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure B'. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditor's 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 disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements as referred to in Note No. 12under Contingent Liabilities to the financial statements - Refer S. No 29 of Note1A to thefinancial statements;. (ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;
(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
Date: June 12 2021
For VIVEKANANDAN ASSOCIATES
FRN 005268 S
Membership No. 21628
Annexure "A" referred to in our report of even date of Mediaone GlobalEntertainment Limited for the year ending 31.03.2021
i) FIXED ASSETS:
(a) The Company has maintained proper records showing full particulars includingquantitativedetails and situation of fixed assets.
(b) All the assets have been physically verified by the management during the yearwhich in our opinion is reasonable having regard to the size of the company and thenature of its assets. No material discrepancies were noticed on such verification. (c) TheCompany holds immovable properties in its own name.
(a) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable. (b) The procedures of physicalverification of inventories followed by the management are reasonable and adequate inrelation to the size of the company and the nature of its business. (c) On the basis ofour examination of the records of inventory we are of the opinion that the company ismaintaining proper records of inventory. The discrepancies noticed on verification betweenthe physical stocks and the book records were not material. iii) The Company has notgranted any loans to companies firms and other parties covered in the Register maintainedunder Section 189 of the Act. Accordingly the provisions of clause 3(iii) (a) & (b)of the Companies Auditor's report order 2016 are notapplicable to the company. iv)According to the explanation given to us the company has neither granted any loans normade any investments nor given any guarantee or provided any security pertaining toSection 185 & 186 of the Act. v) In our opinion and according to the explanation givento us the company has not accepted any deposits from the public as provided in Section 73to 76 or relevant provisions of the Act or rules framed there under. vi) According to theinformation given to me and explanationsprovided the Central Government has notprescribed the maintenance of cost records under sub-section (1) of section 148 of theCompanies Act for any of the activities conducted/ services rendered by the company.Accordingly para 3(vii) of the Order is not applicable.
vii) STATUTORY DUES:
(a) According to the information and explanations furnished to us during the yearundisputed statutory dues relating to income-tax and other statutory dues applicable toit have been deposited with appropriate authorities and there have been delays which arenot material. The outstanding statutory dues of Income Tax & TDS at the last day offinancial year for the period of more than six months from the date they became payable isto the tune of Rs. 223.12 Lakhs & Rs. 18.64 Lakhs respectively.
(b) According to the information and explanations furnished to us during the yearthere are no further dues relating to income-tax and other statutory dues applicablethat are under dispute. viii) In our opinion and according to the information andexplanation given to us the company has not defaulted in repayment of any dues to afinancial institutions or bank except for the loans from Export & Import Bank ofIndia outstanding of Rs 1180.61 lakhs as at 31stMarch 2021 . ix)According to the information and explanations furnished to us the company has neitherraised any monies from IPO or further public offer during the year. x) In our opinion andaccording to the information and explanation given to us and during the course of ouraudit we have not noticed any fraud on or by the company. xi) According to theinformation and explanations given to us the company has complied with the provisions ofSection 197 & Schedule V to the Act while paying/providing for managerialremuneration. xii) The company is not a Nidhi Company. Accordingly Clause (xii) Of CAROis not applicable. xiii) According to the information and explanations given to us allthe transactions with related parties are in compliance with section 177 & 188 of theAct and the details have been disclosed in the Ind AS Financial Statements as required bythe applicable accounting standards xiv) The company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly Clause (xiv) Of CARO is not applicable. xv) According to theinformation and explanations given to us the company has not entered into any non-cashtransactions with directors or persons connected with him during the year. AccordinglyClause (xv) Of CARO is not applicable. xvi) In our Opinion and According to theinformation and explanations given to us the company is not required to be registeredunder section 45-IA of Reserve Bank of India Act 1934. Accordingly Clause (xvi) Of CAROis not applicable.
Date: June 12 2021
For VIVEKANANDAN ASSOCIATES
FRN 005268 S
Membership No. 21628
ANNEXURE "B" TO THE INDEPENDENT AUDITOR'SREPORT
(Referred to Paragraph 1(f) under "Report on Other Legal and RegulatoryRequirements' section of our report of even date). Report on the Internal FinancialControls Over Financial Reporting under Clause (i) of sub-section 3 of Section 143 of theCompanies Act 2013. 1. We have audited the internal financial controls over financialreporting of Mediaone Global Entertainment Limited ("the Company") as ofMarch 31 2021 in conjunction with our audit of the standalone financial statements of thecompany for the year ended on that date.
Management's Responsibility for Internal Financial Controls
2. 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. These responsibilities includethe design Implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of accounting records andthe timely preparation of reliable financial information as required under the CompaniesAct 2013.
3. 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") issued by Institute of Chartered Accountants of India andthe Standards on Auditing deemed to be prescribed under section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planto perform the audit to obtain reasonable assurance about whether adequate internalcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material aspects.
4. Our audit involves performing Procedures to obtain audit evidence about the adequacyof the internal financial controls systems over financial reporting and their operatingeffectiveness. Our audit 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 on the auditor's judgement of the financial including the assessment of the risksof material misstatement of the financial statements whether due to fraud or error.
5. 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
6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A companys internal financial controlfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransaction and disposition of the assets of the company; (2) provide reasonable assurancethat transaction are recorded as necessary to permit preparation of financial statementsin accordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
7. Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
8. 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 March31 2020 [based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control as stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India].
Date: June 12 2021
For VIVEKANANDAN ASSOCIATES
FRN 005268 S
Membership No. 21628