We have audited the Standalone financial statements of Munoth Communication Limited (“the Company”),
which comprise the Stand alone Balance sheet as at 31st March 2024, the Standalone Statement of Profit and
Loss (including other comprehensive income), Standalone Statement of changes in equity and Standalone
Statement of cash flows for the year then ended, and notes to the financial statements, including a summary
of material 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 Indian Accounting Standards prescribed
under section 133 of the Act, as amended, (“Ind AS”) and other accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31,2024 and its Loss, including other 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 Auditor's 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 on the standalone financial statements.
Key Audit Matter(s)
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 period. 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. We have determined that there are no key audit matters to
communicate in our report.
Information Other than the Financial Statements and Auditor’s Report Thereon
The Company's Management and Board of Directors are responsible for the other information. The other
information comprises the information included in Management Discussion and Analysis, Board's Report
including Annexures to Board's Report, Business Responsibility and sustainability report, Corporate
Governance and Shareholder's Information, but does not include the financial statements and our auditor's
report(s) thereon. These reports are expected to be made available to us after the date of this Auditors'
Report.
Our opinion on the financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other
information identified above when it becomes available 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.
When we read the other information, based on the work we have performed, if we conclude that there is a
material misstatement therein, we are required to communicate the matter to those charged with governance
and take appropriate actions
Responsibilities of Management and those charged with governance for the Standalone Financial
Statements
The Company's 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 financial position, financial performance, including 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 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 statement 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, the Management and Board of Directors are responsible for
assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Board of Directors either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors 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 Standalone financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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
financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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 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 Standalone 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 and Board of Directors
• Conclude on the appropriateness of the Management and Board of Director's use of the going concern
basis of accounting in preparation of Standalone Financial Statements and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's 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 auditor's 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 Standalone
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 Standalone 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 financial
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 auditor's report unless law or regulation precludes
public disclosure about the matter(s) 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 (Auditor's Report) Order, 2020 (“the Order”), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the
“Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
2. As required by Section 143(3) of the Act, based on our audit 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,
Statement of 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 Indian Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules,
e) On the basis of the written representations received from the Directors as on 31st March, 2024
taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,
2024 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 B.” Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company's internal financial controls with reference to Standalone Financial Statements.
g) With respect to the matter to be included in the Auditor's Report under Section 197(16) of the Act, as
amended, in our opinion and according to the information and explanations given to us, no
remuneration is paid by the Company to its Directors during the year and hence the reporting of
matters as required under Section 197(16) does not arise.
h) With respect to the other matters to be included in the Auditor's 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:
1. The Company has no pending litigations which would have a material impact on its financial
position.
2. The Company has not entered into any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
3. There has not been an occasion in case of the Company during the year under report to
transfer of any sums to the Investor Education and Protection Fund by the Company. The
question of delay in transferring such sums does not arise.
4. i. The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts, no funds(which are material either
individually or in the aggregate) have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company
to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
ii. The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts, no funds (which are material either
individually or aggregate) have been received by the Company from any person(s) or
entity(ies) , including foreign entities (Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.
iii. Based on audit procedures carried out by us, that we have considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of the Rule 11 (e ), as
provided under (i) and (ii) above, contain any material misstatement.
5. The Company has not declared or paid any dividends during the year and accordingly reporting
on the compliance with section 123 of the Companies Act, 2013 is not applicable for the year
under consideration.
6. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 applicable
from April 1, 2023. Based on our examination, which included test checks, the Company has
used accounting softwares for maintaining its books of account for the financial year ended
March 31,2024 which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the softwares. Further,
for the periods where the audit trail (edit log) facility was enabled and operated throughout
the year for the respective accounting software, and during the course of our audit, we did not
come across any instance of the audit trail feature being tampered with.
For Kumbhat & Co
Chartered Accountants
Firm's Registration No: 001609S
[M.V. Chandramouleeswaran]
Place: Chennai. Partner
Date: 29 May 2024 Membership No: 202629
- 37 - UDIN : 24202629BKAMQG2732
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