We have audited the accompanying standalone financial statements of M/s Catvision Limited (“the Company”),
which comprise the Standalone Balance Sheet as at 31st march 2025, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flows and the Standalone
Statement of Changes in Equity for the year ended on that date, and notes to the standalone financial statements,
including a summary of material accounting policies and other explanatory information (hereinafter referred to as
“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 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
31st March 2025, and its profit/loss, total comprehensive income, changes in equity and its cash flows for the year
ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
(“Sas”) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further
described in the 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 (“the ICAI”) together with the ethical requirements that are relevant to our audit of
the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the ICAI’s 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 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 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 the matters described below to be the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the standalone
financial statements section of our report.
Internal Audit:
At present the Internal audit is conducted by designated employee of the company. In our opinion the internal
audit should be conducted by an independent agency.
Contingent liabilities:
The audit of Contingent Liabilities is significant to our audit as any adverse outcome may have material impact
on this company.
Our audit procedures included the following:
a) We obtained summary of all tax, regulatory and litigation including management’s assessment.
b) We obtained an understanding, evaluated the design, and tested the operating effectiveness of the
controls related to management’s risk assessment process for taxation, regulatory and legal matters.
c) We obtained and read external legal opinions (where considered necessary) and other evidences
provided by management to corroborate management’s assessment of the regulatory and legal matters.
d) Assessed the relevant accounting policies and disclosures in the standalone financial statements for
compliance with the requirements of accounting standards.
Ý We tested the effectiveness of controls relating to recording of efforts incurred and estimation of
efforts required to complete the remaining performance obligations, and access and application
controls pertaining to time recording and allocation systems, which prevents unauthorized changes
to recording of efforts incurred.
Ý We evaluated management’s ability to reasonably estimate the progress towards satisfying the
performance obligation by comparing actual information to estimates for performance obligations
that have been fulfilled.
Information other than the Financial Statements and Auditor’s Report thereon
The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Board’s Report, Management Discussion and Analysis, Business Responsibility &
Sustainability Report and Corporate Governance Report but does not include the consolidated financial
statements, standalone financial statements and our auditor’s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the standalone
financial statements or our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Board of Directors for the Standalone Financial Statements
a) The Company’s Board of Directors is 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 (financial position), profit or loss (financial performance including other comprehensive income),
changes in equity and cash flows of the Company and in accordance with the accounting principles generally
accepted in India, including the 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.
b) In preparing the standalone financial statements, 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.
c) The Company’s Board of Directors are also responsible for overseeing the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
a) 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.
b) 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 financial controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also
responsible for expressing our opinion on whether the Company has adequate internal financial controls
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 the management.
• Conclude on the appropriateness of management’s 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 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.
c) 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 planning the scope of our audit work and in evaluating the results of our work; and to evaluate the
effect of any identified misstatements in standalone the financial statements.
d) 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
controls that we identify during our audit.
e) 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.
f) 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 or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, we report that:
a) We have 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss including other comprehensive
income, the Standalone Cash Flow and Standalone Statement of Changes in Equity dealt with by this Report are
in agreement with the relevant 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 31st March 2025 taken on record
by the board of directors of the company, none of the directors is disqualified as on 31st March 2025 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 standalone financial statements
of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure A”.
Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s
internal financial control with reference to standalone financial statements.
g) With respect to other matters to be included in the Auditor’s Report in accordance with the requirements of
section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the 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:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone
financial statements Refer Note 33 to the standalone financial statements.
ii. The Company did not have any long-term contracts including derivatives contracts for which there
were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred to Investor Education
and Protection Fund by the company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds 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, 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.
(b) The Management has represented that , to the best of its knowledge and belief, no funds 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,
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.
(c) Based on the audit procedures performed that have been 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 Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement
v. The Company has neither declared nor paid any dividend during the year.
vi. Based on our examination which included test check, the company has used an accounting software
system for maintaining its books of account for the financial year ended 31st March 2025, 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 software system. Further, during the course of our audit we
did not come across any instance of audit trail feature being tempered with, in respect of said
accounting software for the period for which the audit trail feature was enabled and operating.
Additionally, the audit trail that was enabled and operated for the year ended 31st March, 2025, has
been preserved by the Company as per the statutory requirements for record retention.
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 B” a statement on the matters specified in the
paragraph 3 and 4 of the Order to the extent applicable;
For: G S P T & Associates LLP
(Chartered Accountants)
FRN: 029722N
CA Manish Aggarwal Date: 27.05.2025
(Partner) Place: Ghaziabad
M. No.542408
UDIN: 25542408BMLBAN6995
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