We have audited the accompanying Standalone Ind AS Financial
Statements of Miven Machine Tools Limited ("the Company"), which
comprise the Balance Sheet as at March 31st, 2025, the Statement of
Profit and Loss, including the statement of Other Comprehensive
Income, the Cash Flow Statement and the Statement of Changes in
Equity for the year then ended, and a summary of 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, except for the possible effects of the matters
described in the 'Basis for Qualified Opinion' section of our report, the
afore said Ind AS financial statements give the information required by
the Companies Act, 2013, as amended ("the Act") in the manner so
required and give a true and Fairview in conformity with the accounting
principles generally accepted in India, of the state of affairs of the
Company as at March 31st , 2025, its loss including total
comprehensive loss, its cash flows and the changes in equity for the
year ended on that date.
Basis For Qualified Opinion:
No provision has been made in respect of interest payable on Inter
Company Loans amounting to INR 11.26 Lakhs as indicated in Note:
25(D) to Standalone Ind AS financial statements. The company has not
provided any documentary evidence for not recognizing these liabilities
as claims. This has resulted in overstatement of total comprehensive
income and other equity and understatement of current liabilities by
the said amount. -
We conducted our audit in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act, 2013. Our
responsibilities under those Standards are further described in the
Auditor's Responsibilities for the Audit of the 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 financial statements under the provisions of
the Companies Act, 2013 and the Rules there under, 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.
Material Uncertainty Related To Going Concern
We draw attention to Note 25(A) in the Standalone Ind AS Financial
Statements which indicates that the Company's liabilities exceed its
total assets by INR 551.75 Lakhs as at 31st March, 2025.The company
has no tangible property, plant and equipment, no inventoiy and no
employees on its rolls as on the reporting date except Key Managerial
Persons. As stated therein these events or conditions indicate that a
material uncertainty exists that may cast significant doubt on the
company's ability to continue as a going concern. Our opinion is not
modified in respect of this matter.
Emphasis Of Matter
1. We draw attention to Note 25(C) to the accompanying Standalone Ind
AS Financial Statements about the re-grouping and re-classification of
items in the Standalone Balance sheet.
2. We draw attention to Note 18(a) to the accompanying Standalone Ind
AS Financial Statements about Other Income.
3. We draw attention to Note 18(b) to the accompanying Standalone Ind
AS Financial Statements about writing back of certain liabilities owed
by the company shown under Other Income in the Standalone
Statement of Profit and Loss.
4. We draw attention to Note 25(J)(iii)(b) to the accompanying Standalone
Ind AS Financial Statements regarding pending claims against the
company which have not been acknowledged as debt.
Our opinion is not modified in respect of above matters.
Other Matter
We have not audited the comparative financial information for the
period ended on 31st March, 2024 appearing in the Standalone Ind AS
Financial Statements for the period ended on 31st March, 2025. The
comparative financial information for the period ended on 31st March,
2024 appearing in the Standalone Ind AS Financial Statements for the
period ended on 31st March, 2025 were audited by the previous auditor.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the financial statements of the
current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Information Other than the Standalone Financial Statements and
Auditor’s Report Thereon
The Company's Board of Directors is responsible for the preparation of
the other information. The other information comprises the information
included in the Management Discussion and analysis, Board's Report
including Annexures to Board's Report, Business Responsibility Report,
Corporate Governance and Shareholder's Information, but does not
include the 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 Those Charged With
Governance For The Standalone 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 these standalone IND AS financial statements that
give a true and fair view of the financial position, financial performance,
changes in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
accounting Standards 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 IND AS financial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the IND AS financial statements, the Board of Directors is
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.
Those Board of Directors are also responsible for overseeing the
Company’s financial reporting process.
Auditors Responsibilities For The Audit Of Standalone Financial
Statements
1. Our objectives are to obtain reasonable assurance about whether the
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 financial statements.
2. As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional scepticism throughout the audit.
We also:
a. Identify and assess the risks of material misstatement of the 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.
b. 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 Companies Act, 2013, we
are also responsible for expressing our opinion on whether the company
has adequate internal financial controls system in place and the
operating effectiveness of such controls.
c. Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by management.
d. 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 _r elated
disclosures in the 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.
e. Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the 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 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 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 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 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
As required by the Companies (Auditor’s Report) Order, 2020 ("the
Order") issued by the Central Government in terms of Section 143(11) of
the Act, we give in "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order.
As required by Section 143(3) of the Act, based on our audit, we report
that:
1. 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;
2. In our opinion, proper books of account are maintained as required by
law by the Company so far as it appears from our examination of those
books;
3. The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, the Cash Flow Statement and Statement of
Changes in Equity dealt with by this Report are in agreement with the
relevant books of account.
4. In our opinion, the aforesaid standalone Ind AS financial statements
comply with the Indian Accounting Standards prescribed under section
133 of the Act read with relevant rules issued there under.
5. On the basis of the written representations received from the directors
as on March 31st, 2025 taken on record by the Board of Directors, none
of the directors is disqualified as on March 31st, 2025 from being
appointed as a director in terms of Section 164(2) of the Act;
6. 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 Reporting "Annexure B". Our report
expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls over financial
reporting.
~........... '......
7. With respect to the 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 read with Schedule V of the Act.
8. 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:
a. The Company has disclosed the impact of pending litigations on its
financial position in its standalone Ind AS financial statements. Refer
Note 25(J)(iii)(b) to the standalone Ind AS financial statements.
b. The company did not enter into any long-term contracts wherein
material losses as required under the applicable law or accounting
standards that needs to be recognized in the Standalone Ind AS
Financial Statements. Further, the company has not entered in any
derivative contracts for which there were any material foreseeable
losses.
c. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
d. (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 entitiesflntermediaries"), 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;
(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, 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;
and
(c) Based on audit procedures which we 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 (a)
and (b) contain any material misstatement.
e. The company has not declared or paid any dividend during the year in
contravention of the provisions of section 123 of the Companies Act,
2013
f. Based on our examination which included test checks, the company
has used an accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log) facility. The audit
trail is preserved by the company as per the statutory requirements for
record retention.
For V. RAO & GOPI
Chartered Accountants ^
FRN:003153S ^
CA. R^Hanumantha Rao
Partner j
Memb. No:026990
Date:26.05.2025
UDIN:25026990BMISLD8024
Place: Hyderabad
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