We have audited the Standalone IndAS financial statements of MIZZEN VENTURES LIMITED (Formerly Known as
Jyothi Infraventures limited)(the “Company”), which comprise the Standalone Balance Sheet as at March 31, 2025,
the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year ended on that date and a summary of significant 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 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 March 31, 2025
and its profit, total 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 specified under Section 143(10) of the
companies 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 (‘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 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.
Emphasis of Matter
Attention is invited to following notes of the financial statements:
We draw attention to Note [20] of the financial statements, which describes that the accounting software used by
the Company does not have an enabled audit trail (edit log) feature to automatically log changes made to accounting
data and that the Company has also not maintained daily backups of its accounting data during the year. These
matters have been disclosed in the financial statements by the management. Our opinion is not modified in respect
of these matters.
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 that there are no key audit matters to communicate in our
report.
Information other than the Standalone 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 Annual Report, 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 and 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 in the 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.
Management’s Responsibility 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 financial statements that give a true and fair
view of the financial position, financial performance including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. 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; 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.
In preparing the Standalone financial statements, Management 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 Management 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’ Responsibility
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 Standards on Auditing 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 Standards on Auditing, 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 control.
? 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 Act, we are also responsible for
explaining our opinion on whether the Company has adequate internal financial controls system 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.
? 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.
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 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 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 Act, we give in the ‘Annexure A’, a statement on the
matters specified in the paragraph 3 and 4 of the order.
2. 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. The Management assures of the matching
balances in counterparty’s books.
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 Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the
books of accounts.
d) In our opinion, the aforesaid Standalone financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
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, 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 over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate Report in ‘Annexure B’.
g) 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, 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.
ii. The Company has not paid any Director remuneration during the year.
iii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.
iv. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
v. a) The Management has represented that, to the best of its knowledge and belief, 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 or entity, including foreign entity (“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.
b) The Management has represented, that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the Company from any
person or entity, including foreign entity (“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.
c) Based on the audit procedures 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.
vi. The Company has neither paid nor declared any dividend during the year. Therefore, compliance
of Section 123 of the Act is not required.
For Pundarikashyam and Associates
Chartered Accountants
Firm Reg. No: 011330S
B. SURYA PRAKASA RAO
Partner
Membership No: 205125
UDIN: 25205125BMHZOH5751
Place: Hyderabad
Date: 30th May,2025
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