·,
AGGARWAL &: RAMPAL
CHARTERED ACCOUNTANTS 2nd Floor, 1~, Local Shopping Complex, Madanglr, New !;>elhi-110062, INDIA
Ph. : +91-11-40512886/87/88
E-mail: admin@aggarwalrampal.co~
www.aggarwalrampal.com
Independent Auditor'sReport on Quarterly and Year to Date Audited Standalone Financial Results of MAGNUM VENTURES LIMITED Pursuant to the Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
To the Members of MIS MAGNUM VENTURES LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying statement of quarterly and year to date financial results of MIs MAGNUM VENTURES LIMITED ("the Company"), for the quarter and year ended March 31, 2023 attached herewith being submitted by the Company pursuant to the Regulation 33 of SEal (Listing Obligation and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards ('IndAS')specified under Section 133 of the Act, of the state of affairs (financial position) of the Company as at March 31, 2023, and profit and its cash flows and the statement of changes in equity 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
- of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor'sResponsibilities 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 thereunder, and we have fulfilled our other ethical responsibilities In accordance with these requirements and the Code of Ethics.
/
AGGARWAL & RAMPAL
Continuation Sheet
We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matter
Key audit matters are those matters that, In our professional judgment, were of most significance in our audit of the Ind AS financial statements of the current year. These matters were addressed in the context of our audit of the Ind AS 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 the matter described below to be the key audit matter to be communicated In our report.
- We refer to the note nO-Olaf the financial statement, the Company has revalued its Property, Plant & Equipment as on March 31, 2023 by adopting revaluation model, in accordance with Ind AS 16, based on valuation report of an independent registered valuer. Earlier these Property, Plant & Equipment were valued on cost model. The effect of revaluation has been recognized in Other Comprehensive Income and credited to Revaluation Surplus in Other Equity. Revaluation of PPE is consider to be a key Audit Matter due to the magnitude of the underlying amount and judgement involved in the assessment offair value of these assets.
- We refer to the note no-llto the financial statement, the Company has issued 1,77,50,000 warrants convertible into equivalent nos. of equity shares at an exercise price of Rs. 25 (including a premium of Rs. 15 per warrant under preferential allotment. Further the company has allotted 45,00,000 equity shares offace value of Rs 10 each fully paid up on preferential basis.
Emphasis of Matter
- Balances of Mis Alchemist Asset Reconstruction Company Limited as on March 31, 2023 are subject ta confirmation and any variation would be subject to reconciliation and adjustment thereon and it may Impact the true and fair view of the affairs.
- The company and its director Including erstwhile directors and company secretary had received the show cause notice dated September 02, 2022 UIS 11(1),11(4), 11(4A), 11B(l), llB(2) read with section 15HA and section 15HB of Securities Exchange Baard of India Act 1992 and Rule 4 of Securities Exchange Board of India Rules 1995 subsequent to the Investigation conducted by the Securities Exchange Board at India tor the year ended March 2017 to March 2020. The
/
AGGARWAL & RAMPAL
Continuation Sheet
company has flied Its detailed submission on various dates In response to the said notice and no provision for any penalty or fin es(If Imposed) has been accounted In the financlals.
- Balance of Debtors, Creditors & Advances as on March 31, 2023 are subject to confirmation and reconciliation consequential effect (If any) on the financial statement remains unascertained.
- The Inventory has been physically verified by the management and It being a technical matter we are unable to comment upon the quantity, pricing and method being used for valuation of the Inventory and have relied upon the value and quantity certified by the management.
- Refer Note No.6 under other notes in Notes to Accounts annexed with the financial statements for the year ended March 31, 2023 wherein the total outstanding debtors for the year ended March 31, 2023 amounting to Rs.3990.17Iakhs include Rs.33.32Iakhs which are due for more than six months.
Our opinion is not modified in respect of the above emphasis.
Information other than the financial statements and auditors'report thereon
The Company'sboard of directors is responsible for the preparation of the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor'sreport thereon.
Our opinion on the financial statements does not cover the other info'rmationand we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
When we read the Annual Report, If we conclude that there Is a material misstatement therein, we are required to communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
AGGARWAL & RAMPAL
Continuation Sheet
The Company'sBoard 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 financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company'sability 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.
The Board of Directors are also responsible for overseeing the Company'sfinancial reporting process.
Auditor'sResponsibilities for the Audit of the Financial Statements
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'sreport 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 financial statements.
As part of an audit In accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
AGGARWAL & RAMPAL | |
Continuation Sheet | |
... | • 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. |
- 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.
- 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'suse 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'sability 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 financial statements or, If such dlsciosures 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 as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disciosures, and whether the financial statements represent the underlying transactions and events In a manner that achieves fair presentation.
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.