We have audited the accompanying standalone Financial Statement of M/s Multiplus
Holdings Limited ('the Company'), which comprise the Balance Sheet as at 31st March,
2024, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended
(‘the Statement’), 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 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
with 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,2024, its profit /loss 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 Companies Act, 2013. 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 together with
the ethical requirements that are relevant to our audit of the Standalone 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. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis to our opinion.
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.
Other Information.
The Company’s Board of Directors is responsible for the preparation of other information.
The other information comprises the information included in the Company’s Annual report,
but does not include the Standalone Financial Statements and our auditor’s report thereon.
The Company’s annual report is expected to be made available to us after the date of this
auditor’s report.
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 such 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.
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 and presentation of
these Standalone 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 Accounting Standards
specified under Section 133 of the Act. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act for safeguarding of
the assets of the Company and for preventing and detecting the frauds and other
irregularities; selection and application of appropriate, implementation and maintenance of
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 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, 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.
The 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
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 the
Standalone Financial Statements.
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 Statement, 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 with reference to
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 the 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
for 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 subsection (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.
A. 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 Balance Sheet, the Statement of Profit and Loss and the Cash Flow
Statement 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
Accounting Standards specified under Section 133 of the Act, read with
Companies (Accounting Standard) Rules, 2021.
(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”.
B. With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditor’s) Rules, 2014, in our
opinion and to the best of our information and according to the explanations given to
us.
a. The Company does not have any pending litigations which would impact its
financial statements.
b. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
c. An amount of Rs. 2,37,812/- being unclaimed dividend for the earlier Seven years is
yet to be transferred to the Investor Education and Protection Fund by the Company
along with the respective shares.
d.
i. 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 persons or entities, 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 (“Ultimate Beneficiaries”) by or on behalf of the
Company or
Ý provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
ii. The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the Company from any persons or entities, including
foreign entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the Company shall:
Ý directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the
Funding Party or
Ý provide any guarantee, security or the like from or on behalf of the Ultimate
beneficiaries and
iii Based on such audit procedures as 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 d(i) and d (ii) contain any material mis¬
statement.
iv. Based on the audit procedures performed in terms of Proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility
with effect from 1st April 2023, we report that the Company has maintained the
books of accounts in the software which has a feature of recording audit trail of
transactions entered in the software
c. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of
the Act we say that provisions of section 197 of the Companies Act, 2013 regarding
remuneration payable to the Directors are not applicable to Private Limited Companies
In our opinion and to the best of our information and according to the explanation given to
us, the remuneration paid/provided by the Company to its directors during the year is in
accordance with the provisions of Section 197 read with Schedule V to the Act
For M/S DGMS AND COMPANY
CHARTERED ACCOUNTANTS
FIRM REG. NO.112187W
(ATUL DOSHI)
PARTNER
MUMBAI,29th MAY, 2024. MEMBERSHIP NO. 102585
UDIN: 24102585BJZYEY2434
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