Den Malayalam Telenet Private Limited

Den Malayalam Telenet Private Limited

Financial Statements
2023-24
Den Malayalam Telenet Private Limited | 2

INDEPENDENT AUDITOR’S REPORT

To The Members of DEN Malayalam Telenet Private Limited

Report on the audit of the Financial Statements
Opinion
We have audited the accompanying Ind AS financial statements of DEN Malayalam Telenet Private Limited
(“the Company”) which comprise the Balance Sheet as at 31st March 2024, the Statement of Profit and Loss
(including the Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for
the year then ended, and notes to financial statements including a summary of the significant accounting
policies and other explanatory information (hereinafter referred to as “ financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Ind AS 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 the Ind AS, of the
state of affairs of the Company as at 31st March 2024 and its profit (financial performance including Other
Comprehensive Income) and its cash flows for the year ended on that date.
Basis of Opinion
We conducted our audit of the Ind AS 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 Ind AS financial statements section of our report. We are
independent of the Company in accordance of 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 provision 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 on the Ind AS
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 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 Financial Statements and Auditors’ Report thereon
The Company’s Management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company’s annual report, but does not include the financial
statements and our auditor’s report thereon.
Our opinion on the 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 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 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.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements
The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these financial statements that give a true and fair view of the state of
affairs (financial position), profit/loss and other comprehensive income, changes in equity and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (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, the 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.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities 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’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.
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 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
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 and Board of Directors.
 Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting in preparation of financial statements 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 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 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 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
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
1. As required by the Companies (Audit 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 of matters specified in paragraphs
3 & 4 of the Order, to the extend applicable
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.
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 Statement of Cash Flows dealt with by this Report are in
agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Indian 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 March 31,2024 taken on
record by the Board of Directors, none of the directors are disqualified as on March 31, 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”. Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls over financial reporting.
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, 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 if any as at 31 March 2024 on
its financial position in its financial statements. (Refer Note 24C)
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.
iii. There are no amounts that are required to be transferred, to the 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, 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 it's knowledge and belief, other than
as disclosed in the notes to the accounts, 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 their notice that has caused them to believe that the
representations under sub-clause (i) and (ii) contain any material mis-statement.
v. The company has not declared dividend during the financial year.
vi. Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of accounts which has a feature of recording of audit trail
(edit log) facility and the same has operated throughout the year for all relevant transactions
recorded in the software. Further during the course of our audit, we did not come across any
instance of audit trail feature being tempered with.
h. With respect to the matter to be included in the Auditors’ Report under Section 197(16) of the Act, in
our opinion and according to the information and explanations given to us, is not applicable as the
company is Private company.
For R. Sivaramakrishnan & Co.

Chartered Accountants
F.R.No.007402
R. Sivaramakrishnan FCA
Proprietor
Membership No.205244
UDIN: 24205244BKGVJO2182
Place: Cochin
Date : 11th April, 2024
ANNEXURE-A to the Independent Auditor’s Report on Financial Statements of DEN Malayalam

Telenet Private Limited for the year ended 31st March 2024
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory requirements’ section our report
of even date)
i. Property, Plant and Equipment

a)
(A) The Company has maintained proper records showing full particulars, including quantitative details
and situation of Property, Plant and Equipment.
(B) The Company has no intangible assets, hence this clause of Paragraph 3 (i)(a) of the order is not
applicable to the company.
b) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has a regular programme of physical verification of its Property, Plant and
Equipment except set top boxes and distribution equipment comprising overhead and underground cables.
Management is of the view that it is not possible to verify these assets due to their nature and location.
c) According to the information and explanations given to us there are no immovable property held by the
Company, hence this paragraph 3(i) of the order is not applicable to the company.
d) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has not revalued its Property, Plant and Equipment (including right to use
assets) or intangible assets or both during the year.
e) According to information and explanations given to us and on the basis of our examination of the records of
the Company, there are no proceedings initiated or pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) and rules made there
under.
ii Inventories
a) The Company is a service company, primarily rendering cable system network service and does not have any
Physical Inventories Accordingly; requirements under paragraph 3(ii) (a) of the Order are not applicable.
b) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has not been sanctioned working capital limits. Therefore, reporting under
paragraph 3(ii) (b) of the Order are not applicable.
iii. Investment made or Loan given
According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the Company has not made investments in, provided any guarantee or security or granted any
loans and advances in in the nature of loans, secured or unsecured to companies, limited liability partnership and
other parties, hence the provision of clause 3(iii) (a),(c),(d),(e) and (f) of the Order are not applicable to the
Company.
iv. Compliance of Sec. 185 & 186
According to the information and explanations given to us and on the basis of our examination of records of the
Company, the Company has not entered into any transactions in respect of any loans or investment or provided
any guarantee or security to the parties covered under Section 185 and 186 of the Act, therefore, paragraph 3(iv)
of the order is not applicable to the company.
v. Public Deposit
According to the information and explanations given to us, the Company has not accepted any deposits or
amounts which are deemed to be deposits within the meaning of provisions of sections 73 to 76 or any other
relevant provisions of the Act and the rules framed there under. Therefore, the clause (v) of paragraph 3 of the
Order is not applicable to the Company.
vi. Cost Records
The maintenance of cost records has not been specified for the activities of the Company by the Central
Government under section 148(1) of the Companies Act, 2013 for the business carried out by the Company.
Hence, reporting under clause (vi) of the Order is not applicable.
vii. Statutory Dues
According to the information and explanations given to us and on the basis of our examination of the records of
the Company, in our opinion amounts deducted / accrued in the books of account in respect of undisputed
statutory dues including Goods and Services Tax (‘GST’), Provident fund, Employees’ State Insurance, Income
Tax, Labour cess, Professional tax, Property tax, Cess and other statutory dues have generally been regularly
deposited with the appropriate authorities. As explained to us, the Company did not have any dues on account of
wealth tax and Custom duty.
(a) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, no undisputed amounts payable in respect of Goods and Services Tax (‘GST’), Provident fund,
Employees’ State Insurance, Income Tax, Duty of Customs, Cess and other statutory dues were in arrears as at
31 March 2024 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, there are no dues relating to Income- tax, Sales tax, Service Tax, Value added tax, Goods and
service tax or other statutory dues which have not been deposited on account of any dispute.
viii. According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as
income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the
year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.
ix.
a) In our opinion and according to the information and explanations given to us and books of accounts and
records examined by us, the Company has not taken any loans or borrowing from any lender.
b) In our opinion, and according to the information and explanations given to us, the Company has not been
declared wilful defaulter by any bank or financial institution or government or any government authority.
c) In our opinion, and according to the information and explanations given and records examined by us, no term
loan was raised by the Company during the year and there is no outstanding term loan at the beginning of the
year. Therefore, provision of clause (ix) (c) of paragraph 3 of the Order is not applicable to the Company.
d) According to the information and explanations given to us, and the procedures performed by us, and on an
overall examination of the financial statements of the Company, we report that, prima facie, no funds raised on
short-term basis have been used during the year for long-term purposes by the Company.
e) According to the information and explanations given to us and on an overall examination of the financial
statements of the Company, we report that the Company has not taken any funds from any entity or person on
account of or to meet the obligations of its subsidiaries and associates. The Company does not have any joint
ventures.
f) According to the information and explanations given to us and procedures performed by us, we report that the
Company has not raised any loans during the year on the pledge of securities held in its subsidiaries and
associates. The Company does not have any joint ventures.
x. Application of fund raise through public offer
(a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt
instruments) Accordingly, clause 3(x)(a) of the Order is not applicable.
(b) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has not made any preferential allotment or private placement of shares or fully or
partly convertible debentures during the year. Accordingly, compliance of section 42 and 62 of the Act does not
arise. Accordingly, clause 3(x) (b) of the Order is not applicable.
xi. Fraud
(a) Based on examination of the books and records of the Company and according to the information and
explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the
course of the audit.
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143
of the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and
Auditors) Rules, 2014 with the Central Government.
(c) Company does not require establishment of whistle blower mechanism under section 177 (9) of the Act.
Therefore, the provisions of Clause 3 (xi) (c) of the order are not applicable.
xii. According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly,
clause 3(xii) a to c of the Order is not applicable.
xiii. In our opinion and according to the information and explanations given to us, the company is a private limited
company, it is not required to constitute audit committee hence Section 177 of the Act is not applicable to the
company. The company has complied with the provision of section 188 of the Act, where applicable, and the
details have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. The company does not have an internal audit system and is not required to have an internal audit system as
per the provisions of section 138 of the Companies Act, 2013 are not applicable on the company, thus reporting
under clause 3(xiv) of the order is not applicable.
xv. In our opinion and according to the information and explanations given to us, the Company has not entered
into any non-cash transactions with its directors or persons connected to its directors and hence, provisions of
Section 192 of the Act are not applicable to the Company.
xvi.
(a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.
(b) In our opinion, and according to the information and explanations provided to us and on the basis of our audit
procedures, the Company has not conducted any Non-Banking Financial or Housing Finance activities during the
year as per the Reserve bank of India Act 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.
(c) In our opinion, and according to the information and explanations provided to us, the Company is not a Core
Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.
(d) In our opinion, and according to the information and explanations provided to us, the Group does not have any
Core Investment Company (CIC) as part of the Group contained in the Core Investment Companies (Reserve
Bank) Directions, 2016. Therefore, provisions of clause (xvi) (d) of paragraph 3 of the Order are not applicable to
the Company.
xvii. In our opinion, and according to the information and explanations provided to us, Company has not incurred
any cash losses in the financial year and in the immediately preceding financial year.
xviii. There has been resignation of statutory auditors during the year, we have taken into consideration the issues,
objections, concerns, if any, raised by the outgoing auditor.
xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing and
expected dates of realisation of financial assets and payment of financial liabilities, other information
accompanying the financial statements, our knowledge of the Board of Directors and management plans and
based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which
causes us to believe that any material uncertainty exists as on the date of the audit report that the Company is not
capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of
one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of
the Company. We further state that our reporting is based on the facts up to the date of the audit report and we
neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the
balance sheet date, will get discharged by the Company as and when they fall due.
xx. The Provisions of Section 135 are not applicable to the company during the current financial year therefore,
reporting under Clause 3(xx) (a) & (b) of the order is not applicable.
xxi. The reporting under clause 3 (xxi) of the Order is not applicable in respect of audit of Standalone financial
statements of the Company. Accordingly, no comment has been included in respect of said clause under this
report.

F.R.No.007402
Proprietor
Place: Cochin
ANNEXURE B
TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE IND AS FINANCIAL STATEMENTS
OF DEN MALAYALAM TELENET PRIVATE LIMITED
Report on the Internal Financial Controls under clause (i) of the Companies Act, 2013 (“the Act”)
We have audited the Internal Financial Controls over financial reporting of DEN Malayalam Telenet Private
Limited (“the Company”) as of 31 March 2024 in conjunction with our audit of the Ind AS financial statements of
the Company for the year ended on the date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based
on, “the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Reporting issued by
the “Institute of Chartered Accountants of India”. These responsibilities include the design, implementation and
maintenance of adequate Internal Financial Controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and
the timely preparation of reliable financial information, as required under the Companies Act,2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s Internal Financial Controls over financial reporting
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and
deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit
of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the
Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risk of material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with Generally Accepted Accounting Principles. A company’s internal financial control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with Generally Accepted Accounting Principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the
Inherent Limitation of Internal Financial Controls Over Financial Reporting
Because of the inherent limitation of internal financial controls over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting
to future periods are subject to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
Opinion
In our opinion, the Company has, in all material respect, an adequate internal financial controls system over
financial reporting and such internal financial controls over financial reporting were operating effectively as at 31
March 2024, based on, “the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls over Financial Reporting issued by The Institute of Chartered Accountants ofIndia”

F.R.No.007402
Proprietor
Place: Cochin
DEN MALAYALAM TELENET PRIVATE LIMITED

BALANCE SHEET AS AT 31st March, 2024
Particulars Note As at As at
No. 31.03.2024 31.03.2023
(Rs.' 000) (Rs.' 000)
A. ASSETS
1. Non-Current Assets
(a) Property, plant and equipment 3 0.00 11.17
(b) Capital work in progress - -
0.00 11.17
(c)Financial assets
(i) Others financial assets 4 143.35 143.35
(d) Non current tax assets 5 10.78 6.48
(e) Deferred tax assets (net) (See note 31) 23 837.71 830.76
(f) Other non-current assets 6 3.51 6.43
Total non current assets 995.35 998.19
2. Current Assets
(a) Financial Assets

(i) Trade receivables 7 228.31 296.96
(ii) Cash and cash equivalents 8 1,725.18 1,725.00
(b) Other current assets 9 80.64 280.32
Total current assets 2,034.13 2,302.28
Total Assets 3,029.48 3,300.47
B. EQUITY AND LIABILITIES
Equity
(a) Equity share capital 10 11,926.81 11,926.81
(b) Other equity 11 (23,712.75) (23,954.54)
Total equity (11,785.94) (12,027.73)
Liabilities
1. Non-Current Liabilities
(a) Long term provisions 12 - -
(b) Other non-current liabilities 13 28.14 194.54
Total non-current liabilities 28.14 194.54
2. Current Liabilities
(a) Financial liabilities

(i) Trade payables
-total outstanding dues to creditors other than micro 14 14,444.63 14,777.93
enterprises and small enterprises
(ii) Other financial liabilities 15 301.92 296.92
(b) Other current liabilities 16 40.73 58.81
Total current liabilities 14,787.28 15,133.66
Total liabilities 14,815.42 15,328.20
Total Equity and Liabilities 3,029.48 3,300.47
See accompanying notes forming part of the Ind AS financial

1 to 44
statements
In terms of our report attached For and on behalf of the Board of Directors of
R.Sivaramakrishnan & Co DEN MALAYALAM TELENET PRIVATE LIMITED
ICAI Firm Registration No.:007402S
R .Sivaramakrishnan Shankar Devarajan Pauly Jose T

Proprietor Director Director
Membership No.205244 DIN No:02112473 DIN No: 02542560
Place: Cochin
Dated:11-04-2024 Dated:11-04-2024 Dated:11-04-2024

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st March, 2024
Particulars Note No. For the year ended For the year ended
31.03.2024 31.03.2023
(Rs.' 000) (Rs.' 000)
1. REVENUE
a. Revenue from operations 17 921.84 1,481.12
b. Other income 18 105.39 2,168.25
2. TOTAL REVENUE 1,027.23 3,649.37
3. EXPENSES
a. Finance costs 20 - -
b. Depreciation 3 11.17 25.33
c. Subscription share/ charges 19 265.09 510.47
d. STB Activation Charges 19 195.60 339.82
e. Other expenses 21 320.53 796.00
4. TOTAL EXPENSES 792.39 1,671.62
5. PROFIT/(LOSS) BEFORE EXCPETIONAL ITEM AND 234.84 1,977.75

TAX EXPENSE (2-4)
6. Exceptional items 22 - -
7. PROFIT BEFORE TAX (5-6) 234.84 1,977.75
8. TAX EXPENSE
a. Current tax expense [includes Rs. 0.83 million - -
b. (previous year Rs.
Short provision for 19.67 miilion)
tax relating to related to jointly
prior years - -
c. Deferred tax 23 (6.95) 180.71
NET TAX EXPENSE (6.95) 180.71
9. PROFIT AFTER TAX (7-8) 241.79 1,797.04
10. Other Compreshensive Income

(i) Items that will not be reclassified to Profit
-Remeasurements of the defined benefit obligation - -
- Deferred Tax on Remeasurements of the defined benefit obligation - -
Total other compreshensive income - -
241.79 1,797.04
Total Comprehensive Income for the period (Comprising Profit and Other
11.
Comprehensive Income for the period) (9+10)
12. Earnings per equity share

(Face value of Rs. 10 per share)
Basic (Rs. per share) 28 0.20 1.51

Diluted (Rs. per share) 28 0.20 1.51
See accompanying notes forming part of the Ind AS financial

1 to 44
statements
Shankar Devarajan Pauly Jose T

R .Sivaramakrishnan
Director Director
Proprietor
DIN No:02112473 DIN No: 02542560
Place: Cochin

STATEMENT OF CHANGE IN EQUITY FOR THE YEAR ENDED 31at March, 2024
A. Equity Share Capital
(Rs.' 000)
Particulars As at 31.03.2024 As at 31.03.2023
No of shares Amount No of shares Amount
Numbers of shares at the Beginning 11,92,681 11,926.81 11,92,681 11,926.81
Add: Shares issued during the year - - -
Numbers of shares at the End 11,92,681 11,926.81 11,92,681 11,926.81
B. Other equity
For the year ended March 31, 2024 (Rs.' 000)
Other Total
Reserves and Surplus comprehensive
income
Particulars Securities Capital Retained earnings Actuarial Gain /
premium Redemption (Loss)
Reserve
Balance at the beginning of the reporting year 9,101.96 - (33,056.50) - (23,954.54)

Transfer to retained earnings - - 241.79 - 241.79
Balance at the end of the reporting year 9,101.96 - (32,814.71) - (23,712.75)
For the year ended March 31, 2023

Other Total
Reserves and Surplus comprehensive
income
Particulars Securities Capital Retained earnings Actuarial Gain /
premium Redemption (Loss)
Reserve
Balance at the beginning of the reporting year 9,101.96 - (34,853.54) - (25,751.58)

Transfer to retained earnings - - 1,797.04 - 1,797.04
Balance at the end of the reporting year 9,101.96 - (33,056.50) - (23,954.54)

Place: Cochin

CASH FLOW STATEMENT FOR THE YEAR ENDED 31st March, 2024
For the Year Ended For the Year Ended
31.03.2024 31.03.2023
(Rs.' 000) (Rs.' 000)
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 234.84 1,977.75
Adjustments for:
Depreciation 11.17 25.33
Finance costs - -
Liabilities/ excess provisions written back (net) - 2,084.37
Provision for doubtful debts 61.56 396.58
Interest income on Fixed Deposit (105.39) (83.88)
Operating profit before working capital changes 202.18 4,400.15
Changes in working capital:

Adjustments for (increase)/ decrease in operating assets:
Trade Receivables 7.09 1,978.77
Other current financial assets - 4,007.65
Other current non- financial assets 199.68 240.74
Other non current financial assets - (10.00)
Other non current non-financial assets (1.38) 173.88
Adjustments for increase / (decrease) in operating liabilities:

Current financial Liabilities (328.30) (10,952.01)
Current non-financial Liabilities (18.08) (257.78)
Other non current non-financial Liabilities (166.40) (339.16)
Cash generated from operations (105.21) (757.76)

Taxes paid / (refunds) - -
Net Cash generated from Operating Activities (105.21) (757.76)
B CASH FLOW FROM INVESTING ACTIVITIES

Dividend from long-term investments: - -
Interest income on Fixed Deposit 105.39 83.88
Net Cash used in Investing Activities 105.39 83.88
C CASH FLOW FROM FINANCING ACTIVITIES

Repayment of long term borrowings - -
Finance costs - -
Payment of Equity dividend Iincluding Tax - -
Dividend distribution tax paid - -
Net Cash used in Financing Activities - -
Net Increase/(Decrease) in Cash and Cash Equivalents 0.18 (673.88)

Cash and Cash Equivalents at the beginning of the year 1,725.00 2,398.88
Cash and Cash Equivalents at the end of the year 1,725.18 1,725.00
Cash and Cash Equivalents at the end of the year comprise of:
Cash on Hand - -
Balances with Banks in Current Accounts 1,725.18 1,725.00
1,725.18 1,725.00
Note : The above Cash Flow Statement has been prepared under the indirect method set out in IND AS - 7 "Statement of Cash Flow" issued by the
Central Government under Indian Accounting Standards (Ind AS) notified under section 133 of the Companies Act, 2013 (Companies Indian
Accounting Standard Rules, 2015)

Place: Cochin
Dated:11-04-2024
Dated:11-04-2024 Dated:11-04-2024
DEN MALAYALAM TELENE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st March, 2024
1. Background
DEN Malayalam Telenet Private Limited is a Company incorporated in India on 29th Jan 2004. The Company is primarily engaged in providing
cable television distribution and other related services. It is a subsidiary of Futustric Media & Entertainment Ltd with effect from 05-08-2022
2 Significant accounting policies
2.01 Basis of preparation
(i) Statement of Compliance and basis of preparation
(ii) Basis of measurement

The financial statements have been prepared on a historical cost basis, except for certain financial assets that is measured at FVTPL.
2.02 Use of estimates
The preparation of the financial statements in conformity with Ind As requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during
the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable.
Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the
periods in which the results are known / materialize.
2.03 Cash and cash equivalents (for purpose of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of
three months or less from the date of acquisition) and highly liquid investments that are readily convertible into known amounts of cash
and which are subject to insignificant risk of changes in value.
2.04 Cash flow statement
Cash flows are reported using indirect method, whereby Profit before tax reported under statement of profit/ (loss) is adjusted for the
effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are segregated based on available information.
2.05 Property, plant and equipment

All the items of property, plant and equipment are stated at historical cost net off cenvat credit less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The
carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance
are charged to profit or loss during the reporting period in which they are incurred.
Intangible assets acquired in business combinations are stated at fair value as determined by the management of the Company on the
basis of valuation by expert valuers, less accumulated amortization. The estimated useful life of the intangible assets and the
amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if
any.
Goodwill on acquisition is included in intangible assets is not amortized but it is tested for impairment annually. The goodwill is carried at
cost less accumulated impairment losses.
Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value.
Depreciation on tangible fixed assets has been provided on the straight-line method as per the useful life prescribed in Schedule II to the
Companies Act, 2013 except in respect of the following categories of assets, in whose case the life of the assets has been assessed as
under based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions
of the asset, past history of replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc.
a. Headend and distribution equipment 6 -15 years

b. Set top boxes (STBs) 8 years
c. Office and other equipment 3 to 10 years
d. Furniture and fixtures 6 years
e. Vehicles 6 years
f. Leasehold improvements Lower of the useful life and the period of the lease.
g. Fixed assets acquired through business 5 years as estimated by an approved valuer
purchase
The management believes that useful lives as given above represent the period over which management expects to use these assets.
Depreciation methods, useful life's and residual values are reviewed at each reporting date and adjusted, if appropriate

Intangible assets are amortized over their estimated useful life on straight line method as follows:
a. Distribution network rights 5 years

b. Software 5 years
c. License fee for internet service Over the period of license agreement
d. Non compete fees 5 years
2.06 Revenue recognition
Revenue is measured at the fare value of consideration received or receivable. Amount disclosed as revenue are net of return, trade
allowances, rebates, service taxes and amount collected on behalf of third parties.
The company recognizes revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will
flow to the entity and specific criteria have been mapped for each of the company's activities as described below. The company bases its
estimates on historical results, taking into consideration the type of customer, the type of transection and specifics of each arrangements.
i. Income from operations
1. Service revenue comprises subscription income from digital and analog subscribers, placement of channels, advertisement
revenue, fees for rendering management, technical and consultancy services and other related services. Income from services is
recognized based on percentage completion method as per terms of the contract with the customer. Period based services are
accrued and recognized pro-rata over the contractual period.
2. Activation fees on Set top boxes (STBs) is recognized on activation of boxes over the life of the STBs. Activation fees received in
advance and deferred over the period of life of the STB has been considered as deferred revenue in current and non-current
liabilities at respective places.
3. Amounts billed for services in accordance with contractual terms but where revenue is not recognized, have been classified as
advance billing and disclosed under current liabilities.
ii. Sale of equipment

Revenue relating to sale of equipment is recognized, net of returns and trade discounts, on transfer of significant risks and rewards of
ownership to the buyer, which generally coincides with the delivery of equipment to customers. Sales exclude GST
2.07 Other income
Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Company and the
amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and
at the effective interest rate applicable,. Dividend income from investments is recognised when the shareholder's right to receive
payment has been established (provided that it is probable that the economic benefits will flow to the Company and the amount of
income can be measured reliably).
2.08 Foreign exchange gains and losses
The functional currency for the Company is INR determined as the currency of the primary economic environment in which it operates.
For the Company, the functional currency is the local currency of the country in which it operates, i.e. INR which is also presentation
currency of the company.
In preparing the financial statements the Company, transactions in currencies other than the entity’s functional currency (foreign
currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period,
monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair
value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined.
Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Treatment of exchange differences

The exchange differences arising on settlement / restatement of monetary items in foreign currency are taken into Statement of Profit
and Loss.
2.09 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.
2.09.1 Initial recognition
The company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument.
All financial assets and liabilities are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through
profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Transaction costs that are directly attributable
to the acquisition or issue of financial assets and financial liabilities, that are not at fair value through profit or loss, are added to the fair
value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

2.09.2 Subsequent measurement
(i) Financial assets carried at amortised cost
A financial asset is subsequently measured at amortised cost if it is held within a business model whose objective is to hold the asset in
order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.
Such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. The losses arising at
the time of subsequent measurement are recognising in the statement of profit or loss.
(ii) Financial assets at fair value through other comprehensive income
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose
objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Further,
in cases where the company has made an irrevocable election based on its business model, for its investments which are classified
as equity instruments, the subsequent changes in fair value are recognized in other comprehensive income.
(iii) Financial assets at fair value through profit or loss
A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss.
(iv) Financial liabilities
Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for financial liabilities
recognized in a business combination which is subsequently measured at fair value through profit and loss. For trade and other
payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of
these instruments
(v) Derecognition of financial assets/liabilities
If financial assets is primarily derecognized when the right to receive the cash flows from the assets has expired or the company has
transferred the rights to receive cash flows from the assets. IF financial liabilities is derecognized when the obligation under the liability is
discharged or cancelled or expired.
(vi) Impairment of financial assets
In accordance with IND AS 109, the company applies expected credit loss method (ECL) for measurement and recognition impairment
loss on the financial assets that are debt instruments and trade receivables.
(vii) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable
legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.
2.10 Employee benefits
Employee benefits include employee state insurance scheme, gratuity fund and compensated absences.
a. Defined contribution plans
The Company's contribution employee state insurance scheme are considered as defined contribution plans and are charged as an
expense based on the amount of contribution required to be made and when services are rendered by the employees. The company
pays provident fund contributions to publically administered provident funds as per local regulations. The company has no further
payment obligations once the contributions has been paid. The contribution accounted for as defined contribution plans and are
recognised as employee benefits expenses when they are due.
b. Defined benefit plans
For defined benefit plans in the form of gratuity, the cost of providing benefits is determined using the Projected Unit Credit method,
with actuarial valuations being carried out at each balance sheet date. Measurement of the net defined benefit liability, which
comprises actuarial gains and losses are recognised immediately in other comprehensive income. Net interest expense (income) on
the net defined liability (assets) is computed by applying the discount rate, used to measure the net defined liability (asset), to the net
defined liability (asset) at the start of the financial year after taking into account any changes as a result of contribution and benefit
payments during the year. Past service cost is recognised immediately to the extent that the benefits are already vested and
otherwise is amortised on a straight-line basis over the average period until the benefits become vested. The retirement benefit
obligation recognised in the Balance Sheet represents the present value of the defined benefit obligation as adjusted for unrecognized
past service cost, as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service
cost, plus the present value of available refunds and reductions in future contributions to the schemes.

c. Short term employee benefits

The undiscounted amount of short term employee benefits expected to be paid in exchange of services rendered by employees are
recognised during the year when the employee renders the services. These benefits include salaries, bonus, leave travel allowance
and performance incentives.
d. Other Long term employee benefits

The Liabilities for earned leave and sick leave are not expected to settled wholly within 12 months after the end of the period in which
the employees render the related service. They are therefore measured as the present value of expected future payments to be made in
respect of service provided by the employees upto end of the reporting period using the projected unit credit method.
The benefits are using the market yields at the end of the reporting period that have terms approximating to the terms of the related
obligation.
Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit & Loss. The
Obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement
for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
2.11 Borrowing costs

Borrowing costs include interest, amortisation of ancillary costs incurred and exchange differences arising from foreign currency
borrowings to the extent they are regarded as an adjustment to the interest cost. Borrowing costs that are directly attributable to
acquisition, construction or production of a qualifying asset (net of income earned on temporary deployment of funds) are capitalised as a
part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.
All other borrowing costs are charged to the Statement of Profit and Loss.
2.12 Leases
Where the Company as a lessor leases assets under finance leases, such amounts are recognised as receivables at an amount equal to
the net investment in the lease and the finance income is recognised based on a constant rate of return on the outstanding net
investment. Assets leased by the Company in its capacity as a lessee, where substantially all the risks and rewards of ownership vest in
the Company are classified as finance leases. Such leases are capitalised at the inception of the lease at the lower of the fair value and
the present value of the minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated
between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.
Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as
operating leases.
2.13 Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by
the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to
expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of
equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been
issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to
equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to
be converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are
adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding
shares). Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and
potentially dilutive equity shares are adjusted for share splits / reverse share splits and bonus shares, as appropriate.
2.14 Taxes on income

Income tax expense represents the sum of the tax currently payable and deferred tax.
2.14.1 Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the statement
of profit and loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or
deductible. Current income tax relating to items recognized directly in the equity is recognised in equity and not in statement of profit and
loss." The Company current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting
period.
2.14.2 Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements
and the corresponding tax bases used in the computation of taxable profit using balance sheet approach. Deferred tax liabilities are
generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary
differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can
be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other
than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In
addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax
relating to items recognised in other comprehensive income and directly in equity is recognised in correlation to the underlying
transaction."
D
Deferred Tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the end of the
reporting period. Further the carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient profit will be available
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to
future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax.
Accordingly, MAT is recognised as an asset in the Balance Sheet when it is highly probable that future economic benefit associated with
it will flow to the Company.
2.15 Impairment of assets
2.15.1 Financial Assets
The Company measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the
credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk on a financial instrument has
not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount
equal to 12-month expected credit losses.
When making the assessment of whether there has been a significant increase in credit risk since initial recognition, the Company uses
the change in the risk of a default occurring over the expected life of the financial instrument instead of the change in the amount of
expected credit losses. To make that assessment, the Company compares the risk of a default occurring on the financial instrument as
at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers
reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit
risk since initial recognition.
2.15.2 Non financial assets
Intangible assets and property, plant and equipment Property plant
At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the
asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable
amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating
units, or otherwise they are allocated to the smallest Company of cash-generating units for which a reasonable and consistent allocation
basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually,
and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of
the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss,
unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the
reversal of the impairment loss is treated as a revaluation increase.
2.16 Provisions and contingencies
A provision is recognised if as a result of a past event the Company has a present legal or constructive obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are not recognised
but disclosed in the Financial Statements when economic inflow is probable.
2.17 Share issue expenses
Share issue expenses are adjusted against the Securities Premium Account as permissible under Section 52 of the Companies Act,
2013, to the extent any balance is available for utilisation in the Securities Premium Account. Share issue expenses in excess of the
balance in the Securities Premium Account, if any is expensed in the Statement of Profit and Loss.
2.18 Insurance claims
Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that the amount
recoverable can be measured reliably and it is reasonable to expect ultimate collection.
D
2.19 Critical accounting judgements and key sources of estimation uncertainty
Critical accounting judgements

The following are the critical judgements, apart from those involving estimations that the directors have made in the process of applying
the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Contingent liabilities
Assessment of whether outflow embodying economic benefits is probable, possible or remote.
Control and significant influence

Whether the Company, through voting rights and potential voting rights attached to shares held, or by way of shareholders agreements or
other factors, has the ability to direct the relevant activities of the subsidiaries, or jointly direct the relevant activities of its joint ventures or
exercise significant influence over associates.
Key sources of estimation uncertainty
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting
period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year.
Useful lives of property, plant and equipment
The Company reviews the estimated useful lives of property, plant and equipment at the end of each reporting period. There is no such
change in the useful life of the assets.
Fair value measurements and valuation processes
In estimating the fair value of an asset or liability, the Company uses market-observable data to the extent it is available. Where level 1
inputs are not available, the Company engages third party qualified valuers to perform the valuation. The management works closely with
qualified external valuers to establish the appropriate valuation techniques and inputs to the model.
Defined benefit obligations

Key assumptions related to life expectancies, salary increases and withdrawal rates
Revenue recognition
See note 2 above
Impairment testing of investments

Key assumptions related to weighted average cost of capital (WACC) and long-term growth rates.
Classification of Leases
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease
requires significant judgement. The Company uses significant judgement in assessing the lease term (including anticipated renewals)
and the applicable discount rate.
The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered by an options to
extend the lease if the Company is reasonably certain to exercise that options; and periods covered by an option to terminate the lease if
the Company is reasonably certain not to exercise that options. In assessing whether the company is reasonably certain to exercise an
option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that crate an
economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The
Company revises the lease term if there is a change in the non-cancellable period of a lease. The discount rate is generally based on the
incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.
2.20 Fair value measurement

Fair value is the price that would be received to sell an asset or settle a liability in an ordinary transaction between market participants at
the measurement date. The fair value of an asset or a liability is measured using the assumption that market participants would use when
pricing an asset or a liability acting in their best economic interest. The Company used valuation techniques, which were appropriate in
circumstances and for which sufficient data were available considering the expected loss/ profit in case of financial assets or liabilities.
2.21 GST Input credit

GST input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is
reasonable certainty in availing/ utilizing the credits.
2.22 Operating Cycle
Based on the nature of activities of the Company and the normal time between acquisition of assets and their realization in cash or cash
equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as
current and non-current.
D
2.23 Current Versus Non Current Classification :
i. The assets and liabilities in the Balance Sheet are based on current/ non - current classification. An asset as current
when it is:
1 Expected to be realized or intended to be sold or consumed in normal operating cycle
2 Held primarily for the purpose of trading
3 Expected to be realized within twelve months after the reporting period, or
4 Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period
All other assets are classified as non - current.
ii A liability is current when:
1. Expected to be settled in normal operating cycle
2. Held primarily for the purpose of trading
3. Due to be settled within twelve months after the reporting period, or
4. There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period
All other liabilities are treated as non - current.

Deferred tax assets and liabilities are classified as non - current assets and liabilities.

3. Property, plant and equipment (Rs.' 000)
As at As at
31.03.2024 31.03.2023
Carrying amounts of :
a) Leasehold Improvements - -
b) Plant and equipment
(i) Headend and distribution equipment 0.00 11.17
(iii) Computers - -
(iv) Office and other equipment - -
c) Furniture and fixtures - -
Vehicles - -
0.00 11.17
d) Capital work-in-progress - -
0.00 11.17
Plant and equipment

Headend and Computers
Vehicles Total
distribution
equipment
Gross Block -
Balance at 1 April, 2022 2,935.88 13.84 91.96 3,041.68
Additions - - - -
Disposals - - - -
Balance at 31 March, 2023 2,935.88 13.84 91.96 3,041.68
Additions - - - -
Disposals - - - -
Balance at 31 March, 2024 2,935.88 13.84 91.96 3,041.68
Accumulated depreciation
Balance at 1 April, 2022 (2,899.38) (13.84) (91.96) (3,005.18)
Depreciation expenses (25.33) - - (25.33)
Elimination on disposals of assets - - - -
Balance at 31 March, 2023 (2,924.71) (13.84) (91.96) (3,030.51)

Eliminated on disposals of assets - - - -
Balance at 31 March, 2024 (2,935.88) - (91.96) (3,041.68)
Provision for Impairment

Balance at 1 April, 2022 - - - -
Impairment expenses - - - -
Balance at 31 March, 2023 - - - -
Impairment expenses - - - -
Balance at 31 March, 2024 - - - -
Carrying amount
Balance at 1 April, 2022 36.50 - - 36.50
Additions - - - -
Disposals - - - -
Balance at 31 March, 2023 11.17 - - 11.17
Additions - - - -
Disposals - - - -
Depreciation expense (11.17) - - (11.17)
Impairment expenses - - -
Balance at 31 March, 2024 0.00 - - 0.00


Particulars As at As at
31.03.2024 31.03.2023
(Rs.' 000) (Rs.' 000)
4. Other financial assets
Considered good
a. Security deposits 143.35 143.35
b. Advance for investments - -
143.35 143.35
5. Non current tax assets
a. Advance tax 10.78 6.48
10.78 6.48
6. Other non-current assets
a. Deposits against cases with

i. GST credit receivable 3.51 6.43
3.51 6.43
7. Trade receivables
Trade Receivables considered good - Unsecured; 228.31 296.96

Trade Receivables which have significant increase in Credit Risk - -
Trade Receivables - credit impaired 14,689.54 14,627.98
14,917.85 14,924.94
Less : Provision for doubtful debts / expected credit loss (14,689.54) (14,627.98)
228.31 296.96
Notes:
a) The average credit period on sales of services is 0-180 days. No interest is charged on any overdue trade receivables.
b) The Group has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The
provision matrix takes into account historical credit loss experience and adjusted for forward-looking information. The expected credit loss
allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. The provision matrix at the
end of the reporting period is as follows:
Ageing Expected credit loss (%)
0 - 90 days 0.1% - 18%
91 - 180 days 1% - 50%
180 days and above 50% - 100%
Trade Receivbale ageing as at 31st March 2024 (Rs.' 000)

Particulars Outstanding for following periods from due date of payment Total
Less than 6 6 months -1 1-2 Years 2-3 years More than 3 years
months year
i) Undisputed Trade receivables –
52.45 - - 175.86 - 228.31
considered good
Total 52.45 - - 175.86 - 228.31
Trade Receivbale ageing as at 31st March 2023 (Rs.' 000)

Particulars Outstanding for following periods from due date of payment Total
Less than 6 6 months -1 1-2 Years 2-3 years More than 3 years
months year
i) Undisputed Trade receivables –
118.10 - - 178.86 - 296.96
considered good
Total 118.10 - - 178.86 - 296.96
c) Movement in the expected credit loss allowance
Balance at the beginning of the 14,627.98 16,039.00

Movement in expected credit loss allowance 61.56 (1,411.02)
Balance at the end of the year 14,689.54 14,627.98
d) The concentration of credit risk is limited due to the fact that the customer base is large.
8. Cash and cash equivalents

(i) Cash in hand - -
(ii) Balance with scheduled banks
- in current accounts in current accounts 8.97 101.05
- in deposit accounts 1,716.21 1,623.95
- original maturity of 3 months or less - -
1,725.18 1,725.00
9. Other current assets
a. Prepaid expenses 80.64 280.32
80.64 280.32

31.03.2024 31.03.2023
(Rs.' 000) (Rs.' 000)
10. EQUITY SHARE CAPITAL
A. AUTHORISED
12,00,000 Equity Shares of Rs. 10/- each, Previous year 12,00,000 Equity Shares of Rs. 10/- each 12,000.00 12,000.00
12,000.00 12,000.00
B. ISSUED, SUBSCRIBED AND FULLY PAID UP

11,92,681 Equity Shares of Rs. 10/- each, fully paid up, Previous year 11,92,681 Equity shares of Rs 10 each 11,926.81 11,926.81
11,926.81 11,926.81
a) The reconciliation of the number of shares outstanding and the amount of share capital:
No of Amount No of shares Amount
shares
Numbers of shares at the Beginning 11,92,681 11,926.81 11,92,681 11,926.81
Add: Shares issued during the year - - -
Numbers of shares at the End 11,92,681 11,926.81 11,92,681 11,926.81
b) Shares held by holding/ultimate holding company and/or their subsidiaries/associates:

No of Amount No of shares Amount
shares
Futustric Media & Entertainment Ltd 6,08,265 6,082.65 6,08,265 6,082.65
c) Details of shares held by each shareholder holding more than 5% shares:

Name of Shareholder As at 31.03.2024 As at 31.03.2023
No of % No of shares %
shares Holding Holding
Futustric Media & Entertainment Ltd 6,08,265 51.00% 6,08,265 51.00%
Sajan Malayil 64,934 5.44% 64,934 5.44%
R Prasad 64,933 5.44% 64,933 5.44%
Total 7,38,132 7,38,132
d) The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share. Equity Shareholders are eligible to dividend proposed by the Board of Directors as approved by Shareholders in the ensuing Annual
General Meeting.
e) In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders
(f) Share Holding Details of Promotor

As at 31st March, 2024
S. Class of Equity Promoter's Name Nos. of Change Nos. of % of % Change
No. Shares shares at During the shares at the total during the
the year end of the shares year
beginning of year
the year (31.03.2024)
(01.04.2023)
Futuristic Media &
1 Equity 6,08,265 - 6,08,265 51.00 -
Entertainment LTD
2 Equity U.N. Bhasi 32,467 - 32,467 2.72 -
3 Equity Pauly Jose T. 32,467 - 32,467 2.72 -
4 Equity Sajan Malayii 64,934 - 64,934 5.44 -
5 Equity R. Prasad 64,933 - 64,933 5.44 -
6 Equity Manoj S. 16,234 - 16,234 1.36 -
7 Equity Martin D,Souza 16,234 - 16,234 1.36 -
8 Equity O. Narayanan 16,234 - 16,234 1.36 -
9 Equity Sohandas T.M. 16,234 - 16,234 1.36 -
10 Equity Jayanthi C. 16,234 - 16,234 1.36 -
11 Equity Joseph John 16,234 - 16,234 1.36 -
12 Equity Sanoj K.J. 16,234 - 16,234 1.36 -
13 Equity Anitha S. Shenoy 16,234 - 16,234 1.36 -
14 Equity Anoop T.U 16,234 - 16,234 1.36 -
15 Equity Mohanan P.R. 16,234 - 16,234 1.36 -
16 Equity V. Ramakrishnan 16,234 - 16,234 1.36 -

As at 31st March, 2024

S. Class of Equity Promoter's Name Nos. of Change Nos. of % of % Change
beginning of year
the year (31.03.2024)
(01.04.2023)
17 Equity Sainudheen A.A. 16,234 - 16,234 1.36 -
18 Equity P.N. Suresh 16,234 - 16,234 1.36 -
19 Equity C.G. Ramachandran 16,234 - 16,234 1.36 -
20 Equity K.K. Ramakrishnan 16,234 - 16,234 1.36 -
21 Equity C.B. Manoj Kumar 16,234 - 16,234 1.36 -
22 Equity Martin Joseph 16,234 - 16,234 1.36 -
23 Equity Hemaraj T.R. 13,528 - 13,528 1.13 -
24 Equity V. Gopalakrishnan 13,528 - 13,528 1.13 -
25 Equity K.N. Velayudhan 16,234 - 16,234 1.36 -
26 Equity Muhamad Raphi 16,234 - 16,234 1.36 -
27 Equity George Henry C.J 16,234 - 16,234 1.36 -
28 Equity Beena Joy 16,234 - 16,234 1.36 -
29 Equity T.D. Anchalose 5,411 - 5,411 0.45 -
30 Equity Joseph N.R. 16,234 - 16,234 1.36 -
Total 11,92,681 - 11,92,681 99.95 -
As at 31st March 2023

S. Class of Equity Promoter's Name No. of Change Nos. of % of % Change
beginning of year
the year (31.03.2023)
(01.04.2022)
1 Equity DEN Networks Limited 6,08,265 -608265 - 0.00 -100%

2 Equity U.N. Bhasi 32,467 - 32,467 2.72 -
3 Equity Pauly Jose T. 32,467 - 32,467 2.72 -
4 Equity Sajan Malayii 64,934 - 64,934 5.44 -
5 Equity R. Prasad 64,933 - 64,933 5.44 -
6 Equity Manoj S. 16,234 - 16,234 1.36 -
7 Equity Martin D,Souza 16,234 - 16,234 1.36 -
8 Equity O. Narayanan 16,234 - 16,234 1.36 -
9 Equity Sohandas T.M. 16,234 - 16,234 1.36 -
10 Equity Jayanthi C. 16,234 - 16,234 1.36 -
11 Equity Joseph John 16,234 - 16,234 1.36 -
12 Equity Sanoj K.J. 16,234 - 16,234 1.36 -
13 Equity Anitha S. Shenoy 16,234 - 16,234 1.36 -
14 Equity Anoop T.U 16,234 - 16,234 1.36 -
15 Equity Mohanan P.R. 16,234 - 16,234 1.36 -
16 Equity V. Ramakrishnan 16,234 - 16,234 1.36 -
17 Equity Sainudheen A.A. 16,234 - 16,234 1.36 -
18 Equity P.N. Suresh 16,234 - 16,234 1.36 -
19 Equity C.G. Ramachandran 16,234 - 16,234 1.36 -
20 Equity K.K. Ramakrishnan 16,234 - 16,234 1.36 -
21 Equity C.B. Manoj Kumar 16,234 - 16,234 1.36 -
22 Equity Martin Joseph 16,234 - 16,234 1.36 -
23 Equity Hemaraj T.R. 13,528 - 13,528 1.13 -
24 Equity V. Gopalakrishnan 13,528 - 13,528 1.13 -
25 Equity K.N. Velayudhan 16,234 - 16,234 1.36 -
26 Equity Muhamad Raphi 16,234 - 16,234 1.36 -
27 Equity George Henry C.J 16,234 - 16,234 1.36 -
28 Equity Beena Joy 16,234 - 16,234 1.36 -
29 Equity T.D. Anchalose 5,411 - 5,411 0.45 -
30 Equity Joseph N.R. 16,234 - 16,234 1.36 -
Futuristic Media &
31 Equity - 6,08,265 6,08,265 51.00 100%
Entertainment Ltd
Total 11,92,681 - 11,92,681 99.95

11. Other Equity

For the year ended March 31, 2024 (Rs.' 000)
Other
comprehensiv
Reserves and Surplus e income Total
Actuarial
General Equity-settled employee Retained
Particulars Securities premium Gain /
reserve benefits reserve earnings
(Loss)
Balance at the beginning of

the reporting year 9,101.96 - - (33,056.50) - (23,954.54)
Transfer to retained earnings - - - 241.79 - 241.79

Balance at the end of the
9,101.96 - - (32,814.71) - (23,712.75)
reporting year
Other Equity
For the year ended March 31, 2023
Other
comprehensi
Reserves and Surplus ve income Total
Actuarial
General Equity-settled employee Retained
Particulars Securities premium Gain /
reserve benefits reserve earnings
(Loss)
Balance at the beginning of

the reporting year 9,101.96 - - (34,853.54) - (25,751.58)
Transfer to retained earnings - - - 1,797.04 - 1,797.04

Balance at the end of the
reporting year 9,101.96 - - (33,056.50) - (23,954.54)

31.03.2024 31.03.2023
(Rs.' 000) (Rs.' 000)
12. Provisions
Non-current
a. Employee benefits
- Gratuity - -
- Compensated absences - -
- -
13. Other non-current liabilities

Others Liabilities:
a. Security deposits received - -
b. Advances from customers - -
c. Deferred revenue 28.14 194.54
28.14 194.54
14. Trade payables

Trade payables - Other than acceptances
- total outstanding dues of micro enterprises and small enterprises - -
(See note no. -28)
- total outstanding dues of creditors other than micro enterprises and - -
small enterprises
-Payable for goods and services 14,444.63 14,777.93
14,444.63 14,777.93
Trade Payable ageing as at 31st March 2024 (Rs.' 000)

Particulars Outstanding from due date of payment Total
< 1 year 1-2 years 2-3 years >3 years
(i) MSME - - - - -
(ii) Others 194.93 247.65 14,002.05 - 14,444.63
(iii) Disputed-MSME - - - - -
(iv) Disputed-Others - - - - -
Total 194.93 247.65 14,002.05 - 14,444.63
Trade Payable ageing as at 31st March 2023 (Rs.' 000)

Particulars Outstanding from due date of payment Total
< 1 year 1-2 years 2-3 years >3 years
(i) MSME - - - - -
(ii) Others 244.70 - 14,533.23 - 14,777.93
(iii) Disputed-MSME - - - - -
(iv) Disputed-Others - - - - -
Total 244.70 - 14,533.23 - 14,777.93
15. Other financial liabilities

a. Interest accrued - -
b. Others - -
i. Payable for Expenses 301.92 296.92
301.92 296.92
16. Other liabilities
Current
a. Deferred revenue 23.27 33.74
b. Statutory remittances 17.46 25.07
c. Other payables
i. Advances from customers - -
40.73 58.81

Particulars For the year ended For the year ended

31.03.2024 31.03.2023
(Rs.' 000) (Rs.' 000)
17. REVENUE FROM OPERATIONS
a. Sale of services (See note below) 921.84 1,481.12

i. Liabilities/ excess provisions written back - -
ii. Miscellaneous income - -
921.84 1,481.12
Note:
Sale of services comprises:
a. Placement income - -
b. Subscription income 755.08 1,286.57
c. Activation income 166.40 194.17
d. Feeder charges income - -
e. Leaseline Income - -
f. Other income 0.36 0.38
921.84 1,481.12
18. OTHER INCOME
a. Interest income
i. on fixed deposits 105.39 83.88
b. Liabilities/ excess provisions written back - 2,084.37
c. OTHER INCOMEProfit on sale of fixed assets - -
105.39 2,168.25
19. Subscription share charges STB Activation Charges
a. Subscription share/ charges 265.09 510.47

b. STB Activation Charges 195.60 339.82
460.69 850.29
20. FINANCE COSTS
a. Other borrowing costs - -

- -
21. OTHER EXPENSES
a. Distributor commission/ incentive - -

b. Rent and hire charges 48.00 98.28
c. Repairs and maintenance
i. Plant and machinery 12.00 12.00
ii. Others - -
d. Electricity expense 24.00 36.00
e. Consultancy, professional and legal charges* 107.20 125.77
f. Travelling and conveyance 48.00 108.00
g. Rates and taxes 19.12 11.00
h. Provision for doubtful debts 61.56 -
i. Bad debts written off - 396.58
j. Miscellaneous expenses 0.65 8.37
320.53 796.00
* Consultancy, professional and legal charges includes Auditor's remuneration as under :

a. To statutory auditors
: Statutory audit fee 55.00 55.00
: Tax audit fee - -
: Others 27.00 27.00
82.00 82.00
22. EXCEPTIONAL ITEM
a. Provision for Impairment of property , plant and equipment - -
- -

23. Current Tax and Deferred Tax

(a) Income Tax Expense
Particulars Year ended Year ended
31.03.2024 31.03.2023
Current Tax:
Current Income Tax Charge - -
Deferred Tax
In respect of current year origination and reversal of temporary
(6.95) 180.71
differences
Total Tax Expense recognised in profit and loss account (6.95) 180.71
- -
Deferred tax in respect of reversal of temporary differences considered in exceptional items
Total Tax Expense including exceptional items (6.95) 180.71
(b) Income Tax on Other Comprehensive Income

(Rs.' 000)
Year ended Year ended
Particulars
31.03.2024 31.03.2023
Deferred Tax
Remeasurement of Defiend Benefit Obligaitons - -
Total - -
(c) Movement of Deferred Tax
-
(i) Movement of Deferred Tax for 31.03.2024 (Rs.' 000)
Year ended 31.03.2024
Recognised in As at 31.03.2024
As at statement of profit
Particulars 01.04.2023 and Loss
Tax effect of items constituting deferred tax liabilities
Property, Plant and Equipment 849.26 - 849.26
Other financial asset (18.50) 6.95 (11.55)
Derivatives - - -
Other Items - - -
830.76 6.95 837.71
Tax effect of items constituting deferred tax assets
Employee Benefits - Gratuity - - -
Doubtful debts - - -
Other financial asset - - -
- - -
Net Tax Asset (Liabilities) 830.76 6.95 837.71
(i) Movement of Deferred Tax for 31.03.2023
Year ended 31.03.2023
Particulars Recognised in As at 31.03.2023
As at statement of profit
01.04.2022 and Loss
Tax effect of items constituting deferred tax liabilities
Property, Plant and Equipment 902.07 (52.81) 849.26
Intangible Assets - - -
Other financial asset 73.89 (92.39) (18.50)
Other Items (52.81) 52.81 -
923.15 (92.39) 830.76
Tax effect of items constituting deferred tax assets

Employee Benefits - Gratuity 88.32 (88.32) -
Other Items - - -
Financial Assets - - -
88.32 (88.32) -
Net Tax Asset (Liabilities) 1,011.47 (180.71) 830.76

(d) Numerical Reconciliation between average effective tax rate and applicable tax rate :
(Rs.' 000)
As at March 31, 2024 As at March 31, 2023
Particulars Amount Tax Rate Amount Tax Rate
Profit Before Exceptional items and tax expenes 234.84 25.17% 1,977.75 25.17%
Exceptional items - -
Profit Before tax expenses 234.84 1,977.75
Tax on above 59.10 497.76

Tax Impacts of the followings
Permanent Differences - -
DTA w/off included in exceptional items - -
Short provision for tax relating to prior years - -
CF Losses used - (69.19)
Unused Tax Losses not recognized as Deferred Tax Asset 16.08 -
Related to Property, Plant & Equipment (98.03) (109.87)
Related to Deferred Revenue 0.41 129.05
Effect of expenses that are not deductible in determining taxable
15.49 (267.04)
profit
(6.95) 180.71
Tax Expense debited to P&L A/c
Current Tax - -
Deferred Tax (6.95) 180.71
Deferred Tax in exceptional items - -
Tax Expense (6.95) 180.71


31.03.2024 31.03.2023
(Rs.' 000) (Rs.' 000)
24. Income taxes
A Income tax recognised in Statement of Profit and Loss
(a) Current tax

In respect of current year - -
In respect of prior years - -
- -
(b) Deferred tax

In respect of current year (6.95) 180.71
Write-downs (reversals of previous write-downs) of deferred tax assets - -
(6.95) 180.71
Total tax expense charged/(credited) in Statement of Profit and Loss

(6.95) 180.71
(c) The income tax expense for the year can be reconciled to the accounting profit as follows:
Profit/(Loss) before tax 234.84 1977.75

Less:
Share of profit / (loss) of associates - -
Share of profit / (loss) of joint venture - -
234.84 1,977.75
Income tax expense calculated 59.10 497.76

- Permanent Differences - -
Timing Difference relating to earlier years or due to change of rate of tax : 16.08
- Related to Property, Plant & Equipment (98.03) (109.87)
- Related to Deferred Revenue 0.41 129.05
- Effect of expenses that are not deductible in determining taxable profit 15.49 (267.04)
- Effect on deferred tax balances due to the change in income tax rates - -
- Carried forward losses utilised - (69.19)
(6.95) 180.71
Adjustments recognised in the current year in relation to the current tax of
- -
prior years
Total tax expense charged/(credited) in Statement of Profit and Loss (6.95) 180.71
(d) Unrecognised deductible temporary differences, unused tax losses and unused tax credits:
Deductible temporary differences, unused tax losses and unused tax credits for
which no deferred tax assets have been recognised are attributable to the
following (refer note below):
tax losses (revenue in nature) 3,001.83 3,001.83
unabsorbed depreciation (revenue in nature) 5,878.14 5,814.24
deductible temporary differences: - -
- Property, plant and equipment and other intangible assets - -
- Provision for employee benefits - -
- Impairment allowance for doubtful balances - -
- Deferred revenue - -
8,879.97 8,816.07
Note:
Detail of temporary differences, unused tax losses and unused tax credits for
which no deferred tax asset is recognised in the Balance Sheet:
Deferred tax assets with no expiry date 5,878.14 5,814.24

Deferred tax assets with expiry date 3,001.83 3,001.83
8,879.97 8,816.07

25. Managerial remuneration forming part of employee benefits expense for the year ended 31 March, 2024 is Rs. Nil [Previous year Rs.Nil].
26. Operating Lease
The Company has entered into a cancellable operating lease for office premises. The lease rental expenses recognised in the Statement of Profit and
Loss for the year is Rs. Nil [Previous year Rs. Nil].
27. Disclosures as per the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006

31.03.2024 31.03.2023
(Rs.' 000) (Rs.' 000)
- -
(a) (i) the principal amount remaining unpaid to any supplier - -
(ii) interest due thereon - -
(b) interest paid in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006
and the amount of payment made to the supplier beyond the appointed day. - -
(c) interest due and payable for the period of delay in making payment other than the interest specified
under the Micro, Small and Medium Enterprises Development Act, 2006 - -
(d) interest accrued and remaining unpaid - -
(e) further interest remaining due and payable even in the succeeding years for the purpose of disallowance
of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development
Act, 2006. - -
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the
Management. This has been relied upon by the auditors.
28. Earnings per equity share (EPS)
Year ended Year ended

Particulars
31.03.2024 31.03.2023
a. Net Profit attributable to equity shareholders (Rs. '000) 241.79 1,797.04

b. Weighted average number of equity shares outstanding used in computation of basic EPS
11,92,681 11,92,681
c. Basic Profit per equity share of Rs. 10 each (in Rs.) 0.20 1.51
d. Weighted average number of equity shares and equity equivalent shares outstanding used in computing
diluted EPS 11,92,681 11,92,681
e. Diluted Earnings per equity share of Rs. 10 each (in Rs.) 0.20 1.51

29. Related Party Disclosures
I. List of related parties

a Holding Company
1 Futuristic Media & Entertainment Ltd
2 Den Networks Ltd*
* DEN Network is the Holding company of Futuristic Media & Entertainment Ltd
b Persons having substansial interest in the company

1 Sajan Malayil Director
2 Pauly Jose T Director
c Key managerial personnel/Director

1 Sajan Malayil Director
2 Pauly Jose T Director
3 Shankar devarajan Director
4 Renju Joshi Vattappillil Director
5 Baiju Philip Director
II. Transactions/ outstanding balances with related parties during the year
(Figures in bracket relates to previous year)
(Rs. '000)
Particulars Futustric Media Den Networks Ltd Grand total
& Entertainment (Holding Company
Ltd of Futuristic Media
(Holding & Entertainment
Company) Ltd)
A. Transactions during the year
i Other expenses
For the Year ended 31 March, 2024 - 12.00 12.00
For the Year ended 31 March, 2023 - (12.00) (12.00)
ii Subscription share charges

iii Reimbursements
For the Year ended 31 March, 2024 - - -
For the Year ended 31 March, 2023 - - -
B. Outstanding balances at year end

i. Trade payables
For the Year ended 31 March, 2024 48.18 13,078.94 13,127.12
For the Year ended 31 March, 2023 (35.38) (13,559.99) (13,595.37)
ii. Trade receivables

For the Year ended 31 March, 2024 175.86 - 175.86
For the Year ended 31 March, 2023 (178.86) - (178.86)
iii. Pre -Paid expenses


30. Financial Instruments
(a) Financial risk management objective and policies

This section gives an overview of the significance of financial instruments for the company and provides additional information on the balance
sheet.
Financial assets and liabilities:

The accounting classification of each category of financial instruments, and their carrying amounts, are set out below:
As at 31.03.2024 (Rs.' 000)
Financial assets Amortised Cost FVTOCI FVTPL Total carrying value
Cash and cash equivalents 1,725.18 - - 1,725.18

Trade receivables 228.31 - - 228.31
Security deposits 143.35 - - 143.35
Investments - - - -
Current Loans - - - -
Bank Balances - - - -
Other current financial assets - - - -
2,096.84 - - 2,096.84
Financial liabilities Amortised Cost FVTOCI FVTPL Total carrying value
Trade payables 14,444.63 - - 14,444.63

Other current financial liabilities 301.92 - - 301.92
14,746.55 - - 14,746.55
As at 31.03.2023
Financial assets Amortised Cost FVTOCI FVTPL Total carrying value
Cash and cash equivalents 1,725.00 - - 1,725.00
Trade and other receivables 296.96 - - 296.96
Security deposits 143.35 - - 143.35
Advance for investments - - - -
Investments - - - -
Current Loans - - - -
Bank Balances - - - -
Other current financial assets - - - -
2,165.31 - - 2,165.31
Financial liabilities Amortised Cost FVTOCI FVTPL Total carrying value

Trade payables 14,777.93 - - 14,777.93
Other current financial liabilities 296.92 - - 296.92
15,074.85 - - 15,074.85
(b) Risk management framework

The Company’s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The Company’s
principal financial assets include Investment, trade and other receivables and cash and bank balances that derive directly from its operations. The
Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks.
The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.
Market Risk
Market risk is the risk that the fair value of future cash flows of a financial assets will fluctuate because of changes in market prices. Market risk
comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial Assets
affected by market risk include loans and borrowings, deposits and derivative financial instruments.
Liquidity risk
The company remains committed to maintaining a healthy liquidity, gearing ratio, deleveraging and strengthening the balance sheet. The maturity
profile of the Company’s financial liabilities based on the remaining period from the date of balance sheet to the contractual maturity date is given
in the table below. The figures reflect the contractual undiscounted cash obligation of the company.
(Rs.' 000)
As at 31.03.2024 <1 year > 1 Year Total
Current
- Trade payables 14,444.63 - 14,444.63
Other current financial liabilities 301.92 - 301.92
-
Total 14,746.55 - 14,746.55

As at 31.03.2023 <1 year > 1 Year Total

Current
- Trade payables 14,777.93 - 14,777.93
- Other current financial liabilities 296.92 - 296.92
Total 15,074.85 - 15,074.85
Counterparty and concentration of credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the company. The company is
exposed to credit risk for receivables, cash and cash equivalents, short-term investments and loans and advances.
Credit risk on receivables is limited as most of the portion of receivables is pertaining to fellow subsidiairy or holding/ ultimate holding Company.
The history of trade receivables shows a negligible provision for bad and doubtful debts.
None of the company’s cash equivalents are past due or impaired. Regarding trade and other receivables, and other non-current assets, there
were no indications as at 31.03.2023, that defaults in payment obligations will occur.
Of the year ended 31.03.2023 and 31.03.2023, Trade and other receivables balance the following were past due but not impaired:
(Rs.' 000)
Due less than Due greater
As at 31.03.2024 Total
6 months than 6 months
Trade Receivables 52.45 175.86 228.31
Security Deposits - 143.35 143.35
Current Loans - - -
Advance for investment - - -
Investments - - -
Other current financial assets - - -
52.45 319.21 371.66
Due less than Due greater

As at 31.03.2023 Total
6 months than 6 months
Trade Receivables 118.10 178.86 296.96
Security Deposits - 143.35 143.35
Current Loans - - -
Other current financial assets 4,007.65 (4,007.65) -
-
4,125.75 (3,685.44) 440.31
(a) Receivables are deemed to be past due or impaired with reference to the company’s normal terms and conditions of business. These terms
and conditions are determined on a case to case basis with reference to the customer’s credit quality and prevailing market conditions.
Receivables that are classified as ‘past due’ in the above tables are those that have not been settled within the terms and conditions that have
been agreed with that customer.
(b) The credit quality of the company’s customers is monitored on an ongoing basis and assessed for impairment where indicators of such
impairment exist. The solvency of the debtor and their ability to repay the receivable is considered in assessing receivables for impairment. Where
receivables have been impaired, the company actively seeks to recover the amounts in question and enforce compliance with credit terms.
31. In the opinion of the Management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business.
32. There is no employee in the Company, therefore Gratuity and Leave encashment is not applicable for F.Y 2023-24

33. Ratio Analysis
S.n. Particulars 2023-24 2022-23

1 Current Ratio 0.14 0.15
2 Debt-Equity Ratio* NA NA
3 Debt service coverage ratio^ NA NA
4 Return on equity ratio 2% 15%
5 Inventory turnover ratio# NA NA
6 Trade receivable turnover ratio 12.07 0.15
7 Trade payable turnover ratio (3.13) (0.33)
8 Net capital turnover ratio (8.72) (30.34)
9 Net profit ratio 24% 49%
10 Return on capital employed 2% 15%
11 Return on Investment 2% 13%
* No debt outstanding as on 31/3/24
^ No interest cost duirng FY 2023-24
# No inventory
33.1 Formula for computation of ratios are as follows:
S.n. Particulars Formula

Current Assets
1 Current Ratio Current Liabilities
Total Debt
2 Debt-Equity Ratio Total Equity
Earning before Interest , Tax & Exceptional Items

Interest Expense + Princial Repayments made during
3 Debt Service Coverage Ratio
the period for long term loans
Profit after Tax (Attributable to Owners)

4 Return on Equity Ratio
Average Net worth
Cost of goods sold

5 Inventory Turnover Ratio Average Inventories of Finished Goods, Stock-in
Process and stock in trade
Value of Sales & Services

6 Trade Receivables Turnover Ratio
Average Trade Receivable
7 Trade Payables Turnover Ratio Cost of Servies + Other Expenses

Average Trade Payables
8 Net Capital Turnover Ratio Value of Sales & Services

Net Worth
Profit after Tax

9 Net Profit Ratio
Value of Sales & Services
Profit after Tax + Deferred Tax Expense (Income) +

10 Return on Capital Employed Finance Cost (-) Other Income
(-) Share of Profit / (Loss) of Associates
Average Capital Employed
11 Return on Investment Other Income (Excluding Divided)

Average Cash, Cash equivalent & Other marketable
securiites
34. As per section 248 of the Companies Act, 2013, there are no balances outstanding with struck off companies.

35. Capital Management
The Company’s objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to
support its business and provide adequate return to shareholders through continuing growth. The Company’s overall strategy remains unchanged
from previous year.
The Company sets the amount of capital required on the basis of annual business and long-term operating plans.
The funding requirements are met through a mixture of equity, internal fund generation, convertible and non convertible debt securities, and other
short term borrowings. The Company’s policy is to use short term and long-term borrowings to meet anticipated funding requirements.
The Company monitors capital on the basis of the net debt to equity ratio. The Company is not subject to any externally imposed capital requirements.
Net debt are long term and short term debts as reduced by cash and cash equivalents (including restricted cash and cash equivalents) and short-term
investments. Equity comprises all components of equity without any exclusion.
As at As at 31/3/23
31/3/24
(Rs.' 000) (Rs.' 000)
Long-term borrowings - -
Cash and cash equivalents 1,725.18 1,725.00
Net debt (a) (1,725.18) (1,725.00)
Total Equity (b) (11,785.94) (12,027.73)
Net debt to equity ratio (c = a/b) NA NA
36. Authorisation of Financial Statements
The financial statements for the Year ended March 31, 2024 were approved by the Board of Directors 11/04/2024. The management and authorities
have the power to amend the Financial Statements in accordance with Section 130 and 131 of The Companies Act, 2013.
37. The Company is a ‘Multi System Operator’ providing cable television network and allied services and hence has only one reportable segment. The
operations of the Company are located in India.
38. Certain Credit balances included in Current Liabilities are pending for confirmation and consequential reconciliation.
39. Sundry debtors/ Advances as at the Balance Sheet date in view of management represent bonafide sums due by debtors for services arising on or
before that date and advances for value to be received in cash or in kind respectively. The balances however are subject to confirmation from
respective parties except related parties who have confirmed the balance outstanding in their account.
40. The debit / credit balances in group Companies including DEN Networks Limited have been grouped under Trade payable, Other liability and Trade
receivable on ‘gross’ basis as in the previous year.
41. Following are the details of ongoing litigations with VAT and Service Tax Departmnet. Based on its own assessment, the management is of view that
it has a very strong case against the same and no VAT and Service tax is payable by the Company. No provision has accordingly been made against
this demand.
Relevant Major Issues Period of Deposit under Authority

Tax Demanded Current Status of Case
Act/Law Involved Litigation protest Where Pending
Nil Nil Nil Nil Nil Nil Nil
42. “Pursuant to TRAI notification, Digital Addressable System(DAS) has been implemented in the territory of the company under phase-III w.e.f 01 Jan,
2016. Futustric Media & Entertainment Limited "the Parent Company and the MSO" has the DAS licence for the said territory. Therefore, as per the
mutual agreement, the parent company has billed to the LCOs of the company and has been charged on back to back basis by its subsidiaries. There
is no impact on the profitability of the company due to billing by its subsidiaries on back to back basis.”
43. EXCEPTION
Exceptional items of Rs. Nil Thousands
44. Previous year figures have been regrouped/reclassified wherever considered necessary, to make them comparable with current year figures.

Place: Cochin
Dated:11-04-2024
Dated:11-04-2024 Dated:11-04-2024

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Den Malayalam Telenet Private Limited

INDEPENDENT AUDITOR’S REPORT

To The Members of DEN Malayalam Telenet Private Limited

Key Audit Matters

Auditor’s Responsibilities for the Audit of the Financial Statements

Report on Other Legal and Regulatory Requirements

2. As required by Section 143 (3) of the Act, we report that:

c) Based on audit procedures which we considered reasonable and appropriate in the

For R. Sivaramakrishnan & Co.

ANNEXURE-A to the Independent Auditor’s Report on Financial Statements of DEN Malayalam

i. Property, Plant and Equipment

iii. Investment made or Loan given

iv. Compliance of Sec. 185 & 186

vi. Cost Records

vii. Statutory Dues

x. Application of fund raise through public offer

For R. Sivaramakrishnan & Co.

Management’s Responsibility for Internal Financial Controls

Meaning of Internal Financial Controls Over Financial Reporting

Inherent Limitation of Internal Financial Controls Over Financial Reporting

For R. Sivaramakrishnan & Co.

DEN MALAYALAM TELENET PRIVATE LIMITED

(a) Financial Assets

Total Assets 3,029.48 3,300.47

B. EQUITY AND LIABILITIES

(a) Financial liabilities

Total liabilities 14,815.42 15,328.20

Total Equity and Liabilities 3,029.48 3,300.47

See accompanying notes forming part of the Ind AS financial

R .Sivaramakrishnan Shankar Devarajan Pauly Jose T

DEN MALAYALAM TELENET PRIVATE LIMITED

2. TOTAL REVENUE 1,027.23 3,649.37

4. TOTAL EXPENSES 792.39 1,671.62

5. PROFIT/(LOSS) BEFORE EXCPETIONAL ITEM AND 234.84 1,977.75

9. PROFIT AFTER TAX (7-8) 241.79 1,797.04

10. Other Compreshensive Income

12. Earnings per equity share

Basic (Rs. per share) 28 0.20 1.51

See accompanying notes forming part of the Ind AS financial

Shankar Devarajan Pauly Jose T

DEN MALAYALAM TELENET PRIVATE LIMITED

A. Equity Share Capital

Balance at the beginning of the reporting year 9,101.96 - (33,056.50) - (23,954.54)

For the year ended March 31, 2023

Balance at the beginning of the reporting year 9,101.96 - (34,853.54) - (25,751.58)

R .Sivaramakrishnan Shankar Devarajan Pauly Jose T

DEN MALAYALAM TELENET PRIVATE LIMITED

Changes in working capital:

Adjustments for increase / (decrease) in operating liabilities:

Cash generated from operations (105.21) (757.76)

B CASH FLOW FROM INVESTING ACTIVITIES

C CASH FLOW FROM FINANCING ACTIVITIES

Net Increase/(Decrease) in Cash and Cash Equivalents 0.18 (673.88)

R .Sivaramakrishnan Shankar Devarajan Pauly Jose T

DEN MALAYALAM TELENE

2 Significant accounting policies

2.01 Basis of preparation

(i) Statement of Compliance and basis of preparation

(ii) Basis of measurement