To the Members of
Elixir Capital Limited
Report on the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial Statements of Elixir Capital
Limited ("the Company"), which comprise the Balance Sheet as at March 31,
2023, the Statement of Profit & Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and
notes to the financial statements, including a summary of significant accounting policies
and other explanatory information (hereinafter referred to as "Standalone Financial
Statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act, 2013 ("the Act") in the manner so required and give a true
and fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2023, of its profit and total
comprehensive income; changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion
We conducted our audit of the standalone 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 Auditors
Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the 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
standalone 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 Standalone Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Companys
annual report, but does not include the standalone financial statements and our auditors
report thereon.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial statements or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to communicate the matter to those
charged with governance and take necessary actions, as applicable under the relevant laws
and regulations.
Managements Responsibility for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these standalone financial statements
that give a true and fair view of the financial position, financial performance, total
comprehensive income, changes in equity and cash flows of the Company in accordance with
the Ind AS and other accounting principles generally accepted in India. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding 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 standalone financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the standalone financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Companys financial reporting
process.
Auditors Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors 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 standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the 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 sub-section
(3)(i) of section 143 the Act, we are also responsible for expressing our opinion on
whether the company has adequate internal financial controls over financial reporting with
reference to these standalone financial statements of the Company in place and the
operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors 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 auditors
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.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters. We describe these matters
in our auditors 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 section 143(3) of the Act, we further 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 purpose of our audit;
b) In our opinion proper books of account as required by law have been kept by the
Company so far as 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 relevant books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors as on March
31,2023, and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2023, 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 A to this report;
g) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial
position; as such the question of commenting on disclosing impact of any such litigation
in its Standalone Financial Statements does not arise;
ii. The Company did not have any long-term contracts including derivative contracts; as
such the question of commenting on any material foreseeable losses thereon does not arise.
iii. There was no amount due to be transferred to the Investor Education and Protection
Fund by the Company during the year ended March 31, 2023.
iv. a) The management has represented that, to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts, 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:
• directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries")
• or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;
b) The management has represented, that, to the best of its knowledge and belief,
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 such 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 a) and b) contain any material mis-statement.
v. The dividend declared or paid during the year by the Company is in compliance with
Section 123 of the Act.
h) With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended, in our opinion
and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.
2. As required by the Companies (Auditors Report) Order, 2020 ("the
Order") issued by the Central Government in terms of Section 143(11) of the Act, we
give in "Annexure B" a statement on the matters specified in paragraphs 3
and 4 of the Order.
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For JMT & Associates |
|
Chartered Accountants |
|
FR No. 104167W |
|
Sanjay Pichholia |
|
Partner |
|
M No. 122651 |
|
UDIN: 23122651BGWHVT8874 |
| Place : Mumbai |
|
| Date : 30th May, 2023 |
|
Annexure - A to Independent Auditors Report
Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of Elixir Capital Limited ("the
Company") of even date.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act,2013 ("the Act")
Opinion
We have audited the internal financial controls over financial reporting of Elixir
Capital Limited ("the Company") as of 31 March, 2023 in conjunction with our
audit of the Standalone Financial Statements of the Company for the year ended on that
date.
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31 March 2023, 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 of India
Managements Responsibility for Internal Financial Controls
The Board of Directors of the Company 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 Controls Over 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 respective companys 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 internal financial controls over
financial reporting of the Company 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") issued by the Institute of Chartered Accountants
of India and the Standards on Auditing prescribed under Section 143(10) of the Companies
Act, 2013, to the extent applicable to an audit of internal financial controls. Those
Standards and the Guidanc e 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 auditors judgment, including the assessment of the risks 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 internal financial controls system over
financial reporting of the Company.
Meaning of Internal Financial Controls over Financial Reporting
A companys 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 companys 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 authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations 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.
|
For JMT & Associates |
|
Chartered Accountants |
|
FR No. 104167W |
|
Sanjay Pichholia |
|
Partner |
|
M No. 122651 |
|
UDIN: 23122651BGWHVT8874 |
| Place : Mumbai |
|
| Date : 30th May, 2023 |
|
Annexure - B to the Independent Auditors Report
Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of Elixir Capital Limited ("the
Company") of even date
(i) 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 maintained proper records showing full particulars of intangible
asset.
b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, Company has a regular program of physical
verification of its Property, Plant and Equipment by which all Property, Plant and
Equipment are verified in a phased manner. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and the nature of its
assets. In accordance with this program, certain fixed assets were verified during the
year and no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable properties are
held in the name of 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 or Intangible assets or both during the year.
e) 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 proceedings initiated or pending
against the Company for holding any benami property under the Prohibition of Benami
Property Transactions Act, 1988 and rules made thereunder.
(ii) (a) The Company does not carry any inventory. Thus paragraph 3 (ii)(a) of the said
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, during any point of time of the
year, has not been sanctioned working capital limits from banks or financial institutes on
the basis of security of current assets. Therefore, the provisions of Clause (ii)(b) of
paragraph 3 of the Order are not applicable to the Company.
(iii) As per the information and explanations given to us and records produced to us
for our verification, during the year, the Company has not made any investments in,
provided any guarantee or security or granted any loans or advances in the nature of
loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any
other parties except
(a) a loan of Rs.52.15 lacs to M/s Elixir Equities Pvt. Ltd. which is a subsidiary of
the Company. The aggregate amount
of loans, secured or unsecured, granted to companies, firms, Limited Liability
Partnerships or any other parties is Rs.
52.15 lacs which pertains to its subsidiary only.
(b) According to the information and explanations given to us and based on the audit
procedures conducted by us, we are of the opinion that the terms and conditions of the
loans given are, prima facie, not prejudicial to the interest of the Company.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, in the case of loans given, the repayment of
principal and payment of interest has been stipulated and the repayments or receipts have
been regular.
(d) According to the information and explanations given to us and on the basis of our
examination of the records of the
Company, there is no overdue amount for more than ninety days in respect of loans
given.
(e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no loan given falling due during the
year, which has been renewed or extended or fresh loans given to settle the overdues of
existing loans given to the same party.
(f) 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 given any loans either
repayable on demand or without specifying any terms or period of repayment.
(iv) In our opinion and according to the information and explanations given to us the
Company has complied with the provisions of sections 185 and 186 of the Act, with respect
to the loans, investments and guarantees made.
(v) The Company has not accepted any deposits from the public within the meaning of the
directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or
any other relevant provisions of the Companies Act and the rules framed there under.
(vi) The maintenance of cost records sub-section (1) of section 148 of the Companies
Act, 2013 is not applicable to the Company.
(vii) (a) In our opinion and according to the information and explanations given to us,
the Company is generally regular in depositing undisputed statutory dues including
Employees State Insurance, Provident Fund, Professional Tax, Income Tax, Goods And Service
Tax, Customs Duty, Cess and other statutory dues with appropriate authorities to the
extent applicable to it. There are no undisputed amounts payable in respect of Provident
Fund, Employees State Insurance, Income Tax, Goods and Service Taxes, Wealth Tax Customs
Duty, Cess and other material statutory dues were in arrears as at 31 March, 2023 for a
period of more than six months from the date they become payable.
(b) According to the information and explanations given to us, there are not any
statutory dues referred in sub-clause (a) which have not been deposited on account of
dispute. Therefore, the provisions of Clause (vii)(b) of paragraph 3 of the Order are not
applicable to the Company.
(viii) In our opinion and according to the information and explanations given to us,
there is no any transaction not recorded in the books of account have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
(ix) In our opinion, according to the information and explanations given to us, and
records produced to us for our verification, the Company has not taken any loan or other
borrowings during the year and therefore the Clauses (ix)(a) to (ix)(f) of paragraph 3 of
the Order are not applicable to the Company.
(x) (a) The Company has not raised money by way of initial public offer or further
public offer (including debt instruments). Therefore, the provisions of Clause (x)(a) of
paragraph 3 of the Order are not applicable to the Company.
(b) In our opinion and according to the information and explanations given to us, the
Company has not made preferential allotment or private placement of shares during the year
and the requirements of section 42 and section 62 of the Companies Act, 2013 have been
complied with and the funds raised have been used for the purposes for which the funds
were raised.
(xi) (a) We have not noticed any case of fraud by the Company or any fraud on the
Company by its officers or employees during the year. The management has also not reported
any case of fraud during the year.
(b) During the year no report under sub-section (12) of section 143 of the Companies
Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government.
(c) As auditor, we did not receive any whistle- blower complaint during the year.
(xii) The Company is not a Nidhi Company. Therefore the provisions of clause 3(xii) of
the Order are not applicable to the Company.
(xiii) As per the information and explanations received to us all transactions with the
related parties are in compliance with sections 177 and 188 of Companies Act where
applicable, and the details have been disclosed in the financial statements, etc., as
required by the applicable accounting standards. Identification of related parties were
made and provided by the management of the Company
(xiv) The Company is not covered by section 138 of the Companies Act, 2013, related to
appointment of internal auditor of the Company. Therefore, the Company is not required to
appoint any internal auditor. Therefore, the provisions of Clause (xiv) of paragraph 3 of
the Order are not applicable to the Company.
(xv) The Company has not entered into any non-cash transactions with directors or
persons connected with him for the year under review. Therefore, the provisions of Clause
(xv) of paragraph 3 of the Order 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.
(b) The Company has not conducted any Non-Banking Financial or Housing Finance
activities during the year.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India.
(d) As per the information and explanations received, the group does not have any CIC
as part of the group. (xvii) The Company has not incurred cash loss in current financial
year as well as in immediately preceding financial year. (xviii) There has been no
resignation of previous statutory auditors during the year.
(xix) 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, the auditors knowledge of the Board of Directors and management
plans, we are of the opinion that no material uncertainty exists as on the date of the
audit report that Company is 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) There is no liability of the Company under the provisions of section 135 of the
Companies Act, relating to Corporate Social
Responsibility. Therefore, the provisions of Clause (xx) of paragraph 3 of the Order
are not applicable to the Company.
|
For JMT & Associates |
|
Chartered Accountants |
|
FR No. 104167W |
|
Sanjay Pichholia |
|
Partner |
|
M No. 122651 |
|
UDIN: 23122651BGWHVT8874 |
| Place : Mumbai |
|
| Date : 30th May, 2023 |
|
+91-9892691696
