To the Members of
Concrete Infra and Media Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the Financial Statements of Concrete Infra and Media Limited ("the
Company"), which comprise the balance sheet as at 31st March 2022, and the
statement of profit and loss, (statement of changes in equity) 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 "the Financial
Statements"].
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Financial Statements give the information required by the
Companies Act, 2013 in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31st, 2022, and its profit/loss, (changes in equity) for the
year ended on that date.
Basis for Opinion
We conducted our audit of the Financial Statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our
responsibilities under those Standards are further described in the 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 Companies Act, 2013
and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
"Information Other than the Financial Statements and Auditors Report
Thereon"
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the report, but does not include the
Financial Statements and our auditors 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.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these Financial Statements that give a true and fair view of the financial position,
financial performance, (changes in equity) and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the accounting
Standards specified under section 133 of the Act. This responsibility also includes
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 Board of Directors 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
the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so. Those Board of Directors are also responsible
for overseeing the Companys financial reporting process.
Auditors 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 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 Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
a) 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.
b) Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls
c) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management. d) 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. e)
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 Financial Statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the 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 the Companies (Auditors Report) Order, 2016 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure B statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent 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 and the Statement of Profit and Loss, (the Statement of Changes in
Equity) dealt with by this Report are in agreement with the books of account. d) In our
opinion, the aforesaid Financial Statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st
March, 2022 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2022 from being appointed as a director in terms of Section
164(2) of the Act.
f) Since the Companys turnover as per last audited Financial Statements is less than
Rs.50 Crores and its borrowings from banks and financial institutions at any time during
the year is less than Rs.25 Crores, the Company is exempted from getting an audit opinion
with respect to the adequacy of the internal financial controls over financial reporting
of the company and the operating effectiveness of such controls vide notification dated
June 13, 2017; However as per the listing agreement Terms an Annexure C has been
attached herewith.
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. ii. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses. iii. There were no amounts
which were required to be transferred to the Investor Education and
Protection Fund by the Company.
|
For Jagdish Rai and Associates |
|
Chartered Accountants |
|
(FRN: 0031824N) |
|
Ramnik Singh Sasan |
|
(Partner) |
| Place: Jalandhar |
M.No. 532070 |
| UDIN: 21532070AAAAGE7769 |
|
ANNEXURE A TO THE AUDITORS REPORT Responsibilities For Audit of Financial Statement
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 entitys financial
statements, whether due to fraud or error, designs and performs audit procedures
responsive to those risks, and obtains audit evidence that is sufficient and appropriate
to provide a basis for the auditors 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, but not for the purpose
of expressing an opinion on the effectiveness of the entitys internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors 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 entitys
ability to continue as a going concern. If the auditor concludes that a material
uncertainty exists, the auditor is required to draw attention in the auditors report to
the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify the auditors opinion. The auditors conclusions are based on the
audit evidence obtained up to the date of the auditors report. However, future events or
conditions may cause the entity 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.
• Where the auditor is required to report on consolidated financial statements,
obtains sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the group to express an opinion on the consolidated
financial statements. The group auditor is responsible for the direction, supervision and
performance of the group audit. The group auditor remains solely responsible for the audit
opinion.
|
For Jagdish Rai and Associates |
|
Chartered Accountants |
|
(FRN: 0031824N) |
|
Ramnik Singh Sasan |
| Date: 23.05.2022 |
(Partner) |
| Place: Jalandhar |
M.No. 532070 |
ANNEXURE B TO THE AUDITORS REPORT
The Annexure referred to in our report to the members of Concrete Infra and Media
Limited for the year ended 31st March, 2022.
On the basis of the information and explanation given to us during the course of our
audit, we report that:
1. a) The company has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
b) These fixed assets have been physically verified by the management at reasonable
intervals there was no Material discrepancies were noticed on such verification.
c) Total Assets of company includes Immovable property also and the title deeds of
immovable properties are held in the name of the company.
2. Physical verification of inventory has been conducted at reasonable intervals by the
management and there is no material discrepancies were noticed
3. The company has granted loans secured or unsecured to companies, firms, Limited
Liability Partnerships or other parties covered in the register maintained under section
189 of the Companies Act, 2013.
a) All terms and conditions are as per the benefits of company and are not prejudicial
to the companys Interest. b) Schedule of repayment of principal and interest has been
stipulated and receipts are regular. c) There is no such amount which is overdue more than
90 Days of above mentioned loan.
4. In respect of loans, investments, guarantees, and security all mandatory provisions
of section 185 and 186 of the Companies Act, 2013 have been complied with.
5. The company has not accepted any deposits.
6. Maintenance of cost records has not been specified by the Central Government under
sub-section (1) of section 148 of the Companies Act, 2013.
7. a) The company is regular in depositing undisputed statutory dues including
provident fund, Employees state insurance, income-tax, sales-tax, service tax, duty of
customs, duty of excise, value added tax, cess and any other statutory dues to the
appropriate authorities.
b) Dues of income tax or sales tax or service tax or duty of customs or duty of excise
or value added tax have been deposited on time there is no dispute is pending on the part
of company.
8. The company hasnt made any default in repayment of loans or borrowing to a
financial institution, bank, Government or dues to debenture holders.
9. The company doesnt raise any money by way of initial public offer or further public
offer (including debt instruments)
10. Neither company has done any fraud nor by its officers or employees so nothing to
be disclosed separately.
11. Managerial remuneration has been paid or provided in accordance with the requisite
approvals Mandated by the provisions of section 197 read with Schedule V to the Companies
Act.
12. Company is not a Nidhi Company hence nothing to be disclosed for any provisions
applicable on Nidhi Company.
13. All transactions with the related parties are in compliance with sections 177 and
188 of Companies Act, 2013 where applicable and the details have been disclosed in the
Financial Statements etc. as required by the applicable accounting standards;
14. The company hasnt made any preferential allotment or private placement of shares
or fully or partly convertible debentures during the year.
15. The company hasnt entered into any non-cash transactions with directors or persons
connected with him.
16. The company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934.
| For Jagdish Rai and Associates |
| Chartered Accountants |
| (FRN: 0031824N) |
| Ramnik Singh Sasan |
| (Partner) |
| M.No. 532070 |
| Place: Jalandhar |
| Date: 23.05.2022 |
ANNEXURE - C TO THE AUDITORS REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Concrete
Infra and Media Limited ("The Company") as of 31st March 2022 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
The Companys 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 Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘ICAI). 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 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 Companys 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 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 Companys internal financial controls system
over financial reporting.
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.
Opinion
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 31st March 2022, 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.
| For Jagdish Rai and Associates |
| Chartered Accountants |
| (FRN: 0031824N) |
| Ramnik Singh Sasan |
| (Partner) |
| M.No. 532070 |
| Place: Jalandhar |
| Date: 23/05/2022 |
+91-9892691696
