To The Members of JYOTHI INFRAVENTURES LIMITED Report on the Audit of the Standalone
Financial Statements Opinion
We have audited the accompanying standalone financial statements of JYOTHI
INFRAVENTURES LIMITED, which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a
summary of the significant accounting policies and other explanatory information
(hereinafter referred to as "the standalone financial statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid 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, the loss
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 specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAI) together with the independence
requirements that are relevant to our audit of the standalone financial statements under
the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAIs Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit 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 standalone financial statements of the current period.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
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 Management
Discussion and Analysis, Boards Report including Annexures to Boards Report, Business
Responsibility Report, Corporate Governance and Shareholders Information, 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 report that fact. We have
nothing to report in this regard.
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 standalone
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
controls.
• Obtain an understanding of internal financial controls 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 system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of 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 standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors However, future events or conditions may cause the Company to cease to continue
as a going concern.
• Evaluate the overall presentation, structure and content of the standalone
financial statements, including the disclosures, and whether the standalone financial
statements represent the underlying transactions and events in a manner that achieves fair
presentation. Materiality is the magnitude of misstatements in the standalone financial
statements that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the 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 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 the Companies (Auditors Report) Order, 2016 ("the Order")
issued by the Central Government in terms of Section 143(11) of the Act, we give in
"Annexure- A" a statement on the matters specified in paragraphs 3 and 4 of the
order.
2. As required by Section 143(3) of the Act, based on our audit 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 Flow 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 Ind AS
specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March
31, 2023 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- B"
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 on its financial position in its
standalone financial Statements.
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the company.
Annexure - A to the Independent Auditors Report:
The Annexure referred to the independent auditors report to the members of JYOTHI
INFRAVENTURES LIMITED on the Ind AS financial statements for the year ended 31st March
2023:
Based on the audit procedures performed for the purpose of reporting a true and fair
view on the financial statements of the Company and taking into consideration the
information and explanations given to us and the books of account and other records
examined by us in the normal course of audit, we report that:
i. (a) The Company has maintained proper records showing full particulars including
quantitative details and situation of all major fixed assets.
(b) A major portion of fixed assets have been physically verified by the management
during the year at reasonable intervals; no material discrepancies were noticed on such
verification.
(c) Book of accounts of the company does not carry any immovable properties for the
reporting period. Hence the above point is not applicable.
ii. (a) As explained to us, the inventory has been physically verified by the
management during the year at reasonable intervals;
(b) In our opinion and according to the information and explanation given to us, the
procedures of physical verification of inventories followed by the Management were
reasonable and adequate in relation to the size of the Company and the nature of its
business
(c) In our opinion and according to the information and explanations given to us, the
Company has maintained proper records of its inventories and no material discrepancies
were noticed on physical verification of stocks as compared to book records
iii. In our opinion and according to the information provided to us the company has not
made any investments and have not granted unsecured loans or advances in the nature of
loans
iv. In our opinion and according to the information and explanations given to us, the
provisions of section 185 and 186 of the Act, with respect to the loans and investments is
not applicable.
v. The Company has not accepted any deposits within the meaning of Sections 73 to 76 or
any other relevant provisions of the Companies Act, 2013 and no order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court
or any tribunal.
vi. In our opinion and according to the information and explanations given to us,
maintenance of cost records as specified by the Central Government under sub section (1)
of section 148 of the Companies Act, 2013 is not applicable to the company.
vii. (a) According to the information and explanations given to us and on the basis of
our examination of the records of 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, Goods and
service Tax, cess and any other statutory dues to the appropriate authorities and no
undisputed amounts payable were outstanding as at 31st March, 2023 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 the records of the
company examined by us, there are no dues of Sales Tax or Service Tax or duty of customs
or duty of excise or value added tax or Goods and service Tax or cess as at 31st March,
2023 which have not been deposited on account of a dispute.
viii. The company has not recorded any transactions in the books of account which have
been surrendered of disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961. The previously unrecorded income has been properly recorded in the
books of account during the year
ix. According to the information and explanations given to us and on the basis of
examination of the records, the Company has not defaulted in the repayment of loans along
with interest to any financial institutions, banks or dues to debenture holders as at the
balance sheet date.
x. a) The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments); hence this clause is not applicable
b) The Company has made preferential allotment of shares or convertible debentures
(fully, partially or optionally convertible) during the year.
xi. According to the information and explanations given to us, no fraud by the Company
or on the Company by its officers or employees has been noticed or reported during the
course of our audit.
xii. In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi company. hence this clause is not applicable
xiii. According to the information and explanation given to us and based on our
examination of the records of the company, 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.
xiv. According to the information and explanations given to us and based on our
examination the company have an internal audit system and reports of the internal auditors
been considered by the statutory auditor.
xv. According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into non-cash
transactions with directors or persons connected with him as restricted in section 192 of
Companies Act, 2013; hence this clause is not applicable.
xvi. The Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934.
xvii. According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not incurred any cash losses in
the financial year and in the immediately preceding financial year.
xviii. There has been no instance of any resignation of the statutory auditors occurred
during the year.
xix. According to the information and explanations given to us and based on our
examination of the records of the Company, the company is able to pay off the existing
liabilities for next one year and material uncertainty doesnt exist as on date of audit
report.
xx. CSR is not applicable to this company.
xxi. There are no adverse remarks in the audit reports issued by the respective
auditors in case of companies included in the consolidated financial statements.
Annexure "B" to the 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 JYOTHI INFRAVENTURES LIMITED of even
date)
Report on the Internal Financial Controls Over Financial Reporting 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 JYOTHI
INFRAVENTURES LIMITED ("the Company") as of March 31, 2023 in conjunction with
our audit of the standalone Ind AS financial statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
The Management 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 (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 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 judgement, 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.
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, to the best of our information and according to the explanations given
to us, 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 March 31, 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.
|
For V RAVI & CO., |
|
Chartered Accountants |
|
Firm Reg No.: 006492S |
|
Sd/- |
|
D Ramesh Kumar |
|
Partner |
| Date: 11/07/2023 |
Membership No. 217139 |
| Place: Hyderabad |
UDIN: 23217139BGUDIY6677 |
+91-9892691696
