TO THE MEMBERS OF TRIDEV INFRAESTATES LIMITED
I. Report on the Audit of the Standalone financial Statements
1 . Opinion
A. We have audited the accompanying Standalone Financial Statements of Tridev
Infraestates Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2022, 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").
B. 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, ("Indis") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2022,
the profit and total comprehensive income, changes in equity and its cash flows for the
year ended on that date.
2. 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 financial statements under the
provisions of the Act and the Rules made there under, 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.
3 . 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. We have determined that there are no matters to be
described as key audit matters.
4. Information Other than the Standalone Financial Statements and Auditors
Report Thereon
A. 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 Annexure to Boards Report,
Corporate Governance and Shareholders Information to the extent applicable, but does not
include the Standalone Financial Statements and our auditors report thereon. Our opinion
on the standalone financial statements does not over the other information and we do not
express any form of assurance conclusion thereon.
B. 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 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 material misstatement
of this other information; we are required to report that fact. We have nothing to report
in this regard.
5. Managements Responsibility for the Standalone Financial Statements
A. 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 Indis 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.
B. 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 dose.
The Board of Directors is responsible for overseeing the Companys financial reporting
process.
6. Auditors Responsibilities for the Audit of the Standalone Financial
Statements
A. 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.
B. As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
i. 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 control.
ii. 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.
iii. Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
iv. 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 report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
v. 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.
C. Materiality is the magnitude of misstatements in the Standalone Financial Statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Standalone Financial Statements maybe influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the Standalone Financial Statements.
D. 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.
E. 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.
F. 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.
II. Report on Other Legal and Regulatory Requirements
1. 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 Indis
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, 2022 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2022 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". Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Companys internal financial controls over
financial reporting.
G. 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.
H. 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, as amended 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.
IV. a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) 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 or entity, including foreign
entity ("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 its knowledge and belief, no
funds (which are material either individually or in aggregate) have been received by
company from any person or entity, including foreign entity ("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 Ultimate
Beneficiaries;
c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material mis-statement.
d) During the year, company has not declared or paid dividend during the year which is
in compliance with section 123 of the Companies Act, 2013.
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 to the extent applicable.
| For: GAMS & Associates LLP |
|
| Chartered Accountants |
|
| FRN ON500094 |
|
| CA Anil Gupta |
|
| (Partner) |
Place: New Delhi |
| M. No. 088218 |
Dated: 30/05/2022 |
| UDIN: 22088218AJXBOV1392 |
|
ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT
(Referred to in 1(f) under ‘Report on Other Legal and Regulatory Requirements
Section of our reports to the Members of Tridev Infraestates Limited of even date)
Report on the Internal Financial Controls under Clause (i) of sub-section 3 Section 143
of the Companies Act, 2013 (the Act)
We have audited the internal Financial Controls over financial reporting of TRIDEV
INFRAESTATES LIMITED ("the Company") as at March 31, 2022 in conjunction
with our audit of the standalone 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 the 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 the 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 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 of our audit opinion on the Companys internal financial controls system
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 authorizations of the
Management and directors of the Company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized 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: GAMS & Associates LLP |
|
| Chartered Accountants |
|
| FRN ON500094 |
|
| CA Anil Gupta |
|
| (Partner) |
Place: New Delhi |
| M. No. 088218 |
Dated: 30/05/2022 |
| UDIN: 22088218AJXBOV1392 |
|
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2 under ‘Report on Other Legal & Regulatory
Requirements section of our report to the Members of Tridev Infraestates Limited of even
date)
Pursuant to Companies (Auditors Report) Order 2020
To the best of our information and according to the explanations provided to us by the
company and the books of accounts and records examined by us in the normal course of
Audit, we state that:
(i) (a) As explained to us, There are no property, Plant and Equipment and
Intangible Assets in the company. Hence, reporting under 3(i) (a) is not applicable on the
company.
(b) As explained to us, There are no property, Plant and Equipment and
Intangible Assets in the company. Hence, reporting under 3(i) (b) is not applicable on the
company.
(c) As explained to us, there is no immovable property held by the company.
(d) The Company has not revalued any of its Property, Plant and Equipments and
Intangible assets during the year.
(e) No proceedings have been initiated during the year or are pending against the
company as at March 31st, 2022 for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made there under.
(ii) (a) As explained to us, the company holds inventory of shares and those are in
demat form so it is not possible to physically verify the inventory by the management.
(b) The Company has not been sanctioned working capital limits in excess of Rs. 5
crores, in aggregate, at any points of time during the year, from banks or financial
institutions on the basis of security of current assets and hence reporting under clause
3(ii)(b) of the Order is not applicable.
(iii) The Company has granted loans, secured or unsecured to companies, firms,
Limited Liability Partnership or other parties covered in the register maintained under
section 189 of the Act. Accordingly the provisions of clause 3(iii) (a) to (C) of the
Order are applicable to the Company.
1. The Terms and conditions of the grant of such loan are prima facie not prejudicial
to the companys interest.
2. The schedule of repayment of principal and payment of interest has been stipulated
and the repayments and receipts are regular.
3. In respect of the loans granted by the company, there is no overdue amount remaining
outstanding as at the Balance sheet date.
4. No loan granted by the company which has fallen due during the year, has been
renewed or extended or fresh loans granted to settle the over dues of existing loans given
to same parties.
5. The Company has not granted any loans or advances in the nature of loans either
repayable on demand or without specifying any terms or period of repayment during the
year. Hence, reporting under clause 3(iii) (f) is not applicable.
(iv) In our opinion and according to the information ad explanations given to us,
the company has complied with the provisions of section 185 and 186 of the Companies Act,
2013, in respect of loans, investments, guarantees, and security.
(v) The company has not accepted any deposit or amounts which are deemed to be
deposits and hence the directives issued by the Reserve Bank of India and the provisions
of Section 73 to 76 or any other relevant provisions of the Act and the Companies
(Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public
are not applicable. Hence, reporting under 3(v) of the order is not applicable.
(vi) As informed to us, the maintenance of cost records has not been specified by
the Central Government under sub-section (1) of Section 148 of the Companies Act, in
respect of the activities carried on by the company.
(vii) (a) According to information and explanations given to us and on the basis of
our examination of the books of account, and records, the Company has been generally
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 Services Tax, Cess and any other statutory dues with the appropriate
authorities. According to the information and explanations given to us, no undisputed
amounts payable in respect of the above were in arrears as at March 31, 2022 for a period
of more than six months from the date on when they become payable.
(b) According to the information and explanations given to us, there are no dues of
Income Tax, sales tax, service tax, duty of customs, duty of excise, value added tax
outstanding on account of any dispute.
(viii) There were no transactions relating to previously unrecorded income that
have been surrendered or disclosed as income during the year in the tax assessments under
the Income Tax Act. 1961.
(ix) (a) The Company has not taken any loans or other borrowings from any lender.
Hence, reporting under clause 3(ix) (a) of the Order is not applicable.
(b) The Company has not been declared willful defaulter by any bank or financial
institution or government or government authority.
(c) The company has not taken any long term loan during the year and there are no
outstanding term loans at the beginning of the year and hence, reporting under clause
3(ix) (c) of the Order is not applicable.
(d) On an overall examination of the financial statements of the company, no funds were
raised for short term by the company. Hence reporting under this clause is not applicable.
(e) On an overall examination of the financial statements of the company, the Company
has not taken any funds from the entity or person on account of or to meet the obligations
of its subsidiaries.
(f) The company has not raised any loans during the year and hence reporting of the
clause 3(ix) (f) is not applicable.
(x) Based upon the audit procedures performed and the information and explanations
given by the management, the Company has not raised money by way of initial public offer
or further public offer including debt instruments and term loans. Also, Company has not
made any preferential allotment or private placement of the shares or convertible
debentures (fully or partly or optionally). Accordingly, the provisions of clause 3(x) of
the order are not applicable to the company and hence not commented upon.
(xi) Based upon the audit procedures performed and the information and explanations
given by the management, we report that no fraud by the company or on the company by its
officers or employees has been noticed or reported during the year. Also, there were no
whistle blower complaints received by the company which could be considered while
determining the Nature, Timing and Extent of the Audit procedures. Hence, reporting under
clause 3(xi) is not applicable.
(xii) In our opinion, the company is not a Nidhi Company. Therefore, the provisions
of clause 3(xii) of the order are not applicable to the Company.
(xiii) In our opinion, all transactions with the related parties are in compliance
with section 177 and 188 of the Companies Act, 2013 and the details have been disclosed in
the Financial Statements as required by the applicable accounting standards.
(xiv) In our opinion the company has an adequate internal audit system (a)
commensurate with the size and the nature of its business.
(b) We have considered the internal audit reports for the year under audit, issued to
the company during the year and till date, in determining the nature, timing and extent of
our audit procedures.
(xv) Based upon the audit procedures performed and the information and explanations
given by the management, the Company has not entered into any non-cash transactions with
directors or persons connected with them. Accordingly, the provisions of clause 3 (xv) of
the Order are not applicable to the Company and hence not commented upon. (xvi) (a)
The Company is neither required to be registered nor 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 without a valid Certificate of Registration (COR) from Reserve bank of India
Act, 1934;
(c) The Company is not a Core Investment Company (CIC) as defined in the
regulations made by the Reserve Bank of India.
(d) There are no CIC as a part of the group.
(xvii) The company has not incurred Cash losses during the financial year covered
by our audit and the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors of the company
during the financial year.
(xix) On the basis of financial ratios, ageing and expected dates of realisation of
financial assets and payment of financial liabilities, other information accompanying the
financial statements and 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 reports indicating 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
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 they fall due.
(xx) The CSR requirements are not applicable on the company. Hence, reporting under
clause 3(xx) is not applicable.
| For: GAMS & Associates LLP |
|
| Chartered Accountants |
|
| FRN ON500094 |
|
| CA Anil Gupta |
|
| (Partner) |
Place: New Delhi |
| M. No. 088218 |
Dated: 30/05/2022 |
| UDIN: 22088218AJXBOV1392 |
|
+91-9892691696
