INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF YAMINI INVESTMENTS COMPANY LIMITED
Report on the Audit of the Standalone Financial
Statements Opinion
We have audited the accompanying standalone financial statements of YAMINI
INVESTMENTS COMPANY LIMITED (the “Company”), 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
ended on that date, and a summary of 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 tme
and fair view in conformity with the Indian Accounting Standards prescribed under section
133oftheActreadwiththeCompanies(IndianAccountingStandards)Rules,2015,asamended,(“IndAS”)andotheraccountin
g principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2023, the 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 (“SA” s) specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in the
AuditorsResponsibilitiesfortheAuditoftheStandaloneFinancialStatementssectionofour 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 ethical
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 obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the standalone financial statements.
Managements Responsibilities for the Standalone Financial Statements
The CompanysBoardolDircctorsisresponsiblcTorthcniattcrsstatedinsection 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, including other
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
theaccuracyandcompletenessoftheaccountingrecords.relevanttothepreparationandpresentation
of the standalone financial statements that give a tme 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.
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
control.
• Obtain an understanding of internal financial control relevant to the audit in
order to design audit procedures that are appropriate to 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.
• 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.
• 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 standalone 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 result so four work and(ii)to evaluate the effect of any
identified misstatements in the standalone 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.
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) Your 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
ChangesinEquityandtheStatementofCashFlowsdealtwithbythisReportareinagreementwiththerelevant
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 son 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 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 has disclosed the impact of 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 and its subsidiary companies
incorporated in India.
iv. (a) According to the information represented by the management, to the best of its
knowledge and belief, no fund has been advance or loaned or invested (either in form of
borrowed funds or share premium or any other source or kind of funds) by the company to or
in any other person or entity, including foreign entities (intermediaries) with the
understanding, whether directly or indirectly lend or invest in other person or entity
identified in any manner whatsoever by or behalf of the company (ultimate beneficiaries)
or provide any guarantee, security or the like on behalf of the ultimate beneficiary
b) According to the information represented by the management, to the best of its
knowledge and belief no fund has been received by the company from any person or entities
(Funding Parties) with the understanding, whether recorded in writing or otherwise, that
the company shall, whether directly or indirectly, lent or invest in other person or
entity identified in a manner whatsoever by or 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 that were considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that
representation under clause (a) and (b) contain any material misstatement.
v. On the basis of information and examination given to us, by the management to the
best of its knowledge and belief, the company has neither declared or paid any dividend
during the year.
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.
FOR: - SSRV & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM NO. - 135901W
SD/-
SATYENDRA SAHU
PARTNER
M.No : 126823
UDIN: 23403437BGWDLY220S PLACE: - MUMBAI DATE: 30.05.2023
ANNEXURE "A" 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 YAMINI INVESTMENTS COMPANY 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 YAMINI
INVESTMENTS COMPANY LIMITED (the “Company”) as of March 31, 2023 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 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 (the
“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
respective companys policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the account in 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 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 ICAI and the Standards
on Auditing prescribed under Sectionl43(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 control over financial reporting included
obtaining an understanding of internal financial control 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.
Acompanysintemalfmancialcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassurance
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 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, 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 financial
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 ICAI.
FOR: - SSRV & ASSOCIATES
CHARTERED ACCOUNTANTS FIRM NO. - 135901W
Sd/-
SATYENDRA SAHU
PARTNER
MNo =126823
UDIN: 23403437BGWDLY2205 PLACE: - MUMBAI DATE: 30.05.2023
(Referred to in paragraph 2 under Report on Other Legal and Regulatory Requirements
section of our report to the Members of YAMINI INVESTMENTS LIMITED of even date)
i. In respect of the Companys tangible & intangible assets:
(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of tangible & intangible assets.
(b) The Company has a program of verification of overall the items of tangible &
intangible assets in a phased manner which in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. Pursuant to the program, certain
tangible & intangible assets were physically verified by the management during the
year. According to the information and explanations given to us, no material discrepancies
were noticed on such verification.
(c) According to the information and explanations given to us, the records examined by
us and based on the examination of the conveyance deeds / registered sale deed provided to
us, we report that, the title deeds, comprising all the immovable properties of land and
buildings which are freehold, are held in the name of the Company as at the balance sheet
date. In respect of immovable properties of land and building that have been taken on
lease and disclosed as tangible & intangible assets in the standalone financial
statements, the lease agreements are in the name of the Company.
ii. The Company is a Construction company. Accordingly, the Management has conducted
Physical Verification of Inventory at Reasonable intervals during the year and no Material
discrepancies between physical inventory and book records were noticed on physical
verification and the valuation of closing stock has been certified by the management and
we have relied on the same.
iii. According to the information and explanations given to us, the Company has granted
unsecured loans to four bodies corporate, covered in the register maintained under section
189 of the Companies Act, 2013, in respect of which:
(a) The terms and conditions of the grant of such loans are, in our opinion, prima
facie, not prejudicial to the Companys Interest.
(b) The schedule of repayment of principal and payment of interest has been stipulated
and repayments or receipts of principal amounts and interest have been regular as per
stipulations.
(c) There is no overdue amount remaining outstanding as at the year-end.
(d) The Company has complied with the provisions of Sections 185 and 186 of the Act in
respect of grant of loans, making investments and providing guarantees and securities, as
applicable.
iv. In our opinion and according to the information given to us, the Company has
paid/provided managerial remuneration in accordance with the requisite approvals mandated
by the provisions of section 197 read with Schedule V to the Act.
v. the company has not accepted deposits during the year and does not have any
un-claimed deposits as at March31, 2023 and therefore, the provisions of the clause 3 (v)
of the Order are not applicable to the Company.
vi. The maintenance of cost records has not been specified by the Central Government
under section 148(1) of the Companies Act, 2013 for the business activities carried out by
the Company. Thus reporting under clause 3(vi) of the order is not applicable to the
Company.
vii. According to the information and explanations given to us, in respect of statutory
dues:
(a) The Company has generally been regular in depositing undisputed statutory dues,
including Provident Fund, Employees State Insurance, Income Tax, Goods and Service Tax,
Customs Duty, Cess and other material statutory dues applicable to it with the appropriate
authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees
State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and other material
statutory dues in arrears as at March 31, 2023 for a period of more than six months from
the date they became payable.
viii. According to the information and explanation given to us and based on examination
of the record of the company, there is no undisclosed income which has been recorded in
the accounts during the year.
ix. According to the information and explanations given to us and based on examination
of the records of the Company the Company has not defaulted in repayment of loans or
borrowings to any financial institution or bank or dues tc debenture holders. The Company
did not have any loans or borrowings from the government during the year.
x. The Company has not raised moneys by way of initial public offer or further public
offer (including debt instruments or term loans and hence reporting under clause 3 (ix) of
the Order is not applicable to the Company.
xi. To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company or no material fraud on the Company by its officers
or employees has been noticed or reported during the year.
xii. The Company is not a Nidhi Company and hence reporting under clause3(xii) of the
Order is not applicable to th< Company.
xiii. In our opinion and according to the information and explanations given to us, the
Company is in compliance witl Section 177 and 188 of the Companies Act, 2013 where
applicable, for all transactions with the related parties and tht details of related party
transactions have been disclosed in the standalone financial statements as required by the
applicable Indian accounting standards.
xiv. In our opinion and according to the information and explanation given to us, the
company has the internal audi system as mandated by the provision of the section 138 of
the companys act 2013
xv. In our opinion and according to the information and explanations given to us,
during the year the Company Has no: entered into any non-cash transactions with its
Directors or persons connected to its directors and hence provisions o: section 192 of
the Companies Act, 2013 are not applicable to the Company.
xvi. According to the information and explanations given to us, the Company is not
required to be registered und ;r Section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, the provisions of clause 3(xvi) of the Order are n it applicable to the
Company.
xvii. According to the information and explanation given to us, the company has not
incurred any cash losses in tl e financial year and immediately preceding the financial
year.
xviii. As audit tenure is not completed therefore section 140 sub-section 2 of
companies act 2013 for removal of audit is not applicable for the year.
xix. In our opinion and according to information and explanation given to us, the
company can meet the liability which exists as at the balance sheet date when such
liabilities are due in the future.
xx. According to the Information and explanation given to us, the company is not under
obligation of corporate sociil responsibility, so there is no amount which remains unspent
and needs to be transferred under special accounts n accordance with section 135 of the
companies Act, 2013.
xxi. In our opinion and according to information and explanation given to us, the
company does not include any qualified and adverse remark in the audit report of the
consolidated financial statement issued by the respective auditor
FOR: - SSRV & ASSOCIATES CHARTERED ACCOUNTANTS FIRM NO. - 135901W
Sd/-
SATYENDRA SAHU
PARTNER
M. No.: 126823
+91-9892691696
