To the Members of Bhudevi infra projects Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Bhudevi Infra Projects Limited
(‘the Company), which comprise the Balance Sheet as at 31 March 2023, the Statement
of Profit and Loss, including the Statement of Other Comprehensive Income, the Cash Flow
Statement and the 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. 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, as amended (‘the Act) 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 31 March 2023, its profit
including other comprehensive income, its cash flows and the 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), as specified under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the ‘Auditors responsibilities for the
audit of the financial statements section of our report. We are independent of the
Company in accordance with the ‘Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the Act and the Rules 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 audit opinion on the financial statements.
Key audit matters
We have determined that there are no key audit matters to communicate in our report.
Other Information
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual 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
such 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.
Independent Auditors Report on the financial statements of Bhudevi Infra Projects
Limited (continued)
Responsibilities of management and those charged with governance for the 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 financial statements that give
a true and fair view of the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the Company in accordance with
the accounting principles generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. 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 the design, implementation
and maintenance of adequate internal financial controls, that were operating effectively
for ensuring theaccuracy 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, 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. Those charged with governance 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 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 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:
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 sufficientand 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 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
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 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 theCompany to cease to continue as
a going concern.
Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements for the
financial year ended 31 March 2023 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, 2020 ("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 A" a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
Independent Auditors Report on the financial statements of Bhudevi Infra Projects
Limited (continued)
Report on Other Legal and Regulatory Requirements (continued)
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, the Statement of Profit and Loss (including other comprehensive
income), the statement of changes in equity, and the statement of Cash Flows 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 01
April2023 taken on record by the Board of Directors, none of the directors are
disqualified as on 31st March,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 with reference to
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B" to this report.
g) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact on 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.
h) The management has represented that other than those disclosed in the notes to
accounts:
(i) no funds have been advanced or loaned or invested by the company to or in any other
person(s) or entities, including foreign entities ("Intermediaries"), with the
understanding that the intermediary shall whether directly or indirectly lend or invest in
other persons or entities identified in any manner by or on behalf of the company
(Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of
ultimate beneficiaries.
(ii) no funds have been received by the company from any person(s) or entities
including foreign entities ("Funding Parties") with the understanding that such
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 guarantee, security or the like on behalf of the Ultimate
beneficiaries.
Based on such audit procedures as 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 (h) (i) and (h) (ii) contain any material misstatement.
i) The Company has neither declared nor paid any dividend during the year.
j) With respect to the matter to be included in the Auditors Report under section
197(16):
In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under Section 197(16) of the Act which
are required to be commented upon by us.
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for M H A & Associates LLP |
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Chartered Accountants |
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Firms Registration No. S200133 |
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Sd/- |
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Raviteja Parinam |
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Partner |
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Membership No: 230267 |
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UDIN:23230267BGVZOW9903 |
Date: 22 May 2023 |
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Place: Hyderabad |
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"Annexure A" to the Independent Auditors Report
Referred to in paragraph 1 under the heading ‘Report on Other Legal &
Regulatory Requirement of our report of even date to the financial statements of the
Company for the year ended March 31, 2023:
(i)
a. The Company has maintained proper records showing full particulars, including
quantitative details and situation of property, plant, and equipment.
b. The Company has maintained proper records showing full particulars and situation of
intangible assets.
c. The property, plant and equipment were physically verified during the year no
material discrepancies were noticed on such verification.
d. The Company does not have any immovable property. Accordingly, clause 3(i)(c) of the
Order is not applicable.
e. The Company has not revalued any of its property, plant, and equipment and
intangible assets during the year.
f. There were no proceedings have been initiated or are pending against the company for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and rules made thereunder.
(ii) The Company does not hold any physical inventories. Accordingly, clause 3(ii)(a)
of the Order is not applicable.
(iii) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not provided any guarantee or
security or granted any loans or advances in the nature of loans, secured or unsecured to
companies, firms, limited liability partnership or any other parties during the year.
Accordingly, provisions of clauses 3(iii)(a) and 3(iii)(c) to 3(iii)(f) of the Order are
not applicable to the Company. The Company has not made any investments in any company,
firms, limited liability partnership or any other parties during the year.
(iv) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not given any loans, or
provided any guarantee or security as specified under Section 185 and 186 of the Companies
Act, 2013 ("the Act"). In respect of the investments made by the Company, in our
opinion the provisions of Section 186 of the Act have been complied with.
(v) The Company has not accepted any deposits or amounts which are deemed to be
deposits from the public. Accordingly, clause 3(v) of the Order is not applicable.
(vi) According to the information and explanations given to us, the Central Government
has not prescribed the maintenance of cost records under Section 148(1) of the Act for the
services provided by it.
Accordingly, clause 3(vi) of the Order is not applicable.
(vii) (a) Undisputed statutory dues including income-tax, goods and service tax,
provident fund, duty of custom, cess and other statutory dues applicable to the Company
have generally been regularly deposited with the appropriate authorities though there has
been a slight delay.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, no undisputed amounts payable in respect of
Goods and Services Tax, Income-Tax, Duty of Customs, Cess and other statutory dues were in
arrears as at 31 March 2023 for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there are no statutory dues relating to Goods
and Service Tax, Income-Tax, Duty of Customs or Cess or other statutory dues, which have
not been deposited with the appropriate authorities on account of any dispute.
(viii) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, the Company has not surrendered or
disclosed any transactions, previously unrecorded as income in the books of account, in
the tax assessments under the Income Tax Act, 1961 as income during the year.
(ix) (a) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, the Company has not defaulted in repayment
of loans or other borrowings or in the payment of interest thereon to any lender during
the year.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not been declared a willful
defaulter by any bank or financial institution or government or government authority.
(x) The Company has not raised any moneys by way of initial public offer or further
public offer (including debt instruments). Accordingly, clause 3(x)(a) of the Order is not
applicable.
(xi) (a) Based on examination of the books and records of the Company and according to
the information and explanations given to us, no fraud by the Company or on the Company
has been noticed or reported during the course of the audit.
(b) According to the information and explanations given to us, no report under
sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as
prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the
Central Government.
(c) As represented to us by the management, there are no whistle blower complaints
received by the Company during the year.
(xii) According to the information and explanations given to us, the Company is not a
Nidhi Company.
Accordingly, clause 3(xii) of the Order is not applicable.
(xiii)According to the information and explanations given to us and based on our
examination of the records of the Company, transactions with the related parties are in
compliance with sections 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the Ind AS financial statements as required by the
applicable accounting standards.
(xiv) In our opinion and based on the information and explanations provided to us, the
Company hasadequate internal audit system commensurate with the size and nature of its
business.
(xv) In our opinion and according to the information and explanations given to us, the
Company has not entered into any non-cash transactions with its directors or persons
connected to its directors and hence, provisions of Section 192 of the Act are not
applicable to the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the
Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) and 3(xvi)(b) of the Order
is not applicable.
(b) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not
applicable.
(c) The Company is not part of any group (as per the provisions of the Core Investment
Companies (Reserve Bank) Directions, 2016 as amended). Accordingly, the requirements of
clause 3(xvi)(d) are not applicable.
(xvii) The Company has not incurred any cash losses in the current financial year and
in the immediately preceding financial year.
(xviii) The statutory auditor of the Company has resigned during the year and the
outgoing auditors has not raised any issues, objections or concerns.
(xix) According to the information and explanations given to us and on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and payment
of financial liabilities, other information accompanying the financial statements, 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 report that
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 the future viability of the
Company. We further state that our reporting is based on the facts up to the date of the
audit report and we neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged
by the Company as and when they fall due.
(xx) The requirements as stipulated by the provisions of Section 135 of the Act are not
applicable to the Company. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not
applicable.
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for M H A & Associates LLP |
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Chartered Accountants |
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Firms Registration No. S200133 |
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Sd/- |
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Raviteja Parinam |
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Partner |
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Membership No: 230267 |
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UDIN:23230267BGVZOW9903 |
Date: |
22 May 2023 |
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Place: Hyderabad |
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Annexure B to the Independent Auditors report on the Financial Statements of Bhudevi
Infra Projects Limited for the year ended 31 March 2023
Report on the internal financial controls with reference to the aforesaid financial
statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory
Requirements section of our report of even date)
Opinion
We have audited the internal financial controls with reference to financial statements
of Bhudevi Infra Projects limited ("the Company") as of 31 March 2023 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
In our opinion, the Company has, in all material respects, adequate internal financial
controls with reference to financial statements and such internal financial controls were
operating effectively as at 31 March 2023, based on the internal financial controls with
reference to financial statements 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 "Guidance Note").
Managements Responsibility for Internal Financial Controls
The Companys management and the Board of Directors are responsible for establishing
and maintaining internal financial controls based on the internal financial controls with
reference to financial statements criteria established by the Company considering the
essential components of internal control stated in the Guidance Note. 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 (hereinafter referred to as
"the Act").
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls with reference to financial statements based on our audit. We conducted our audit
in accordance with the Guidance Note and the Standards on Auditing, prescribed under
section 143(10) of the Act, to the extent applicable to an audit of internal financial
controls with reference to financial statements. 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 with reference to
financial statements were established and maintained and whether 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 with reference to financial statements and their operating
effectiveness. Our audit of internal financial controls with reference to financial
statements included obtaining an understanding of such internal financial controls,
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.
Auditors Responsibility (continued)
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 with
reference to financial statements.
Meaning of Internal Financial controls with Reference to Financial Statements
A companys internal financial controls with reference to financial statements 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 controls
with reference to financial statements include 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.
Because of the inherent limitations of internal financial controls with reference to
financial statements, 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 with
reference to financial statements to future periods are subject to the risk that the
internal financial controls with reference to financial statements may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
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for M H A & Associates LLP |
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Chartered Accountants |
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Firms Registration No. S200133 |
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Sd/- |
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Raviteja Parinam |
|
|
Partner |
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Membership No: 230267 |
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UDIN:23230267BGVZOW9903 |
Date: |
22 May 2023 |
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Place: Hyderabad |
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+91-9892691696
