To,
The Members of Accord Synergy Limited Report on the Standalone Financial Statements
Opinion
We have audited the accompanying Financial Statements of ACCORD SYNERGY LIMITED
("the Company”) which comprise the Balance sheet as at 31stMarch, 2023, the
Statement of Profit & Loss andStatement of Cash Flows 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 standalone financial statements give the information required
by 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 March 31, 2023, and profitand its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules there
under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the 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 Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and Analysis,
Boards Report including Annexures to Boards Report, Business Responsibility
Report, Corporate Governance, Shareholders Information and Other Information included
in the Companys Annual Report, but does not include the consolidated financial statements
if any, standalone financial statements and our auditors reports 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 Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act”) with respect to the preparation
and presentation of these financial statements that give a true and fair view of the
financial position, financial performance, and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Account) Rules, 2014. 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 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 Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibility
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
A further description of the auditors responsibilities for the audit of the financial
statements is located in Appendix A. This description forms part of our auditors report.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2020 ("the order”)
issued by the Central Government in terms of section 143 (11) of the Companies Act, 2013,
we enclose in the Annexure-A, a statement on the matters specified in paragraph 3 & 4
of the said Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
We have sought and obtained all the information and explanations, which, to the best of
our knowledge and belief, were necessary for the purpose of our Audit;
In our opinion, proper books of accounts as required by the law have been kept by the
Company, so far as appears from our examination of the said books;
The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by
this report are in agreement with the books of accounts of the Company;
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.
On the basis of written representations received from the directors, as on 31stMarch,
2023, and taken on record by the Board of Directors, we report that none of the directors
is disqualified as on 31st March, 2023 from being appointed as a director of the Company
in terms of Section 164(2) of the Act.
With respect to the adequacy of the internal financial controls over financial
reporting and the operating effectiveness of such controls; refer to our separate report
in Annexure - B attached herewith.
With respect to the matter to be included in the Auditors Report u/s. 197(16) of the
Act, in our opinion and according to information and explanations given to us, the
remuneration paid by company to its directors is in accordance with the provisions of
Section 197 of the Act read with Schedule V in terms of requisite approvals obtained as
mandated therein and is not in excess of the limits specified therein.
With respect to the other matters to be included in our 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:
The Company has no pending litigation as on the balance sheet date.
(ii) There are no long-term contracts for which there were material foreseeable losses
for which provision is required.
(iii) There were no amounts which were required to be transferred to the Investor
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 sharepremium or any other sources or
kind of funds) by the Company to or in any other person or entity, including foreignentity
(“Intermediaries”), with the understanding, whether recorded in writing or
otherwise, that the Intermediaryshall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever byor on behalf of the
Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of theUltimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material eitherindividually or in the aggregate) have been received by
the Company from any person or entity, including foreignentity (“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 onbehalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of
theUltimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothinghas come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), asprovided under (a) and (b)
above, contain any material misstatement.
(v) The company has not declared or paid any dividend during the year and has not
proposed final dividend for the year.
As per information and explanations given to us, since the proviso to Rule 3(1) of the
Companies (Accounts) Rules 2014 requiring every company which uses accounting software for
maintaining books of accounts to use only such accounting software which has a feature of
recording audit trail (edit log) facility, is applicable to the Company only from 1st
April, 2023 i.e. Financial Year 2023-24, the accounting software used for FY 2022-23
did not have the feature of audit trail (edit log) facility as required under the
aforesaid Rule.
|
FOR NARESH& CO. |
|
Chartered Accountants |
|
(F.R.N. 106928W) |
|
Sd/- |
Place: Vadodara |
CA ABHIJEET DANDEKAR |
Date :30/05/2023 |
Partner |
|
(M. R. N. 108377) |
UDIN:23108377BGUFQH6677 |
|
Appendix A to Independent Auditors Report
Further description of Auditors responsibilities for audit of 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 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 control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
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 the Company 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 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.
“ANNEXURE -A” TO THEINDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 under Report onOther Legal and Regulatory Requirements
section of our report of even datefor the year ended 31st March 2023 of Accord
SynergyLimited)
(a) (A) The Company has maintained proper records of Property, Plant & Equipment
Purchase However, as informed to us the Company is in the process of updating its old
records and Property, Plant and Equipment s Register showing full particulars including
quantitative details and the situation of Property, Plant & Equipment.
The Company has maintained proper records showing full particulars of the Intangible
Assets.
The Company has a regular program of physical verification of its Property, Plant and
Equipment by which the Property, Plant and Equipment are verified in phased manner over a
period of time. In accordance with its program, certain Property, Plant and Equipment were
verified during the year and as informed to us, no material discrepancies were noticed on
such verification. In our opinion, the program of verification is reasonable having regard
to the size of the Company and the nature its Assets
According to the information and explanations given to us and on the basis of our
examination of the records of the company, it does not own any immovable properties.
The Company has not revalued any of its Property, Plant and Equipment and
intangibleassets during the year.
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.
(a) The Company is engaged in provision of service and accordingly it doesnt hold any
physical inventories. Hence, no comments are required on the Paragraph (ii)(a) of the
Order.
(b) The Company has not been sanctioned anyworking capital limits 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 (ii)(b) of the Order is not applicable
The Company has not made any investments in, provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured, to Companies,
Firms, LLPs or Other Parties during the year under report. Consequently, no comments are
necessary on Para (iii) (a) (b) (c) (d) (e) & (f) of the Order.
The Company has not granted any loans or advances or has not given any guarantee or has
not acquired securities of any other body corporate. The only Investments made by the
Company are of surplus funds parked in Mutual Funds. Provisions of S. 185 are not
applicable to the same. Further, the investments are within the limits specified u/s.
186 and hence no compliance is required relating thereto.
The Company has not accepted any deposits or deemed deposits within the meaning of
Section 2(31) of the Companies Act 2013 read with the Companies (Acceptance of Deposits)
Rules, 2014 and hence the compliance to the directives issued by the Reserve Bank of India
and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies
Act and the Rules framed there under are not applicable. No order has been passed by
Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
In terms of the Companies (Cost Records and Audit) Rules, 2014 prescribed by the
Central Government U/s. 148 (1) of the Companies Act, 2013, the requirement of maintenance
of cost records was not applicable to the company for the year under audit.
(a) According to the records of the Company, the Company is regular in depositing with
appropriate authorities undisputed statutory dues including Provident Fund, Employees
State Insurance, Income Tax, Goods and Service Tax, Custom Duty and other material
statutory dues applicable to it.
According to the information and explanations given to us, no undisputed amounts
payable in respect of Income Tax, Goods and Service Tax, Customs Duty, Cess and other
material statutory dues applicable to the Company were outstanding, as at
31stMarch,2023for a period of more than six months from the date they became payable.
According to the records of the company, there are no dues of Sales Tax,Income Tax,
Service Tax, Customs Duty, Excise Duty, Value Added Tax or Goods and Service Tax which
have not been deposited on account of any dispute.
There are no transactions not recorded in the books of accounts that have been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961. Hence no further comments are required under Para 3(viii) of the Order.
(a) Based on the information and explanations given by the management, we are of the
opinion that the Company has not defaulted in repayment of loans or other borrowings or in
the payment of interest thereon to any lender. Hence no further comments are required
under Para 3(ix)(a) of the Order.
(b) The Company has not been declared wilful defaulter by any bank or financial
institution or other lender
(c) The Company has not taken any term loan during the year and there are no
outstanding term loans at the beginning of the year and hence, reporting under Paragraph
(ix)(c) of the Order is not applicable.
(d) On the basis of review of utilization of funds which is based on an overall
examination of the balance sheet of the Company, related information as made available to
us and as
represented to us by the Management, we report that in general funds raised on
short-term basis have not been used for long-term purposes.
(e) The Company does not own any subsidiaries, associates or joint ventures and hence,
reporting under Paragraph (ix)(e) & (f) of the Order is not applicable.
(a) The Company has not raised any moneys during the year by way of InitialPublic Offer
or Further Public Offer.
(b) The Company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or optionally convertible) during the year.
(a) There has been no fraud by the Company or any fraud on the Company that has been
noticed or reported during the year
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government during the year.
(c) As per the information and explanation given to us, no whistle-blower complaints,
were received by the Company during the year.
The Company is not a "Nidhi" Company. Accordingly, clause (xii) of the Order
is not applicable.
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 financial statements as required by the applicable accounting
standards.
(a) In our opinion the Company has an adequate internal audit system 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.
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 them. Accordingly, Paragraph 3(xv) of the Order is not
applicable.
(a) As per information and explanations given to us, the Company is not required to be
registered under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934).
(b) The Company has not conducted any Non-Banking Financial orHousing Finance
activities during the year.
(c) The Company or any Member Company of the Group is not a Core Investment Company
(CIC) as defined in the regulations made by the Reserve Bank of India and hence, reporting
underParagraph (xvi)(c) & (d) of the Order is not applicable.
The Company has not incurred any cash losses during the financial year under report.
However, the Company incurred cash losses of Rs. 53,820.23 (thousands) in the immediately
preceding financial year.
There has been no resignation of the Statutory Auditors of the Company during the year.
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 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 report indicating that 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.
The Provisions of S. 135 of the Companies Act, 2013 relating to Corporate Social
Responsibility spending were not applicable to the Company for the year under report.
Hence, no comments are required under Paragraph (xx) (a) & (b) of the Order.
The Financial Statements covered by this Report being Standalone Financial Statements,
no comments are required under Paragraph (xxi) since those are related to Consolidated
Financial Statements and the Company does not have any requirement of preparation of the
same.
|
FOR NARESH& CO. |
|
Chartered Accountants |
|
(F.R.N. 106928W) |
|
Sd/- |
Place: Vadodara |
CA ABHIJEET DANDEKAR |
Date :30/05/2023 |
Partner |
|
(M. R. N. 108377) |
UDIN:23108377BGUFQH6677 |
|
“Annexure - B” to the Independent Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of ACCORD
SYNERGY LIMITED ("the Company”), as on 31stMarch, 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 Respective Board of Directors of the Company are responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India
("ICAI). These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to companys policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under 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”) issued by ICAI and the Standards on Auditing, issued by
ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls. Those Standards and the
Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls
over financial reporting was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditors judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or
error. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the Companys internal financial controls
system over financial reporting.
|
FOR NARESH& CO. |
|
Chartered Accountants |
|
(F.R.N. 106928W) |
|
Sd/- |
Place: Vadodara |
CA ABHIJEET DANDEKAR |
Date :30/05/2023 |
Partner |
|
(M. R. N. 108377) |
UDIN:23108377BGUFQH6677 |
|
+91-9892691696
