To
The Members of
Ambassador Intra Holdings Limited Ahmedabad
Report on the Financial Statements
We have audited the accompanying IND AS Financial Statements of Ambassador Intra
Holdings Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income),
and the Statement of Changes in Equity and statement 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 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 ("Ind AS")
prescribed under Section 133 of the act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, and other accounting principles generally accepted in
India, of the state of affairs of the Company as at 31st March 2023, and its 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 financial statements in accordance with the Standards on
Auditing (SAs) 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 (ICAI) 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
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 financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, 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. We
have determined that there are no key audit matters to be communicated in our report.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis Report, Boards Report including Annexures to Boards Report, and
Shareholders Information, but does not include the financial statements and our auditors
report thereon. The above mentioned reports are expected to be made available to us after
the date of this auditors report.
Our opinion on the financial statements does not cover the other information and we
will 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 identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
When we read the above mentioned reports, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with
governance and take appropriate actions as per the applicable laws and regulations.
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 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 relevant rules issued thereunder. 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; design,
implementation and maintenance of adequate internal financial controls, that are 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.
The Board of Directors is responsible for overseeing the Companys financial reporting
process.
Auditors Responsibility for the Audit of the Financial Statements
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.
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 financial controls relevant to the audit in order
to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the 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.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditors Report) Order, 2016 ("the
Order") issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the
" Annexure A", a statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.
2. As required by section 143(3) of the Act, we further report that:
(i) 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.
(ii) 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.
(iii) The Balance Sheet, Statement of Profit and Loss including other comprehensive
income, Cash Flow Statement and statement of changes in equity dealt with by this Report
are in agreement with the books of account.
(iv) In our opinion, the aforesaid financial statements comply with the Indian
Accounting Standards prescribed under Section 133 of the Act, read with Companies (Indian
Accounting Standard) Rules, 2015, as amended.
(v) O n the basis of written representations received from the directors as on March
31, 2021, and 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.
(vi) With respect to adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate report in "Annexure B",
(vii) 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.
(viii) With respect to 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 has disclosed the impact of pending litigations on its financial
position in its financial statements Refer Note 30 to the financial statements.
ii) The Company did not have any long-term contracts including derivative contracts; as
such the question of commenting on any material foreseeable losses thereon does not arise.
iii) There has been no instance of transferring amounts to the Investor Education and
Protection Fund by the Company.
iv) A] The Management has represented that, to the best of their knowledge and belief,
no funds 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(s)
or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the In termediary 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 their knowledge and belief, no
funds have been received by the company from any person(s) or entity (ies), including
foreign entities ("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 the Ultimate Beneficiaries; and
C] Based on such audit procedures, nothing has come to our notice that has caused them
to believe that the representations under sub-clause (A) and (B) contain any material
mis-statement.
v) The Company has not declared or paid dividend during the year.
For A S R V & Co. |
|
Chartered Accountants |
|
(Registration No.135182W) |
|
Reeturaj Verma |
|
Partner |
|
Membership No. 193591 |
Date: 30th May, 2023 |
UDIN: 23193591BGUVKL6399 |
Place: Ahmedabad |
Annexure ‘A to the Independent Auditors Report
Referred to in paragraph 1 under the heading "Report on Other Legal And Regulatory
Requirements" of Our Independent Audi t Report of even date on the Financial
Statements of AMBASSADOR INTRA HOLDINGS LIMITED for the year ended 31st March, 2023.
On the basis of such checks as we considered appropriate and according to the
information and explanations given to us during the course of our audit, we report that:
(i) In respect of its Property, plant and equipments:
(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property, plant and equipments.
(b) As explained to us, the management during the year has physically verified the
Property, plant and equipments in a phased periodical manner, which in our opinion is
reasonable, having regard to the size of the Company and nature of its assets. No material
discrepancies were noticed on such physical verification.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the company does not hold any immovable
properties hence this clause is not applicable.
(d) The Company has neither revalued its Property, Plant & Equipment nor Intangible
Assets.
(e) 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) In respect to Inventories and working Capital:
(a) As explained to us, in our opinion, the management has physically verified
inventories at reasonable intervals during the year and there was no material
discrepancies noticed on such physical verification as compared to the book records.
(b) Company has not been sacntioned any working capital limits from banks or financial
instiution on the basis of security of current assets during the financial year under
audit.
(iii) Details of Investments, any guarantee, security, advances or loans given:
(a) In our opinion and according to information and explanation provided to us the
Company had not made investment nor provided guarnatees but granted unsecured loan or
advances in the nature of loan as specified below:-
Sr No Particulars |
Aggregate amount during the year |
Balance outstanding as on 31.03.2023 |
A To Subsidiaries, Joint Ventures and Associates |
NIL |
NIL |
B To Other Then Subsidiaries, Joint Ventures and Associates |
|
|
Loans & Advances (including 247.00 lakhs Business Advances) |
|
367.33 lakhs |
(b) The terms and conditions of investments made, guarantees provided, security given
and the terms and conditions of the grant of all loans and advances in the nature of loans
and guarantees provided are not prejudicial to the interest of the company.
(c) In respect of loans and advances in the nature of loans, the schedule of repayment
of principal and payment of interest has not been stipulated and the repayments or
receipts are regular.
(d) The amount is not overdue, on the above loan and advances; hence this clause is not
applicable;
(e) The amount is not overdue; on the above loan and advances; hence this clause is not
applicable;
(f) The company has granted loans or advances in the nature of loans either repayable
on demand or without specifying any terms or period of repayment. Details of the said loan
or advances is as follows;
(Amount Rs. In Lakhs)
Sr. No. Particulars |
Amount of Loan or Advance in nature of Loan granted during the
period |
Outstanding Balance as on 31st March, 2023 |
| 1) Loan Granted to Promoters |
Nil |
Nil |
2) Loan Granted to Related Parties excluding Promoters |
Nil |
Nil |
(iv) In our opinion and according to information and explanation given to us, the
company has not granted any loans or provided any guarantees or given any security or made
any investments to which the provision of section 185 and 186 of the Companies Act, 2013.
Accordingly, paragraph 3 (iv) of the order is not applicable.
(v) The Company has not accepted any deposits from the public covered under Section 73
to 76 of the Companies Act, 2013.
(vi) According to the information and explanations given to us, the Central Government
has not prescribed the maintenance of cost records under sub-section (1) of section 148 of
the Companies Act, 2013, in respect of products of the Company. Accordingly, paragraph
3(vi) of the Order is not applicable
(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, Sales Tax, Goods and
Services Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, 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, Sales Tax, Service Tax, Goods and Services Tax, Customs Duty,
Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at 31
March, 2023 for a period of more than six months from the date they become payable.
(viii) The company has not recorded any transactions in the books of account which have
been surrendered of disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961.
(ix) Default in Repayment of Borrowings: -
(a) In our opinion and according to the information and explanations given to us, the
Company has not defaulted in the repayment of loans or borrowings to financial
institutions and banks as at the Balance Sheet date. (b) The company has not declared
willful defaulter by any bank or financial institution or other lender, hence this clause
is not applicable;
(c) The company has not obtained any term loan; hence this clause is not applicable;
(d) The company has not raised any short term fund; hence this clause is not
applicable;
(e) The company has not taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries, associates or joint ventures; hence this clause
is not applicable;
(f) The company has not raised company has raised loans during the year on the pledge
of securities held in its subsidiaries, joint ventures or associate companies; hence this
clause is not applicable.
(x) (a) The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments); hence this clause is not applicable;
(b) The Company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or optionally convertible) during the year;
hence this clause is not applicable.
(xi) (a) According to the information and explanations given to us, no material fraud
by the Company or on the Company by its officers or employees has been noticed or reported
during the course of our audit.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government; hence this clause is not applicable
(xii) In our opinion and according to information and explanations given to us, the
Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not
applicable.
(xiii) According to the information and explanation given to us and based on the our
examination of the records of the company, all transactions with the related parties are
in compliance with sections 177 and 188 of Companies Act where applicable and the details
have been disclosed in the financial statements, etc., as required by the applicable
accounting standards
(xiv) (a) The Company has an internal audit system commensurate with the size and
nature of its business.
(b) We have not been provided with internal Auditors Report.
(xv) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into non-cash
transactions with directors or persons connected with him as restricted in section 192 of
Companies Act, 2013; hence this clause is not applicable
(xvi) (a) The Company is not required to be registered under section 45-IA of the
Reserve Bank of India Act 1934.
(b) The Company is not has conducted any Non-Banking Financial or Housing Finance
activities; hence this clause is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India; hence this clause is not applicable.
(d) The Company does not have any CIC.
(xvii) The company has not incurred cash losses in the financial year and in the
immediately preceding financial year.
(xviii) During the year the statutory auditor has resigned from the company. There were
no issues raised by the outgoing auditor.
(xix) According to the information and explanations given to us and based on our
examination of the records of the Company and financial ratios, ageing and expected dates
of realisation of financial assets and payment of financial liabilities, other information
accompanying the financial statements, the auditors knowledge of the Board of Directors
and management plans, we were in the opinion that no material uncertainty exists as on the
date of the audit report. There was no any liability in the books of the company for those
payable within one year from the date of balance sheet date.
(xx) a) The company has not any other than ongoing projects, therefore provision of
section 135 of Companies Act, 2013 is not applicable to the company;
(b) This clause is not applicable to the company.
(xxi) There are no any qualifications or adverse remarks given by the respective
auditors in the Companies (Auditors Report) Order (CARO) reports, hence this clause is
not applicable to the company.
For A S R V & Co. |
|
Chartered Accountants |
|
(Registration No.135182W) |
|
Reeturaj Verma |
|
Partner |
|
Membership No. 193591 |
Date: 30th May, 2023 |
UDIN: 23193591BGUVKL6399 |
Place: Ahmedabad |
Annexure - B to the Independent Auditors Report
Referred to in paragraph 2(F) under the heading "Report on Other Legal And
Regulatory Requirements" of Our Independent Audit Report of even date on the
Financial Statements of Ambassador Intra Holdings Limited for the year ended 31st
March, 2023.
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 Ambassador
Intra Holdings Limited ("the Company") as of 31 March, 2023 in conjunction
with our audit of the Ind As 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 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, as specified under section
143(10) of the Companies Act, 2013, to the extent 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 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 companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.
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 31 March 2021, 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 A S R V & Co. |
|
Chartered Accountants |
|
(Registration No.135182W) |
|
Reeturaj Verma |
|
Partner |
|
Membership No. 193591 |
Date: 30th May, 2023 |
UDIN: 23193591BGUVKL6399 |
Place: Ahmedabad |
+91-9892691696
