To
The Members of Anuroop Packaging Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Anuroop Packaging
Limited, which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit
and Loss, the Statement of Changes in Equity and the Statement of Cash Flows for the year
ended on that date, and a summary of the significant accounting policies and other
explanatory information (hereinafter referred to as "the standalone financial
statements").
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, 201 3 in the manner so required and give a true and fair view in
conformity with accounting principles generally accepted in India, of the state of affairs
of the Company as at March 31,2023, the profit, 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 specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (IC AI) together with the independence
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 CAIs Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, we re of most
significance in our audit of the standalone financial statements of the current period.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. There were no key audit matters to be communicated in
our report.
Managements Responsibility for the Standalone 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 standalone financial statements
that give a true and fair view of the financial position, financial performance, changes
in equity and cash flows of the Company in accordance with the 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 interna financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
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.
Auditors Responsibilities for the Audit of the Standalone Financial Statements
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 ofan audit in accordance with SAs, we exercise professiona 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 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 standalone financial I 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 an dcontent 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 financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (in) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the 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.
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 section 143 (11) of the Act, we give in the
Annexure A) a statement on the matters specified in the paragraphs 3 and 4 of the Order
to the extent applicable.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, Statement of Changes in Equity
and the Statement of Cash Flow dealt with by this Report are in agreement with the
relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the
Generally accepted accounting principles in India.
e) On the basis of the written representations received from the directors as on 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 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". 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 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:
h) The Company has no pending litigation which impact on its financial position in its
standalone financial statements.
i) 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.
|
For Banka & Banka |
|
Chartered Account tants |
|
Firm registrationnumbenl 00979W |
|
Pradeep Banka |
|
Partner |
| Place: Mumbai |
Membership no. 038800 |
| Date: 29th May, 2023 |
UDIN - 23038800BGVOHB5511 |
Annexure A referred to in paragraph 1 under the heading Report on other legal and
regulatory requirements1^ our report of even date.
On the basis of such checks as we considered appropriate and in terms of the
information and explanations given to us, we state that: -
i. a. The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
b. All fixed assets were physically verified during the year by the Management in
accordance with a regular programme of verification which, in our opinion, provide for
physical verification of all the fixed assets at reasonable intervals. According to the
information and explanations given to us, no material discrepancies were notice on such
verification.
c. According to the information and explanations given to us and the records examined
by us, we report that the title deeds of the immovable properties which are freehold are
held in the name of the Company as at the balance sheet date.
d. The Company has not revalued any of its Property, Plant and Equipment (including
right- of-use assets) and intangible assets during the year
e. According to information and explanations given to us and on the basis of our
examination of the records of the Company, there are no proceedings initiated or pending
against the Company for holding any benami property under the Prohibition of Benami
Property Transactions Act, 1988 and rules made thereunder.
ii. According to the information and explanation given to us, the Company does not have
any inventory and sanctioned working capital limits in excess of five crore rupees at the
end of the financial year and hence reporting under clause 3(ii) of the Order is not
applicable.
iii. According to the information and explanations given to us, the Company has not
granted any loans, secured or unsecured to companies, firms, limited liability
partnerships
or other parties covered in the register maintained under Section 189 of the Act.
Accordingly, the provisions of clause 3(iii) (a), (b) and (c) of the Order are not
applicable to the Company.
iv. In respect of loans, investments and guarantees, provisions of Section 185 and 186
of the Companies Act, 2013 have been complied with.
v. The Company has not accepted deposits during the year and does not have any
unclaimed deposits as at March 31, 2023 and therefore, the provisions of the clause 3 (v)
of the Order are not applicable to the Company.
vi. We have been informed by the management that, maintenance of cost record under
section 148(l)(d) 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,
duty of Customs, duty of Excise, 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 duty of Customs, duty of Excise, 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. There were no transactions relating to previously unrecorded income that have
been surrendered or disclosed as income during the year in the tax assessments under the
incomeTax Act, 1961 (43 of 1961).
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 lenders.
b. The Company has not been declared willful defaulter by any bank or financial
institution or government or any government authority.
c. The Company has not raised any loan during the year.
d. On an overall examination of the financial statements of the Company, funds raised
on short- term basis have, prima facie, not been used during the year for long-term
purposes by the Company.
e. On an overall examination of the financial statements of the Company, the Company
has not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiaries.
f. The company has not raised loans during the year on the pledge of securities held in
its subsidiaries, joint ventures or associate companies.
x. a. Based on information and explanation given to us, the Company has neither raised
money by way of initial public offer or further public offer or by way of new term loan
during the year.
b. During the year, the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully or partly or optionally) and hence
reporting under clause 3(x)(b) 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. 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 and up to the date of this report.
c. According to the information and explanations given to us, there is no whistle
blower complaint has been received by the company during the year.
xii. The Company is not a Nidhi Company and hence reporting under clause 3(xi i) of the
Order is not applicable.
xiii. In our opinion and according to the information and explanations given to us the
Company is in compliance with Section 177 and 188 of the Act, where applicable, for all
transactions with the related parties and the details of related party transactions have
been disclosed in the financial statements as required by the applicable accounting
standards.
xiv. a. Based on information and explanations provided to us and our audit procedures,
in our opinion, the Company has an adequate internal audit system commensurate with the
size and nature of its business.
b. We have considered, the internal audit reports for the year under audit, issued to
the Company during the year and till date, in determining the nature, timing and extent of
our audit procedures.
xv. in our opinion and according to the information and explanations given to us,
during the year 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.
xvi. According to information and explanation given to us, the Company is not required
to be registered u/s 45-1A of Reserve Bankof India Act, 1934. Accordingly, provision of
clause 3 (xvi) of the Order Is not applicable to the Company.
xvii. According to the information and explanations given to us, the company has not
incurred cash losses in the financial year and in the immediately preceding financial
year.
xviii. There has been no resignation of the statutory auditors of the Company during
the year.
xix. 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 iabilities
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 notan 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. In our opinion and according to the information and explanations given to us, there
is no unspent amount under sub-section (5) of Section 135 of the Act pursuant to any
project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.
|
For Banka & Banka |
|
Chartered Accountants |
|
Firm registrationnumbenl 00979W |
|
Pradeep Banka |
|
Partner |
| Place: Mumbai |
Membership no. 038800 |
| Date: 29th May, 2023 |
UDIN - 23038800BGVOHB5511 |
Annexure ‘B to the Independent Auditors Report
(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory
Requirements section of our report 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 accompanying Standalone financial statements of Sara Solutions
Limited ("the Company"), which comprise the Balance Sheet as at March 31,2023,
in conjunction with our audit of the Standalone financial statements of the Company for
the year ended and as 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 (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 Act.
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 Standards on Auditing prescribed under Section 143(10) of the Act and the
Guidance Note, to the extent applicable to an audit of internal financial controls. Those
Standards and the Guidance Note require that we comply with the 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
with reference to 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 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 standalone 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 controls
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 explanation 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 2023, 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.
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For Banka & Banka |
|
Ch artered Account tants |
|
Firm registration number: 100979W |
|
Pradeep Banka |
|
Partner |
| Place: Mumbai |
Membership no. 038800 |
| Date: 29th May, 2023 |
UDIN - 23038800BGVOHB5511 |
+91-9892691696
