To
The Members of M/s. Archana Software Limited
Report on the audit of the Annual Financial Results
Opinion
We have (a) audited the Financial Results for the year ended March 31,2023 and (b)
reviewed the Financial Results for the Quarter ended March 31,2023 (refer Other Matters
section below), which were subject to limited review by us, both included in the
accompanying "Statement of Financial Results for the Quarter and Year Ended Marc
31,2023" of "Archana Software Limited" ("the Company") being
submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI
(Lisitng Obligations and Disclosure Requirements) Regulation, 201, as amended ("the
Listing Regulation").
(a) Opinion on Annual Financial Results
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial results:
i. Are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
ii. Give a true and fair view in conformity with the recognition and measurement
principles laid down in the applicable Indian Accounting Standards, and other accounting
principles generally accepted in India, of the net Loss and total comprehensive income and
other financial information for the year ended 31st March, 2023.
(b) Conclusion on Unaudited Financial Results for the quarter ended March 31, 2023
With respect to the Financial Results for the quarter ended March 31, 202, based on our
review conduced as stated in paragraph (b) of Auditors Responsibilities section below,
nothing has come to our attention that causes us to believe that the accordance with the
recognition and measurement principles Managements responsibility for the standalone
Financial Statements laid down in the applicable Indian Accounting Standards, and other
accounting principles generally accepted in India, has not disclosed the information
required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements)
Regulations, 2015, as amended, including the manner in which it is to be disclosed, or
that it contains any material misstatement.
Basis for Opinion on the Audited Financial Results for the year ended March 31, 2023
We conducted our audit in accordance with the Standards on Auditing{"SAS)
specified under Section 143(10) of the Companies Act, 20213("the Act"). Our
responsibilities under those Sas are further described in the Auditors Responsibilities
for the Audit of the Annual Financial Results 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 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 on the annual financial results.
Managements and Board of Directors Responsibilities for the Annual Financial Results
These annual financial results has been prepared on the basis of the annual financial
statements. The Companys management and the Board of Directors are responsible for the
preparation and presentation of this annual financial results tat give a true and fair
view of the net profit/loss and other comprehensive income and other financial information
in accordance with the recognition and measurement principles laid down in Indian
Accounting Standards prescribed under section 133 of the Act and other accounting
principles generally accepted in India and in compliance with regulation 33 of the Listing
Regulations.
This responsibility also includes maintenance of adequate of accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the company
and for preventing and deducting fraud 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 and adequate internal financial
controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant of the preparation and presentation of the annual financial
results that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
in preparing the annual financial results, the Management and the Board of Directors
are responsible for accessing the Companys ability to continue as a going concern,
disclosing as applicable, matters to be related to going concern and using the going
concern basis of accounting unless the Board of Directors 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.
Auditor Responsibilities
(a) Audit of the financial results for the year ended March 31, 2023
Our objectives are to obtain reasonable assurance about whether the annual financial
results 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 it is not a guarantee that an audit conducted in accordance with
SAs will always deduct a material misstatement that exist. Misstatement 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 this annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgement and
maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the annual financial results,
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) (1) of
the Act, we are also responsible For expressing our opinion through a separate report on
the complete set of financial statements on whether the company has adequate internal
financial controls with reference to financial statements 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 in the financial results made by the
Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors 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 appropriateness of this assumption. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures
in the annual financial results 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 annual financial
results, including the disclosures, and whether the annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the Annual Financial Results of
the Company to express an opinion on the Annual Financial Results,
Materiality is the magnitude of misstatements in the 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 (i) 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.
(b) Review of the Financial Results for the quarter ended March 31,2023
We conducted our review of the Financial Results for the quarter ended March 31, 2023
in accordance with the Standard on Review Engagements ("SRE") 2410 Review of
Interim Financial Information Performed by the Independent Auditor of the Entity, issued
by the ICAI. A review of interim financial information consists of making inquiries,
primarily of the Companys personnel responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with SAs specified under section 143(10) of the Act
and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.accordingly we do not express
audit opinion.
Other Matter
The annual financial results include the results for the quarter ended 31st
March, 2023 being the balancing figure between the audited figures in respect of the full
financial year and the published unaudited year to date figures up to the third quarter of
the current financial year which were subject to limited review by us.
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For N. Raja & Associates Chartered Accountants |
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Firm Regn.No.003388S |
Place: Chennai |
G. Vela van |
Date : 24-05-2023 |
Partner |
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Membership No: 029915 |
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UD1N : 23029915BGVZHW6668 |
+91-9892691696
