TO THE MEMBERS OF
ASIAN GRANITO INDIA LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of ASIAN GRANITO
INDIA LIMITED(the "Company"), which comprise the Balance Sheet as at 31
March, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended on
that date and a summary of the significant accounting policies and other explanatory
information (here in after 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, 2013 (the "Act") in the manner so required and give a true
and fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India,
of the state of affairs of the Company as at
31 March, 2023 and its loss, 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 standalone financial statements in accordance with the
Standards on Auditing ("SA") 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 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 ("ICAI") together with the
ethical 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 ICAIs Code
of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial statements.
Emphasis on Matter
We draw your attention to the Note 45 of the Standalone Financial Statements that
describes the search operation carried out by the Income Tax department at the Companys
business premises on 26 May, 2022. The Company has not received any communication for any
demand from the Income Tax department. Our conclusion is not modified in respect of this
matter.
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. We
have determined that there are no key audit matters to be communicated in our report.
Information Other than the Standalone 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, Corporate Governance and
shareholders information, but does not include the standalone financial statements and
our auditors report thereon. The other information is expected to be made available to us
after the date of this auditors report.
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.
When we read the Other Information, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with
governance as required under SA 720 ‘The Auditors responsibilities Relating to Other
Information.
Managements Responsibility for the Standalone Financial Statements
The Companys management and Board of Directors are 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 including other comprehensive income, changes in equity and cash flows of the
Company in accordance with the Ind AS other 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 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 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 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 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 omission, 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 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 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 standalone 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 standalone 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. A s 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 T ) he Balance Sheet, the Statement of Profit including Other Comprehensive Income,
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 Ind AS
specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March, 2023 from being appointed as a director in terms of Section
164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure A".
g) 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. h) 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:
i As informed. to us the Company discloses the impact of pending litigation on its
financial position in its standalone financial statements
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and 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 share premium or any other sources or
kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
and Loss 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 its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the company from any person or entity, including foreign entity ("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;
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of rule 11(e), as provided
under(a)and(b) above, contain any material misstatement.
v. a) The final dividend proposed in the previous year, declared and paid by the
Company during the year is in accordance with Section 123 of the Act, as applicable b) No
interim dividend declared and paid by the Company during the year and until the date of
this report. c) As stated in Note13.2 to the standalone financial statements, the Board of
Directors of the company have not declared any dividend for the year.
2. As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure
B" a statement on the matters specified in paragraphs 3 and 4 of the Order.
|
For R.R.S. & Associates |
|
Chartered Accountants |
|
FRN.118336W |
|
Rajesh Shah |
|
(Partner) |
| Place: Ahmedabad |
Membership No. 034549 |
| Date: 24 May, 2023 |
UDIN: 23034549BGYRDA3485 |
Annexure "A" to the Independent Auditors Report
(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of ASIAN GRANITO INDIA LIMITED 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 internal financial controls over financial report of ASIAN
GRANITO INDIA LIMITED (‘the company) as on 31 March, 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 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 or 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
the 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 (the ‘Act).
Auditors Responsibility
Our responsibility is to express an opinion on the internal financial controls over
financial reporting of the Company 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 the Institute of Chartered Accountants of
India and the Standard on Auditing (‘SA) prescribed under section 143(10) of the
Companies Act, 2013 to the extent applicable to an audit of internal financial controls.
Those Standards and 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 the internal control based on the assessed risk. The
procedures selected depend on the auditors judgment, including the assessment of risks of
material misstatement of standalone 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 systems
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial controls over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of the standalone financial statements for external purpose in accordance with
generally accepted accounting principles. A companys internal financial control over
financial reporting included 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 transaction are recorded as necessary to permit
preparation of standalone financial statement 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 companys assets that could have a
material effect on the standalone financial statements.
Inherent Limitations of Internal Financial Control over Financial Reporting
Because of the inherent limitation 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, projection of any evaluation of the internal financial controls over financial
reporting to future periods are subjects to the risk that the internal financial controls
over financial reporting may become inadequate because of changes in conditions, or 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, 2023, based on the criteria for
internal financial control over financial reporting 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 R.R.S. & Associates |
|
Chartered Accountants |
|
FRN.118336W |
|
Rajesh Shah |
|
(Partner) |
| Place: Ahmedabad |
Membership No. 034549 |
| Date: 24 May, 2023 |
UDIN: 23034549BGYRDA3485 |
Annexure ‘B to the Independent Auditors Report
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of ASIAN GRANITO INDIA LIMITED of even
date)
To the best of our information and according to the explanation provided to us by the
company and the books of accounts and records examined by us in the normal course of
audit, we state that:-
1. In respect of the Companys Property, Plant and Equipment and Intangible Assets: a)
(A) The Company has maintained proper records showing full particulars including
quantitative details and situation of its Property, Plant and Equipment.
(B) The Company does not have any intangible asset, hence reporting under this clause
of the Order is not applicable to the Company.
b) According to the information and explanation given to us, the Property, Plant and
Equipment of the Company have been physically verified by the management at reasonable
period during the year and no material discrepancies have been noticed on such
verification. In our opinion the frequency of physical verification of Property, plant and
equipment is reasonable having regard to the size of the company and nature of its
business.
c) The title deeds, comprising all immovable properties of land and building which are
freehold, are held in the name of the Company.
d) The company has not revalued any of its Property, Plant and Equipment and intangible
assets during the year.
e) No proceedings have been initiated during the year or are pending against the
Company as at 31 March, 2023 for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
2. a) The inventories were physically verified during the year by the management at
reasonable intervals and no material discrepancies were noticed on physical verification.
b) The Company has been sanctioned working capital limits in excess of Rs 5 Crores, in
aggregate, at any points of time during the year, from banks or financial institutions on
the basis of security of current assets. In our opinion, the quarterly returns or
statements filed by the Company with such banks or financial institution are in agreement
with the books of account of the Company.
3. The Company has made investment in companies, firms, Limited Liability Partnerships,
and granted unsecured loans to other parties, in respect of which:
a) The Company has provided loans or advances in the nature of loans or stood
guarantee, or provided security to subsidiaries, joint venture, associates and other
parties and the details are mentioned in the following table:
|
|
|
|
( Rs in Lakhs) |
| Particulars: |
Guarantees |
Security |
Loans |
Advances in Nature of Loans: |
| Aggregate amount granted during the year: |
|
|
|
|
| - subsidiaries |
- |
- |
32,118.12 |
- |
| - joint venture |
- |
- |
- |
- |
| - associates |
- |
- |
- |
- |
| - others |
- |
- |
2.50 |
- |
| Balance outstanding as at balance sheet in respect of above cases |
|
|
|
|
| - subsidiaries |
15,303.72 |
- |
33,164.62 |
- |
| - joint venture |
- |
- |
- |
- |
| - associates |
- |
- |
- |
- |
| - others |
- |
- |
1,585.16 |
- |
b) The investments made, and the terms and conditions of the grant of loans, during the
year are, prima facie, not prejudicial to the Companys interest.
c In) respect of loans granted by the Company, the schedule of repayment of
principal and payment of interest has been stipulated and the repayment of principal
amounts and receipts of interest are generally been regular as per stipulation.
d) In respect of loans granted by the Company, there is no overdue amount remaining
outstanding as at balance sheet date.
e) No loan granted by the Company which has fallen due during the year, has been
renewed or extended or fresh loans granted to settle the over dues of existing loans given
to the same parties.
f) The company has granted loans or advances in the nature of loans which were
repayable on demand or without specifying any terms or period of repayment amounting to Rs
34,729.97 Lakhs at the end of the year. Details of aggregate amount, percentage thereof of
the total loans granted, aggregate amount of loans granted to Promoters, related parties
as defined in clause (76) of section 2 of the Companies Act, 2013 are given here under:
|
|
|
( Rs in Lakhs) |
| Sr. No Particulars: |
All Parties |
Promoters |
Related Parties |
| 1 Aggregate amount of loans |
|
|
|
| - Repayable on demand as there is no specific agreement(A) |
34,729.97 - |
- |
34,112.59 |
| - Agreement does not specify any terms or period of repayment(B) |
|
- |
- |
| 2 Total (A+B) |
34,729.97 |
- |
34,112.59 |
| 3 Percentage of loans to the total loans |
99.84% |
- |
98.06% |
4. The Company has complied with the provisions of section 185 and 186 of the act with
respect to loans granted, investments made, guarantees given and security provided, as
applicable.
5. The company has not accepted any deposit or amounts which are deemed to be deposits.
Hence, reporting under clause 3 (v) of the Order are not applicable.
6. The maintenance of cost records has not been specified by the Central Government
under sub-section (1) of the section 148 of the Companies Act, 2013. Hence, reporting
under clause (vi) of the Order is not applicable to the Company.
7. In respect to statutory dues: a. In our opinion, the Company has generally been
regular in depositing undisputed statutory dues, including Goods and Service Tax,
Provident Fund, Employees State Insurance, Income Tax and other material Statutory dues
with the appropriate authorities. There were no undisputed statutory dues as on 31 March,
2023, which were outstanding for more than six months from the date on which they became
payable. b. The details of disputed statutory dues of Income Tax, Sales
Tax, Value Added Tax, Excise Duty, and other material statutory dues which have not
been deposited as at 31 March, 2023 on account of dispute are as under:
| Name of Statue |
Nature of Dues |
Forum Where dispute is pending |
Period to which the amount relates |
Amount (Rs In Lakhs) |
| Central Sales Tax Act, |
Sales Tax |
Appellate Tribunal |
FY 2010-2011 |
5.90 |
| 1956, Sales Tax Act and VAT Laws |
and VAT |
Appellate Authority up to Commissioners Level |
FY 2013-14 to 2017-18 |
3,660.50 |
| Sub –Total (A) |
|
|
|
3,666.40 |
| Central Excise Act, 1944 |
Excise |
Commissioner Level |
AY 2004-05 to 2008-09 |
2,043.18 |
| Sub –Total (B) |
|
|
|
2,043.18 |
| The Income Tax Act, 1961 |
Income Tax |
High Court |
AY 2004-05 to AY 2010-11, AY 2012-13 and 2018-19 |
1,525.83 |
|
|
Appellate Authority to |
AY 2007-08, AY 2008-09, AY 2016-17, |
162.31 |
|
|
Commissioner Level |
AY 2017-18 and AY 2020-21 |
|
|
|
Below Commissioner |
AY 2013-14, AY 2015-16, AY 2016-17 |
4.96 |
|
|
Level |
|
|
| Sub –Total (C) |
|
|
|
1,693.10 |
| Total (A+B+C) |
|
|
|
7,402.68 |
8. Ther e were no transactions relating to previously income that have been surrendered
or disclosed as income during the year in the tax assessment under the Income Tax Act,
1961.
9. a) The Company has not defaulted in the repayment of loans or other borrowings or in
the payment of interest thereon to any lender during the year. b) The Company has not been
declared willful defaulter by any bank or financial institution or government or any
government authority. c) The term loans availed by the Company were used for the purpose
for which they were obtained. d) Funds raised on short basis, prima facie, not been used
during the year for long term purposes by the Company. e) 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 any funds during the year on the pledge of
securities held in its subsidiaries. 10. a) The company has not raised moneys by way of
initial public offer or further public offer (including debt instruments) during the year
and hence reporting under clause 3(x)(a) of the Order is not applicable. b) During the
year, the company has not made preferential allotment/private placement of equity shares
or convertible debentures (fully or partly or optionally) and hence reporting under clause
3(x)(b) of the order is not applicable.
11. a) No fraud by the Company and no material fraud on the
Company 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 and up to the date of this report. c) As represented to us by the management,
there are no whistle blower complaints received by the Company during the year and upto
the date of this report. 12. The company is not a Nidhi Company and hence reporting under
clause 3(xii) of the Order is not applicable to the Company.
13. Transaction with related parties are in compliance with section
177 and 188 of the Act, where applicable and the details have been disclosed in the
notes to the financial statements, as required by the applicable accounting standard.
14. (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 report 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.
15. In our opinion, during the year the Company has not entered into any non-cash
transaction with its Directors or persons connected with its directors and hence
provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
16. (a) In our opinion, the Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi) (a),
(b) and (c) of the Order is not applicable.
(b) In our opinion, there is no core investment company within the Group (as defined in
the Core Investment Companies (Reserve Bank) Directions, 2016 and accordingly reporting
under clause 3(xvi)(d) of the Order is not applicable.
17. The Company has not incurred cash losses during the year and Company had not
incurred any cash loss in immediately preceding financial year.
18. There has been no resignation of statutory auditors of the Company during the year.
19. 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 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 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.
20. Ther e are no unspent amounts towards Corporate Responsibility(CSR) requiring a
transfer of fund specified in Schedule VII to the companies Act in compliance with second
proviso to sub-section (5) of Section 135 of the said Act. Further the Company has not
undertaken any ongoing project as a part of CSR, hence reporting under clause 3(xx) (a)
and (b) of the Order are not applicable.
|
For R.R.S. & Associates |
|
Chartered Accountants |
|
FRN.118336W |
|
Rajesh Shah |
|
(Partner) |
| Place: Ahmedabad |
Membership No. 034549 |
| Date: 24 May, 2023 |
UDIN: 23034549BGYRDA3485 |
+91-9892691696
