THE MEMBERS OF
M/s. AUTUMN BUILDERS LIMITED
Opinion
We have audited the accompanying Financial Statements of M/s. AUTUMN BUILDERS 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, and notes to
the financial statements, including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as "Financial Statements").
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 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 31 March 2023, its profit (including other 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 Companies Act, 2013 ("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 "ICAI" 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 Financial Statements.
Information other than the Financial Statements and Auditors Report Thereon
The Companys management and Board of Directors are responsible for the preparation of
the other information. The other information comprises the information included in the
Boards Report including Annexures to Boards Report, but does not include the financial
statements and our auditors report thereon.
Our opinion on the 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 financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the 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 Financial Statements
that give a true and fair view of the financial position, financial performance, total
comprehensive income, changes in equity and cash flows 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 of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors are 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
the 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 also responsible for overseeing the companys financial
reporting process.
Auditors Responsibilities 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 control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the Financial Statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
- Evaluate the overall presentation, structure and content of the Financial Statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
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.
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 sub-section (11) of section 143 of
the Act (hereinafter referred to as the "Order"), 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 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 (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by
this Report are in agreement with the books of account;
d) In our opinion, the aforesaid financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read with relevant rules issued
thereunder;
e) On the basis of the written representations received from the directors as on 31st
March, 2023taken on record by the Board of Directors, none of the directors is
disqualified as on 31st 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 with reference to
Financial Statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B"; and
B) 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, in our opinion
and to the best of our information and according to the explanations given to us:
a) The Company has does not have any pending litigations which would impact its
financial position;
b) The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
c) The Company does not have any amount to be transferred to the Investor Education and
Protection Fund.
d) (i) The management has represented that, to the best of its 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 persons
or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:
- directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or
- provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
(ii) The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the Company from any persons or entities, including foreign
entities ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall:
- directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Funding
Party or
- provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries; and
(iii) Based on such audit procedures as 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 (d) (i) and (d) (ii) contain any material mis-statement.
e) Since, the Company has not declared/ paid any dividend during the year, Section 123
of the Act is not applicable.
C) 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 according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under Section 197(16) of the Act which
are required to be commented upon by us.
For Singhal Naveen & Associates
Chartered Accountants
Firm Registration No.: 329833E
Naveen Singhal (Partner)
Membership No.: 309374
Date: 06.09.2023 Place: Kolkata
Annexure A to the Independent Auditors Report
(Referred to in paragraph 1 under Report on other Legal and Regulatory Requirement of
our report of even date)
i. (a) (A) The Company is maintaining proper records showing full particulars including
quantitative details and situation of Property, Plant and Equipment.
(B) Since, the Company is not having any intangible assets, Clause 3(i)(a)(B) of the
order is not applicable to the Company.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Property, Plant and Equipment of the
Company have been physically verified by the management during the year at reasonable
intervals and no material discrepancies were noticed on such verification. There is a
regular programme of verification which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable property are held
in the name of the Company.
(d) 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 revalued its Property,
Plant and Equipment (including Right of Use assets) or intangible assets or both during
the year. Hence, Clause 3(i)(d) of the order is not applicable to the Company.
(e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there are no proceedings which 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. Physical verification of inventory has been conducted at reasonable intervals by
the management
iii. 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 made any investments in,
given any guarantee or security or granted any loans or advances which are characterised
as loans, unsecured or secured, to LLPs, firms or companies or any other person.
Therefore, the provisions of clauses 3(iii)[(a), (b), (c), (d), (e) and (f)] of the said
Order
are not applicable to the Company.
iv. 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 given any loans to
directors or any other person in whom the director is interested, or made any investments.
Therefore, the provisions of clause 3(iv)of the said Order are not applicable to the
Company.
v. The Company has not accepted any deposits or deemed deposits from the public within
the meaning of Sections 73 to 76 of the Act and the rules framed there under. Therefore,
the provision of clause (v) of the said Order is not applicable on the Company.
vi. According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Central Government of India has not
prescribed the maintenance of cost records under sub-section (1) of Section 148 of the Act
for any of the products of the Company.
vii. (a) According to the information and explanations given to us and the records of
the Company examined by us, in our opinion, the Company is regular in depositing the
undisputed statutory dues, including Goods and Services Tax, provident fund, employees
state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues, as applicable, to the appropriate
authorities. According to the information and explanations given to us, no undisputed
amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2023
for a period of more than six months from the date of becoming payable.
(b) According to the information and explanations given to us and the records of the
Company examined by us, there are no dues of income-tax, cess which have not been
deposited on account of any dispute.
(viii) 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 have any transactions
which are not recorded in the accounts and hence, there was no transactions which were
required to be disclosed or surrendered before the income tax authorities as income during
the year.
Accordingly, the provision of clause 3(viii) of the order is not applicable to the
Company.
(ix) (a) According to the information and explanations given to us and the records of
the Company examined by us, the Company has not defaulted in repayment of loans or other
borrowings or in the payment of interest thereon to any lender.
(b) According to the information and explanations given to us and the records of the
Company examined by us, the Company has not been declared wilful defaulter by any bank or
financial institution or government or any government authority.
(c) According to the information and explanations given to us by the Management, the
Company did not have any term loans outstanding during the year hence, the requirement to
report on clause (ix)(c) of the Order is not applicable to the Company.
(d) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company did not raise any funds on short
term basis which have been utilised for long term purposes during the year hence, the
requirement to report on clause (ix)(d) of the Order is not applicable to the Company.
(e) According to the information and explanations given to us and 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, associates or joint ventures. Hence, the requirement to report on clause
(ix)(e) of the Order is not applicable to the Company.
(f) According to the information and explanations given to us and procedures performed
by us, the Company has not raised loans during the year on the pledge of securities held
in its subsidiaries, joint ventures or associate companies. Hence, the requirement to
report on clause (ix)(f) of the Order is not applicable to the Company.
(x) (a) The Company has not raised any money by way of initial public offer/further
public offer (including debt instruments) during the year. Accordingly, the provision of
clause 3(x)(a) of the order is not applicable to the Company.
(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.
Accordingly, the provision of clause 3(x)(b) of the order is not applicable to the
Company.
(xi) (a) Based on examination of the books and records of the Company and according to
the information and explanations given to us, considering the principles of materiality
outlined in Standards on Auditing, we report that no fraud by the Company or on the
Company has been noticed or reported during the course of the audit.
(b) According to the information and explanations given to us, no report under
sub-section (12) of Section 143 of the Companies Act, 2013 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.
(c) There were no whistle-blower complaints, received during the year by the company.
(xii) According to the information and explanations given to us, the Company is not a
Nidhi company, the provisions of clause 3(xii) [(a), (b) and (c)] of the Order is not
applicable.
(xiii) In our opinion and according to the information and explanations given to us,
the transactions with related parties in compliance with the provisions of section 177 and
188 of the Act. The details of such related party transactions have been disclosed in the
financial statements as required by the applicable accounting standards.
(xiv) Based on information and explanations provided to us and our audit procedures, in
our opinion, the company has an internal audit system commensurate with the size and
nature of its business.
(xv) In our opinion and according to the information and explanations given to us, the
Company has not entered into any non-cash transactions with directors or person connected
with them. Hence, provisions of Section 192 of the Companies Act, 2013 are not applicable
to the Company.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934. Accordingly, paragraph 3(xvi)[(a), (b), (c) and (d)] of the order
is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the current financial year and in
the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year.
Accordingly, clause 3(xviii) of the Order is not applicable.
(xix) During the course of our examination of the books and records of the Company, and
according to the information and explanations given to us, on the basis of the financial
ratios, ageing and expected dates of realisation of financial assets and payment of
financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans, we are of the opinion that no
material uncertainty exists as on the date of the audit report & that the Company is
capable of meeting its liabilities existing at the date of balance sheet as and when they
fall due within a period of one year from the balance sheet date. We, however, state that
this is not an assurance as to the future viability of the Company. We further state that
our reporting is based on the facts up to the date of the audit report and we neither give
any guarantee nor any assurance that all liabilities falling due within a period of one
year from the balance sheet date, will get discharged by the Company as and when they fall
due.
(xx) Since, provisions of Section 135(5) of the Companies Act, 2013 is not applicable
to the Company during the year, clause 3(xx) of the Order is not applicable to the
Company.
(xxi) Since, the Company is not having any subsidiary companies, clause 3(xxi) of the
Order is not applicable to the Company.
For Singhal Naveen & Associates
Chartered Accountants
Firm Registration No.: 329833E
Naveen Singhal (Partner)
Membership No.: 309374
Date: 06.09.2023 Place: Kolkata
Annexure B to the Independent Auditors Report
(Referred to in paragraph 2(f) under Report on other Legal and Regulatory Requirement
of our report of even date)
Report on the Internal Financial Controls with reference to Financial Statements under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013("the Act")
We have audited the internal financial controls with reference to Financial Statements
of M/s. AUTUMN BUILDERS LIMITED ("the Company") as at 31stMarch 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 with reference to Financial Statements
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 (the "Guidance Note") 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 with reference to financial statements 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
specified, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to
the extent applicable to an audit of internal financial controls, with reference to
Financial Statements. 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 with reference to the Financial Statements
were 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 with reference to Financial Statements and their operating
effectiveness. Our audit of internal financial controls with reference to financial
statements included obtaining an understanding of internal financial controls with
reference to financial statements, 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 with
reference to Financial Statements.
Meaning of Internal Financial Controls over Financial Reporting
A Companys internal financial controls with reference to Financial Statements is a
process designed to provide reasonable assurance regarding their liability of financial
reporting and the preparation of Financial Statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control with
reference to Financial Statements 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, including the Ind
AS 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 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 with reference to
financial statements, 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 with
reference to the financial statements to future periods are subject to the risk that the
internal financial control with reference to financial statements 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, , the Company has, in all material respects, an adequate internal
financial controls with reference to financial statements and such internal financial
controls with reference to financial statements were operating effectively as at
31stMarch, 2023, based on the internal controls with reference to Financial Statements
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 Singhal Naveen & Associates
Chartered Accountants
Firm Registration No.: 329833E
| Naveen Singhal |
| (Partner) |
| Membership No.: 309374 |
| Date: 06.09.2023 |
| Place: Kolkata |
+91-9892691696
