TO,
THE MEMBERS OF FILTRA CONSULTANTS AND ENGINEERS LIMITED
Report on the Audit of the Financial Statement
Opinion
We have audited the financial statements of FILTRA CONSULTANTS AND ENGINEERS LIMITED
("the Company"), which comprise the balance sheet as at 31st March
2023, and the statement of profit and loss, and statement of cash flows for the year then
ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
Companies Act, 2013 in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March, 2023, and its profit, and its cash flows for the year
ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. 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 together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these 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.
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 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 Annual 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 in the
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 Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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 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
the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
Those 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 scepticism 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 Act, we are also responsible for expressing our opinion 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 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
rr?nnifin-nc Inal mair ract cirminra-nl nminl A-n Ina i AmnatiTr c anilihr 1a
rA-nlinno ac a irnita/t rAnrof-n Ir
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.
• Obtain sufficient appropriate audit evidence regarding the Financial Results of
the Company to express an opinion on the Financial Statement.
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 Results 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.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the 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
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 Companies Act. We give in the "Annexure A" statements on the matters
specified in paragraphs 3 and 4 of the order, to the extent applicable.
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 relating to the
preparation of aforesaid financial statements 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, and the cash flow statement
dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on
31/03/2023 taken on record by the Board of Directors, none of the directors is
disqualified as 31/03/2023 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 B".
(g) In our opinion, the managerial remuneration for the year ended 31/03/2023 has been
paid/provided by the company to its directors in accordance with the provisions of section
197 read with Schedule V 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, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company does not have any litigations pending whose impact required to disclose
on its financial position.
ii. 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.
iii. There were no amounts which required to be transferred to the Investor Education
and Protection Fund by the Company.
iv. The Company has neither advanced, loaned or invested any funds nor received any
funds from any persons or entities during the financial year and hence, the reporting
under this clause is not applicable; and
v. The company has not declared and paid dividend during the financial year and hence,
reporting under this clause is not applicable.
ANNEXUREA 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 FILTRA CONSULTANTS AND ENGINEERS LIMITED of even date)
To the best of our information and according to the explanations provided to us by the
Company and the books of account and records examined by us in the normal course of audit,
we state that:
i. Reporting on Property, Plant and Equipments and Intangible Assets
(a) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment and relevant details.
(B) The Company has maintained proper records showing full particulars of intangible
assets.
(b) The Company has a program of physical verification of Property, Plant and Equipment
so to cover all the assets once every three years which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets. Pursuant to the
program, certain Property, Plant and Equipment were due for verification during the year
and were physically verified by the Management during the year. According to the
information and explanations given to us, no material discrepancies were noticed on such
verification.
(c) Based on our examination of the property tax receipts and lease agreement for land
on which building is constructed, registered sale deed / transfer deed / conveyance deed
provided to us, we report that, the title in respect of self-constructed buildings and
title deeds of all other immovable properties (other than properties where the company is
the lessee and the lease agreements are duly executed in favour of the lessee), disclosed
in the financial statements included under Property, Plant and Equipment 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) No proceedings have been initiated during the year or are pending against the
Company as at March 31, 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
ii. Reporting on Inventory
(a) Physical verification of inventory, except goods-in-transit, has been conducted at
reasonable intervals by the management which, in our opinion, is reasonable having regard
to the size of the Company and the nature of its Inventory. According to the information
and explanations given to us, no material discrepancies were noticed on such verification.
(b) The Company has not been sanctioned working capital limits in excess of 5 crore, in
aggregate, at any points of time during the year, from banks or financial institutions on
the basis of security of current assets and hence reporting under clause 3(ii)(b) of the
Order is not applicable.
iii. Reporting on Loans, Investments, Guarantees, Securities and Advances In nature of
Loan
The Company has made investments in, companies, firms, Limited Liability Partnerships,
and granted unsecured loans to other parties, during the year, in respect of which,
(a) The Company has not provided any loans or advances in the nature of loans or stood
guarantee, or provided security to any other entity during the year, and hence reporting
under clause 3(iii)(a) of the Order is not applicable.
(b) In our opinion, 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 repayments 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 the 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 overdues of existing loans given
to the same parties.
(f) The Company has not granted any loans or advances in the nature of loans either
repayable on demand or without specifying any terms or period of repayment during the
year. Hence, reporting under clause 3(iii)(f) is not applicable.
The Company has not provided any guarantee or security or granted any advances in the
nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships
or any other parties.
iv. Reporting of Compliance under section 185 and 186 of The Companies Act , 2013
The Company has not entered into any transaction for loans, investments, guarantees,
and security under provisions of section 185 and 186 of the Companies Act, 2013 during the
year. Hence, reporting under clause 3(iv) is not applicable.
v. Reporting of Compliance under section 73 to 76 of The Companies Act, 2013 and Rules
framed thereunder while accepting Deposits
The Company has not accepted any deposit or amounts which are deemed to be deposits.
Hence, reporting under clause 3(v) of the Order is not applicable.
vi. Reporting on Maintenance of cost records
The maintenance of cost records has not been specified by the Central Government under
subsection (1) of section 148 of the Companies Act, 2013 for the business activities
carried out by the Company. Hence, reporting under clause (vi) of the Order is not
applicable to the Company.
vii. Reporting on payment of Statutory Dues
(a) In our opinion, the Company has generally been regular in depositing undisputed
statutory dues, including Goods and Services tax, Provident Fund, Employees State
Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added
Tax, Cess and other material statutory dues applicable to it with the appropriate
authorities. There were no undisputed amounts payable in respect of Goods and Service tax,
Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of
Custom, duty of Excise, Value Added Tax, 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.
(b) There is no dispute with the revenue authorities regarding any duty or tax payable.
viii. Reporting on Unrecorded Incomes
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 Income
Tax Act, 1961 (43 of 1961).
ix. Reporting on Repayment and usage of Borrowing
(a) The Company has not defaulted in repayment of loans or other borrowings or in the
payment of interest thereon from any loans or other borrowings from any lender. Hence
reporting under clause 3(ix)(a) of the Order is not applicable.
(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 taken any term loan during the year and there are no
outstanding term loans at the beginning of the year and hence, reporting under clause
3(ix)(c) of the
(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 any loans on the pledge of securities held in its
subsidiaries, joint ventures or associate companies, during the year and hence reporting
on clause 3(ix)(f) of the Order is not applicable.
X. Reporting on Moneys raised
(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 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. Reporting on Fraud
(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 upto the date of this report.
(c) During the year, the company has not received whistle-blower complaints. Hence
reporting under clause 3(xi)(c) of the Order is not applicable.
xii. Reporting on Nidhi Company
The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order
is not applicable.
xiii. Related party compliance with Section 177 and 188 of companies Act - 2013
In our opinion, the Company is in compliance with Section 177 and 188 of the Companies
Act, 2013 with respect to applicable 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. Reporting on Internal Audit
(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 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. Reporting of Compliance under section 192 of Companies Act - 2013
In our opinion during the year the Company has not entered into any non-cash
transactions 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.
xvi. Reporting on registration u/s 45-IA of RBI Act
(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.
xvii. Reporting on Cash Losses
The Company has not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
xviii. Reporting on Auditors Resignation
There has been no resignation of the statutory auditors of the Company during the year.
xix. Reporting on Financial Position
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 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. Reporting on CSR
According to the information and explanations given to us and on the basis of our
examinations of the records, provision of section 135 of the Companies Act, 2013 is not
applicable to the company. Hence, reporting under clause 3(xx)(a) and (b) of the Order is
not applicable to the company.
xxi. Applicability on Consolidated Financial Statement
The Company do not have any subsidiary company and hence reporting under clause 3(xxi)
of the Order is not applicable.
"Annexure B" to the Independent Auditors Report of even date on the
Financial Statements of FILTRA CONSULTANTS AND ENGINEERS LIMITED for the year ended 31st
March 2023
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of FILTRA
CONSULTANTS AND ENGINEERS LIMITED ("The Company") as of March 31, 2023 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence amount the adequacy
of the internal financial control system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and operating effectiveness of
internal control based on the assessed risk. The procedures selected depend upon on the
auditors judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting with reference to these financial statements.
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 financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, 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 March 31, 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 on Audit of
Internal Financial Controls over Financial Reporting issues by the Institute of Chartered
Accountants of India.
| Date : 25/05/2023 |
FOR KRUNAL M. SHAH AND CO. |
| Place : MUMBAI |
(Chartered Accountants) |
|
Reg No. :131794W |
|
Sd/- |
|
KRUNAL M. SHAH |
|
Partner |
|
M.No. : 115075 |
|
UDIN: 23115075BGXYME5031 |
+91-9892691696
