The Members,
Golechha Global Finance Limited,
Report on the Standalone Financial Statements
Opinion
We have audited standalone financial statements of Golechha Global Finance Limited
("the Company"), which comprise of the balance sheet as at March 31, 2023, 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 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 accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2023, loss 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 (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 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 together with the independent requirement
that are relevant to our audit of the standalone financial statements under the provisions
of the Companies Act,2013 and the rules made there under, 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 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 standalone financial statements of the current period.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Managements Responsibility 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 standalone 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. This 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 statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the 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.
Board of Directors are also 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 through- out the audit. We also:
a) Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
b) 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.
c) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
d) 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
e) Evaluate tthe 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.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters. We describe these matters
in our auditors report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
Annexure (Annexure A) a statement on the matters specified in paragraphs 3 and 4
of the Order.
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 purpose 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, 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 written representations received from the Directors as on March 31,
2023, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2023, from being appointed as a director in terms of Section 164(2) of the
Act.
f. With respect to 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. With respect to the other matters to be included in the Auditors Report under
section 197(16) of the Ac .:
In our opinion and as per the information and explanations provides to us, the Company
has paid/ provided for managerial remuneration in accordance with the requisite approvals
mandated by provision of section 197 read with schedule V to the Act.
h. With respect to the 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 disclosed the impact of pending litigation on its financial position
in its financial statement-refer note no.19 to the financial statements.
b. The company has made provision, as required under the applicable law or IND AS, for
material foreseeable losses, if any, on long term contracts including derivative
contracts.
c. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
d. As per the management representation we report,
I. no funds have been advanced or loaned or invested by the company to or in any other
person(s) or entities, including foreign entities ("Intermediaries"), with the
understanding that the intermediary shall whether directly or indirectly lend or invest in
other persons or entities identified in any manner by or on behalf of the company
(Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of
ultimate beneficiaries.
II. no funds have been received by the company from any person(s) or entities including
foreign entities ("Funding Parties") with the understanding that such 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 guarantee, security or the like on behalf of the Ultimate
beneficiaries.
III. Based on the audit procedures performed, we report that nothing has come to our
notice that has caused us to believe that the representations given under sub-clause (i)
and (ii) by the management contain any material mis-statement.
"ANNEXURE A" TO THE INDEPENDENT AUDITORS REPORT
Referred to in paragraph (1) under the heading Report on Other Legal & Regulatory
Requirement of our report of even date to the standalone Ind AS financial statements of
the Company for the year ended March 31st, 2023.
1) In respect of Property, Plant and Equipment : The company does not have any
property, plant & equipments and hence clause (i) of the Order is not applicable.
2) In respect of Inventory and working capital limits:
a) As informed to us, physical verification of inventory has been conducted at
reasonable intervals by the management and no material discrepancy of 10% or more for each
class of inventory were noticed on such verification and discrepancies noticed on such
verification have been properly dealt with in the books of accounts. In our opinion the
coverage and procedure of such verification by the management is appropriate in relation
to the size of the company and nature of its business.
b) The company has not been sanctioned any working capital limits, hence, clause ii(b)
of the Order is not applicable.
3) In respect of Loans, Guarantee and Advances given:
a) The company being a Non Banking Finance Company having principal business of
granting loans, clause (a) & (e) of the order are not applicable.
b) The terms and conditions of the loans and advances granted by the company are not
prejudicial to the companys interest.
c) Loans granted by the company are repayable on demand and no schedule for repayment
of loans and interest has been stipulated.
d) As informed to us, there is no overdue amount for more than ninety days in respect
of loans granted by the company.
e) 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, to Promoters,
related parties as defined in clause (76) of section 2 of the Companies Act, 2013;
4) In respect of compliance of provisions of Section 185 and 186 of the Act:
According to the information and explanations given to us and on the basis of our
examination of the books of account the company has complied with the provisions of
section 185 and 186 of the Companies Act, 2013 in respect of Loans, investments,
guarantees and security as far as the same is applicable .
5) In respect of deposits: The Company has not accepted any deposits or amounts
which are deemed to be deposits during the year as per the directives issued by the
Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant
provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to
the deposits accepted from the public are not applicable.
6) Maintenance of costing records: This clause is not applicable to the company.
7) In respect of Statutory Liabilities:
a) According to the records of the company, undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State Insurance,
Income-tax, Gst, Sales-tax, Service Tax, Goods and Service tax, Custom Duty, Excise Duty,
value added tax, cess and any other statutory dues to the extent applicable, have
generally been regularly deposited with the appropriate authorities.
b) According to the information and explanations given to us there were no outstanding
statutory dues as on 31st March,2023 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, there is no amount
payable in respect of income tax, Goods & Service Tax , service tax, sales tax,
customs duty, excise duty, value added tax and cess whichever applicable, which have not
been deposited on account of any disputes.
8) Surrendered or disclosed as income in the tax assessments:
According to the information and explanations given to us , and on the basis of our
examination of records of the Company , there has been no instances where transactions not
recorded in the books have been surrendered or disclosed as income during the year in the
tax assessments under the Income Tax Act, 1961.There is no previously unrecorded income
which is required to be recorded in the books of accounts.
9) Default in repayment of borrowings: In our opinion and according to the
information and explanations given by the management, we are of the opinion that the
Company has not borrowed any funds from any lender during the year .Hence clause (ix) of
the Order is not applicable.
10) Funds raised and utilisation: Based on our audit procedures and according to
the information given by the management, the company has not raised any money by way of
initial public offer or further public offer (including debt instruments) during the year.
The company has not made any preferential allotment or private placement of shares or
fully or partly convertible debentures during the year under review.
11) Fraud and whistle-blower complaints: According to the information and
explanations given to us, we report that:-
a) No fraud by the company or any fraud on the Company by its officers or employees 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
by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government;
c) The company has not received any whistle blower complained during the year.
12) Nidhi Company: The company is not a Nidhi Company. Therefore, clause (xii)
of the order is not applicable to the company.
13) Related Party Transactions: According to the information and explanations
given to us, all transactions with the related parties are in compliance with sections 177
and 188 of Companies Act, 2013 wherever applicable and the details have been disclosed in
the Financial Statements etc. as required by the applicable accounting standards.
14) Internal Audit: The company does have an internal audit system commensurate
with the size and nature of its business. Reports of the Internal Auditors for the period
under audit were considered by the statutory auditor.
15) Non Cash Transactions: According to the information and explanations given
to us and based on our examination of the records of the company, the company has not
entered into non-cash transactions with directors or persons connected with them during
the year.
16) Registration under RBI act: According to information and explanations given
to us, the company is duly registered under section 45-IA of the Reserve Bank of India
Act, 1934 as a Non Banking Finance Company.
17) Cash Losses: The company has t incurred cash losses of Rs. 23411.85 thousand
during the current financial year. However, the company has not incurred any cash loss in
the immediately preceding financial year.
18) Resignation of Statutory Auditors: There has been no instance of any
resignation of the statutory auditors occurred during the year.
19) Material uncertainty on meeting liabilities: 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, plans of
the board of directors and management, 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 1 year from the balance sheet date. We, however, state that this is not an
assurance as to future viability of the company. We further state that our reporting is
based on the facts up to the date of audit report and we neither give any guarantee nor
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) Transfer to fund specified under Schedule VII of Companies Act, 2013:
Provisions of subsection (5) of section 135 of the Companies Act; are not applicable to
the company , hence, clause (xx) is not applicable.
21) This being the standalone financial results of the company, clause (xxi) of the
Order is not applicable to the company.
Annexure B referred to in paragraph 2(f) under the heading Report on other legal and
regulatory requirements of our report of even date Report on 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 Golechha
Global Finance Ltd. (the Company) as of 31 March 2023 in conjunction with our audit
of the standalone 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 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 the Companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting with reference to these standalone Ind AS 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 as specified under section 143(10) of the Act, to the extent
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 with
reference to these standalone Ind AS financial statements 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 over financial reporting with reference to these
standalone Ind AS financial statements and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting with reference to
these standalone Ind AS 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
judgement, 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 internal financial controls over financial
reporting with reference to these standalone Ind AS financial statements.
Meaning of internal financial controls over financial reporting with reference to these
Standalone Ind AS Financial Statements
A Companys internal financial control over financial reporting with reference to these
standalone Ind AS financial statements 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
with reference to these standalone Ind AS financial statements includes those policies and
procedures that:
i. Pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the Company; ii. 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
authorisations of Management and Directors of the Company; and iii. Provide reasonable
assurance regarding prevention or timely detection of unauthorised 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 with
reference to these standalone Ind AS Financial Statements
Because of the inherent limitations of internal financial controls over financial
reporting with reference to these standalone Ind AS 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 over financial reporting with reference
to these standalone Ind AS financial statements to future periods are subject to the risk
that the internal financial control over financial reporting with reference to these
standalone Ind AS 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 over financial reporting with reference to these standalone Ind AS
financial statements and such internal financial controls over financial reporting with
reference to these standalone Ind AS financial statements were operating effectively as at
31st March 2023, based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.
| Chartered Accountants |
| Sd/- |
| [Bharat D. Sarawgee] |
| Partner |
| Dated : 29th day of May, 2023 |
| Membership No. 061505 |
| Place : Kolkata |
| Firm Regn No. 326264E |
+91-9892691696
