TO THE MEMBER OF
KEERTI KNOWLEDGE AND SKILLS LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of
Keerti Knowledge and Skills Limited (the "Company"), which comprise the balance
sheet as at March 31, 2023, the Statement of Profit and Loss (including Other
Comprehensive Income), the statement of changes in equity and the statement of cash flows
ended on that date, and a summary of significant accounting policies and other explanatory
information (hereinafter 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 March 31, 2023, the Profit and 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"s) specified under section
143(10) of the Act. Our responsibility under those standards are further described in the
Auditors Responsibility for the Audit of 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 Charted 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.
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.
Other Information
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,
Business Responsibility Report, Corporate Governance and Shareholders Information,
but does not include the standalone financial statements and our auditors report
thereon. 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. 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.
Managements Responsibilities for the Standalone Financial
Statements
The Companys Board of Directors is 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 and 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 judgements 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 standalone
financial statements that give a true and fair view and free from material misstatement,
whether due to fraud or error. In preparing the standalone financial statements,
managements is responsible for assessing the Companys ability to continue as a going
concern, disclosing , as a 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 on 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 scepticism 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
omissions, misrepresentations, or the override of internal control. Obtain an
understanding of internal financial 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 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 the 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. 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 charges 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 regulations 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 reasonable 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
("the Order"), issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Act, we give in the "Annexure A" a statement on the
matters specified in paragraph 3 and 4 of the order.
2) As 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) The Balance Sheet,
the Statement of profit and Loss including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flows 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 March 31, 2023
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". Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Companys internal financial controls
over financial reporting. g) With respect to the other matters to be included in the
Auditors Report in accordance with the 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: a. The Company does not have any pending litigations which
would impact its financial position as on 31st March 2023.
b. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses.
c. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Company.
d. The management has represented that, to the best of its knowledge
and belief, other than as disclosed in the notes to the accounts, 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 person(s) or entity(ies),
including foreign entities ‘Intermediaries, with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest 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;
e. The management has represented, that, to the best of its knowledge
and belief, other than as disclosed in the notes to the accounts, no funds have been
received by the company from any person(s) or entity(ies), including foreign entities
‘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; and
f. Based on our audit procedures, nothing has come to our notice that
has caused us to believe that the representations under sub-clause (iv) and (v) contain
any material mis-statements.
g. The Company has not declared any dividend during the year.
"Annexure A" to the Independent Auditors Report
Referred to in paragraph 9 of the independent Auditors Report of
even date to the members of Keerti Knowledge and Skills Limited on the financial
statement as of and for the year ended March 31, 2023.
(1) (a) (A) In our Opinion and according to the information given to
us, the company is maintaining proper records showing full particulars, including
quantitative details and situation of its Property, Plant & Equipment. (B) The Company
has maintained proper records showing full particulars of Intangible assets. (b) In our
Opinion and according to the information given to us, the Property, Plant & Equipment
have been physically verified by the management at reasonable intervals and no material
discrepancies were noticed on such verification. (c) In our Opinion and according to the
information given to us and on the basis of our examination of the records of the Company,
the company does not hold any immovable property during the year, hence 3(i)(c) is not
applicable. (d) 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 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
(2) (a) In our opinion and according to the information and
explanations given to us, the company is into service sector, therefore question of
physical verification does not arise. (b) 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 no working Capital limit sanctioned from Bank or Financial Institutions.
(3) (a) In our opinion and on the basis of examination of books and
records and on the basis of information and explanation given to us the Company has made
investments in companies, firms, Limited Liability Partnerships. The Company has also
provided guarantee or security or granted loans or advances in the nature of loans to
companies, firms, Limited Liability Partnerships or any other parties details of which are
given hereunder: (Rs. in Lakhs)
| Particulars |
Loans |
| Aggregate amount granted/ provided during the year |
|
| - Subsidiaries |
7.40 |
| Balance outstanding as at balance sheet date in respect of |
|
| such cases |
|
| - Subsidiaries |
581.86 |
b) According to the information and explanations given to us and based
on the audit procedures performed by us, we are of the opinion that the investments made,
and the terms and conditions of the grant of all loans and advances in the nature of loans
and guarantees provided to the wholly owned subsidiaries of the Company are not
prejudicial to the Companys interest. c) According to the information and
explanations given to us and based on the audit procedures performed by us, we are of the
opinion that in respect of the loans and advances in the nature of loans, the schedule of
repayment of principal have not been stipulated. However, the interest payment dates are
stipulated and such interest from the wholly owned subsidiaries are not regular as
detailed below: (Rs in Lakhs)
>
| Particulars |
INR |
Due Date |
Extent of delay |
| Wholly owned subsidiaries |
90.96 |
Prior to 01.04.2022 |
365 |
| Total |
90.96 |
|
|
d) According to the information and explanations given to us and based
on the audit procedures performed by us, we are of the opinion that no amount is overdue
for more than ninety days except for amounts of 90.96 lakhs, details of which are given
hereunder. The parties involved are wholly owned subsidiaries of the Company and the
management is monitoring them for ensuring recovery of the interest. (Rs. in Lakhs)
| No of Cases |
Principal overdues |
Interest overdues |
Total overdues |
Remarks, if any |
| 2 |
- |
90.96 |
90.96 |
Interest |
| Total |
- |
90.96 |
90.96 |
|
e) According to the information and explanations given to us and based
on the audit procedures performed by us, we are of the opinion that no loan or advance in
the nature of loan granted which has fallen due during the year, has been renewed or
extended or fresh loans granted to settle the overdue of existing loans given to the same
parties.
f) According to the information and explanations given to us and based
on the audit procedures performed by us, we are of the opinion that 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, except as under: (Rs in Lakhs)
| Particulars |
All Parties |
Promoters |
Related Party |
| Aggregate amount of loans/ advances in |
- |
- |
|
| nature of Loans |
|
|
|
| - Repayable on demands (A) |
- |
- |
581.86 |
| Aggregate does not specify any terms or |
- |
- |
|
| period of repayment (B) |
|
|
|
| Total (A+B) |
- |
- |
581.86 |
| Percentage of Loans/ advances |
|
|
100% |
(4) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Section 185 and 186 of the
Act in respect of grant of loans, making investments and providing guarantees and
securities, as applicable.
(5) In our Opinion and according to the information and explanation
given to us, the company has not accepted any deposit from the public within the meaning
of section 73 to 76 or any other relevant provisions of the Companies Act, 2013.
(6) According to the information and explanations given to us Central
Government has not prescribed the maintenance of cost records under sub section (1) of
section 148 of the Companies Act, 2013 in respect of activities carried by the Company.
Therefore, this clause is not applicable to the given company during the relevant year.
(7) (a) 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 been
generally regular in depositing undisputed statutory dues, including Income-tax, Service
tax, Cess and other material statutory dues, as applicable, with the appropriate
authorities. As explained to us, the company did not have any dues on account of Provident
fund, ESIC, Sales Tax, Custom Duty and excise duty. According to the information and
explanation given to us, no undisputed amounts payable in respect of the above were in
arrears as at March 31st, 2023 for a period of more than six months from the
date on when they become payable.
(8) According to the information and explanations given to us and to
the best of our knowledge and belief there are no transactions that were not recorded in
the books of account, and which has been surrendered or disclosed as income during the
year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
(9) a) As per the information and explanation given to us and based on
examination of records of the company, 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 on the basis of our audit procedures, we
report that the Company has not been declared wilful defaulter by any bank or financial
institution or government or any government authority. c) In our opinion and according to
the information and explanations given to us, the Company has not borrowed any term loans
during the year. d) According to the information and explanations given to us, and the
audit procedures performed by us, and on an overall examination of the Financial
Statements of the Company, we report that no funds raised on short-term basis have been
used for long-term purposes by the Company. e) According to the information and
explanations given to us and on an overall examination of the Financial Statements of the
Company, we report that 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.
f) According to the information and explanations given to us and audit procedures
performed by us, we report that the Company has not raised loans during the year on the
pledge of securities held in its subsidiaries, joint ventures or associate companies.
(10) a) According to the records of the company examined by us and as
per the information and explanations given to us, the Company has not raised money by way
of initial public offer or further public offer (including debt instruments) during the
year. b) As per the information and explanation given to us and based on examination of
records of the company, the company has not made any preferential allotment or private
placement of shares or convertible debentures (fully, partially or optionally convertible)
during the year.
11) a) As per the information and explanation given to us and based on
examination of records of the company, no fraud by the company nor any fraud on the
company has been noticed or reported during the year. b) As per the information and
explanation given to us and based on examination of records of the company, 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 Central Government. c) As per the information and explanation given to us and based
on examination of records of the company, no whistle- blower complaints have been received
12) As per the information and explanation given to us and based on
examination of records of the company, the Company is not a Nidhi Company hence, reporting
under clause xii of the Order not applicable.
13) As per the information and explanation given to us and based on
examination of records of the company, all transactions with the related parties are in
compliance with sections 177 and 188 of Companies Act where ever applicable and the
details have been disclosed in the financial statements, etc., as required by the
applicable accounting standards.
14) a) In our opinion and based on our examination, the Company has an
internal audit system commensurate with the size and nature of it business. b) We have
considered the internal audit reports of the Company issued till date, for the period
under audit.
15) As per the information and explanation given to us and based on
examination of records of the company, the company has not entered into any non-cash
transactions with Directors nor persons connected with them. The provisions of section 192
of Companies Act have been complied.
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 clause3(xvi)(d) of the Order is
not applicable.
17) The company has not incurred cash losses in the current financial
year and in the immediately preceding financial year.
18) During the year there has not been any resignation of statutory
auditors.
19) According to the information and explanations given to us and 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, 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 that the 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.
20) a) As per the information and explanation given to us and based on
examination of records of the company, Schedule VII to the Companies Act is not applicable
to the Company. b) As per the information and explanation given to us and based on
examination of records of the company, subsection (5) and sub-section (6) of section 135
of the Companies Act are not applicable to the Company
21) There have not been any qualifications or adverse remarks
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT
(Referred in paragraph 2 (f) under ‘Report on Other Legal and
Regulatory Requirements section of our report to the Members of Keerti Knowledge and
Skills Limited of even date)
Report on the Internal Financial Controls Over Financial Reporting
under Clause (i) of subsection 3 of Section 143 of the Companies Act, 2013("the
Act")
We have audited the internal financial controls over financial
reporting of Keerti Knowledge and Skills Limited (the "Company") as of
March 31, 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 of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India (the
"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
respective 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 Companies
Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys
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 ICAI and
the standards on auditing prescribed under Section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls. 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 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 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 Companys internal
financial controls system over financial reporting with reference to these Standalone
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 authorisations of
management and directors of the company; and (3) 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
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, 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 controls over financial reporting were operating effectively as at March
31, 2023, based on the internal financial 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 ICAI.
| For N K Mittal & Associates |
| Chartered Accountants |
| Firms Registration Number: 113281W |
| N K Mittal |
| (Partner) |
| Membership Number: 046785 |
| UDIN: 23046785BGWMSW4964 |
| Place: Mumbai |
| Date: 25th April, 2023 |
+91-9892691696
