To
The Members of
M/s MACRO INTERNATIONAL LIMITED, Kanpur. Report on the Audit of the Standalone
Financial Statements Opinion
We have audited the accompanying Standalone financial statements of MACRO INTERNATIONAL
LIMITED
("the Company"), which comprise the balance sheet as at 31st March
2023, and the statement of profit and loss (including Other Comprehensive Income), the
cash flow Statement and the statement of changes in equity and 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 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 31st March, 2023, and its Profit,
total comprehensive income/loss, its cash flows and the changes in equity 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 Act. Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India ("ICAI") together with the
ethical requirements that are relevant to our audit of the standalone financial statements
under the provisions of the Act, and the Rules 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 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.
"We have determined that there are no key audit matters to communicate in our
report."
Other Information
The Companys Board of Directors are responsible for the other information. The other
information comprises the information included in the annual report, for example,
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. The
other information as stated above is expected to be made available to us after the date of
this auditors report.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility
is to read the other information identified above when it becomes available and, in doing
so, consider whether the other information is materially inconsistent with the standalone
financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
When we read the other information as stated above, if we conclude that there is a
material misstatement therein, we are required to communicate the matter to those charged
with Governance.
Managements Responsibility for the Standalone Financial Statements
The Companys Board of Directors are responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these standalone financial statements
that give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity 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 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 standalone financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the 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
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 Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit.
We also:
Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional 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 system in place and the operating effectiveness of
such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the standalone financial statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters. We describe these matters
in our auditors report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. 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, 2013, we give in the "Annexure-B" 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, 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/loss, The Cash Flow Statement and Statement of Changes in Equity dealt with by this
Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone 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 31st March, 2023 taken 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 over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure A". 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 requirements of Section 197(16) of the Act, as amended, in our opinion
and to the best of our information and according to the explanations given to us, the
remuneration paid/provided by the Company to its directors during the year is in
accordance with the provisions of the section 197 of the Act.
h) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 litigations on its financial
position in its Standalone Ind AS financial statements.
b) The Company has made provision, as required under the applicable laws or accounting
standards, for material foreseeable losses, if any, on long term contracts including
derivative contracts;
c) There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.
d) i) The management of the Company has represented to us 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 directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
ii) The management of the Company has represented to us 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 directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Parties ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
iii) Based on the audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided
under (i) and (ii) above, contain any material misstatement.
e) Not applicable as no Dividend is declared.
f) As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for
the Company only with effect from 1 April 2023, reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 is not applicable.
| For Sathuluri & Co., |
| Chartered Accountants |
| Firm Regn No: 006383S |
| (S.S. Prakash) |
| Partner |
| Membership No.202710 |
| UDIN: 23202710BGQFUD3230 |
| Place: Hyderabad |
| Date: 27.05.2023 |
Annexure - A to the Independent Auditors Report
(Referred to in paragraph (f) under ‘Report on Other Legal and Regulatory
Requirements section of our report of even date)
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 MACRO
INTERNATIONAL LIMITED ("the Company") as of 31st March, 2023
in conjunction with our audit of the Standalone Financial Statements of the Company for
the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to Companys policies, the safeguarding of
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 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 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.
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 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
| For Sathuluri & Co., |
| Chartered Accountants |
| Firm Regn No: 006383S |
| (S.S. Prakash) |
| Partner |
| Membership No.202710 |
| UDIN: 23202710BGQFUD3230 |
| Place: Hyderabad |
| Date :27-05-2023 |
Annexure B to the Independent Auditors Report
The Annexure referred to in our Independent Auditors Report to the members of the MACRO
INTERNATIONAL LIMITED on the Standalone Financial Statements for the period ended 31st
March 2023, we report that:
1.1 In respect of its Fixed Assets:
(a) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of property, plant and equipment.
(B) The Company do not have intangible assets therefore reporting under Clause 3(i)(a)
of the Order is not applicable to the Company.
(b)The property, plant and equipment were physically verified during the year by the
management. According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(c) According to the information and explanations given by the management, the
company does not have immovable properties (other than properties where the Company is the
lessee and the lease agreements are duly executed in favour of the lessee), hence not
commented on this clause.
(d) The Company has not revalued its Property, Plant and Equipment (including
Right of use assets) or intangible assets during the year ended March 31, 2023.
(e) According to the information and explanations given by the management, there
are no proceedings initiated or are pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 and rules made
thereunder.
2.1 In respect of its Inventories:
(a) In Our opinion and according to the Information and explanation given to us,
physical verification of inventory has been conducted at reasonable intervals and no
material discrepancies were noticed by the management.
(b) According to the information & explanation given to us, the Company has not
taken any loans from banks during the year therefore the reporting under Clause 3(ii)(b)
of the Order is not applicable to the Company.
3.1 During the year the Company has not provided loans, advances in the nature of
loans, stood guarantee or provided security to companies, firms, Limited Liability
Partnerships or any other parties. Accordingly, the requirement to report on clause
3(iii)(a) of the Order is not applicable to the Company.
4.1 In our opinion and according to the information and explanations given to us, the
Company has not given any loans, made investments or provided securities to companies and
other parties listed under section185 and 186 of the Act.
5.1 The Company has not accepted any deposits from the public within the meaning of
Sections 73 to 76 of the Act and rules framed there under.
6.1 In our Opinion and as per the Information and explanation given to us, maintenance
of Cost Records is not applicable to the company. Hence no comments made on this.
7.1 The Company is regular in depositing with appropriate authorities undisputed
statutory dues including Goods and Services Tax, provident fund, employees state
insurance, income-tax, duty of customs, duty of excise, cess and other statutory dues
applicable to it. 7.2 According to the information and explanations given to us, no
undisputed amounts payable in respect of Goods and Services Tax, provident fund,
employees state insurance, income-tax, duty of custom, duty of excise, cess and other
statutory dues were outstanding, at the year end, for a period of more than six months
from the date they became payable.
7.3 According to the information and explanations given to us, there are no statutory
dues as mentioned in sub clause (a) above have not been deposited on account of any
dispute, if any.
8.1 According to the information, the company doesnt have any undisclosed or
Un-recorded income during the year.
9.1 According to the information and explanations given to us, the Company has not
defaulted in the repayment of loans or borrowings to financial institutions and banks.
10.1 The Company has not raised any money by way of initial public offer or further public
offer or preferential allotment or private placement of shares (including debt
instruments) during the year. Accordingly, reporting under Clause 3 (x) (a) & (b) are
not applicable to the Company.
11.1 To the best of our knowledge and according to the information and explanations
given to us, no material fraud by the Company or on the Company by its officers or
employees has been noticed or reported during the course of our audit.
12.1 In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not
applicable to the Company.
13.1 According to the information and explanations given to us and based on our
examination of the records of the Company, transactions with the related parties are in
compliance with sections 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the standalone Ind AS financial statements as required
by the applicable accounting standards.
14.1 In our opinion the Company has an adequate internal audit system commensurate with
the size and the nature of its business. 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.
15.1 According to the information and explanations given by the management, the Company
has not entered into any non-cash transactions with directors or persons connected with
him as referred to in Section 192 of Companies Act, 2013. Accordingly, paragraph 3(xv) of
the Order is not applicable to the company.
16.1 (a) According to the information and explanations given to us, the provisions of
Section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.
(b) The Company is not engaged in any Non-Banking Financial or Housing Finance
activities. Accordingly, the requirement to report on clause (xvi)(b) of the Order is not
applicable to the Company. (c) The Company is not a Core Investment Company as defined in
the regulations made by Reserve Bank of India. Accordingly, the requirement to report on
clause 3(xvi)(c) of the Order is not applicable to the Company.
(d) The Group does not have more than one CIC as part of the Group, hence, the
requirement to report on clause 3(xvi)(d) of the Order is not applicable to the Company.
17.1 The Company has not incurred cash losses during the financial year covered by our
audit however the Company has incurred cash loss of Rs.25.080 hundreds during the
immediately preceding financial year.
18.1 There has been no resignation of the statutory auditors during the year and
accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the
Company.
19.1 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 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.
20.1 The provisions of CSR is not applicable to the company, hence this clause is not
applicable
| For Sathuluri & Co., |
| Chartered Accountants |
| Firm Regn No: 006383S |
| (S.S. Prakash) |
| Partner |
| Membership No.202710 |
| UDIN: 23202710BGQFUD3230 |
| Place: Hyderabad |
| Date:27-05-2023 |
+91-9892691696
