To the Members of Mansoon Trading Company Limited Report on the Audit of Financial Statements
We have audited the Financial Statements of Mansoon Trading Company Limited (hereinafter referred to as "the Company"), which comprise the Balance Sheet as at March 31, 2023, and the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and Notes to the Financial Statements, including a summary of Significant Accounting Policies and other explanatory information(collectively referred to as Financial Statements).
Opinion
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 (hereinafter referred to as "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 and its Loss, Total Comprehensive Loss, its Cash flows and the Changes in Equity 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 Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the 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 for the year ended March 31, 2023. 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.
Other Information
The Companys Board of Directors is responsible for the other information. The other informationcomprises 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 informationand, 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 the 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 Act with respect to the preparation of these 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 Ind AS and other 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 effectivelyfor 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, 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. 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 influencethe economic decisions of users taken on the basis of these Financial Statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the 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 Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Financial Statements including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Financial Statements. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. 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 RegulatoryRequirements
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 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure-A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable to the Company during the year under review.2.
Further to our comments in the Annexure referred to in para 1 above, as required by
Section 143(3) of the Act, we report as follows: 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 appears from our examination of those books; c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity 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 other matters to be included in the Auditors Report in accordance with the requirements of Section 197 of the Act, as amended, the remuneration paid by the Company to its directors during the year under review was within the provisions of the Act; g) 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; h) 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, in our opinion and to the best of our information and according to the explanations given to us, we further report that; i) The Company does not have any pending litigations which would impact its financial position other than those mentioned in notes to accounts. ii) The Company does not have any long term contracts including derivative contracts for which there were any material foreseeable losses. iii) There were no amounts which were required to be transferred to the Investors Education and Protection Fund by the Company. iv) (a) As per the information and explanations given to us by the management, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any other person or entity, 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; and (b) As per the information and explanations given to us by the management, no funds have been received by the Company from any person or entity, 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.(c) On the basis of above representations, nothing has come to our notice that has caused us to believe that the above representations contained any material mis-statement. v) The Company has not declared or paid any dividend during the year. vi) Pursuant to Ministry of Corporate Affairs notification dated 24th March 2021 read with notification dated 31st March 2022, the requirement of reporting by the Auditor on use of accounting software for maintainingits books of account with audit trail (edit log) facility has been deferred till 1st April 2023.
For S K H D & Associates
Chartered Accountants Firm Registration No. 105929 WSd/- |
Hemanshu Solanki Partner |
Membership No. 132835 |
UDIN: |
Place : Mumbai |
Dated : May 27, 2023 |
Mansoon Trading Company Limited
Annexure-A to Independent Auditors Report
The Annexure referred to in paragraph 1 under the Report on Other Legal and Regulatory Requirements our report to the members of Mansoon Trading Company Limited (the Company) for the year ended on March 31, 2023 is as under: i. Property,Plant and Equipment and Intangible Assets
The Company does not own any Property, Plant or Equipment (fixed assets) during the year under review and hence the requirement of the Order relating to maintenance of records showing the particulars including quantitative details and situation of fixed assets are not applicable. There were no transactions to be reported under The Benami Transactions (Prohibition) Act, 1988 with the Company. ii. Inventory
(a) As per the information and explanation given to us by the management, the Company does not hold any inventories and hence provisions of Clause 3(ii)(a) of the Order are not applicable to the Company; (b) As per the information and explanations given to us, the Company has not availed any working capital facility fromany banks or financial institutions on the basis of security of current assets and hence provisions of Clause 3(ii)(b) of the Order are not applicable to the Company. iii. Loans Granted by the Company
(a)
According to the information and explanations given to us, the Company is an Non-
banking Finance Company(NBFC) engaged in the business of granting of loans and accordingly the provisions of Clause 3 (iii)(a) to (e) of the Order are not applicable to the Company; (b) Based on the audit procedures carried out by us and as per the informationand explanationsgiven to us, the Company has not provided any guarantees or securities.During the year, the Company has no subsidiaries or associates. c)
According to the information and explanations given to us, the Company has not
granted any loans or advances to any related party as defined in clause 76 of Section 2 of the Act and accordingly, the provisions of Clause 3 (iii)(?) of the Order are not applicable to the Company. iv. to Certain PartiesAccording to the information and explanations given to us, there are no loans, investments, guarantees and securities granted in respect of which provisions of Section 185 of the Act are applicable. Provisions of Section 186 of the Act, except Sub-section (1) are not applicable to the Company.
V. Acceptance of Deposits
In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits or amounts which are deemed to be deposits from the public within the meaning of Sections 73 to 76 of the Act and the Rules framed thereunder to the extent notified.
vi. Maintenance of Cost Records
According to the information and explanations given to us, the Company does not require maintaining cost records as prescribed by the Central Government under subsection (1) of Section 148 of the Act. vii. Undisputed & Disputed StatutoryDues
(a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities involving the undisputed statutory dues of Income Tax during the year and there are no undisputed dues in respect of the same were outstanding for more than six months from the date they are payable as at the Balance Sheet date. As per the current operations of the Company, the statutes pertaining to Provident fund, Employees State Insurance, Good and Services Tax Sales tax, Wealth tax, Duty of Customs, Duty of Excise, Value Added Tax or Cess and other statutory dues are not applicable to it, during the year; (b) According to the information and explanations given to us, there are no dues of Income tax or any other statute which have not been deposited on account of any dispute. viii. Transactions of Undisclosed Income under the Income Tax Act
According to the information and explanations given to us, there were no transactions that are not recorded in the books of accounts of the Company and have been surrendered or disclosed as income during the year by the Company in the tax assessments under the Income Tax Act, 1961.
ix. Loans and Borrowings
(a) Based on our audit procedures, the Company has taken loans /facilities from a Non-banking Finance Company (an NBFC). According to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to the said NBFC during the year under review.
(b) According to the informationand explanations given to us, the Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority; (c) According to the information and explanations given to us, during the year or in the earlier periods, the Company has not availed any term loans.
(d)
According to the information and explanations given to us, and the 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 by the Company during the year have been used for long-term purposes; (e) The Company does not have any subsidiaries, associates or joint ventures.Accordingly, the provisions of Clause 3 (ix)(e) of the Order are not applicable to the
Company; (f) The Company does not have any subsidiaries, associates or joint ventures.Accordingly, the provisions of Clause 3 (ix)(f) of the Order are not applicable to the
Company;X. Initia1/furtherpublic offer and Preferential/Private placement of Shares or Debentures
(a) Based on our audit procedures and according to the information and explanations given to us by the management, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and hence provisions of Clause 3(x)(a) of the Order are not applicable to the Company; (b) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under audit and hence provisions of Clause 3(x)(b) of the Order are not applicable to the Company. xi. Frauds on or by the Company a). Based on examination of the books and records of the Company and according to the information and explanations given to us and considering the principles of materiality outlinedin the Standards on Auditing, no fraudby or on the Company by its officers or employees has been noticed or reported during the year. b). According to the information and explanations given to us, no report under subsection (12) of Section 143 of the 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 till the date of this report.
c). According to the informationand explanations given to us, there were no whistle
blower complaints. Accordingly, clause 3(xi)(c) of the Order is not applicable. xii. Nidhi CompaniesThe Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to the Company and hence provisions of Clause 3(xii) (a) to (c) of the Order are not applicable to the Company. xiii. Related PartyTransactions
The Company has entered into transactions with the related parties in compliance with the provisions of the Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Indian Accounting Standards (Ind-AS), Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (please refer Note No.31 forming part of the financial statements). xiv. Internal Audit
(a) In our opinion and based on our examination, the Company has an internal audit system commensurate with the size and nature of its business; (b) We have considered the internal audit reports of the Company issued till date, for the year under audit. xv. Non-cash Transactions with Directors, etc.
The Company has not entered into any non-cash transactions with its directors or the persons connected with him and hence provisions of Clause 3(xv) of the Order are not applicable to the Company. xvi. Registration with Reserve Bank of India and Core Investment Company in the group
(a)The Company is required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and accordingly the Company has obtained registration from the Reserve Bank of India; (b)The company has not conducted any Housing Finance activities. Further, no Non-Banking Financial activities were carried out without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act 1934 and hence provisions of Clause 3(xvi)(b) of the Order are not applicable to the Company; (c) The company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India and hence provisions of Clause 3(xvi)(b) of the Order are not applicable to the Company; (d)The Group does not have any CIC as part of the Group, and hence provisions of Clause 3(xvi)(d) of the Order are not applicable to the Company. xvii. Cash Losses
According to the informationand explanations given to us, the Company has not incurred any cash losses during the year under audit as well as in the immediately preceding financial year. xviii. Resignation of Statutory Auditors
There has been no resignation of the statutory auditors during the year, and hence provisions of Clause 3(xviii) of the Order are not applicable to the Company. xix. Going Concern
According to the informationand 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 informationaccompanying 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. xx. CorporateSocial ResponsibilityAccording to the informationand explanations given to us, the Company need not spend any amount as required in the Section 135 of the said Act. Accordingly, provisions of Clause 3(xx) (a) and (b) of the Order are not applicable to the Company. xxi. Consolidated Financial Statements
According to the informationand explanations given to us, the Company need not prepare Consolidated Financial Statements. Accordingly, provisions of Clause 3(xxi) (a) and (b) of the Order are not applicable to the Company.
For S K H D & Associates
Chartered Accountants Firm Registration No. 105929 W
Sd/- | |
Hemanshu Solanki Partner |
|
Membership No. 132835 UDIN: |
|
Place : Mumbai | |
Dated : May 27, 2023 |
Annexure-B to Independent Auditors Report
The Annexure referred to in paragraph 2(f) under the Report on Other Legal and Regulatory Requirements our report to the members of Mansoon Trading Company Limited (the Company) for the year ended on March 31, 2023.
Report on the Internal Financial Controls under Clause (i)of Sub-Section 3 of Section 143 of the Act Opinion
We have audited internal financial controls over financial reporting of Mansoon Trading Company Limited ("the Company) as of March 31, 2023 in conjunction with our audit of the Financial Statements of the Company for the year then ended on that date. In our opinion, the Company has, in all material aspects, an adequate internal financial control 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 theCompany considering the essential components of internal control stated in Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
Managements Responsibilityfor the 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 Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities includes design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of business, including adherence to Companys policies, the safeguarding of the 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 opinionon 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 deemed to be prescribed under Section 143(10) of the Act 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 ICAI. Those Standards and Guidance note require that we comply with ethical requirements and plan and perform 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 procedure to obtain audit evidence about the adequacy of the
internal financial controls system over financial reporting and their operating effectiveness. Our audit of internalfinancial 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 controls 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.Meaning of Internal Financial Controls over Financial Reporting
A Companys internal financial control over financial reporting is a process designed to provide a reasonable assurance regarding the reliability of financial reporting and preparation of Financial Statements for external purpose 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 fairlyreflect the
transactions and dispositions of the assets of the Company;2. Provide reasonable assurance that the transactions are recorded as necessary to permit preparation of Financial Statements in accordance with the 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 control over financial reporting to future periods are subjectto 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 31st, 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 S K H D & Associates
Chartered Accountants Firm Registration No. 105929 W
Sd/- | ||
Hemanshu Solanki Partner |
||
Membership No. 132835 | ||
UDIN: | ||
Mumbai, dated May 27, 2023 |
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