To the Members of Moongipa Capital Finance Limited Report on the Audit of Standalone
Financial Statements Opinion
We have audited the accompanying standalone financial statements of Moongipa Capital
Finance Limited, which comprise the balance sheet as at 31st March 2023, and the statement
of Profit and Loss account (including Other Comprehensive Income), the statement of
Changes in Equity and Cash Flow statement for the year then ended, and notes to the
standalone 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 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 profit including Comprehensive
Income, Changes in Equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Standalone Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that
are relevant to our audit of the financial statements under the provisions of the
Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion on the standalone financial statements.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the, Boards
Report including Annexures to Boards Report, Business Responsibility Report, Corporate
Governance and Shareholders Information, 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 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 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 Responsibility for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 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 theaccounting principles generally accepted in India including
the Indian Accounting Standards (Ind AS)specified under section 133 of the Companies Act,
2013 read with the Companies (Indian Accounting Standards) Rules 2015 as amended. 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 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 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 Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements. Also refer to "Annexure A" to this audit
report.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 ("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 matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the 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, Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Cash Flow Statement dealt with by this
Report are in agreement with the books of accounts.
(d) In our opinion, the aforesaid standalone financial statements comply with Ind AS
specified under Section 133 of the Act.
(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 internal financial controls over
financial reporting of the company and the operating effectiveness of such controls, refer
to our separate Report in "Annexure C "
(g) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial
position. ii. The Company did 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 Investor Education and Protection Fund by the
Company.
For Saxena & Saxena
Chartered Accountants
FRN -006103N Sd/-
Dilip Kumar
Partner
M.No- 082118
UDIN: 23082118BGWGCB3561
Date :15.05.2023
Place : New Delhi
"ANNEXURE A" TO THE INDEPENDENT AUDITORS REPORT OF MOONGIPA CAPITAL
FINANCE LIMITED ON THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,
2023
Report on the Auditors responsibilities for the Audit of the 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.
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.
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.
For Saxena & Saxena
Chartered Accountants
FRN -006103N Sd/-
Dilip Kumar
Partner
M.No- 082118
UDIN: 23082118BGWGCB3561
Date :15.05.2023
Place : New Delhi
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MOONGIPA CAPITAL
FINANCE LIMITED ON THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2023,
WE REPORT THAT:
(i) (a)(A) The Company has maintained proper records showing full particulars including
quantitative details and situation of Property, Plant and Equipment.
(B) The Company does not have any intangible assets.
(b) The Property, Plant and Equipment have been physically verified by the management
at reasonable intervals and no material discrepancies were noticed on such verification.
(c) The Company does not have any immovable property. Hence reporting under clause
3(i)(c) of the Order is not applicable.
(d) The Company has not revalued its Property, Plant and Equipment during the year.
(e) No proceedings have been initiated during the year or are pending against the
company as at March 31, 2023 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 and rules made there under.
(ii)(a) The company is a Non-Banking Finance Company accordingly it does not have any
physical inventory. However, it has verified all the shares lying in demat account and
there is no difference.
(b) The Company has not been sanctioned working capital limits in excess of Rs 5 crore,
in aggregate, at any points of time during the year, from banks or financial institutions
on the basis of security of current assets and hence reporting under clause 3(ii)(b) of
the Order is not applicable.
(iii) The company has not made any investment in, provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured to companies,
firms, limited liability partnership or any other parties. Hence reporting under clause
3(iii) of the Order is not applicable.
(iv) The company has not granted loans or made investments, guarantees, and security
where provisions of section 185 and 186 of the Companies Act, 2013 need to be complied
with.
(v) The company has not accepted any deposits or amounts which are deemed to be
deposits from public. Hence reporting under clause 3(v) of the Order is not applicable.
(vi) The company is not required to maintain cost records specified by the Central
Government under sub-section (1) of section 148 of the Companies Act, 2013. Hence
reporting under clause 3(vi) of the Order is not applicable.
(vii)(a) The company is regular in depositing undisputed statutory dues including Goods
and Services Tax, provident fund, employees state insurance, income-tax, sales-tax,
service tax, duty of customs, duty of excise, value added tax, cess and any other
statutory dues to the appropriate authorities as applicable.
There are no undisputed amount payable in respect of Goods and Services Tax, provident
fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs,
duty of excise, value added tax, cess and any other statutory dues outstanding as on March
31, 2023 for the period of more than six months from the date they became payable.
(b) There are no statutory dues referred to in sub clause (a) above which have not been
deposited on account of any dispute.
(viii) There were no transactions relating to previously unrecorded income that have
been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961.
(ix)(a) The company has not defaulted in repayment of loans or borrowing or in the
payments of interest on thereon to any lenders.
(b) The company has not been declared wilful defaulter by any bank or financial
institutions or Government or any Government Authorities.
(c) the company has not taken any term loan during the year and there no outstanding
term loan at the beginning of the year. Hence reporting under clause 3(ix)(c) of the Order
is not applicable.
(d) The company has not used funds raised on short term basis for any long term
purpose.
(e) The company does not have any subsidiaries, associates or joint ventures. Hence
reporting under clause 3(ix)(e) of the Order is not applicable.
(f) The company does not have any subsidiaries, associates or joint ventures. Hence
reporting under clause 3(ix)(f) of the Order is not applicable.
(x)(a) The company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) during the year. Hence reporting under clause
3(x)(a) of the Order is not applicable.
(b) The company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or optionally). Hence reporting under clause
3(x)(b) of the Order is not applicable.
(xi) (a)No fraud by the company and no material fraud on the company has been noticed
or reported during the year.
(b) No report under sub-section (12) of section 143 of the companies Act has been filed
in Form ADT-4 as prescribed under rule 13 of companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year.
(c) There are no whistle blower complaint received by the company during the year.
(xii) The company is not a Nidhi Company. Hence reporting under clause 3(xii) of the
Order is not applicable.
(xiii) All transactions with the related parties are in compliance with sections 177
and 188 of Companies Act, 2013, where applicable and the details of related party
transactions have been disclosed in the standalone financial statement as required by
applicable accounting standards.
(xiv)(a)The company has an adequate internal audit systems commensurate with the size
and the nature of its business.
(b) We have considered, the internal audit reports for the year under audit, issued to
the Company during the year and till date, in determining the nature, timing and extent of
our audit procedures.
(xv) The company has not entered into any non-cash transactions with directors or
persons connected with him, provisions of section 192 of Companies Act, 2013 are not
applicable to the company.
(xvi)(a) The company is registered under section 45-IA of the Reserve Bank of India
Act, 1934.
(b) The Company is already registered under section 45-IA of the Reserve Bank of India
Act, 1934.Hence reporting under clause 3(xvi)(b) of the Order is not applicable.
(c) The company is not a Core Investment Company (CIC) as defined in the regulations
made by Reserve Bank of India. Hence reporting under clause 3(xvi)(c) of the Order is not
applicable.
(d) The group does not have any Core Investment Company (CIC).
(xvii) The company has not incurred cash losses in the current and in the immediately
preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year. Hence
reporting under clause 3(xviii) of the Order is not applicable.
(xix) On the basis of the financial ratios, ageing and expected dates of realisation of
financial assets and payment of financial liabilities, other information accompanying the
financial statements and our knowledge of the Board of Directors and Management plans and
based on our examination of the evidence supporting the assumptions, nothing has come to
our attention, which causes us to believe that any material uncertainty exists as on the
date of the audit report indicating that Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to
the future viability of the Company. We further state that our reporting is based on the
facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance
sheet date, will get discharged by the Company as and when they fall due.
(xx) The company is not covered under section 135 of the Companies Act, 2013. Hence
reporting under clause 3(xx)(a) and 3(xx)(b) of the Order is not applicable.
For Saxena & Saxena
Chartered Accountants
FRN -006103N
Sd/-
Dilip Kumar
Partner
M.No- 082118
UDIN: 23082118BGWGCB3561
Date :15.05.2023
Place : New Delhi
ANNEXURE- C TO THE INDEPENDENT AUDITORS REPORT OF MOONGIPA CAPITAL FINANCE LIMITED ON
THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2023,
The Annexure referred to in our report to the members of Moongipa Capital Finance
Limited (‘the Company) for the year ended March 31, 2023.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Moongipa
Capital Finance Limited ("the Company") as of 31 March 2023 in conjunction with
our audit of the financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘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 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, 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 31stMarch 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 Saxena & Saxena
Chartered Accountants
Firm Reg. No.- 006103N
Sd/-
Dilip Kumar
Partner
M. No.:- 082118
Date:- 15.05.2023
Place:- New Delhi
+91-9892691696
