To the Members of PASUPATI FINCAP LIMITED Report on the Financial Statement
We have audited the accompanying financial statements of PASUPATI FINCAP LIMITED, HARYANA
(“the Company”), which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information.
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 (‘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 and cash flows of the company in accordance with the
accounting principles generally accepted in India, including the Accounting Standards
specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. 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 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 financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit.
We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. 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. In making those risk assessments, the auditor
considers internal financial control relevant to the Companys preparation of the
financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on whether the company has in place an adequate internal financial controls system
over financial reporting and the operating effectiveness of such controls. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness
of the accounting policies used and the reasonableness of the accounting estimates made by
the Companys Directors, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence obtained by us in terms of the reports referred to
in sub-paragraph (a) of the Other Matters paragraph below, is sufficient and appropriate
to provide a basis for our audit opinion on 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 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 31st
March, 2023, and its profit and its cash flows for the year ended on that date.
Emphasis of Matter
We draw attention to Note No. 6(a) &6 (b) of the financial statements as at 31
March 2023, the Company advanced loans to related companies covered in the register
maintained u/s 189 and to others, amounting to Rs.60,814.00 (Previous Year Rs. 60,814.00)
are subjected to confirmation and recoverability of the same could not be established.
Our opinion is not further qualified on these matters.
Report on the other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order. 2016, 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” statement on the matters specified in paragraph 3&4
of the Order, to the extent applicable.
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 appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Amendment Rules, 2018.
e) On the basis of 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”; and
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) Amendment Rules, 2017, in
our opinion and to the best of our information and according to the explanations given to
us:
i) As explained to us, The Company does not have any pending litigation as on date of
balance sheet.
ii) The Company did not have any long term contracts including derivative contracts for
which there were any material foreseeable losses.
iii) There has been no delay in transferring amounts to the Investor Education and
Protection Fund by the Company.
ForSANTOSH SUSHAMA KESHRI& Co.
Chartered Accountants
Firms registration number: 021629N
Santosh Kumar
Proprietor
Membership number: 509170
UDIN: 23509170BGUINC5275
New Delhi,
26th May 2023
Annexure - A to the Auditors Report
The Annexure referred to in paragraph 1 with the heading ‘Report on other Legal
and Regulatory
Requirements of our report of even date to the members of PASUPATI FINCAP LIMITED on
the Financial Statements of the Company for the year ended 31st March, 2023.
1. The company is not having any Fixed Assets in its books as on date of Balance sheet,
and hence, this clause is not applicable to this company.
2. The company is not having any inventory to report in its books of account as on date
of Balance sheet, and hence, this clause is not applicable to this company.
3. According to the information and explanations given to us, the Company has not
granted any secured or unsecured loan, during the reporting period, to the persons covered
in the register maintained under section 189 of the Act.
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 Companies Act, 2013
in respect of loans, investments, guarantees and security.
5. The Company has not accepted any deposits from public.
6. According to the information and explanations given to us, the Central Government
has not prescribed the maintenance of cost records under section 148(1) of the Act, for
any of the products or services rendered by the Company.
7. (a) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, amounts deducted / accrued in the books of
account in respect of undisputed statutory dues including income tax, sales tax, wealth
tax, service tax, value added tax, cess, Goods and Service Tax and other material
statutory dues as applicable have been generally regularly deposited during the year by
the company with the appropriate authorities. Further, no undisputed amounts payable in
respect thereof were outstanding at the year-end for a period of more than six months from
the date they become payable.
b) According to the information and explanations given to us there are no dues of
income tax , sales tax, wealth tax, service tax, value added tax, cess and Goods and
Service Tax which have not been deposited with the appropriate authorities on account of
any dispute.
8. The Company has not defaulted in repayment of dues to financial institutions or
banks. There were no debentures outstanding during the year.
9. The Company has not raised any money by way of initial public offer or further
public offer (including debt instruments) nor taken any term loan during the year.
10. According to information and explanations given to us, no material fraud on or by
the Company has been noticed or reported during the course of our audit
11. According to information and explanations given to us, the company did not paid or
made provision for payment of managerial remuneration for the reporting period.
12. The Company is not a Nidhi Company, and therefore, this clause is no applicable on
it.
13. According to information and explanations given to us, all transactions with the
related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where
applicable and the details have been disclosed in the Financial Statements etc., as
required by the applicable accounting standards.
14. The Company has not made any preferential allotment or private placement of shares
or fully or partly convertible debentures during the year under review. Consequently, this
clause is not applicable on it.
15. According to the information and explanations given to us and on the basis of our
examination of the records of the company, Company has not entered into any non-cash
transactions with directors or persons connected with him.
16. The company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934 and therefore this clause is not applicable on it.
For SANTOSH SUSHAMA KESHRI & Co.
Chartered Accountants
Firms registration number: 021629N
Santosh Kumar
Proprietor
Membership number: 509170
UDIN: 23509170BGUINC5275
New Delhi,
26th May 2023
Annexure - B to the Auditors Report
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 PASUPATI
FINCAP LIMITED (“the Company”) as of 31 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 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 31 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 SANTOSH SUSHAMA KESHRI& Co.
Chartered Accountants
Firms registration number: 021629N
Santosh Kumar
Proprietor
Membership number: 509170
UDIN: 23509170BGUINC5275
New Delhi,
26th May 2023
+91-9892691696
