To,
The Members of TAYLORMADE RENEWABLES LIMITED
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of TAYLORMADE
RENEWABLES LIMITED (the Company) which comprise the Balance Sheet as at 31 March 2023,
the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a
summary of the 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, except for the matters specified in the para Basis of Qualified
Opinion, the aforesaid 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 accounting principles generally accepted in India of the state of
affairs of the Company as at 31 March 2023 and its profit and its cash flows for the year
ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing specified under Section 143(10) of the Act. Our
responsibility under those Standards are further described in
Auditors Responsibility for the Audit of the standalone financial
statements section of our report. We are independent of the company in accordance of with
code of ethics issued by ICAI together with the independence requirement that are relevant
to our audit of standalone financial statement under the provisions of the Act and the
rule made 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
audit opinion on the stand-alone financial statement except for the following matters:
Company is in process of obtaining the confirmations from long standing debtors, the same
has not yet been completed. Refer Note 13 to the financial statement for the period ended
on 31st March, 2023.
We would like to draw attention to Note 12 to the financial statement
for the period ended on 31st March, 2023 where in the company has done the valuation of
stock based on the technical analysis of the management instead of Accounting Standard 2.
As a result of these matters, we were unable to determine whether any
adjustments might have been found necessary in respect of recorded or unrecorded
transactions and accounts receivable/payable in the Balance Sheet, and the corresponding
elements making up the Statement of Profit and Loss.
Key Audit Matters
Key audit matters are those matters that, in our professional,
judgement, were of most significance in our audit of the, financial statements of the
current period. 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.
In our opinion there are no matters to report as Key Audit matters.
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 state of affairs, profit/loss and cash flows of the
Company in accordance with the accounting principles generally accepted in India 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 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 induces our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with Standards on Auditing 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.
As part of an audit in accordance with Standards on Auditing, 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) 0) of the Act,
we are also responsible for explaining 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. Conduce 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.
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 Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2016 (the
Order) issued by the Central Government of India in terms of Section 143(11) of the Act,
we give in the Annexure A", a statement on the matters specified in paragraphs 3
and 4 of the Order. Further to our comments in Annexure A, 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 purpose 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 & Loss and the cash
Flow Statement deal with by this report are in agreement with the books of account;
d) In our opinion, the aforesaid financial statements comply accounting
principles generally accepted in India specified under Section 133 of the Act.
e) On the basis of the written representations received from the
directors and taken on record by the Board of Directors, none of the directors is
disqualified as on 31 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 B;
g) In our opinion, the managerial remuneration for the year ended March
31, 2023 has been paid / provided by the Company to its directors in accordance with the
provisions of section 197 read with Schedule V to 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 (as
amended), 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
IV. A] The Management has represented that, to the best of their
knowledge and belief, 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 entities, 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;
B] the management has represented, that, to the best of their knowledge
and belief, no funds have been received by the company from any person(s) or entity (ies),
including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries; and
C] Based on such audit procedures, nothing has come to our notice that
has caused them to believe that the representations under sub-clause (A) and (B) contain
any material mis-statement
V. The Company has not declared or paid dividend during the year.
| DATE: 17th May 2023 |
FOR M A A K & ASSOCIATES |
| PLACE: AHMEDABAD |
(CHARTERED ACCOUNTANTS) |
|
REG NO. :135024W |
MARMIK G SHAH PARTNER M.NO. : 133926
UDIN-23133926BGWERQ3732
Annexure A to the Independent Auditors Report of TAYLORMADE
RENEWABLES LIMITED (Referred to in our report of even date)
With reference to the Annexure A referred to in the Independent
Auditors report to the members of the
Company on the standalone financial statements for the year ended 31st
March 2023, we report the following
Based on the Audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and taking into
consideration the information and explanations given to us and the books of accounts and
other records examined by us in the normal course of audit, we report that:
(i) Property, Plant & Equipment & Intangible Asstes
(a)
(A) The Company has maintained proper records showing full particulars
including quantitative details and situtation of Property, Plant and Equipement.
(B) The Company has maintained proper records showing full particulars,
of Intangible Assets.
(b) The Company has a program of physical verification to cover all the
items of Property, Plant & Equipment in a phased manner which, in our opinion, is
reasonable having regard to the size of the Company and the nature of its assets. Pursuant
to the program, certain Property, Plant & Equipment were physically verified by the
management during the year and no material discrepancies were noticed on such
verification.
(c) The title deeds of immovable properties are held in the name of the
Company.
(d) The company has not revalued its Property, Plant and Equipment or
intangible assets or both during the year.
(e) No proceeding have been initiated nor pending against the company
for holding any benami property under the Benami Transactions (Prohibition) Act,1988 (45
of 1988) and rules made thereunder.
(ii) Inventories
a) The inventories were physically verified during the year by the
Management at reasonable intervals. The coverage and procedure of such verification by the
management is appropriate having regard to the size of the company and nature of its
operations. No discrepancies of 10% or more in the aggregate for each class of inventories
were noticed on physical verification of inventories when compared with books of account..
b) According to the information and explanations given to us, the
Company has been sanctioned working capital limits in excess of Rs. 5 crores, in
aggregate, at points of time during the year, from banks or financial institutions on the
basis of security of current assets. In our opinion and according to the information and
explanations given to us, the quarterly returns or statements comprising (stock
statements, book debt statements, credit monitoring arrangement reports, statements on
ageing analysis of the debtors / other receivables, and other stipulated financial
information) filed by the Company with such banks or financial institutions are in
agreement with the unaudited books of account of the Company of the respective quarters
and no material discrepancies have been observed.
(iii) Compliance under section 189 of The Companies Act, 2013
a) According to information and explanation given to us, the company
has not granted any loan, secured or unsecured to companies, firms, limited liability
partnerships or other parties covered in the register required under section 189 of the
Companies Act, 2013. Accordingly, paragraph 3 (iii) of the order is not applicable. b) As
per the schedule of repayment of principal and interest stipulated for the loan granted as
mentioned in clause (a) above, there were no instalment of loan and interest due during
the year.
c) Read with our comments in clause (b) above, there are no amounts of
loans granted to companies, firms or other parties listed in the register maintained under
section 189 of the Act which are overdue for more than ninety days.
(iv) Compliance under section 185 and 186 of The Companies Act, 2013
The Company has complied with the provisions of section 185 and 186 of
the Act, in respect of grant of loans, making investments and providing guarantees and
securities
(v) Compliance under section 73 to 76 of The Companies Act, 2013 and
Rules framed thereunder while accepting Deposits
The Company has not accepted deposits or amounts which are deemed to be
deposits, during the year. Accordingly reporting under paragraph 3 clause (v) of the order
does not arise.
(vi) Maintenance of cost records
The Company is not required to maintain cost records pursuant to the
Rules made by the Central Government for the maintenance of cost records under sub-section
(1) of section 148 of the Companies Act, 2013.
(vii) Deposit of Statutory Dues
a) The Company has generally been regular in depositing undisputed
statutory dues, including Provident
Fund, Employees State Insurance, Income Tax, Goods and Service
Tax, Customs Duty, Cess and other material statutory dues applicable to it with the
appropriate authorities . There are no undisputed statutory dues outstanding for more than
six months as on March 31, 2023
b) There are no dues with respect to Income Tax, Sales Tax, Service
Tax, Value Added Tax, GST, Customs Duty, Excise Duty which have not been deposited on
account of any dispute as on 31st March 2023
(viii) Unrecorded income disclosed in tax assessments
There are no transactions / previously unrecorded income which are
required to be recorded in the books of accounts have been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961..
(ix) Application & Repayment of Loans & Borrowings:
The company has not taken any loans or borrowings from any lender.
Accordingly, reporting under paragraph 3 clause (ix)(a), (b), (c), (d), (e), (f) of the
order does not arise.
(x) Utilization of Money Raised by Public Offers and Term Loan for
which they raised
(a) During the year, company has not raised any funds through Initial
Public Offer or Further Public Offer (including debt instruments). Accordinlgy, reporting
under paragraph 3 clause (xa) of the order does not arise. (b) In our opinion and
according to information & explanations given to us, company has not made any
preferential allotment or private placement of shares or fully or partly convertible
debentures during the year under review. Therefore paragraph 3 (xiv) of the order is not
applicable to the company.
(xi) Reporting of Fraud during the Year
To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the company by its
officers or employees has been noticed or reported during the year.
(xii) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits
Ratio
In our opinion and according to the information & explanation given
to us, the company is not a Nidhi Company. Therefore paragraph 3 (xii) of the order is not
applicable to the company.
(xiii) Related party compliance with Section 177 and 188 of companies
Act 2013
As per the information and explanations given by the management, all
the transactions with the related parties are in compliance with section 188 of Companies
Act, 2013 and the details have been disclosed in the financial statements etc., as
required by the applicable accounting standards.
However requirements of section 177 of the Companies Act, 2013 are not
applicable to the compan.
(xiv) Internal Audit Systems a. The company has an internal audit
system commensurate with the size and nature of its business.
b. Internal Audit reports are not availaible for our inspection, and
hence we are unable to comment on the same.
(xv) Non Cash Transactions
As per the information and explanations given by the management, the
company has not entered into any non-cash transaction with directors or persons connected
with him. Therefore paragraph 3 (xv) of the order is not applicable to the company.
(xvi) Requirement of Registration under 45-IA of Reserve Bank of India
Act, 1934
The company is not required to be registered under section 45-IA of the
Reserve Bank of India Act, 1934.
a. The Company has not conducted any non banking financial or husing
finance activities
Accordinlgy, the provisions of the paragraph 3 clause (xvi)(b) of the
Order does not arise.
b. The Company is not engaged in the business which attracts
requirement of registrations as a Core
Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India.
c. The Group does not have any CIC as part of the group, Accordinlgy,
reporting under paragraph 3 clause (xvi)(d) of the Order does not arise.
(xvii) Cash LossesThe company has not incurred cash losses in the
current financial year and in the immediately preceding financial year.
(xviii) Resignation of Statutory Auditor
There has been no resignation of the statutory auditors during the
year. Accordinlgy, reporting under paragraph of the clause 3 (xviii) of the Order does not
arise.
(xix) Material Uncertainity
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, 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 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) Unspent CSR Expenditure
Provisions of section 135 of the companies Act not applicable to
company.
| DATE: 17th May 2023 |
FOR M A A K & ASSOCIATES |
| PLACE: AHMEDABAD |
(CHARTERED ACCOUNTANTS) |
|
REG NO. :135024W |
MARMIK G SHAH PARTNER M.NO. : 133926
UDIN-23133926BGWERQ3732
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 TAYLORMADE RENEWABLES LIMITED
("the Company") as of March 31, 2023 in conjunction with our
audit of the standalone financial statements of the
Company for the year ended on that date
Managements Responsibility for Internal Financial Controls
The Companys Management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India. 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 the 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 as specified under section
143(10) of the Companies Act, 2013, to the extent 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 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 March 31, 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.
| DATE: 17th May 2023 |
FOR M A A K & ASSOCIATES |
| PLACE: AHMEDABAD |
(CHARTERED ACCOUNTANTS) |
|
REG NO. :135024W |
MARMIK G SHAH PARTNER M.NO. : 133926
UDIN: 23133926BGWERQ3732
+91-9892691696
