To the Members of Tirupati Finlease Limited
Ahmedabad.
Report on Financial Statements Opinion
We have audited the accompanying Standalone financial statements of Tirupati Finlease
Limited ["the Company") which comprises the Balance Sheet as at 31stMarch,
2023 the Statement of Profit and Loss, cash flows statement for the year then ended, and 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 Act in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India,
a) In the case of the Balance Sheet, of the state of affairs of the Company as at March
31, 2023;
b) in the case of the Statement of Profit and Loss, of the profit for the year ended on
that date; and
c) in the case of the Cash Flow Statement, of the 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
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 there
under, 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.
Information other than the Financial Statements and Auditors Report thereon:
The Companys Board of Directors is responsible for the other information. The other
information comprises the Directors Report including annexures to the directors report,
but does not include the consolidated financial statements standalone financial statements
and our auditors report thereon.
Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility
is to read the other information and, 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 that fact. We have
nothing to report in this regard.
Responsibility of Management 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 the rule 7 of Companies ( Accounts)
Rules,2014 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 implementation and maintenance of 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 statement 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 Responsibility 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 byt-is QOt 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.
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 Companies Act, 2013, 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.
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/8nd where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government of India in terms of section 143(11) of the Act, a
statement on the matters specified in the clause 3 and 4 of the Order is applicable to the
Company for the year under report and is attached vide 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 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 entity does not have any branch office either in India or outside India, hence
the said clause is not applicable to the company.
d. The Balance Sheet, the Statement of Profit and Loss, and Cash flows statements dealt
with by this Report are in agreement with the books of account maintained for the purpose
of preparation of these standalone financial statements.
e. In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with the rule 7 of
Companies (Accounts) Rules, 2014.
f. During the course of audit, we have not found any financial transactions or matters
which have any adverse effect on the functioning of the company.
g. 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.
h. During the course of audit, we have not found any qualification, reservation or
adverse remark relating to the maintenance of accounts and other matters connected
therewith.
i. 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. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Companys internal financial controls over
financial reporting.
I. The Company 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, Meet B Shah & Associates
Chartered Accountants
Firm No. 150627W
CA Meet B Shah
Proprietor M. No.185848
Place: Surat
Date: 30/05/2023
UDIN - 23185848BGYFFI4818
Annexure A to Report on Other Legal and Regulatory Requirements
Statement on the matters specified in paragraphs 3 and 4 of the Companies (Auditors
Report) Order, 2020.
I. (a) (A) The company is maintaining proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment;
(B) The Company is not owning any intangible assets, hence clause 3 (i)(a)(B) of the
Order is not applicable;
(b) The Property, Plant and Equipment have been physically verified by the management
at reasonable intervals; the discrepancies reported on verification were not material and
have been properly dealt with in the books of account;
(c) According to the information and explanations given to us and the records examined
by us and based on the examination of the registered sale deed provided to us, we report
that, the title deeds, comprising all the immovable properties of land and buildings which
are freehold, are held in the name of the Company at the balance sheet date. Immovable
properties of land and buildings whose title deeds have been pledged as security for loans
are held in the name of the Company based on the confirmations received by us from the
lenders.
(d) The Company has not revalued its Property, Plant and Equipment or intangible assets
during the year, hence clause 3 (i)(d) of the Order is not applicable;
(e) As represented to us by the management, no proceedings have been initiated or are
pending against the Company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, hence clause 3 (i)(e) of
the Order is not applicable;
II- (a) As explained to us, inventories have been physically verified during the year
by the management at reasonable intervals. No material discrepancy was notified on
physical verification of stocks by the management as compared to book records.
(b) The Company has not been sanctioned working capital, hence clause 3 (ii)(b) of the
Order is not applicable;
III. According to the information and explanations given to us, the Company has not
granted loans, secured or unsecured, to companies, firm and parties covered in the
register maintained under Section 189 of the Act. Therefore, the provisions of clause 3
(iii) [(a), (b) and (c)] of the said Order are not applicable to the Company.
IV. In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of Sections 185 and 186 of the Companies Act,
2013 in respect of grant of loans, making investments and providing guarantees and
securities.
V. The company has not accepted deposits from the public within the meaning of Section
73 to 76 or any other relevant provisions of the Companies Act and the rules framed there
under.
VI. As per informations and explanation given to us, the company is not required to
maintain cost records under sub-section (1) of section 148 of the Companies Act 2013 and
hence this clause is not applicable to company.
VII. (a) According to the information and explanations given to us and the records of
The Company has generally been regular in depositing undisputed statutory dues, including
Good and Services tax, Provident Fund, Employees State Insurance, Income Tax, Customs
Duty, Cess and any other material statutory dues applicable to it with the appropriate
authorities. There were no undisputed amounts payable in respect of Provident Fund,
Employees State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and any
other material statutory dues in arrears as at March 31, 2023 for a period of more than
six months from the date they became payable.
(b) According to the information and explanations given to us and the records of the
Company examined by us, there are no dues of Goods and Service tax (GST), income-tax,
sales-tax, service-tax, duty of customs, and duty of excise or value added tax which have
not been deposited on account of any dispute.
VIII, There are no transactions that are not recorded In the books of account to be
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961;
IX. (a) to (f) The company has not obtained any loan or other borrowings from any
financial institution or bank or debenture holders. Thus, reporting under clause 3(ix) of
the order is not applicable to the Company.
X. (a) The company has not made any initial public offer during the year.
(b) The company has not made any preferential allotment or private placement of
shares/debentures during the year.
Thus, reporting under clause 3(x) of the order is not applicable to the Company.
XL (a) Based upon the audit procedures performed and information and explanations given
to us by the management, we report that no fraud by the company or on the company by its
officers/employees has not been noticed or reported during the course of our audit.
(b) In the absence of any fraud, there is no requirement to submit Form ADT-4 as
prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central
Government.
(c) During the year under audit we have not received any complaints under whistle
blower mechanism.
XII. The Company is not a Nidhi Company and hence reporting under Clause 3(xii) of the
Order is not applicable to the Company.
XIII. In our opinion and according to the information and explanations given to us, the
Company is in compliance with Section 177 and Section 188 of the Companies Act, 2013 where
applicable, for all transactions with the related parties and the details of related party
transactions have been disclosed in the financial statements as required by the applicable
accounting standards.
XIV. (a) Based on on information and explanations provided to us and our audit
procedures, in our opinion, the company is required to have an internal audit system under
section 138 of the Companies Act, 2013, and for this purpose company have appointed M/s.
Pritesh Shah & Co., Chartered Accountants based at Ahmedabad to oversee and carry out
internal audit of its activities.
(b) We have considered the internal audit reports of the Company issued till date for
the period under audit.
XV. In our opinion and according to the information and explanations given to us,
during the year the Company has not entered into any non-cash transactions with its
Directors or persons connected to its directors and hence provisions of section 192 of the
Companies Act, 2013 are not applicable to the Company.
XVI. The
(a) The company is required to be registered under Section 45-IA of the Reserve Bank of
India Act, 1934 and Registration has been obtain by the company.
(b) Company is not conducted any Non-Banking Financial or Housing Finance activities
without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per
the Reserve Bank of India Act, 1934;
(c) The Company is not a Core Investment Company (CIC).
XVII. The Company has not incurred cash losses in the financial year and in the
immediately preceding financial year, hence clause 3 (xvii) of the Order is not
applicable;
XVIII. There has been no resignation of the statutory auditors during the year and
accordingly clause 3 (xviii) is not applicable;
XIX. According to the information and explanation 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 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 exist as on the date of the audit report that
company is not cable of meetings 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 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
anc:.yvatne:ther give any guarantee or 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. As per information and explanation given to us, the provisions of Section 135 of
the Companies Act, 2013 in respect to Corporate Social Responsibility is not applicable to
the Company. Thus, reporting under clause (a) & (b) of 3(xx) of the order is not
applicable to the Company.
XXI. Company is not having any subsidiaries or Joint Venture or associate and hence not
required to prepare consolidated financial statements, hence clause 3 (xxi) of the Order
is not applicable.
For, Meet B Shah & Associates
Chartered Accountants Firm No. 150627W
CA. Meet B Shah
Proprietor M. No.185848
Place: Surat
Date: 30/05/2023
UDIN - 23185848BGYFFI4818
Annexure B to Independent Auditors Report
Report on the Internal Financial Controls Over Financial Reporting 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 ofTirupati
Finlease 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 and as 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 (the Guidance Note). 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 Act.
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 Standards on Auditing prescribed under Section 143(10) of the Act and the
Guidance Note, to the extent applicable to an audit of internal financial controls. Those
Standards and the Guidance Note require that we comply with the 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 standalone financial statements, whether due to fraud or
error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial controls
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, to the best of our information and according to the explanations given
to us, 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.
For, Meet B Shah & Associates Chartered Accountants Firm No. 150627W
CA. Meet B Shah
Proprietor
M. No.185848
Place: Surat
Date: 30/05/2023
UDIN - 23185848BGYFFI4818
+91-9892691696
