To The Members of Yuranus Infrastructure Limited Report on the Audit of the Financial
Statements Opinion
We have audited the accompanying financial statements of Yuranus Infrastructure Limited
(the Company), which comprise the Balance Sheet as at 31st March 2023, the Statement of
Profit and Loss, the Cash Flow Statement and the Statement for Changes in Equity 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 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 Indian Accounting Standards prescribed under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
("Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31st March, 2023 and its profit, changes in equity
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 ("SAs") specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India ("ICAI") together with the ethical
requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules made thereunder, 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 obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements 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. No
such matter has come to our notice during the course of audit of the company.
Information other than Financial Statements and the Auditors Report thereon
Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Boards Report, and Annual Report, but does not include the
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 or conclusion thereon.
In connection with our audit of 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 the fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation
and presentation of these financial statements that give a true and fair view of the
financial position and financial performance of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting
Standards specified under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding 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 Board of
Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the companys financial
reporting process.
Auditors Responsibilities for the Audit of 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
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 scepticism 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 the internal control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances. Under Section
143(3)(i) of the act, we are also responsible for 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.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality
Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the financial statements.
Communication with Management
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
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Act we give in the "Annexure A", the statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extend applicable.
2. 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 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, 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 Indian Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014;
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" to this report;
g) There were no non-compliances in the company during the period under review which
may adversely impact the functioning of company.
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, 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. The Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining
books of account using accounting software which has a feature of recording audit trail
(edit log) facility is applicable to the Company with effect from April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is
not applicable for the financial year ended March 31, 2023.
|
For Mistry & Shah LLP |
|
Chartered Accountants |
|
F.R.N: - 122702W/W100683 |
| Date: 05/05/2023 |
Malav Shah |
| Place: Ahmedabad |
Partner |
| UDIN: 23117101BGVUCJ6929 |
M.NO. 117101 |
"Annexure A"
To the Independent Auditors Report on the Financial Statements of Yuranus
Infrastructure Limited
Based on the audit procedures performed for the purpose of reporting 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 account and other records examined by us in
the normal course of audit, and to the best of our knowledge and belief we report that:
(i). (a) (A). The Company has not maintained any proper records showing full
particulars, including quantitative details and situation of Property, Plant and
Equipment, Capital work in progress and relevant details of right of use Assets as the
company does not have any item of Property, Plant and Equipment or any right of use asset
or any such assets that reflects in Balance Sheet.
(B). The Company has not maintained proper records showing full particulars of
Intangible Assets as there are no Intangible Asset.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company does not have any program of
verification of fixed assets in a phased manner as the Company does not have any fixed
assets and hence the reporting requirement under clause 3(i)(b) of the Order is not
applicable.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company provided to us, we report that, Company is not
having any fixed assets in balance sheet and therefore, the reporting requirement under
clause 3(i)(c) of the Order is not applicable.
(d) The Company is not having any property, plant and equipment (including Right of Use
assets) and intangible assets in their balance sheet, therefore the reporting requirement
under clause 3(i)(d) of the Order is not applicable.
(e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, no proceedings have been initiated during the
year or are pending against the Company as at 31 March 2023 for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and
rules made there under.
(ii) (a) The inventories were physically verified during the year by the Management at
reasonable intervals, in our opinion and according to the information and explanations
given to us, the coverage and procedure of such verification by the Management is
appropriate having regard to the size of the Company and the nature of its operations. No
discrepancies of 10% or more in aggregate for each class of inventories were noticed on
such physical verification of inventories when compared with books of account.
(b) The Company has not taken any loan or credit facility from bank during the year
hence reporting requirement under this clause is not applicable.
(iii). During the year, the Company has not made any investment in, provided any
guarantee or provided security to companies, firms, limited liability partnerships or any
other parties. However, the company has granted loans and advances to companies and firms
during the year.
(a) The company has provided loans of Rs.22,00,000/- to parties other than subsidiary,
associate and joint venture, and the balance outstanding at the balance sheet date of such
loans is Rs.2,19,18,827/-
(b) The investments made, guarantees provided, security given and the terms and
conditions of the grant of all loans and advances in the nature of loans and guarantees
provided are not prejudicial to the companys interest.
(c) In respect of loans and advances in the nature of loans, the schedule of repayment
of principal and payment of interest has not been stipulated and the repayments or
receipts are irregular.
(d) The amount granted as loans and advances are not overdue.
(e) The loan or advance in the nature of loan granted which has fallen due during the
year, has not been renewed or extended or no fresh loans granted to settle the overdue of
existing loans given to the same parties.
(f) The company has granted loans and advances in the nature of loans either repayable
on demand or without specifying any terms or period of repayment.
| Aggregate amount of Loans, Investments, Advances or Guarantees |
Percentage (%) to Total Loans |
Aggregate amount of Loans, Investments, Advances or Guarantees to
Promoters or Related Parties |
| 22,00,000 |
100 |
- |
(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 Act, with respect
to the loans and investments made. The company has not given any guarantee or provided any
security in connection with the loan to any person or other body corporate, however the
company has granted loans to companies and firms in excess of limits specified in Sec.186
and accordingly, the company has passed special resolution in general meeting before
entering such transactions.
(v). The Company has not accepted deposits or amounts which are deemed to be deposits
from the public during the year and does not have any unclaimed deposits as at March 31,
2023. Therefore, the reporting requirement under clause 3(v) of the Order is not
applicable.
(vi). As the company is not engaged in manufacturing of any product or article hence
reporting requirement under clause 3(vi) of the Order is not applicable.
(vii). (a) According to the information and explanations given to us and based on
records of the Company examined by us, the Company has generally been regular in
depositing undisputed statutory dues, however the company has been irregular in depositing
tax deducted at source to the credit of government within statutory time limit.
(b) There were no undisputed amounts payable in respect of Goods and Service Tax,
Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of
Customs, duty of Excise, Value Added Tax, Cess and other material statutory dues as at
March 31, 2023 for a period of more than six months from the date they became payable.
(viii). According to the information and explanations given to us and the records of
the Company examined by us, there were no transactions relating to previously unrecorded
income that were surrendered or disclosed as income in the tax assessments under the
Income Tax Act, 1961 during the year.
(ix).(a) In our opinion, the company has not defaulted in repayment of loans or other
borrowings or in the payment of interest thereon to any lender during the year.
(b) The Company has not been declared wilful defaulter by any bank or financial
institution or government or any government authority.
(c) To the best of our knowledge and belief, in our opinion, no term loans were availed
by the Company during the year.
(d) On an overall examination of the financial statements of the Company, funds raised
on short-term basis have, prima facie, not been used during the year for long-term
purposes by the Company.
(e) On an overall examination of the financial statements of the Company, the Company
has not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiary.
(f) The Company has not raised loans during the year on the pledge of securities held
in its subsidiary.
(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
(x)(a) of the Order is not applicable.
(b) During the year the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully or partly or optionally). Hence
reporting under clause (x)(b) of the Order is not applicable to the Company.
(xi). (a) To the best of our knowledge no fraud by the Company or on the Company, is
noticed or reported during the year.
(b) To the best of our knowledge, 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 and up to
the date of this report.
(c) As represented to us by the Management, there were no whistle blower complaints
received by the Company during the year.
(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 Sections 177 and 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) In our opinion the Company has an internal audit system commensurate with the
size and the nature of its business.
(b) We have considered the internal audit reports issued to the Company during the year
and covering the period up to month of March 2023.
(xv). According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into any noncash
transactions with Directors or persons connected to directors and hence provisions of
Section 192 of the Companies Act, 2013 are not applicable to the Company.
(xvi). (a) The Company is not required to be registered under section 45-IA of the
Reserve Bank of India Act, 1934. Hence, reporting under clause (xvi)(a), (b) and (c) of
the Order is not applicable.
(b) The Group does not have any CIC as part of the group and accordingly reporting
under clause (xvi)(d) of the Order is not applicable.
(xvii). The Company has not incurred any cash losses during the current financial year
and immediately preceding financial year.
(xviii). There has been no resignation of the statutory auditors of the Company during
the year.
(xix). On the basis of the financial ratios, ageing and expected dates of realization
of financial assets and payment of financial liabilities, (Asset Liability Maturity (ALM)
pattern) 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). As per Section 135 of the Act, company is not liable for Corporate Social
Responsibility (CSR). Accordingly, reporting under clause (xx) of the Order is not
applicable for the year.
(xxi). Consolidated Financial Statements are not applicable to the company and hence
reporting under clause (xxi) of the Order is not applicable for the year.
|
For Mistry & Shah LLP |
|
Chartered Accountants |
|
F.R.N: - 122702W/W100683 |
| Date: 05/05/2023 |
Malav Shah |
| Place: Ahmedabad |
Partner |
| UDIN: 23117101BGVUCJ6929 |
M.NO. 117101 |
"Annexure B"
To the Independent Auditors on the Financial Statements of Yuranus Infrastructure
Limited
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 Yuranus
infrastructure Limited ("the Company") as of March 31, 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 with reference to standalone financial statements 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 "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 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 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 Control 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
with reference to Financial Statements.
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, to the best of our information and according to the explanations given
to us, the Company has, in all materia! 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.
|
For Mistry & Shah LLP |
|
Chartered Accountants |
|
F.R.N: - 122702W/W100683 |
| Date: 05/05/2023 |
Malav Shah |
| Place: Ahmedabad |
Partner |
| UDIN: 23117101BGVUCJ6929 |
M.NO. 117101 |
+91-9892691696
