TO
THE MEMBERS OF A B INFRABUILD LIMITED
Report
on the Audit of the Ind AS Financial Statements Opinion
We
have audited the accompanying Ind AS Financial Statements of A B Infrabuild Limited
("the Company)
which comprises the Balance Sheet as at 31 stMarch 2023, the Statement of
Profit and Loss (including other comprehensive income), the Statement of Changes in Equity
and statement of cash flows for the year t hen ended, and notes to the Ind AS Financial
Statements, including a summary of significant accounting policies and other explanatory
information (together referred to as Ind AS Financial Statements).
In
our opinion and to the best of our information and according to the explanations given to
us, the aforesaid Ind AS 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 stMarch 2023, and its profit including other
comprehensive income, the changes in equity and its cash flows for the year ended on that
date.
Basis
for opinion
We
conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further
described in the Auditors Responsibilities for the Audit of the Ind AS Financial
Statements secti on 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 Ind AS Financial Statements
under the provisions of the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
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 for the financial year ended 31st
March 2023. These matters wer e 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. We have determined the matters described below to be the key
audit matters to be communicated in our report.
We
have fulfilled the responsibilities described in the Auditors responsibilities for the
audit of the financial statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of procedures designed to respond
to our assessment of the risks of
procedures
performed to address the matters below, provide the basis for our opinion on the
accompanying financial statements.
Key
Audit Matters |
Principal
Audit Procedures |
1.
Adoption of IND AS 115 - Revenue from Contracts with Customers |
The
procedures performed included the following: |
The
company has adopted the IND AS 115 - Revenue from contracts with customers mandatory for
reporting periods beginning on or after 1st April 2018. |
We have read the accounting policy for revenue recognition and assessed the compliance of
the policy in terms of the principal enunciated under IND AS 115. |
Application
of IND AS 115 including selection of transition method involves significant judgment in
determining when control of goods or services underlying the performance obligation is
transferred to the customer and transition method to be applied. |
We obtained and understood the revenue recognition process including determining the point
of transfer of control and completion of performance obligation. |
As
the revenue recognition due to the significance of the balance to the financial statements
as a whole we regard this as a key audit matter. |
We performed the test of details on a sample basis and examined the underlying customer
contracts. |
We examined the disclosure made by management in compliance with the requirements with IND
AS 115. |
|
2.
Measurement of contract assets in respect of overdue milestones and receivables. |
The
procedures performed included the following: |
The
Company, in its contrac t with customers, promises to transfer distinct services to its
customers, which may be rendered in the form of engineering, procurement, and construction
(EPC) services through design - build contracts, and other forms of construction
contracts. The recognition of revenue is based on contractual terms, which could be based
on agreed unit price or lump - sum revenue arrangements. At each reporting date, revenue
is accrued for costs incurred against work performed that may not have been invoiced. |
obtained an unde rstanding of the Companys processes in collating the evidence supporting
execution of work for each disaggregated type of revenue; |
Identifying
whether the Companys performance has resulted in a service that would be billable and
collectable
where the works carried out have not been acknowledged by customers as of the reporting
date. |
obtained an understanding of the Companys processes in assessing the recoverability of
amounts
overdue
and process overestimating the expected credit loss allowance; |
Assessing
the recoverability of contract assets related to overdue milestones and receivables which
have remained unsettled for a significantly long period after the end of the contractual
credit period also involves a significant amount of judgment. |
tested the design and operating effectiveness of the key controls over the completeness
and accuracy of the key inputs and assumptions into the provisioning model; |
evaluated controls over authorisation and calculation of provisioning model; |
|
verified for the sample selected, receipts post balance sheet date upto the approval of
the financial
statements
by the Board of Directors; |
|
performed an overall assessment of the expected credit loss provision to determine if |
|
they
were reasonable considering the Companys portfolio, risk profile, credit risk management
practices and the macroeconomic environment; and |
|
tested the appropriateness of the disclosures in the financial statements to ensure
compliance with Ind AS 115. |
Information
other than the Ind AS Financial Statements and Auditors Report thereon
The
Companys Board of Directors is responsible for the other information. The other
information comprises the management discussion & analysis and directors report
included in the annual report but does not include the Ind AS Financial Statements and our
auditors report thereon. The above information is expected to be made available to us
after the date of this auditors report.
Our
opinion on th e Ind AS 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 Ind AS Financial Statements, our responsibility is to
read the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the Ind AS
Financial Statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
When
we read the other information, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance and
make other appropriate reporting as prescribed.
Managements
Responsibility for the Ind AS 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 and presentation of the Ind AS Financial
Statements that give a true and fair view of the financial position, financial performance
including cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards prescribed under Section 133
of the Act read with relevant rules issue d there under. 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 Ind AS Financial Statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
In
preparing the Ind AS 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 Ind AS Financial Statements
Our
objectives are to obtain reasonable assurance about whether the Ind AS Financial
Statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if ,
individually
or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these Ind AS Financial Statements.
As
part of an audit in accordance with SAs, we exercise professional judgment and m aintain
professional skepticism throughout the audit. We also:
co
Identify and assess the risks of material misstatement of the Ind AS 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.
co
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 Act, 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.
co
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
co
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 In d AS 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.
co
Evaluate the overall presentation, structure and content of the Ind AS financial
statements,
including
the disclosures, and whether the Ind AS 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 reasonabl y 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 Ind AS 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 consequencesof 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 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 of the aforesaid Ind AS
Financial Statements;
(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, t he statement of profit and loss (including other comprehensive
income) , the statement of changes in equity and the statement of cash flows are dealt
with by this Report are in agreement with the books of account;
(d)
in our opinion, the aforesaid In d AS Financial Statements comply with the 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 as on 31stMarch
2023 taken on record by the Board of Directors, none of the directors is disqualified as
on 31 stMarch 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 A". Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Companys internal financial controls over
financial reporting;
(g)
With respect to the other matters to be included in the Auditors Report in accordance
with the requirements of section 197(16) of the Act, as amended, in our opinion and to the
best of our information and according to the explanations given to us, the remuneration
paid by the Company to its directors during the year is in accordance with the prov isions
of section 197 of 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, 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 and therefore no impact or disclosure in
relation to the same has been made in the Ind AS financial statement, except for the those
as mentioned under contingent liabilities and commitments in the Ind AS financial
statement;
(ii)
the Company does not see any foreseeable losses on long - term contracts as on the balance
sheet date and the Company has not entered into any derivative contracts, therefore no
provision has been made in relation to the same;
(iii)
the Company has not declared any dividends either in the current year or during any of the
previous years and therefore transferring of the amounts in the Investor Education and
Protection Fund by the Company does not arise.
2.
As required by the Companies (Auditors Report) Order, 20 20 ("the Order")
issued by the Central Government in terms of Section 143(11) of the Act, we give in
"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the
Order.
For
BHUWANIA & AGRAWAL ASSOCIATES |
(Chartered
Accountants) |
(Firm
Registration no. 101483W) |
Shubham
Bhuwania |
(Partner) |
Membership
No.: 171789 |
UDIN
: 22171789AJWVYJ1700 |
Date
: 26/05/2023 |
Place
: Mumbai |
(Referred
to in paragraph 1(f) under Report on Other Legal and Regulatory Requirements of our
report of even date)
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 of A B Infrabuild
Limited ("the Company") as of 31st March 2023 in conjunction with our
audi t of the Ind AS 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") issued by the Institute of Chartered Accountants of India and
the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls. 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 re porting 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 judgement, including the assessment of the risks of
material misstatement of the Ind AS 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 Ind AS 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 Ind AS
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 Ind AS 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 material respects, an adequate internal financial controls sy stem
over financial reporting and such internal financial controls over financial reporting
were operating effectively as at 31st March 2023, based on the internal control
over financial reporting criteria established by the Company considering the esse ntial
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.
(Referred
to in paragraph 2 under Report on Other Legal and Regulatory Requirements of our report
of even date)
Report
on the statement on the matters specified in the paragraph 3 and 4 of the Companies
(Auditors Report) Order, 2020:
(i)
(a) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of property, plant & equipment.
(a)
(B) The Company does not have any intangible assets.
(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 has a regular programme of physical
verification of its property, plant and equipment by which all property, plant and
equipment are verified in a phased manner on yearly basis. In accordance with this
programme, certain property, plant and equipment were verified during the year. In our
opinion, this periodicity of physical verification is reasonable having regard to the size
of the Company and the nature of its assets. No material discrepancies were noticed on
such verification.
(c)
The company does not have any immovable property (other than immovable properties where
the Company is the lessee and the lease agreements are duly executed in favour of the
lessee) Accordingly, clause 3(i)(c) of the Order is not applicable.
(d)
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not revalued its property,
plant and equipment during the year.
(e)
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there are no proceedings initiated or pending
against the Company for holding any benami property under the Prohibition of Benami
Property Transactions Act, 1988 and rules made thereunder.
(ii)
(a) The inventory has been physically verified by the management during the year. In our
opinion, the frequency of such verification is reasonable and procedures and coverage as
followed by management were appropriate. No discrepancies were noticed on verification
between the physical stocks and the book records that were 10% or more in the aggregate
for each class of inventory.
(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 has been sanctioned working capital
limits in excess of five crore rupees, in aggregate, from banks on the basis of security
of current assets. In our opinion, the quarterly returns or statements filed by the
Company with such banks or financial institutions ar e in agreement with the books of
account of the Company.
(iii)
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has made investments, provided
guarantee or security, granted loans or advances in the nature of loans to companies,
firms, or any other parties during the year.
(a)
The Company has provided loans or advances in nature of loan or stood guarantee, or
provided security to any other entity, as under -
Based
on the audit procedures carried on by us and as per the information and explanations given
to us, the Company has provided loans or advances in nature of loan, or stood guarantee,
or provided security to any other entity as below:
Particulars |
Guarantees |
Security |
Loans |
Advances
in nature of loan |
Aggregate
amount during the year |
||||
-
Subsidiaries |
- |
- |
- |
- |
-
Others |
- |
- |
180.00 |
476.50 |
Balance
outstanding as at balance sheet date |
||||
-
Subsidiaries |
- |
- |
- |
- |
-
Others |
- |
- |
39.30 |
712.29 |
*Advances
in nature of loan to others also includes loans/advances given to employees.
(b)
According to the information and explanations given to us and based on the audit
procedures conducted by us, in our opinion the investment made, guarantees provided ,
security given during the year and the terms and conditions of the loans given and
guarantees provided during the year are, prima facie, not prejudicial to the interest of
the Company.
(c)
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, in the case of loans given, in o ur opinion the
repayment of principal and payment of interest has been stipulated and the repayments or
receipts have been regular.
(d)
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no overdue amount for more than ninety
days in respect of loans given or advances made in nature of loan.
(e)
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no loan given falling due during the
year, which has been renewed or extended or fresh loans given to settle the overdues of
existing loans given to the same party.
(f)
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not given any loans either
repayable on demand or without specifying any terms or period of repayment.
(iv)
According to the information and explanations given to us and on the basis of our
examination of the records of the company, in respect of investments made and loans,
guarantees and security given by the Company, in our opinion the provisions of Sections
185 and 186 of the Act have been complied with.
(v)
The Company has not accepted any deposits or amounts which are deemed to be deposits from
the public. Accordingly, clause 3(v) of the Order is not applicable.
(vi)
We have broadly reviewed the books of accounts maintained by the company pursuant to the
rules prescribed by t he Central Government for maintenance of cost records under section
148(1) of the Act and are of the opinion that pr ima facie, the prescribed accounts and
records have been made and maintained. However, we have not carried out a detailed
examination of the records with a view to determine whether these are accurate or
complete.
(vii)
(a) According to the information and e xplanations given to us and on the basis of our
examination
of the records of the Company, in our opinion amounts deducted/ accrued in the books of
account in respect of undisputed statutory dues including Goods and Services Tax (GST),
Provident fund, Em ployees State Insurance, Income -tax, Duty of Customs, Cess and other
statutory dues have generally been regularly deposited with the appropriate authorities ,
though there have been slight delay in a few cases of GST, Provident fund, Employees
State Insurance and Income-tax.
According
to the information and explanations given to us and on the basis of our examination of the
records of the company, no undisputed amounts payable in respect of GST, Provident fund,
Employees State Insurance, Income - tax, Duty o f Customs, Cess and other statutory dues
applicable except in case of Interest on TDS amounting to Rs.6.23 Lakhs and VAT of Rs.
13.59 Lakhs were in arrears as at 31 March 2022 for a period of more than six months from
the date they became payable.
(b)
A ccording to the information and explanations given to us and on the basis of our
examination of the records of the company, statutory dues relating to GST, Provident fund,
Employees State Insurance, Income-tax, Duty of Customs, Cess or other statutory whi ch
have not been deposited on account of any dispute are as follows:
Name
of Statue |
Nature
of dues |
Amount |
Period
to which the amount relates |
Forum
where dispute is pending |
The
Maharashtra Value Added Tax Act, 2002 |
Sales
Tax |
Rs.
50.27 Lakhs |
F.Y
2014-15 |
Joint
Commissioner of Sales tax. |
The
Maharashtra Value Added Tax Act, 2002 |
Sales
Tax |
Rs.
253.24 Lakhs |
F.Y
2015-16 |
Joint
Commissioner of Sales tax. |
The
Maharashtra Value Added Tax Act, 2002 |
Sales
Tax |
Rs.
246.88 Lakhs |
F.Y
2016-17 |
Joint
Commissioner of Sales tax. |
(viii)
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not surrendered or disclosed
any transactions, previously unrecorded as income in the books of account, in the tax
assessments under the Income-tax Act, 1961 as income during the year.
(ix)
(a) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not defaulted in repayment of
loans and borrowing or in the payment of interest thereon to any lender.
(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 has not been declared a wilful
defaulter by any bank or financial institution or government or government authority.
(c)
In our opinion and a ccording to the information and explanations given to us by the
management, term loan were applied for the purpose for which the loan were obtained.
(d)
According to the information and explanations given to us and on an overall examination of
the balance sheet of the Company, we report that no funds raised on short term basis have
been used for long term purposes by the company.
(e)
According to the information and explanations given to us and on an overall examination of
the financial statement of the Company, we report that the company has not taken any funds
from any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures as defined under the Act.
(f)
According to the information and explanations given to us and procedure performed by us,
we report that company has n ot raised loan during the year on the pledge of securities
held in its subsidiaries, associates or joint ventures.
(x)
(a) The Company has not raised any moneys by way of initial public offer or by further
public offer (including debt instruments). Accordingly, clause 3(x)(a) of the Order is not
applicable.
(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 has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year. Accordingly, clause 3(x)(b) of the Order is not applicable.
(xi)
(a) Based on examination of the books and records of the Company and according to the
information and explanations given to us, no fraud by the Company or on the Company has
been noticed or reported during the course of the audit.
(b)
No report under sub-section (12) of Section 143 of the Companies Act, 2013 has been filed
by the auditors in Form ADT - 4 as prescribed under Rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government.
(c)
As represented to us by the management, there are no whistle blower complaints received by
the Company during the year. According to the information and explanations given to us, no
material fraud by or on the Company by its officers or employees has been noticed or
reported during the course of our audit.
(xii)
According to the information and explanations given to us, the Company is not a Nidhi
Company. Accordingly, clause 3(xii) of the Order is not applicable.
(xiii)
In our opinion and according to the information and the explanations given to us, the
transactions with the related parties were in compliance with Sec 177 and 188 of the
Companies Act, where applicable and the details of the same have been disclosed in the Ind
AS Financial Statements as required by the applicable accounting standard.
(xiv)
(a) Based on information and explanations provided to us and our audit procedures, in our
opinion, the Company has an internal audit system commensurate with the size and nature of
its business.
(b)
We have considered the int ernal 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, 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 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. Accordingly, clause 3(xvi)(a) of the Order is not applicable.
(b)
The Company is not required to be registered under Section 45 - IA of the Reserve Bank of
India Act, 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.
(c)
The Company is not a Core Investment Company (CIC) as defined in the regulations made by
the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.
(d)
The Company is not part of any group (as per the provisions of the Core Investment
Companies Directions, 2016 as amended). Accordingly, clause 3(xvi)(d) of the Order is not
applicable.
(xvii)
The Company has not incurred cash losses in the current and in the immediately preceding
financial year.
(xviii)
There has been no resignation of the statutory auditors during the year. Accordingly,
clause 3(xviii) of the Order is not applicable.
(xix)
According to the information and explanations given to us and on the basis of the
financial ratios, ageing and expected dates of realization o f financial assets and
payment of financial liabilities, other inf ormation 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 ma terial uncertainty exists as on the date of the
audit report that the Company is not capable of meeting its liabilities existing at the
date of balance sheet as and when they fall due within a period of one year from the
balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to
the date of the audit report and we neither give any guarantee nor any assurance that all
liabilities falling due within a period of one year from the balance sheet date, will get
discharged by the Company as and when they fall due.
(xx)
The requirement as stipulated by the provision of section 135 are not applicable to the
company. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.
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