We have audited the accompanying financial statement Anfrapali Industries Limited, which comprise the Balance Sheet as at 31st March, 2023, and the Statement of Profit and Losicluding Other Comprehensive Income)id Cash Flow Statementand the statement of Changes in Equity foiperhed ended, and a summary of significant accounting policies and other explanatory informatio(£[ereinafter referred to as the “financial statements”).
In our opinion and to the best of our information and according to the explanationstgun the aforesaidfinancial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section B3 of the Act read wh the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs; hef Company as aMarch3| 2023 , the profit and total comprehensive income, 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 43(0) of he Companies Act, 20B. Our responsibilities under those Standardsfurther described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code o Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that anerr ele ant to audit of the financial statements under the provisions of the Companies Act, 20B and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We beleeve hat tl 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 ofilthe inanc statements of the current period. These matters were addressed in the context of our audit of the financial staten rnts a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.
Information Other than the Financial Statements and Auditor’s Report Thereon
The Company’s 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, Board’s Report including Annexures to Board’s Report, but does not include the financial statements and our auditor’s report thereon. These reports are expected to be made available to us after the date of our auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of as uranc conclusion thereon .
In connection with ouaudit of the financial statements, our responsibility is to read the other information identified a ove when it becomes available 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.
When we read the other information included in the above reports, if we conclude that there is material misstai:ment therein, we are required to communicate the matter to those charged with governance and determine the actions und r the applicable laws and regulations.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of hese financiastatements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and ot er accounting principles generally accepted in India. This responsibility also includes maintenance of adequate account ig records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventi g and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgme ts and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal finan ;ial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relev nt to the preparation and presentation of the financial statements that give a true and fair view and are free from lateri misstatement, whether due to fraud or e rror.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountig unless management either intends to liquidate the Company or to cease operations, or hasisitec radabrnative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from r ateria misstatement, whether due to fraud or error, and to issue an auditor’s 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 a ways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered ma erial 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 skepti sm throughout the audit. We al so:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud o errc 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 omis ions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures th t are appropriate in the circumstances. Under section M3(3)(i) of the Companies Act, 20B, we are also responsible f r expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such contr ols.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates nd related disclosures made by management.
• Conclude on the appropriateness of management’s 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 ;ast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements, or, if such disclosures are inadequate, to modify our opinion. Our conclusions are base< on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and contetuhe dfinancialstatements, including the disclosures, and whetherthe financialstatements represent the underlying transactions and events in a manner that achieves fair presentation .
Materiality is the magnitude of misstatementfh^n financialstatements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influen ed. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evali iting the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
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 durin our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirem snts regarding independence, and to communicate with them all relationships and other matters that may reasonably be tho ght 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 matt rs. W describe these matters in our auditor’s 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 a verse 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 (Auditor's Report) Order, ("the Order") issued by the Central Government of India in terms of section 43(11) of the Act, we give "Annexure A”, a statement on the matter specified in the paragraph 3 and 4 of the Order.
2. As required under provisions of section 43(3) of Goenpanies Act, 20B, we report that
a. We have obtained all the information and explanations which to the best of our knowledge and bel: f where necessary for the purposes of our audit;
b. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;
c. The Balance Sheet and Statement of ProfitLaosd including Other Comprehensive InconSetatement
of CashFlow andStatement of Changes of Equdlgalt with this report are in agreement with the books of account ;
d. In our opinion, the aforesaid Financial Statement comply with the AccoUSttangards specified under Section B3 of Act, read with relevant rule issued thereunder.
e. On the basis ofvritten representations received from dilrectors as oMarchH 2023 , taken on record by the Board of Directors, none of the directorsisiqualifid as on March3| 2023 , from being appointed as a director in terms of section 64(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the com iany and operating effectiveness of such controls, referred to our separate report in “Annexure B”.
g. With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 97(6) of the Act, amended:
In our opinion and to the best of our information and according to the explanations given to us, he remuneration paid by the Company to its directduring the year is in accordance with the provisions of section 97 of the Act.
h. With respect to other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditor) Rules, 204, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:
(a) The Company has disclosed the impact of pending litigations as at 31 M2023h on its financial position in its financial statemenRefer Note(vii) of Annexure- A to the financial statements
(b) The Company did not have any loHgprm and derivativ contracts as March!} 2023 .
(c) There has been no delay in transferring amounts, required to be transferred, the Investor Edu ition and Protection Fund by thCompany dumg the year endeMarch3} 2023 .
(d) The management has;
(i) represented that, to the best of its knowledge and bakeHisclosed in the Ne No 49 to the financial statemen,t sno funds have been advanced or loaned or invested (either fbrormr owed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities (“Intermediaries”),with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:
• directly or indirectly lend or invest in other persons or entities identified in any mai ier whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or
• Provide any guarantee, security or the like to or on behalf of the Ultima e Beneficiaries .
(ii) represented, that, to the best of its knowledge and bdseflisclosed in the Me No50 to the financial statement no funds have been received by the Company from any persons or entities including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall:
• directly or indirectly, lend or invest in other persons or entities identified in , ny manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party or
• provide any guarantee, security or the like from or on behalf of the Ultim te Beneficiaries; and
(iii) Based on such audit procedures as considered reasonable and appropriate in the circumstance s,
nothing has come to our notice that has caused us to believe that the representations ucfckus es ub
(d) (i) and (d) (ii) contain any material misatement .
(iv)
(e) The company has not neither declared nor paid any dividend during the year under Section 23 f the Act .
(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 204 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applic rle with effect from April ( 2023 to the Company and its subsidiaries, which are companies incorporated in India, and accordingly, reporting under Rule 1(g) of Companies (Audit and Auditors) Rules, 204 is not applicable for the financial year ended March 3 ( 2023.
FOR B B GUSANI & ASSOCIATES Chartered Accountants
Bhargav B Gusani
Place: Jamnagar Proprietor
Date: 30-05-2023 M. No. 120710
FRN: 140785W UDIN: 23120710BGTXHX3854
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