We have audited the standalone financial statements of RAJPUT ANA BIODIESEL LIMITED
(the “Company”, Formerly known as Rajputana Biodiesel Private Limited), which comprise
the Balance Sheet as at 31st March 2024 and the Statement of Profit & Loss Account and
statement of Cash Flows for the year ended 31st March 2024, and notes to the financial
statements, including 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 Companies Act,
2013 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 March 31, 2024
and its profit and its cash flows for the year ended on that date.
BASIS FOR OPINION
We had 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 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 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 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 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, however here are no key audit matters to communicate in the
auditor’s report and we do not provide a separate opinion on these matters.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S
REPORT THEREON
The Company’s Board of Directors is responsible for the other information. Our opinion on the
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 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.
RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH
GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS
The Company’s 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
standalone 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 Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
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.
The Company’s management is responsible for establishing and maintaining internal financial
controls based on the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by the “Institute of Chartered Accountants of India”.
These responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of
its business, including adherence to company’s 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.
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 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 Company’s financial reporting
process.
AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF THE FINANCIAL STATEMENT
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 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 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 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 cast 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 based 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 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 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.
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 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 adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
• '
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the “Annexure A” statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.
I. 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 Company does not have any branch offices and hence provisions of Section 143(8)
are not applicable.
(d) The Balance Sheet & the Profit & Loss Account dealt with by this Report are in agreement
with the books of account. ^
(e) In our opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(f) On the basis of the written representations received from the directors as on 31st March
2024 taken on record by the Board of Directors, none of the directors is disqualified as on
3 lsl March 2024 from being appointed as a director in terms of Section 164 (2) of the Act.
(g) In our opinion and according to the information and explanation given to us, the
remuneration paid during the current year by the Company to its directors is in accordance
with the provisions of and the limits laid down under section 197 read with Schedule V of
the Act.
(h) Since the Company’s turnover as per last audited financial statements is less than Rs. 50
Crores and its borrowings from banks and financial institutions at any time during the year
is less than Rs. 25 Crores, the Company is exempted from getting an audit opinion with
respect to the adequacy of the internal financial controls over financial reporting of the
company and the operating effectiveness of such controls vide notification dated June 13,
2017
(i) With respect to the other matters to be included in the Auditor’s 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. The Company is not required to transfer any amount to the Investor Education and
Protection Fund account.
iv. The management of the Company has represented that, to the best of its knowledge
and belief, as disclosed in the Note 33(xiii) to financial statements, no funds have
been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other
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 manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the
Company or
• Provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
v. The management of the Company has represented, that, to the best of its
knowledge and belief, as disclosed in the Note 33(xiii) to the financial statements,
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
any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the
Funding Parties; or
• Provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries.
vi. Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (h) (iv) and (h) (v) contain any material mis¬
statement.
vii. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year
ended March 31, 2024 which has a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions
recorded in the software. Further, during the course of our audit we did not come
across any instance of the audit trail feature being tampered with.
viii. In our opinion and according to the information and explanation given to us, the
provision of section 123 of the Act is not applicable to the company. Hence,
reporting under this clause is not required.
2. As required by the Companies (Auditor’s Report) Order, 2020 (“the order”) issued by the
Central Government in terms of Section 143(11) of the Act, we have given in “Annexure A” a
statement on the matters specified in paragraphs 3(xxi) & 4 of the Order.
For Rajvanshi & Associates
Chartered Accountants
Firm Reg. No.:
(Prateh^Kfain)
Partner
Membership No.: 429807
UDIN: 24429807BKARZZ7544
Place: Jaipur
Date: 16.09.2024
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