We have audited the accompanying financial statements of NEELKANTH ROCKMINERALS
LIMITED ('the Company'), which comprise the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss, including the statement of other comprehensive Income, the
cash flow statement and the statement of change 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 Ind AS financial statements give the information required by the Act in the manner
so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at 31st March, 2024 and
its profit/loss, other comprehensive Income, its cash flows and statement of change in
equity 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 SAs 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 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
We have determined that there are no key audit matters to communicate in our report.
Other Information
The Company's management and Board of Directors are responsible for the other
information. The other information comprises the information included in the Company's
annual report, but does not include the financial statements and our auditors' report
thereon.
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.
1. Management’s Responsibility for the Ind AS financial statements
The Company's management and Board of Directors are responsible for the matters
stated in Section 134(5) of the Act with respect to the preparation of these financial
statements that give a true and fair view of the state of affairs, profit / loss (including
other comprehensive income), changes in equity and cash flows of the company in
accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) 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 of 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 and Board of Directors are
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.
Board of Directors is also responsible for overseeing the Company’s financial reporting
process.
2. Auditor's 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 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
• 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 Act, we are also responsible for expressing our opinion
on whether the company has adequate internal financial controls with reference
to financial statements 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
materia] 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 auditors’ report. However,
future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, 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.
3. Report on Other Legal and Regulatory Requirements
1) 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 Act, we give in the Annexure 'A” a statement on the matters specified
in paragraphs 3 and 4 of the Order to the extent applicable.
2) 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 purpose 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 except
for the matters stated in the paragraph 2(h)(vi) below on reporting under
Rule 11(g)..
c. ) The Balance Sheet, Statement of Profit and Loss, including the statement of
other comprehensive Income, its cash flows and statement of change in
equity dealt with by this Report are in agreement with the books of account.
d. ) In our opinion, the aforesaid Ind AS financial statements comply with the Ind
AS specified under section 133 of the Act.
e. ) On the basis of written representations received from the directors as on
March 31, 2024, and taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2024, from being appointed as a
director in terms of sec 164(2) of the Act.
f. ) The qualification/ adverse remark/ reservation relating to the maintenance
of accounts and other matters connected therewith are as stated in the
paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph
2(h) (vi) below on reporting under Rule 11(g).
g. ) 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".
h.) 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
explanation given to us:
i) The company does not have any pending litigation 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) (a) The management has represented that, to the best of knowledge and
belief, no fund have been advanced or loan or invested (either form
borrowed funds or share premium or any other sources or kinds of funds) by
the company to or any other person(s) or entity(ies), including foreign
entities ("Intermediaries"), with the understandings, whether recorded in
writing or otherwise, that the intermediary shall, whether directly or
indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of company ("ultimate beneficiaries") or provide
any guarantee, security or the like on behalf of the ultimate beneficiaries;
(b) The management has represented that, to the best of knowledge and
belief, no fund have been received by the company from any other person or
entity, including foreign entities ("funding parties"), with the understandings,
whether recorded in writing or otherwise, that the company shall, whether
directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the funding party ("ultimate
beneficiaries") or provide any guarantee, security or the like on behalf of the
ultimate beneficiaries; and
(c) based on such audit procedures that were considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representation under sub clause (a) and (b)
contain any material misstatement.
V) No dividend has been declared or paid during the year by the Company.
Vi) Based on our examination which included test checks, the company has used
an accounting software for maintaining its books of account which has a
feature of recording audit trail (edit log) facility but the same has not been
enabled/operated throughout the year for any of the transactions recorded in
the software and therefore contravened the provisions of Rule 11(g) of the of
the Companies (Audit and Auditors) Rules, 2014.
PLACE: JODHPUR FOR MAHESHWARI AND JAIN
DATED: 30th May 2024 Chartered Accountants
ICAI FRN 011496C
(RAJENDRA JAIN)
PARTNER
MEM. NO. 070918
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