We have audited the accompanying standalone financial statements of THE GAEKWAR
MILLS LIMITED which comprises of Balance Sheet as at 31st March, 2024 and the
Statement of Profit and Loss, Statement of changes in equity and the Cash Flow Statement
for the year ended and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as "the
standalone financial statements”)
In our opinion and to the best of our information and according to the explanations given to
us, the Standalone 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 state of affairs of the Company as at March 31, 2024
and its losses, 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 143(10) of the Act. 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 Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on 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.
Information Other than the Financial Statements and Auditors’ Report Thereon
The Company’s Board of Directors are responsible for the other information. The other
information comprises of the information included in the Board’s Report including Annexures
to the Board’s report, Management Discussion and Analysis Report and Business
Responsibility Report but does not include Standalone financial statements and our report
thereon.
Our opinion on the Standalone financial statements does not cover the information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone financial statements, our responsibility is to
read the other information and in doing so, consider whether the other information is materially
inconsistent with the standalone financial statements or our knowledge obtained during course
of our audit or otherwise appears to be materially misstated.
If, based on the work we performed, we conclude that there is a material misstatement of the
other information; we are required to report the fact. We have nothing to report in this regard.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters in section 134(5) of the
Companies Act, 2013 ("the Act”) with respect to the preparation of these standalone financial
statements 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 other accounting principles generally accepted in India.
This responsibility also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone 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
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.
The Board of Directors is also responsible for overseeing the Company’s financial reporting
process.
Auditors’ Responsibility
Our objectives are to obtain reasonable assurance about whether the standalone 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 scepticisms throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone 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 financial controls 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.
• 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 standalone 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 standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the standalone 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 standalone 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
1. As required by the Companies (Auditor’s Report) Order, 2020 issued by the Central
Government of India in terms of Section (11) of section 143 of the Act (hereinafter
referred to as the "Order”) and on basis of such checks of the books and records of
the Company as we considered appropriate and according to the information and
explanations given to us, we give in the Annexure A, a statement on the matters
specified in the paragraph 3 and 4 of the Order, to the extent applicable.
2. (A) As required by section 143(3) of the Act, we report that:
a) We have sought 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.
c) The Balance Sheet, Statement of Profit and Loss Account and Cash Flow
statement and the statement in Changes in Equity dealt with by this report are
in agreement with the relevant books of account;
d) In our opinion, the aforesaid Standalone 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 31st
March, 2024, and taken on record by the Board of Directors, we
Report that none of the directors is disqualified as on 31st March, 2024 from
being appointed as a director in terms 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, we
refer to our separate Report in "Annexure B”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls over financial reporting.
(B) With respect to the other matters to be included in the Auditor’s Report in
accordance with the Rule 11 of the Companies (Audit and Auditors) Rule 2014,
in our opinion and to the best of our information and according to the
explanations given to us :
a) The Company has disclosed the impact of pending litigations on its financial
position its standalone financial statements ;
b) The Company did not have any long-term contracts including derivatives
contracts for which there were any material foreseeable losses.
c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
d) a. The Management has represented that, to the best of its knowledge and
belief other than as disclosed in the notes to accounts, no funds have
been advanced or loaned or invested by the Company to or in any other
persons or entities, including foreign entities, with understanding 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 by or behalf of the Company( Ultimate beneficiaries) or
provide any guarantees, security or the like on behalf of the ultimate
beneficiaries.
b. The Management has represented that, to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts, no funds have
been received by the Company from any persons or entities ( Funding
parties) with the understanding 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.
c. Based on such audit procedures that we have considered reasonable and
appropriate in the circumstances; nothing has come to our notice that has
caused us to believe that the representations under (a) and (b) contain
any material mis-statement.
e) The Company has not paid any Dividend during the current year in respect of
the same declared for the previous year of which is in compliance of Section
123 of the Companies Act, 2013 to the extent it applies for payment of dividend.
f) The reporting under Rule 11(g) of Companies (Audit and Auditors) Rules,
2014 is applicable from 1st April, 2023: Based on our examination, the
company has used accounting software for maintaining books of account
using which has a feature of recording audit trail (edit log) facility and has
operated throughout the year.
(C) With respect to matter to be included in Auditors’ Report under section 197(16) of
the Act no managerial remuneration was paid/provided by the Company to tis
directors during the year.
For M D PANDYA & ASSOCIATES
Chartered Accountants
Reg. no. 107325W
Sd/-
M. D. PANDYA
Partner
Membership No.:033184
Mumbai,
Dated: 29th May, 2024
UDIN: 24033184BKBUME8700
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