We have audited the accompanying Standalone Financial Statements of E Factor Experiences Limited,
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which comprise the Balance Sheet as at 31 March, 2024 and the Statement of Profit and Loss Account & Cash Flow statement for the year then ended, and a summary of the significant accounting policies and other explanatory informafion.In our opinion and to the best of our information and according to the explanafions given to us, the aforesaid Standalone Financial Statements give the informafion required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Accounfing Standards prescribed under secfion 133 of the Act read with relevant rules and accounfing 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 Conducted our audit in accordance with the standards on audifing specified under secfion 143 (10) of the Companies Act, 2013. Our responsibilifies under those standards are further described in the auditor's responsibilifies for the audit of the Standalone Financial Statements secfion of our report. We are independent of the Company in accordance with the code of ethics issued by the Insfitute of Chartered Accountant of India together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the rules there under, and we have fulfilled our other ethical responsibilifies 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 of 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 Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone 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 STANDALONE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON
The Company's board of director is responsible for the preparafion of the other informafion. The other informafion comprises the informafion included in the Board's Report including Annexure to Board's Report, Business Responsibility Report but does not include the Standalone Financial Statements and our auditor's report thereon. Our opinion on the Standalone Financial Statements does not cover the other informafion and we do not express any form of assurance conclusion thereon.In connecfion with our audit of the Standalone Financial Statements, our responsibility is to read the other informafion and, in doing so, consider whether the other informafion is materially inconsistent with the Standalone Financial Statements, or our knowledge obtained during the course of our 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 informafion; 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 are responsible for the matters stated 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 and Cash flows 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 Standalone Financial Statements that give a true and fair view and are free from material mis-statement, whether due to fraud or error.
In Preparing the Standalone Financial Statements, management is responsible for assessing the Company's ability to continue as 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 boards of directors are also responsible for overseeing the Company's financial reporting process.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS
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 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 decision of users taken on the basis of these Standalone 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 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 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 estimated and related disclosure made by management.
• Conclude on the appropriateness of management's use of 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 conclusion is 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 on the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transaction 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 Standalone 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 Standalone 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 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 Balance Sheet, Statement of Profit and Loss and Cash flow Statements dealt with by this report are In agreement with the books of account.
d) In our opinion, the afore said Standalone Financial Statements comply with the accounting Standards specified under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representation received from the directors as on 31st March, 2024 taken on record by the board of directors, none of the director is disqualified as on 31st March, 2024 from being appointed as director in terms of section 164 (2) of the Companies Act' 2013.
f) With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating effecfiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operafing effecfiveness of the Company's internal financial controls with reference to Standalone Financial Statements.
g) In our Opinion the managerial remunerafion for the year ended March 31 2024 has been paid by Company to it directors in accordance with the provision of secfion 197 read with schedule V to the act.
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) Rule, 2014, in our opinion and to the best of our informa-fion and according to the explanafions given to us:
i) The Company has disclosed the impact of pending lifigafions on its financial posifion in its Standalone Financial Statements. Refer Note 25 (vii) to the Standalone Financial Statements. ii) The Company did not have any long-term contracts including derivafive contracts for which there were any material foreseeable losses; and
iii) There were no amounts which were required to be transferred to the Investor Educafion and Protecfion Fund by the Company
iv) (a) The Management has represented that, to the best of its knowledge and belief no funds (which
are material either individually or in the aggregate) 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 person or enfity, including foreign enfity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or enfifies identified in any manner whatsoever by or on behalf of the Company ("Ulfimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ulfimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or enfity, including foreign enfity ("Funding Parfies"), with the understanding, whether recorded in wrifing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or enfifies identified in any manner whatsoever by or
on behalf of the Funding Party ("Ulfimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ulfimate Beneficiaries;
© Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our nofice that has caused us to believe that the representafions under sub-clause (i) and (ii) of Rule 11(e) of companies (Audit and Auditors) Rules 2014, as provided under (a)and (b) above, contain any material misstatement.
v) The company has not declared and paid dividend during the year.
vi) Based on our examinafion, which included test checks, the company has used accounfing software for maintaining its books of accounts 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 transacfions 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.
2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of sub-secfion (11) of secfion 143 of the Act, we give in the "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.
For Ellahi Goel & Company. Chartered Accountants Firm Registration No.: 005147N
MANSOOR ELLAHI - FCA (MEMBERSHIP No. 83750) (PARTNER)
UDIN: 24083750BKGVMW2894
Place: New Delhi Date: 28th May 2024
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