Ambassador Intra Holdings Ltd.
|BSE: 542524||Sector: Others|
|NSE: N.A.||ISIN Code: INE342U01016|
|BSE 00:00 | 07 Nov||Ambassador Intra Holdings Ltd|
|NSE 05:30 | 01 Jan||Ambassador Intra Holdings Ltd|
|BSE: 542524||Sector: Others|
|NSE: N.A.||ISIN Code: INE342U01016|
|BSE 00:00 | 07 Nov||Ambassador Intra Holdings Ltd|
|NSE 05:30 | 01 Jan||Ambassador Intra Holdings Ltd|
The Members of
Ambassador Intra Holdings Limited Ahmedabad
Report on the Financial Statements
We have audited the accompanying IND AS Financial Statements of Ambassador IntraHoldings Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss (including Other Comprehensive Income)and the Statement of Changes in Equity and statement of Cash flows for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards ("Ind AS")prescribed under Section 133 of the act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia of the state of affairs of the Company as at 31st March 2022 and its profit andtotal comprehensive income changes in equity and its cash flows for the year ended onthat date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report. Weare independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the Actand the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI's Code of Ethics. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined that there are no key audit matters to be communicated in our report.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Report Board's Report including Annexures to Board's Report andShareholder's Information but does not include the financial statements and our auditor'sreport thereon. The above mentioned reports are expected to be made available to us afterthe date of this auditor's report.
Our opinion on the financial statements does not cover the other information and wewill not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.
When we read the above mentioned reports if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance and take appropriate actions as per 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance including other Comprehensive Income cash flows andChanges in Equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified underSection 133 of the Act read with relevant rules issued thereunder. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; designimplementation and maintenance of adequate internal financial controls that are operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
The Board of Directors is responsible for overseeing the Company's financial reportingprocess.
Auditor's Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand 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 auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
? Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
? Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
? Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.
? We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the " Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.
2. As required by section 143(3) of the Act we further report that:
(i) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit.
(ii) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.
(iii) The Balance Sheet Statement of Profit and Loss including other comprehensiveincome Cash Flow Statement and statement of changes in equity dealt with by this Reportare in agreement with the books of account.
(iv) In our opinion the aforesaid financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act read with Companies (IndianAccounting Standard) Rules 2015 as amended.
(v) O n the basis of written representations received from the directors as on March31 2021 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2022 from being appointed as a director in terms of Section164(2) of the Act.
(vi) With respect to adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"
(vii) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:
In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.
(viii) With respect to other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 30 to the financial statements.
ii) The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.
iii) There has been no instance of transferring amounts to the Investor Education andProtection Fund by the Company.
iv) A] The Management has represented that to the best of their knowledge and beliefno funds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the company to or in any other person(s)or entities including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Interme diary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the
B] the management has represented that to the best of their knowledge and belief nofunds have been received by the company from any person(s) or entity (ies) includingforeign entities ("Funding Parties") with the understanding wheth er recordedin writing or otherwise that the company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries; and
C] Based on such audit procedures nothing has come to our notice that has caused themto believe that the representations under sub-clause (A) and (B) contain any materialmis-statement.
v) The Company has not declared or paid dividend during the year.
Annexure A' to the Independent Auditor's Report
Referred to in paragraph 1 under the heading "Report on Other Legal And RegulatoryRequirements" of Our Independent Audi t Report of even date on the FinancialStatements of AMBASSADOR INTRA HOLDINGS LIMITED for the year ended 31st March 2022.
On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:
(i) In respect of its Property plant and equipments:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property plant and equipments.
(b) As explained to us the management during the year has physically verified theProperty plant and equipments in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such physical verification.
(c) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the title deeds of immovable propertiesincluded in Property plant and equipments are held in the name of the Company.
(d) The Company has neither revalued its Property Plant & Equipment nor IntangibleAssets.
(e) No proceedings have been initiated or are pending against the company for holdingany benami property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) andrules made thereunder.
(ii) In respect to Inventories and working Capital:
(a) As explained to us in our opinion the management has physically verifiedinventories at reasonable intervals during the year and there was no materialdiscrepancies noticed on such physical verification as compared to the book records. (b)Company has not been sacntioned any working capital limits from banks or financialinstiution on the basis of security of current assets during the financial year underaudit.
(iii) Details of Investments any guarantee security advances or loans given:
(a) In our opinion and according to information and explanation provided to us theCompany had not made investment nor provided guarnatees but granted unsecured loan oradvances in the nature of loan as specified below:-
(b) The terms and conditions of investments made guarantees provided security givenand the terms and conditions of the grant of all loans and advances in the nature of loansand guarantees provided are not prejudicial to the interest of the company.
(c) In respect of loans and advances in the nature of loans the schedule of repaymentof principal and payment of interest has not been stipulated and the repayments orreceipts are regular.
(d) The amount is not overdue on the above loan and advances; hence this clause is notapplicable;
(e) The amount is not overdue; on the above loan and advances; hence this clause is notapplicable;
(f) The company has granted loans or advances in the nature of loans either repayableon demand or without specifying any terms or period of repayment. Details of the said loanor advances is as follows;
(Amount Rs. In Lakhs)
(iv) In our opinion and according to information and explanation given to us thecompany has not granted any loans or provided any guarantees or given any security or madeany investments to which the provision of section 185 and 186 of the Companies Act 2013.Accordingly paragraph 3 (iv) of the order is not applicable.
(v) The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.
(vi) According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under sub-section (1) of section 148 ofthe Companies Act 2013 in respect of products of the Company. Accordingly paragraph3(vi) of the Order is not applicable
(vii) According to the information and explanations given to us in respect ofstatutory dues:
(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Goods andServices Tax Service Tax Customs Duty Excise Duty Value Added Tax Cess and othermaterial statutory dues applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Sales Tax Service Tax Goods and Services Tax Customs DutyExcise Duty Value Added Tax Cess and other material statutory dues in arrears as at 31March 2022 for a period of more than six months from the date they become payable.
(viii) The company has not recorded any transactions in the books of account which havebeen surrendered of disclosed as income during the year in the tax assessments under theIncome Tax Act 1961.
(ix) Default in Repayment of Borrowings:-
(a) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitutions and banks as at the Balance Sheet date.
(b) The company has not declared willful defaulter by any bank or financial institutionor other lender hence this clause is not applicable;
(c) The company has not obtained any term loan; hence this clause is not applicable;
(d) The company has not raised any short term fund; hence this clause is notapplicable;
(e) The company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries associates or joint ventures; hence this clauseis not applicable;
(f) The company has not raised company has raised loans during the year on the pledgeof securities held in its subsidiaries joint ventures or associate companies; hence thisclause is not applicable.
(x) (a) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments); hence this clause is not applicable;
(b) The Company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally convertible) during the year;hence this clause is not applicable.
(xi) (a) According to the information and explanations given to us no material fraudby the Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit. (b) No report under sub-section (12) of section 143 of theCompanies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government; hence this clauseis not applicable
(xii) In our opinion and according to information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.
(xiii) According to the information and explanation given to us and based on the ourexamination of the records of the company all transactions with the related parties arein compliance with sections 177 and 188 of Companies Act where applicable and the detailshave been disclosed in the financial statements etc. as required by the applicableaccounting standards
(xiv) (a) The Company has an internal audit system commensurate with the size andnature of its business.
(b) The reports of the Internal Auditors for the period under audit were considered byus.
(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him as restricted in section 192 ofCompanies Act 2013; hence this clause is not applicable (xvi) (a) The Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934. (b)The Company is not has conducted any Non-Banking Financial or Housing Finance activities;hence this clause is not applicable. (c) The Company is not a Core Investment Company(CIC) as defined in the regulations made by the Reserve Bank of India; hence this clauseis not applicable. (d) The Company does not have any CIC.
(xvii) The company has not incurred cash losses in the financial year and in theimmediately preceding financial year.
(xviii) There is no resignation of statutory auditors during the year; hence thisclause is not applicable.
(xix) According to the information and explanations given to us and based on ourexamination of the records of the Company and financial ratios ageing and expected datesof realisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements the auditor's knowledge of the Board of Directorsand management plans we were in the opinion that no material uncertainty exists as on thedate of the audit report. There was no any liability in the books of the company for thosepayable within one year from the date of balance sheet date.
(xx) a) The company has not any other than ongoing projects therefore provision ofsection 135 of Companies Act 2013 is not applicable to the company; (b) This clause isnot applicable to the company.
(xxi) There are no any qualifications or adverse remarks given by the respectiveauditors in the Companies (Auditor's Report) Order (CARO) reports hence this clause isnot applicable to the company.
Annexure - B to the Independent Auditors' Report
Referred to in paragraph 2(F) under the heading "Report on Other Legal AndRegulatory Requirements" of Our Independent Audit Report of even date on theFinancial Statements of Ambassador Intra Holdings Limited for the year ended 31stMarch 2022.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of AmbassadorIntra Holdings Limited ("the Company") as of 31 March 2022 in conjunctionwith our audit of the Ind As financial statements of the Company for the year ended onthat date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered Accountants of India (ICAI').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting (the "Guidance Note") and the Standards onAuditing as specified under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls and both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.