You are here » Home » Companies ยป Company Overview » Arihant Tournesol Ltd

Arihant Tournesol Ltd.

BSE: 526125 Sector: Others
NSE: N.A. ISIN Code: INE00HZ01011
BSE 00:00 | 23 Jan 44.15 0
(0.00%)
OPEN

44.15

HIGH

44.15

LOW

44.15

NSE 05:30 | 01 Jan Arihant Tournesol Ltd
OPEN 44.15
PREVIOUS CLOSE 44.15
VOLUME 13745
52-Week high 44.15
52-Week low 7.75
P/E
Mkt Cap.(Rs cr) 44
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 44.15
CLOSE 44.15
VOLUME 13745
52-Week high 44.15
52-Week low 7.75
P/E
Mkt Cap.(Rs cr) 44
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Arihant Tournesol Ltd. (ARIHANTTOURNESO) - Auditors Report

Company auditors report

to the Members of Arihant Tournesol Ltd.

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements ofArihant Tournesol Limited ("the Company") which comprise the Balance Sheet asat March 31 2022 the Statement of Profit and Loss the Statement of Changes in Equityand the Statement of Cash Flow for the year ended on that date and notes to the accountsincluding asummary of the significant accounting policies and other explanatoryinformation (herein after referred to as" the standalone financial statements").

In our opinion and to the best of our information and according to theexplanations giventousexcept for the possible effects of the matters described in the'Basis for Opinion' section of our report the afore said standalone financial statementsgive the information required by the Companies Act 2013 ("the Act") in themanners or required and give at rue and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2022 the Profit and loss Account changes in equity and its cash flow for the yearended on that date.

Basis for opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Material Uncertainty Related to Going Concern

The Company has accumulated losses exceeding the share capital andreserves and it's net worth has been fully eroded as at 31st March 2022. The CurrentLiabilities are in excess of the Current Assets as of the said date. These conditionsindicate the existence of a material uncertainty.

However the financial statements have been prepared on a going concernbasis considering management's assessment of the current situation and future prospects.In view of the management's expectations of the successful outcome of the businessproposals and revival of the business the said financial statements have been prepared ona going concern basis.

In view of the above data on financial viability other unexpectedevents or conditions material uncertaintiesexist with regard to the Company's future weare unable to comment on the ability of the Company to continue as a going concern.

Key audit matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon. We do not provide aseparate opinion on these matters.

We have determined the matter described below to be the key auditmatter to be communicated in our report:-

1. The Security Deposit of Rs.1487000/- paid to MSEB reflected under'Other Financial Assets' (Schedule 2 ) appears doubtful of realization as no confirmationhas been received from the party and the efforts made by the management towards obtainingrealization of the said Security Deposit. No Provision for doubtful realisation is made inthe accounts since management is confident of its realisation in the near future.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Company'sAnnual Report but does not include the standalone financial statements and our auditor'sreport thereon.

Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our auditor otherwise appears to be materiallymisstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with the Ind ASu/s 133 of the Act and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material is statement whetherdue to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as going concern disclosingas applicable matters related to going concern and using the going concern basis ofaccounting unless management either in tends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue 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 auditconducted in accordance with SAs will always detect a material misstatement when itexists.

Misstatements can arise from fraud or error and are considered materialif individually or in the aggregate they could reasonably be expected to influence theeconomic decisions of user stake non the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion.

The risk of not detecting 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 controls.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial control system in placeand the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding in dependence and tocommunicate with the mall relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor's Report ) Order2020("the Order )issued by the Central Government in terms of Section 143(11) of theAct we give in the " Annexure A" a statement on the matters specified inParagraph 3 & 4 of the Order to the extent applicable

2) As required by Section143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss Statement ofChanges in Equity and the Statement of Cash Flow dealt with by this Report are inagreement with the relevant books of account.

d) In our opinionthe a fore said standalone financial statementscomply with the Ind AS specified under Section133 of theAct.

e) On the basis of the written representations received from thedirector stake non record by the Board of Directors none of the director sis disqualifiedas on March 31 2022 from being appointed as a director in terms of Section164(2)of theAct.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report

in "Annexure B"

g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations give nous

1) The Company does not have any pending litigation which would impactits financial position

2) The company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise;

3) There has not been an occasion in case of the Company during theyear under report to transfer any sums to the Investor Education and Protection Fund. Thequestion of delay in transferring such sums does not arise.

Annexure 'A' to the Independent Auditor's Report on the standalonefinancial statements of

Arihant Tournesol Limited for the year ended 31st March 2022

(Referred to in Paragraphl of our report of even date)

i) In respect of the Company's fixed assets:

The Company has no Fixed Assets.Hence the requirement of clause3(i)(a)(b)(c) and (d) are not applicable to the company.

There are no proceedings initiated or are pending against the Companyfor holding anybenami property under the Benami Transactions (Prohibition) Act 1988 (45of 1988) and rules made there under.

ii) There is no Opening Balance of Inventory as well as nosale/Purchase transactions been

undertaken by the Company for the period under the review. Hence TheCompany has not maintained any inventory during the year. The requirement of clause (ii)(a) and (b) of paragraph 3 of the said Order is not applicable to the Company.

iii) The company has not made any investments in or provided anyguarantee or security or granted any loans or advances in the nature of loans secured orunsecured to companies firms Limited Liability Partnerships or any other parties.

iv) The Company has not given any Loan Guarantee Security to anyperson or body corporate as per the provision of sec 185 and 186 of the Act. Thereforethis clause is not applicable to the Company.

v) The Company has not accepted any deposits from the public coveredunder Section 73 to 76 of the Act and the Companies (Acceptance of deposits) Rules2014(as amended). Hence the provisions of clause 3(v) are not applicable.

vi) As informed to us the Central Government has not prescribedmaintenance of cost records under sub-section (1) of Section 148 of the Act.

vii) (a)The Company does not have any liability towards employeesduring the year under the Provident Fund Act and Employees State Insurance Act hence thequestion of timely deposit of the Provident Fund dues and Employees State InsuranceScheme does not arise. The company is regular in depositing the undisputed statutorydues Income-tax Service Tax Value added Tax Goods and Services Tax cess and othermaterial statutory dues as applicable.

(b) No undisputed amounts payable in respect of Income-tax ServiceTax Value Added tax goods and services tax cess and other statutory dues wereoutstanding at the year end for a period of more than six months from the date theybecame payable.

viii) here are no transactions which were not recorded in the books ofaccount previously or have been surrendered or disclosedas income during the year in thetax assessments under the Income Tax Act 1961 (43 of 1961)

ix) The company has not defaulted in the repayment of any loans orinterest thereon from any financial institution or banks.

x) The company has not raised moneys by way of initial public offer orfurther public offer including preferential allotment. Private placement debt instrumentsand term Loans. Accordingly the provisions of clause (x)(a) and (b) of the order are notapplicable to the Company and hence not commented upon.

xi) Based upon the audit procedures performed and the information andexplanations given by the management we report that no fraud by the Company or on thecompany by its officers or employees has been noticed or reported during the year.

xii) In our opinion the Company is not a Nidhi Company. Therefore theprovisions of clause xii(a)

(b) and (c)of the Order are not applicable to the Company.

xiii) According to explanation and information given to us thetransactions with related parties are in compliance with section 177 and 188 of the Actas detailed under Notes to Accounts attached to the Financial Statements of the Companyfor Financial Year 2021-22.

xiv) The Internal Audit System Exists and commensurate with the sizeand nature of the Company.

The Company has duly appointed Mr. Sagar Manohar Dodade as InternalAuditor of the Company. The Internal Audit Report issued by him has been considered by usduring this Statutory Audit Exercise.

xv) The company has not entered into any non-cash transaction withdirectors or persons connected

with him. Accordingly the provisions of clause 3(xv) of the order arenot applicable to the Company and hence not commented upon.

xvi) In our opinion the company is not required to be registered undersection 45IA of the Reserve Bank of India Act 1934 and also it has not undertaken anyNBFC related activities or Housing Finance Activities. It is also not a Core InvestmentCompany (CIC). Accordingly the provisions of clause (xvi)(a) (b) (c) and (d) of theorder are not applicable to the company.

xvii) The Company has recorded a cash Loss of Rs. 1930899/-- for FY2021-22. In the preceding FY 2020-21 Loss was Rs. 1546643/-.

 

xviii) There was no case of resignation of the statutory auditorsduring the year.

xix) Since the Company has no Revenues Business Operations PPE andInventories including any

CWIP no Ratio Analysis was undertaken. However considering the natureand quantum of the Liabilities disclosed in the balance sheet the Auditor is of theopinion that Company shall be able to settle its liabilities within a period of one yearfrom the date of balance sheet.

xx) The Company has no ongoing or planned projects at present and hasno unspent funds with respect to compliance with second proviso to sub-section (5) ofsection 135 ofthe Companies Act 2013. Hence Clause (xx)(a) and (b) are not applicable tothe Company.

xxi) The requirement of Consolidated Financial Statements is notapplicable to the Company. Therefore Clause xxi is not applicable to the Company.

Annexure "B" to the Independent Auditor's Report on thestandalone financial statements of Arihant Tournesol Limited for the year ended 31stMarch 2022.

(Referred to in paragraph 2(f) of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of Arihant Tournesol Limited ("the Company") as of March 312022 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the "Guidance Note on Audit of Internal Financial ControlsOver Financial Reporting"( the "Guidance Note") issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence torespective company's policies the safe guarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance note issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk.

The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlssystem over financial reporting of the Company.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that(1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become in adequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

Basis for Opinion

Internal controls are designed to provide reasonable assuranceregarding the achievement of operational objectives such as the effectiveness andefficiency of operations accurate and reliable financial reports minimizing of risks andprotection of Assets and compliance with applicable laws policies rules and regulations.

Internal control can be expected to provide only reasonable notabsolute assurance to an entity's management and board.

For R. B. Pandya & Associates
Chartered Accountants
ICAI Firm Registration Number: 124399W
Ms. Geeta Singh
Partner
Membership No 106194
Place : Mumbai
Date :30th May 2022
UDIN22033788AJVQXK6147

.