TO THE MEMBERS OF DRA CONSULTANTS LIMITED.
Report on the Financial Statements
We have audited the accompanying financial statements of DRA CONSULTANTS LIMITED ("theCompany") which comprises the Balance Sheet as at March 312022 the Statementof Profit and Loss for the year then ended and notes to the financial statementsincluding 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 givento us the aforesaid financial statements give the information required by the CompaniesAct 2013 as amended ("The Act") in the manner so required and give a true andfair view in conformity with the Accounting Standards prescribed under Section 133 of theAct and the accounting principles generally accepted in India of the state of affairs ofthe Company as at March 31 2022 and its profit for the year ended on that 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 Companies Act 2013. Ourresponsibilities under those Standards are further described in the AuditorsResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of the Act andthe Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the financial statements.
Information other than the Financial Statements and Auditors Report thereon
The Companys Board of Directors is responsible for the other information. Theother information comprises the information included in the Boards Report but doesnot include the Financial Statements and our auditors report thereon.
Our opinion on the Financial Statements does not cover the other information and we donot express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether such other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.
If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position and financial performance of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under section 133 of the Act read with relevant rulesissued there under.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.
In preparing the financial statements management is responsible for assessing theCompanys 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 companys financialreporting process.
Auditors Responsibilities 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 auditors report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. As part of an audit in accordance with SAs weexercise professional judgment and maintain 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 control relevant to the audit in order todesign 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 whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls. Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements 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 theCompanys ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditors report. However future events or conditions may cause theCompany to cease to continue as a 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 alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships 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 (Auditors Report) Order 2020 ("theOrder")issued by the
Central Government of India in terms of Section 143(11) of the Companies Act 2013 wegive in the Annexure "A" a statement on the matters specified inparagraph 3 & 4 of the said 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 bestof 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 theCompany so far as it appears from our examination of those books.
c) The Balance Sheet the Statement of Profit and Loss dealt with by this Report arein agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with relevant rules issued thereunder;
e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164 (2) of the Act.
f) Provisions with respect to reporting of internal financial controls over financialreporting of the Company and the operating effectiveness of such controls are applicableto Company as per Notification issued by MCA under Companies Act 2013 which specified in Annexure"B" of the Audit Report.
g) With respect to the other matters to be included in the Auditors 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:
1. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 24 to the Financial Statements;
2. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and
3. No amount was required to be transferred to the Investor Education and ProtectionFund by the Company.
4. a] The Management has represented that to the best of its knowledge andbelief as disclosed in the notes to the accounts no funds have been advanced or loanedor invested (either from borrowed funds or share premium or any other sources or kind offunds) by the Company to or in any other person(s) or entity(ies) including foreignentities ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of theCompany("Ultimate Beneficiaries") or provide any guarantee security or the likeon behalf of the Ultimate Beneficiaries.
b] The Management has represented that to the best of its knowledge and beliefas disclosed in the notes to accounts no funds have been received by the Company from anyperson(s) or entity(ies) including foreign entities ("Funding Parties") withthe understanding whether recorded in writing or otherwise that the Company shalldirectly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.
c] Based on the audit procedures that has been considered reasonable and appropriate inthe circumstances nothing has come to my notice that has caused me to believe that therepresentations under sub clause(i) and (ii) of Rule 11(e) as provided under g (iv) (a)and (b) above contain any material misstatement
5. No dividend has been declared by the company.
|L ||FOR K N D & ASSOCIATES |
| ||CHARTERED ACCOUNTANTS |
| ||F.R.No. 112180W |
|PLACE: NAGPUR ||(KAILAS KEJGIR) |
|DATED: 30.05.2022 ||PARTNER |
|UDIN: 22100187AJXLNW6269 ||M. NO. 100187 |
ANNEXURE "A" TO INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements section of our report of even date) i. In respect of the Companysfixed assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) All the fixed assets have been physically verified by the management at reasonableintervals which in our opinion is reasonable having regard to the size of the Companyand nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given by the management the recordsexamined by us and based on the examination of the conveyance deeds provided to us wereport that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate. According to the information and explanations given by the management the
(d) company has not revalued its Property Plant and Equipment (including Right of Useassets) or intangible assets or both during the year. No such proceedings have beeninitiated or are pending against the company for holding any benami property under theBenami Transactions (Prohibition)
(e) Act 1988 (45 of 1988) and rules made thereunder.
ii. The company does not hold any inventory and as such provisions of
(ii) are not applicable.
iii. The company has not made investments in provided any guarantee or security orgranted any loans or advances in the nature of loans secured or unsecured to companiesfirms Limited Liability Partnerships or any other parties.
iv. In our opinion and according to information and explanation provided to us theCompany has not granted loans to the parties in compliance with the provisions of sections185 & 186 of the Companies Act 2013.
v. The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 of the Companies Act 2013 and the rules framed there under to the extentnotified.
vi. The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of section 148 of the Act for any of the activities of the companyand accordingly paragraph 3 (vi) of the order is not applicable. vii. In respect ofstatutory dues:
(a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is regular in depositing theundisputed statutory dues as applicable with the appropriate authorities. There are noarrears of outstanding statutory dues as at the last day of the financial year for aperiod of more than 6 months from the date they became payable.
(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income-tax wealth-tax on account of anydispute.
viii. There were no transactions which were not recorded in the books of account and assuch question of surrender or disclosure as income during the year in the tax assessmentsunder the Income Tax Act 1961 (43 of 1961) does not arise. ix According to the records ofthe Company examined by us and the information and explanation given to us the Companyhas not defaulted in repayment of dues to any financial institution bank and government.
x. a. The company has not raised any amount by way initial public offer or further
Public offer. The company has not taken term loan during the year.
b. According to the information and explanations provided to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review.
xi. a) No fraud has been noticed or reported by the company or any fraud on the Companyby its officers or employees during the year. b) In view of clause XI
(a) report under sub-section (12) of section 143 of the Companies Act was not requiredto be filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Auditand Auditors) Rules 2014 with the Central Government; c) No whistle-blower complaint wasreceived during the year by the company. xii. In our opinion the Company is not a NidhiCompany therefore the provisions of clause 3(xii) of the Order are not applicable.
xiii. According to the information and explanations provided by the managementtransactions with the related parties are in compliance with section 177 and 188 of theAct where applicable and the details have been disclosed in the financial statements asrequired by the applicable accounting standards.
xiv. In view of provisions of section 138 of the Companies Act 2013 r.w. rule 13 thecompany is not required to have an internal audit system.
xv. The company has not entered into any non-cash transactions with directors orpersons connected with him as referred to in section 192 of the Act. xvi.
a) According to the information and explanations provided to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company
b) The company has not conducted any Non-Banking Financial or Housing Financeactivities without a valid Certificate of Registration (CoR) from the Reserve Bank ofIndia as per the Reserve Bank of India Act 1934;
c) The company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India
d) The Group has no CIC as part of the Group.
xvii. The company has not incurred cash losses in any financial year
xviii. There has been no resignation of the statutory auditors during the year.
xix. On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements the auditors knowledge of the Board of Directors andmanagement plans we are of the opinion that no material uncertainty exists as on the dateof the audit report that company is capable of meeting its liabilities existing at thedate of balance sheet as and when they fall due within a period of one year from thebalance sheet date.
However this is not an assurance as to the future viability of the company. We furtherstate that our reporting is based on the facts up to the date of the audit report and weneither give any guarantee nor any assurance that all liabilities falling due within aperiod of one year from the balance sheet date will get discharged by the company as andwhen they fall due."
xx. The provisions of section 135 of Companies Act 2013 are not applicable.
xxi. The company does not have it's holding or subsidiary company and as such noconsolidated financial statements are required to be prepared hence provisions of thisclause as regards qualifications or adverse remarks do not arise.
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS OF DRA CONSULTANTS LIMITED.
TO THE MEMBERS OF DRA Consultants Limited
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 DRACONSULTANTS LIMITED as of March 31 2022 in conjunction with our audit of the financialstatements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys 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 stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered
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 tocompanys policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable 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 on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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 performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe 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 Companys internal financial controlssystem over 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2022 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".
|PLACE: NAGPUR ||FOR K N D & ASSOCIATES |
|DATED: 30.05.2022 ||CHARTERED ACCOUNTANTS |
|UDIN: 22100187AJXLNW6269 ||F.R.No. 112180W |
| ||-sd- |
| ||(KAILAS KEJGIR) PARTNER |
| ||M. NO. 100187 |