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Narendra Properties Ltd.

BSE: 531416 Sector: Infrastructure
NSE: N.A. ISIN Code: INE603F01012
BSE 11:23 | 23 May 21.20 -1.05
(-4.72%)
OPEN

21.85

HIGH

23.30

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21.20

NSE 05:30 | 01 Jan Narendra Properties Ltd
OPEN 21.85
PREVIOUS CLOSE 22.25
VOLUME 1143
52-Week high 45.25
52-Week low 13.85
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 21.20
Sell Qty 150.00
OPEN 21.85
CLOSE 22.25
VOLUME 1143
52-Week high 45.25
52-Week low 13.85
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 21.20
Sell Qty 150.00

Narendra Properties Ltd. (NARENDRAPROP) - Auditors Report

Company auditors report

To the Members of Narendra Properties Limited

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of NARENDRA PROPERTIES LIMITED("the Company") which comprises the Balance Sheet as at March 312021 theStatement of Profit and Loss Statement of Changes in Equity and Cash Flow Statement forthe year then ended and notes to the financial statements including a summary ofsignificant accounting 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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March312021 and its profit changes in equity and its Cash Flow for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment 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.

Emphasis of Matter

The outbreak of Corona virus (COVID-19) pandemic globally and in India is causingsignificant disturbance and slowdown of economic activity. The company has evaluatedimpact of this pandemic on its business operations and based on its review and currentindicators of future economic conditions there is no significant impact on its financialresults.

Our Opinion is not modified in respect of this matter.

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 the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 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 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 purpose 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of accounts.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on March312021 taken on record by the Board of Directors none of the directors are disqualifiedas on March 312021 from being appointed as a director in terms of Section 164(2) of theAct.

(f) With respect to the 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"; and

(g) With respect to the 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 pending financial litigation with M/s. Karismaa Foundations PrivateLimited wherein an amount of Rs. 1.25 Crores plus Interest is due to be received. TheCompany had entered into a Settlement Agreement on 16th September 2019 to settle anamount of Rs. 1.25 Crores. M/s. Karismaa Foundations Private Limited paid an amount of Rs.50 Lakhs and balance Rs. 75 Lakhs continues to remain due.

(ii) The Company did not have any provision to be made as required under theapplicable law or accounting standards for material foreseeable losses if any onlong-term contracts including derivative contracts and

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For A J DEORA & ASSOCIATES
Chartered Accountants
FRN: 000711S
PLACE: Chennai CA.JAINENDAR P
DATE: 28th June 2021 Partner
Membership Number: 239804
UDIN: 21239804AAAADR7125

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

The annexure referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements' of our report of even date to the members of Narendra Properties Ltd on thefinancial statements for the year ended 31 st March 2021 we report that:

i. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with the programcertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification.

c. According to the information and explanations given to us and on the basis ofexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

ii. In our opinion and according to the information and explanations given to usinventories have been physically verified by the management at reasonable intervals duringthe year. No material discrepancies were noticed on such verification.

iii. According to information and explanation given to us the company has not grantedany loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the Register maintained under section 189 of the Act. Thus theprovisions of paragraph 3(iii)(a) to (c) of the Order are not applicable to the company.

iv. According to the information and explanations given to us the provisions ofsection 185 and 186 of the Companies Act 2013 are not applicable in respect ofinvestments during the year.

v. According to information and explanations given to us the Company has not acceptedany deposits from the public and hence the directives issued by the Reserve Bank of Indiaand the provisions of Sections 73 to 76 or any other relevant provisions of the Act andthe Companies (Acceptance of Deposit) Rules 2015 with regard to the deposits acceptedfrom the public are not applicable.

vi. In our opinion and according to the information given to us the requirement formaintenance of cost records pursuant to the Companies (Cost Records and Audit) Rules 2014specified by the Central Government of India under section 148 of the Companies Act 2013are not applicable to the company for the year under audit.

vii. a. According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been regularlydepositing undisputed statutory dues including Income-Tax Goods & Services Tax cessand other material statutory dues with the appropriate authorities.

b. According to the information and explanations given to us no undisputed amountspayable in respect of the Income-Tax Goods & Services Tax cess and other materialstatutory dues were in arrears as at March 312021 for a period of more than six monthsfrom the date on when they became payable.

viii. The Company didn't have any outstanding dues to financial institutions banks ordebenture holders during the year. Accordingly paragraph 3 (viii) of the Order is notapplicable.

ix. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys byway of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of paragraph 3 (ix) of the Order are not applicable to the Company.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of paragraph 3 (xii) of theOrder are not applicable to the Company.

xiii. According to the information and explanations given to us all transactions withthe related parties are in compliance with section 177 and 188 of the Act and the detailshave been disclosed in the Financial Statements as required by the applicable accountingstandards.

xiv. According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Accordingly the provisions ofparagraph 3 (xiv) of the Order are not applicable to the Company.

xv. According to the information and explanations given to us by the management thecompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the order is not applicable to the company.

xvi. In our opinion the company is not required to be registered under section 45lAofthe Reserve Bank of India Act 1934.

For A J DEORA & ASSOCIATES
Chartered Accountants
FRN: 000711S
CA.JAINENDAR P Partner
PLACE: Chennai Membership Number: 239804
DATE : 28th June 2021 UDIN: 21239804AAAADR7125

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

The annexure referred to in paragraph 2(f) under 'Report on Other Legal and RegulatoryRequirements' of our report of even date to the members of Narendra Properties Ltd on thefinancial statements for the year ended 31st March 2021.

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 NarendraProperties Limited ("the Company") as of March 312021 in conjunction with ouraudit of the financial statements of the Company for the year ended on that 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 Reportingissued by The Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

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 deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout 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 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 authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized 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.

Opinion

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 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by The Institute of CharteredAccountants of India.

For A J DEORA & ASSOCIATES
Chartered Accountants
FRN: 000711S
CA.JAINENDAR P
PLACE: Chennai Partner Membership Number: 239804
DATE : 28th June 2021 UDIN: 21239804AAAADR7125

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