To the Members of NEELKANTH ROCKMINERALS LIMITED
We have audited the accompanying financial statements of NEELKANTH ROCKMINERALS LIMITED('the Company') which comprise the Balance Sheet as at March 312020 the Statement ofProfit and Loss including the statement of other comprehensive Income the cash flowstatement and the statement of change in equity for the year then ended and 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 Ind AS financial statements give the information required by the Act inthe 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 31stMarch 2020 and its profit/loss other comprehensive Income its cash flows and statementof change in equity for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.
Key Audit Matters
We have determined that there are no key audit matters to communicate in our report.
The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditors' reportthereon.
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 the 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 haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.
2.Management's Responsibility for the Ind AS financial statements
The Company's management and Board of Directors are responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these financial statementsthat give a true and fair view of the state of affairs profit / loss (including othercomprehensive income) changes in equity and cash flows of the ompany in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of 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; and designimplementation and maintenance of adequate internal financial controls that were 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 and Board of Directors areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.
Board of Directors is also responsible for overseeing the Company's financial reportingprocess.
3. Auditor's Responsibilities for the Audit of 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.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting 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 auditors'report. 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions 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.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditors' report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
4. 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 Act we give in the Annexure 'A" a statement on the matters specified inparagraphs 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 appears from our examination of those books.
c.) The Balance Sheet Statement of Profit and Loss including the statement of othercomprehensive Income its cash flows and statement of change in equity dealt with by thisReport are in agreement with the books of account.
d. ) In our opinion the aforesaid Ind AS financial statements comply with the Ind Asspecified under section 133 of the Act.
e. ) On the basis of written representations received from the directors as on March31 2020 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312019 from being appointed as a director in terms of sec164(2) of the Act.
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".
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 explanation given to us:
i) The company does not have any pending litigation which would impact its financialposition.
ii) The company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
|place : Jodhpur ||for Rahul shah & co. |
|DATED: 30th June 2020 ||Chartered Accountants |
| ||ICAI FRN 019910c |
| ||(rahulshah) |
| ||partner |
| ||MEM NO. 423839 |
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEELKANTH ROCKMINERALSLIMITED AS AT 31ST MARCH 2020
i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the Management.According to the information and explanations given to us no material discrepancies werenoticed on such verification.
(c) The company holds title of the immovable properties held by the company in itsname.
ii) As explained to us inventories were physically verified during the year by themanagement at reasonable intervals and if any material discrepancies noticed the samehave been dealt with properly in the books of accounts.
iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firm limited liability partnershipor other parties covered in the register maintained under Section 189 of the Companies Act2013 and hence sub cl. (a) (b) and (c) are not applicable.
iv) As explained to us there is no loan investment guarantee or security providedduring the year under report which are covered by the provisions of sec 185 or 186 of theCompanies Act 2013.
v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits during the year under report.
vi) As explained to us the Central Govt has not specified maintenance of cost recordsunder sec 148(1) of the Companies Act 2013 in the case of the company.
vii) a. According to the information and explanations given to us in respect ofStatutory and other dues the Company has been regular in depositing undisputed statutorydues including Provident Fund Employees State Insurance Income Tax Custom Duty Goodsand Service Tax cess and any other statutory dues to the appropriate authorities duringthe year.
b. As stated to us there is no disputed amount of the statutory and other dues pendingfor payment which are under litigation at any forum.
viii) According to the information and explanation given to us the company has notavailed financial assistance from any of the financial institution and/or bank andtherefore Clause (viii) to the CARO 2020 is not applicable.
ix) According to the information and explanations given to us the company has notraised any moneys either by way of Initial Public Issue or Further Public Offer (includingdebt instrument) or raised any term loan from during the year under report and thereforeClause (ix) to the CARO 2020 is not applicable.
x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the company or any fraud on the Company by itsofficers or employees has been noticed or reported during the year.
xi) According to the information and explanations given to us and based on ourexamination of the records no managerial remuneration has been paid or provided duringthe year under report and therefore the Clause (xi) to the CARO 2020 is not applicable.
xii) According to the information and explanations given to us the company is not anidhi company. Accordingly the Clause 3 (xii) to the order is not applicable.
xiii) According to the information and explanations given to us and based on ourexamination of the records all the transactions with the related parties are incompliance with sec 177 and 188 of the Companies Act 2013 where applicable and detailshave been disclosed in the Financial Statement as required under Accounting Standard (AS)18 Related Party Disclosure specified under sec 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
xiv) According to the information and explanations given to us and based on ourexamination of records the company has made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and therefore Clause (xiv)to the order is not applicable.
xv) As stated to us the company has not entered into any non cash transaction with thedirectors or persons connected with him.
xvi) As stated to us the company is not required to be registered under sec 45IA ofthe Reserve Bank of India Act 1934 during the year under report.
|place : Jodhpur ||for rahul shah & co. |
| ||Chartered Accountants |
|DATED: 30th June 2020 || |
| ||ICAI FRN 019910c |
| ||(rahulshah) |
| ||partner |
| ||MEM NO. 423839 |
ANNEXURE - B TO THE INDEPENDENT AUDITORS' REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") referred to in our report of evendate.
We have audited the internal financial controls over financial reporting of NEELKANTHROCKMINERALS LIMITED. ("The Company") as of 31 March 2020 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.
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 Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.
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 the Company has in all material respects an adequate internalfinancial control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2020 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 RAHUL SHAH & CO.
Chartered Accountants ICAI FRN 019910C
PROPRIETOR MEM NO. 423839
PLACE : JODHPUR
DATED: 30th June 2019