To the members of Ramsons Projects Limited
We have audited the accompanying standalone Ind AS financial statements of RamsonsProjects Limited ("the company") which comprise the Balance Sheet as at 3lnMarch 2021 the Statement of Profit and Loss including the Statement of ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity for the year endedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 3 lsl March2021. its profit including other comprehensive income its cash flows and the changes inequity for the year ended on that date.
Basis for opinion
We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs). as specified under section 143( 10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sresponsibilities for the audit of the standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the Code of ethics'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 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 audit opinion on the standalone Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements for the financialyear ended 31 March 2021. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters.
Management's Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance (changes in equity) and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards 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 implementationand maintenance of accounting policies; making judgments and estimates that arc reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatement that give a true and fair view and are free from material misstatement whetherdue 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 standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone hid ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(i) ofthe Act we are also responsible for expressing an opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.
Evaluate the appropriateness of accounting estimates and related disclosuresmade 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 arc required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures arc inadequate to modify our opinion.Our conclusions arc 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 standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant deficiencies in internal controlthat 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 standalone Ind AS financialstatements for the financial year ended 31 March 2021 and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public benefits ofsuch communication.
Report on other legal and regulatory requirements
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 wc 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 wc 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 puipose 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 account.
(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31s1 March. 2021 from being appointed as a director in terms of Section164(2) of the Act.
(0 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) In our opinion the managerial remuneration paid for the year ended March 31 2021has been paid/ provided by the company to its directors in accordance with the provisionsof section 197 read with schedule V of the Act:
(h) 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 disclosed the pending litigations and its impact on financialposition in its Ind AS financial statements- Refer Note 16.6 to the Ind AS financialStatements.
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.
For NVM & Company.
Chartered Accountants FRN: 0I2974N
Narinder K. Garg Partner
Membership No.: 92032
Annexure A' to the Independent Auditors' Report
(Referred to in Paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report
of even date)
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) According to the information and explanations given to us fixed assets have beenphysically verified by the management in a phased periodical manner which in our opinionis reasonable having regard to the size of the Company and nature of its assets. Nomaterial discrepancies were noticed on such verification.
(c) Based upon the audit procedure performed and according to the records of theCompany the title deeds of all the immovable properties are held in the name of theCompany.
ii. As there is no inventory during the year the provisions of clause 3(ii) of theOrder are not applicable to the company.
iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theAct.
iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act in respect ofloans investments guarantees and security.
v. According to the infonnation and explanations given to us the Company has notaccepted any deposit from the public during the year and hence the directives issued byReserve Bank Of India and the provisions of section 73 to 76 of the Act or any otherrelevant provisions of the Companies Act 2013 and the rules made thereunder with regardto the deposits accepted from the public are not applicable.
vi. Central Government has not specified the company for the maintenance of costrecords under the sub-section (1) of section 148 of The Companies Act 2013 and thereforethe provisions of clause 3( vi) of the Order are not applicable to the company.
vii. (a) According to the information and explanations given to us the Company has
generally hecn regular in depositing with appropriate authorities undisputed statutorydues including Provident Fund Employees' State Insurance Income Tax Cess and othermaterial statutory dues applicable to it. According to the information and explanationsgiven to us no undisputed amounts payable in respect of the aforesaid dues wereoutstanding as at 31" March 2021 for a period of more than six months from the datethey become payable.
(b) According to the information and explanations given to us there has not been anydues of Income Tax which has not been deposited on account of any dispute except thedemand of Rs 8.77 lakh for the A.Y 2012-13 pending with Commissioner of Income Tax(Appeals).
viii. The company did nol have any loans and borrowings from any banks or financial
institutions or Government or dues to debenture holders therefore the provisions ofclause 3(viii) of the Order are not applicable to the company.
ix. The company has not raised any money by way of public offer during the year. In ouropinion the term loans have been applied for the purpose for which they were obtained.
x. In our opinion and according to the information and explanations given to us nofraud on or by the Company has been noticed or reported during the year.
xi. The company has not provided any managerial remuneration and hence provisions ofsection 197 read with Schedule V to the Act the provisions of clause 3(xi) of the Orderare not applicable to the company.
xii. In our opinion the Company is not a Nidhi company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company.
xiii. In our opinion no transactions have been done with the related parties whichcomes under the ambit of section 188 of the Act and section 177 of the Act is also notapplicable to the company.
xiv. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year therefore reporting underclause 3(xiv) of the Order are not applicable.
xv. According to the information and explanations given to us and on an overallexamination of the financial statements of the Company we report that the Company has notentered into any non- cash transaction with directors or persons connected with him.
xvi. In our opinion the Company is required to be registered under section 45-LA ofthe Reserve Bank of India Act 1934 and has duly obtained a certificate of registrationissued in accordance with the provisions of Chapter IIIB of Reserve Bank of India Act1934.
For NVIM & Company.
Narinder K. Garg Partner
Membership No.: 092032
Annexure 4B' to the Independent Auditors' Report
(Referred to in Paragraph 2(0 under the heading "Report on other legal andregulatory requirements" of our report of even date)
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 RamsonsProjects Limited ("the Company") as of March 31 2021 in conjunction with ouraudit of the standalone 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 Reportingissued by The Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by The Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively 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 standalone Ind AS financial statements whether due to fraudor 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 (I) 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 arc 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 with reference to these standalone Ind AS financial statements to future periodsare subject to the risk that the internal financial control over financial reporting withreference to these standalone Ind AS financial statements may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting with reference to these standalone IndAS financial statements and such internal financial controls over financial reporting withreference to these standalone Ind AS financial statements were operating effectively as at31st March 2021 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.
For NVM & Company.
Chartered Accountants FRN: 0I2974N
Narinder K. Garg Partner
Membership No.: 092032 Place: Gurugram Date: 27.05.2021 LDIN: 21092032AAAAAX6876