Viksit Engineering Ltd.
|BSE: 506196||Sector: Others|
|NSE: N.A.||ISIN Code: INE965V01012|
|BSE 05:30 | 01 Jan||Viksit Engineering Ltd|
|NSE 05:30 | 01 Jan||Viksit Engineering Ltd|
|BSE: 506196||Sector: Others|
|NSE: N.A.||ISIN Code: INE965V01012|
|BSE 05:30 | 01 Jan||Viksit Engineering Ltd|
|NSE 05:30 | 01 Jan||Viksit Engineering Ltd|
TO THE MEMBERS OF VIKSIT ENGINEERING LIMITED
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Viksit Engineering Limited("the Company") which comprise the Balance Sheet as at 31st March2021 the Statement of Profit and Loss (including Other comprehensive Income) the CashFlow Statement for the year then ended and a summary of the significant accountingpolicies and other explanatory information.
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 including Other comprehensive Income and cash flows and changes inequity of the Company in accordance with the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia of the Company in accordance with the accounting principles generally accepted inIndia.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder and the Order issued under section143(11) of the act.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's directors as well as evaluating the overall presentationof the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
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 March31 2021 and its profit total comprehensive income the changes in equity and its cashflows for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1) As required by 'the Companies (Auditor's Report) Order 2016' issued by the CentralGovernment of India in term of sub-section (11) of Section 143 of the Act (hereinafterreferred to as the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.
2) As required by Section 143(3) of the Act based on our audit 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 including other Comprehensiveincome statement of changes in equity and the Cash Flow Statement dealt with by thisReport are in 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.
e. On the basis of the written representations received from the directors of thecompany as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director interms of Section 164 (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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
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 knowledge and belief and according to the information andexplanations given to us:
i. The Company has disclosed the impact of pending litigation on its financial positionin its financial statements.
ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.
iii. There has been no delay in transferring amount required to be transferred to theInvestor Education and Protection Fund by the Company.
Annexure - A to the Independent Auditors' Report
[Referred to in paragraph (1) of our report of even date]
(i) In respect of the Company's fixed assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us The Fixed Assets have been physically verified by themanagement in accordance with the program of verification adopted by the Company. In ouropinion the frequency of verification is reasonable having regard to the size of theCompany and the nature of its assets. To the best of our knowledge no materialdiscrepancies have been noticed on such verification.
(c) In respect of immovable property title deeds of all the immovable properties arein the name of the Company.
(ii) As explained to us the inventory of the Company has been physically verifiedduring the year by the management. In respect of materials lying with third parties thesehave been confirmed by them. In our opinion the frequency of the verification isreasonable. In our opinion the discrepancies noticed on verification between the physicalstocks and book records were not material having regard to the size of the operations ofthe Company.
(iii) As explained to us the Company has not granted any loans secured or unsecuredto Companies firms Limited Liability Partnerships or other parties covered in theRegister maintained under Section 189 of the Companies Act 2013.
(iv) According to the records of the Company examined by us the Company has not givenany loans investments guarantees and security under section 185 and 186.
(v) The Company has not accepted any deposits during the year and does not have anyunclaimed deposits as at March 31 2021 and therefore the provisions of the clause 3(v)of the Order are not applicable to the company.
(vi) We have broadly reviewed the books of account maintained by the Company in respectof products where pursuant to the rules made by the Central Government of India themaintenance of cost records has been specified under sub-section (1) of Section 148 of theCompanies Act 2013 and are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. We have not however made a detailed examinationof the records with a view to determine whether they are accurate or complete.
(vii) According to the information and explanations given to us in respect ofstatutory dues:
(a) In our opinion the company is regular in depositing undisputed statutory dues withthe appropriate authorities.
(b) In respect of undisputed income-tax wealth tax sales tax custom duty and exciseduty there were no amounts outstanding as on 31st March 2021 which have remained unpaidfor more than six months from the date on which they became payable.
(viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution bank Government or any dues to debenture holders as atbalance sheet date.
(ix) According to the records of the company examined by us and the information andexplanation given to us the Company has not raised money by way of initial public offeror further public offer (including debt instruments).
(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or any fraud on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the management.
(xi) According to the records of the Company examined by us no managerial remunerationhas been paid or provided by the Company.
(xii) The Company is not a Nidhi company and hence reporting under clause 3 (xii) ofthe Order is not applicable to the Company.
(xiii) According to the records of the Company examined by us and the information andexplanation given to us all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in thefinancial statement as required by applicable accounting standards.
(xiv) According to the records of the Company examined by us the Company has not madeany preferential allotment or private allotment of shares or fully or partly convertiblesdebenture during the year.
(xv) According to the records of the Company examined by us and the information andexplanation given to us the Company has not entered into any non-cash transactions withdirectors or persons connected with him.
(xvi) According to the records of the Company examined by us the Company is notrequired to be registered under section 45 IA of the Reserve Bank of India Act.1934.
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")
We have audited the internal financial controls over financial reporting of ViksitEngineering Limited ("the Company") as of 31 March 2021 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 controls over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 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 ICAI. 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 controls 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 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 to future periods are subject to the risk that the internal financial controlsover 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 31 March 2021 based on theinternal controls over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.