Nilkanth Engineering Ltd. இன் முடிவுகள்

Mar 31, 2024

We have audited the financial statements of NILKANTH ENGINEERING LIMITED
(hereinafter referred to as "the Company"), which comprise the Standalone Balance Sheet
as at March 31, 2024, and the Standalone Statement of Profit and Loss including Other
Comprehensive Income, the Standalone Cash Flow Statement and the Standalone
Statement of Changes in Equity for the year then ended, and notes to the Standalone
Financial Statements, including a summary of significant accounting policies and other
explanatory information (collectively referred to as ''Standalone Financial Statements'').

In our opinion and to the best of our information and according to the explanations given
to us, the Financial Statements give the information required by the Companies Act, 2013
(hereinafter referred to as "the Act") in the manner so required and give a true and fair
view in conformity with the Indian Accounting Standards (Ind AS) prescribed under
Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015,
and amended and other accounting principles generally accepted in India, of the state of
affairs (financial position) of the Company as at March 31, 2024, and its loss including
other comprehensive loss, the changes in equity and its cash flows for the year ended on
that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of Financial Statements section of
our 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 ethical
requirements that are relevant to our audit of the financial statements under provisions of
the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained 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 most
significance in our audit of the Standalone Financial Statements for the year ended March
31, 2024. These matters were addressed in the context of our audit of the Standalone
Financial Statements as a whole and in forming our opinion thereon and we do not provide
a separate opinion on these matters. We have determined the matters described below to
be the Key Audit Matters to be communicated in our report:

Sr. No.	Key Audit Matter	Our Response
1	Defined benefit obligation The valuation of the retirement benefit schemes in the Company is determined with reference to various actuarial assumptions including discount rate, future salary increases, rate of inflation, mortality rates and attrition rates. Due to the size of these schemes, small changes in these assumptions can have a material impact on the estimated defined benefit obligation.	We have examined the key controls over the process involving member data, formulation of assumptions and the financial reporting process in arriving at the provision for retirement benefits. We tested the controls for determining the actuarial assumptions and the approval of those assumptions by senior management. We found these key controls were designed, implemented and operated effectively, and therefore determined that we could place reliance on these key controls for the purposes of our audit. We tested the employee data used in calculating the obligation and where material, we also considered the treatment of curtailments, settlements, past service costs, remeasurements, benefits paid, and any other amendments made to obligations during the year. From the evidence obtained, we found the data and assumptions used by management in the actuarial valuations for retirement benefit obligations to be appropriate.

Other Information

The Company''s Board of Directors is responsible for the other information. The other
information comprises the information included in the annual report, but does not include
the financial statements and our auditor''s report thereon.

Our opinion on the Financial Statements does not cover the other information and we do
not express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the Financial Statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information, we are
required to report the fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the
Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5)
of the Act with respect to preparation of these Financial Statements that give a true and
fair view of the financial position, financial performance, changes in equity and cash flows
of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India. This responsibility also includes maintenance of adequate accounting
records in accordance with provisions of the Act for safeguarding assets of the Company
and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the
Company''s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is also responsible for overseeing the Company''s financial reporting
process.

Auditor''s Responsibilities for Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:

• Identify and assess risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design 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 has
adequate internal financial controls system in place and the operating effectiveness of
such controls.

• Evaluate appropriateness of the accounting policies used and reasonableness of
accounting estimates and related disclosures made by management.

• Conclude on appropriateness of management''s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company''s
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor''s report to the related disclosures in
the 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
auditor''s report. However, future events or conditions may cause the Company to cease
to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements
including disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current year and are therefore the key audit matters. We describe these matters in our
auditors'' report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued

by the Central Government in terms of Section 143 (11) of the Act, we give in

"Annexure A" - a statement on the matters specified in paragraphs 3 and 4 of the

Order.

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
best of 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
the Company, so far as appears from our examination of those books;

c) The Balance Sheet, the Statement of Profit and Loss including other
comprehensive income, the Statement of Changes in Equity and the Cash Flow
Statement dealt with by this report are in agreement with the books of account;

d) In our opinion the Financial Statements comply with the Ind AS 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 March
31, 2024, and taken on record by the Board of Directors, none of the directors
is disqualified as on March 31, 2024, from being appointed as a director in
terms of Section 164 (2) of the Act;

f) With respect to the other matters to be included in the Auditor''s Report in
accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the
explanations given to us, the managerial remuneration has been paid or
provided in accordance with the requisite approvals mandated by provisions of
Section 197 read with Schedule V of the Act;

g) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer
to our separate Report in Annexure B"

h) With respect to the other matters to be included in the Auditor''s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2021, in
our opinion and to the best of our information and according to the explanations
given to us, we report that:

i) The Company does not have any pending litigations which would impact its
financial position other than those mentioned in the notes to the accounts;

ii) The Company did not have any long term contracts including derivative
contracts for which there were any material foreseeable losses;

iii) There were no amounts which were required to be transferred to the
Investors Education and Protection Fund by the Company;

iv) (a) As per the information and explanation given to us by the management,

no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds)
by the company to or in any other person or entity, including foreign
entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the company ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(b) As per the information and explanation given to us by the management,
no funds have been received by the company from any person or entity,
including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the company shall,
whether, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding
Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries; and

(c) On the basis of above representations, nothing has come to our notice
that has caused us to believe that the above representations contained
any material mis-statement.

v) The Company has not declared or paid any dividend during the year.

vi) Based on our examination, which included test checks, and other generally
accepted audit procedures performed by us, we report that the company has
used an accounting software for maintaining its books of account which has
a feature of recording audit trail (edit log) facility. However, the same was
operational for part of the year for all relevant transactions recorded in the
software. Further, during the course of our audit, we did not come across
any instance of audit trail feature being tampered with.

As provision to Rule 3(1) of the Companies (Accounts) Rules, 2014 is
applicable from April 1, 2023, reporting under Rule 11 (g) of the Companies
(Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutory requirements of record retention is not applicable for the financial
year ended March 31, 2024.

For and on behalf of

P K J & CO.

Chartered Accountants

Firm Regn No. 124115W

Sd/-

(Padam Jain)

Place : Mumbai Partner

Dated : May 24, 2024 Membership No. 071026

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Mar 31, 2014

We have audited the accompanying financial statements of NILKANTH ENGINEERING LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that gives a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. These standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanations, which to the best of 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 the Company, so far as appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act 1956.

As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act 1956, and on the basis of such checks as we considered appropriate, we further report that:-

i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All assets have been physically verified by the Management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of the asset. No material discrepancies were noticed on such physical verification.

(c) No fixed assets has been disposed of during the year.

ii) The company does not hold any inventory and accordingly sub-clause (a), (b) and (c) of the clause (ii) of the aforesaid order, are not applicable.

iii) The Company has neither granted nor taken any loans secured or unsecured to or from companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956, hence in our opinion clause (iii)(b) to (iii)(d) and (iii)(f) to (iii)(g) of Paragraph 4 of the Order are not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to the purchase of fixed assets, shares, debentures and securities and sale of goods & services. During the course of our audit, no major weaknesses have been noticed in the internal controls system.

v) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956. Accordingly, provisions of Paragraph 4(v) (b) of the Order are not applicable.

vi) In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public to which provisions of Sections 58 A and 58 AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975 are applicable. We are informed by the management that no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

vii) The Company does not have a format internal audit system. The internal audit is carried out by the staff and, in our opinion, the internal audit system is commensurate with the size and nature of its business;

viii) The Central Government has not prescribed the maintenance of cost records under Section 209 of the Companies Act 1956 in case of the Company.

ix) a) According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income-tax, sales-tax, service tax, wealth tax, cess and other statutory dues applicable to it.

b) The company is regular in depositing undisputed statutory dues with the appropriate authorities. There were no undisputed amounts payable in respect of aforesaid statutory dues as at 31st March, 2014 for a period of more than six months from the date they becoming payable.

c) According to the records of the company and the information and explanations given to us, we are of the opinion that there are no aforesaid statutory dues of that have not been deposited on account of any dispute.

x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash loss during the financial year covered under report and in the immediately preceding financial year;

xi) According to the records of the Company examined by us and the information and explanations given to us, we are of the opinion that the Company has not borrowed any amount from financial institution or banks. Hence, in our opinion, provisions of clause (xi) of Paragraph 4 of the Order are not applicable.

xii) In our opinion and according to the explanations given to us and based on the information available, the Company has not granted any loans on the basis of security by way of pledge of shares, debentures and other securities;

xiii) The Company is not a chit fund/nidhi/mutual benefit fund/society therefore, the provisions of clause 4(xiii) of Paragraph 4 of the said order are not applicable to the Company.

xiv) Based on our examination of the records and evaluation of the related internal control, the Company has maintained proper records of the transactions and contracts in respect of dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid securities have been held by the company in its own name, except to the extent of the exemption granted under section 49 of the Companies Act, 1956.

xv) As per the information and explanation given to us by the management, the Company has not given any guarantees for loans taken by others from any banks or financial institutions. Accordingly, the provisions of clause 4(xv) of Paragraph 4 of the aforesaid ''Order'' are not applicable to the Company.

xvi) In our opinion, and according to the information and explanations given to us, the Company has not raised any new term loans from banks or financial institutions, and accordingly the requirement of clause (xvi) of Paragraph 4 of the Order are not applicable to the Company.

xvii) Based on our examination of books of account and according to the information and explanations given to us, we are of the opinion that there are no funds raised on short term basis that have been used for long-term investments. During the year, the Company has not raised funds on long term basis.

xviii) As per the information and explanation given to us by the management the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the requirement of Paragraph 4(xix) of the Order is not applicable.

xix) According to the information and explanations given to us, during the period covered by our audit report, the Company has not issued any debentures and hence in our opinion, the question of creating securities therefore does not arise;

xx) According to the information and explanations given to us, during the period covered by our audit report, no public issue has been made by the Company during the year and requirement of this sub-clause iii (xx) of the aforesaid ''Order'' is not applicable to the Company.

xxi) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and to the best of our knowledge and belief, and according to the information and explanations given to us by the management, which have been relied upon by us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For and on behalf of KARNAVAT & CO. Chartered Accountants ICAI Firm Regn No. 104863W

192, Dr. D. N. Road (Viral Joshi) Mumbai - 400001 Partner Dated: 31.05.2014 Membership No. 137686