We have audited the Ind AS financial statements of AARCON FACILITIES LIMITED, which comprise the balance sheet as at 31st
March 2024 and the Statement of Profit and Loss (including other comprehensive income), changes in equity and Statement of cash
flows for the year then ended and notes to the Ind AS financial statements, including a summary of significant accounting policies and
other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS
financial statements to gather with notes thereon, give the information required by the Act in the manner so required and giv e a true
and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2024 and its profit and other comprehensive income, change in equity and 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 Companies Act,
2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Ind As
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 the provisions of the Companies Act, 2013 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 Ind AS financial
statements of the current period. These matters were addressed in the context of our audit of the Ind AS financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Emphasis of Matter
We draw attention to point no M and P of Note No 20 the Financial Statements which describe the uncertainties and the
managements assessment of the financial impact due to lock-down and other restrictions and conditions related to COVID-19
pandemic for which a definitive assessment of the impact in subsequent period is highly dependent on future economic development
and circumstances as they evolve. Our opinion is not modified in respect of this matter.
Other Matters and Information Other than the Standalone Financial Statements and Auditors’ Report Thereon
The Company’s management and Board of Directors are responsible for the other information. The other information comprises th e
information included in the Company’s annual report, but does not include the financial statements and our auditors’ report t hereon.
Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the standalone 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 that fact. We have
nothing to report in this regard.
Management’s Responsibility for the Financial Statements
The company’s Board of directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with
respect to the preparation of these financial statements that give true & fair view of the financial position, financial performance
(including other comprehensive income), change in equity and cash flow of the company in accordance with the accounting principles
generally accepted in India including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act, read with the
companies (Indian accounting standards) Rule, 2015. This responsibility also includes maintenance of adequate accounting records in
accordance with provisions of the Act for safeguarding the 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 effective for
ensuring the 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 Ind AS 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 are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Ind AS Financial Statements
Our responsibility is to express an opinion on these Standalone financial statements based on our audit. We have taken into account
the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report
under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the Standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Standalone financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misst atement
of the Standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal
financial control relevant to the Company’s preparation of the Standalone financial statements, that give a true and fair vie w, in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the
Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such
controls. As audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the
accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the Standalone financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our audit opinion on the
Standalone financial statements.
Report on Other Legal and Regulatory Requirements;
As required by the Companies (Auditor Report) Order 2016 (“the Order”), issued by the Central Government of India in terms of sub
section (11) of Section 143 of the Act, we give in the Annexure A - a statement on the matter specified in paragraph 3 and 4 of the
order.
As required by section 143 (3) of the Act, we further 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 it appears from our
examination of those books.
c) The Balance Sheet, Profit and Loss statement (including other comprehensive income), statement of changes in equity and Cash
Flow statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards (Ind AS) specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015;
e) On the basis of the written representations received from the directors as on March 31st, 2024 taken on record by the Board of
Directors, none of the directors are disqualified as on March 31st, 2024, from being appointed as a director in terms of Section
164(2) of the Act.
f) 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 and
g) 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, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its Ind AS financial statements - Refer
Note (vii) (c) of “Annexure - A” to the Auditor’s Report.
ii. The Company did not have any long-term contracts including derivative contract for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023, based on
our examination which included test checks, the Company has used accounting software for maintaining its books of account,
which have a feature of recording audit trail (edit log) facility but such facility has not been enabled at the database level.
For, V. J. Amin & Co.,
Chartered Accountants
Firm Reg.No.100335W
Date: 13/05/2024
Place: Vadodara
(CA. Dharamsinh T. Kesharani)
Partner.
Membership No.47553
UDIN: 24047553BKCELQ3450
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