We have audited the accompanying financial statements of AGNI GREEN POWER LIMITED (CIN U40106WB1995PTC073701) (“the company”), which comprise the Balance Sheet as a! 31a Match, 2024, Statement of Profit and Loss and statement of Cash Flow for the year then ended and notes to the financial statements, including statement of changes in equity, a summary of significant
accounting policies and other explanatory information (hereinafter referred to as "financial statements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 in the manner so required and give 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 financial perfoimance, and its cash flows for the year ended on that date.
Basis for Oninion
^rdUC,te<? °Ur audlt m accordance with the Standards on Auditing (SAs) specified under section 14,(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the 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.
Emphasis of Matter
We draw attention to:
a) Note 12 of the financial statements which discloses non-current investments which are not tested for impairment, if any.
b) Note 17 of the financial statements which discloses Trade receivables for which balance confirmations are not available. This fact has also been disclosed in Para 13 of Note 27 of the financial statements.
Our opinion is not modified in respect of above matters.
Information Other than Financial Statements and Auditor's Report Thereon
The Company’s management and Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Board's Report
including Annexures to Board s 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 during the course of our audit or otherwise appears to be materially misstated.
When we read the Board report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and describe actions applicable under the applicable laws and regulations. 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 standalone financial statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 effectively foi 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 piepai ing the financial statements, the Board ol Directors 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Dilectors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities lor the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole aie fiee fiom mateiial misstatement, whether due to fraud or error, and to issue an auditor's report that includes oui 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 aiise fiom 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 pait of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the 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 enor, 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 Companies Act 20 13, We are also responsible tor expressing our opinion weather the company has adequate internal financial control system in place and operating effectiveness of such control
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the 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 event(s) oi condition(s) 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 disclosuies 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 the disclosuies, 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 ol 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.
• From the matters communicated with these charged with governance we determine those matters that are of most significant in audit of the financial statements of the current period and are therefore the key audit matters we disclose these matters in our auditor's report unless law oi tegulation piecludes public disclosures about the matters of when in extremely rare ciicumstances we deteimine that the matter should not be communicated in our report because the adverse consequences of doing so would reasonably expected to outweigh the public interest benefits of such communication.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including an) 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.
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 of India in terms of sub-section (I 1) of section 143 of the Companies Act, 2013, we give in the “Annexure A” a statement on the matters specified in paragraphs 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 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 b_\ the Company so far as it appears from our examination of those books
(c) 1 he Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts') Rules, 2014.
(e) On the basis ol the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164(2) of the Act.
(0 According to MCA Notification No. G. S. R. 583(E) dated 13.06.2017. reporting under clause (0 of subsection 3 of section 143 of the Companies Act. 2013. in respect to the adequac) of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, is not applicable to the Company since it neither has turnover exceeding Rs. 50 Cioies as pei latest audited financial statement nor it has aggregate borrowings from banks or financial institutions oi anybody corporate at any point of time during the financial year more than Rs. 25 Crore.
(g) 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 in respect of remuneration payable by a public company, in our opinion and to the best of our information and according to the explanations given to us. the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197.
(h) With lespect to the other matters to be included in the Auditor's Report in accordance with Rule II 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 no pending litigations on its financial position in its financial statements;
(ii) The company did not have any long-term contracts including derivative contract for which there were any material foreseeable losses;
(ni) There is no amount which is required to be transferred to the Investor Education and Protection Fund.
(iv) (a) The management has represented that, to the best of its knowledge and belief other than as disclosed in the notes to the accounts, 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(s) or entity (ies). including foreign entities (“Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intel medialy 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) The management has represented, that, to the best of its' knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), includin^/foreign entities ("Funding Parties"), with the
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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 guaiantee, secuiity 01 the like on behalt ot the Ultimate Beneficiaries; and
(c) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notice that has caused them to believe that the lepiesentations under sub-clause (a) and (b) contain any material mis-statement.
(v) The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 ot the Companies Act. 2013.
(vi) Based on our examination, which include test checks, the Company has used accounting software for maintaining its books of account for the financial year ended 31.03.2024 which has feature of recording audit trail (edit log) facility and same has operated throughout the yeai foi all lelevant transactions recorded in software. Further during the course of our audit, we did not come across any instance of the audit trail feature being tampered with.
As proviso to Rule 3(1) of the Companies (Accounts) Rule, 2014 is applicable from 01.04.2023, reporting under Rule I 1(g) of the Companies (Audit and Auditors) Rule, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended 3 1.03.2024.
For Bijan Cliosh & Associates Chartenerh Accountants Firm R/egis|t™tion No.3232 14E
Place: Kolkata. ProPr^or
rw„ ic/nc/-ima Membership No.009491
Date : 15/05/2024 UD.N-2400949IBKDZYD2I49
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