We have audited the accompanying standalone financial statements of ARTEFACT
PROJECTS LIMITED CIN : L65910MH1987PLC044887 (“the Company”), which comprise
the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement for the year then ended on that date, and 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 financial statements give the information required by the Companies
Act, 2013 as amended (“the Act”) 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, 2025. its profit including other comprehensive income and cash
flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing (SAs), as specified under section 143( 10) of the Act. Our responsibilities
under those Standards arc further described in the Auditor's Responsibilities for the Audit of
the Standalone 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 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 audit opinion on the standalone financial statements. Our opinion is not
qualified in respect of any matters.
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 financial year ended
March 31, 2025. 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. Except for the matters described in Emphasis on matters for
paragraph above, we have determined that there are no other key audit matters to
communicate in our report.
Information Other than the Financial Statements and Auditor's Report Thereon
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
Standalone Financial Statements and our Auditor's Report thereon. The Board's report is
expected to be made available to us after the date of this Auditor's Report.
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 such other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
When we read the Board's report, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to those charged with governance and take
appropriate action as applicable under the relevant laws and regulations.
Responsibilities of Management for the Standalone Financial Statements
The Company's Management and Board of Directors are 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 (including Other Comprehensive Income), cash flows and changes in equity 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
Companies (Indian Accounting standards) Rules. 2015, as amended.
This responsibility also includes maintenance of adequate accounting records in accordance
with the 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
effectively for ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the Ind AS financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone 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. Those Board of Directors are also responsible for overseeing the Company’s financial
reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial
statements as a whole are free from material misstatement, 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 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 standalone 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 the risks of material misstatement of the standalone 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 with reference to financial statements in place and the operating effectiveness
of such controls.
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
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 standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that,
individually or in aggregate, makes it probable that the economic decision of a reasonably
knowledgeable user of the standalone financial statement 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 standalone 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 standalone financial statements for
the financial year ended March 31,2025 and arc therefore the key audit matters. we describe
these matters in our auditor's 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.
Other Matters
The Financial Statements and other financial information include the companies proportionate
share in jointly controlled total assets (Net of liabilities) of Rs. 40.44 Lakhs, revenue of Rs. 0.00
Lakhs, expenditure of Rs. 0.13 Lakhs and share of loss of Rs. 0.13 Lakhs in joint ventures for
the year ended March 31, 2025 and the elements making up the cash flow statements and
related disclosures in respect of unincorporated joint ventures which is based on the audited
financial statements of the respective joint ventures audited by us.
Report on Other Legal and Regulatory Requirements
1. 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 purpose 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, 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 Companies
(Indian Accounting Standards) Rules, 2015, as amended;
e. On the basis of the written representations received from the directors as on March 31,
2025 and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2025 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 with reference to these
standalone financial statements of the company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure A” to this report.
g. In our opinion, the managerial remuneration for the year ended March 31, 2025 has
been paid / provided by the Company to its directors in accordance with the provisions of
section 197 read with Schedule V to the Act.
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, 2016, 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 lnd AS financial statements as referred to in Note no. 31 to the standalone financial
statements.
ii. The Company does not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred to the
Investor Education and Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) 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 entity
(“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) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity (“Funding Parties”), with
the understanding, whether recorded in writing or otherwise, that the Company shall,
whether, directly, 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;
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any' material misstatement.
2. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give
in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the
Order.
„ For Naresh Patadia & Co.
Place : Nagpur
Date : 27/05/2025 Chartered Accountant
Firm Registration Number- 106936W
SD/-
Naresh Patadia
Proprietor
Membership No. 035620
UDIN NO: 25035620BMTENH8746
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