We have audited the accompanying Ind AS financial statements of Dhyaani Tradeventtures
Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2024, and the
Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended, and notes to the
financial statements, and a summary of the 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 Ind AS 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 Indian Accounting Standards prescribed under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and
other accounting principles generally accepted in India including the Ind AS, of the financial
position of the Company as at 31st March, 2024, and its financial performance including other
comprehensive income, its cash flows and the statement of changes in equity for the year
ended on that date.
Basis for Opinion
We conducted our audit of the Ind AS financial statements in accordance with the Standards
on Auditing specified under Section 143(10) of the Act. our responsibilities under those
Standards are further described in the 'Auditor's Responsibility 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 (ICAI) together with the ethical requirements that are relevant to our audit of the Ind
AS financial statements under the provisions of the Act and the Rules made thereunder, and
We have fulfilled our other ethical responsibilities in accordance with these requirements and
the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and
appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
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 Management Discussion and Analysis,
Board's Report including Annexures to Board's Report, Business Responsibility Report,
Corporate Governance and Shareholder's Information and other information in the
Company's annual report, but does not include the Ind AS financial statements and our
auditor's report thereon.
Our opinion on the Ind AS 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 Ind AS financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is materially
inconsistent with the Ind AS financial statements or our knowledge obtained during the
course of our audit or ostherwise 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 Ind AS 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) prescribed 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 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.
Those Board of Directors are also responsible for overseeing the Company's financial reporting
process.
Auditor's Responsibility for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS 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 Ind AS 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 financial 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 the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the 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
Ind AS 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 Ind AS financial
statements, including the disclosures, and whether the Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the Ind AS financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Ind AS 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 Ind AS 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 Ind AS financial statements for the
financial year ended 31st March, 2024 and are 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.
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. (A) 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 it appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and
Statement of Changes in Equity 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 prescribed 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 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.
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".
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 no pending litigations as at the end of the year;
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 Investor
Education and Protection Fund by the Company.
iv. 1) The management has represented that, to the best of its knowledge and
belief, as disclosed in Note no 28 (h) to the financial statements, 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;
2) The management has represented that, to the best of its knowledge and
belief, as disclosed in Note no. 28 (h) to the financial statement, no funds have
been received by the Company from any persons or entities, 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
3) Based on such 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 (a) and (b)
contain any material misstatement.
v. During the year company has not declared or paid any dividend so section 123
of Companies Act 2013 is not applicable.
vi. Based on our examination which included test checks, performed by us on the
Company, have used accounting software for maintaining their respective books
of account for the financial year ended March 31, 2024 which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the software. Further, during the
course of audit, we have not come across any instance of the audit trail feature
being tampered with.
h. According to the information and explanation given to us, during the current year, no
remuneration is paid by the company to its directors hence section 197(16) of
Companies Act, 2013 is not applicable.
For, S D P M & Co. For J Singh & Associates
Chartered Accountants Chartered Accountants
FRN : 126741W FRN : 110266W
Sunil Dad Amit J Joshi
Partner Partner
M.No. 120702 M.No. 120022
UDIN: 24120702BKHIGO8383 UDIN : 24120022BKAVAT8131
Date : 10/06/2024 Date : 10/06/2024
Place : Ahmedabad Place : Ahmedabad
|