a) w* hava audited tha accompanying Standalone Financial Statements of Girfraj Civil Developers Limited ("the Company*}, which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accouhdng policies and other explanatory information (hereinafter referred to as *the standalone Rnandai Statements").
b) 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 (’the Art") In the manner so requited and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the companies (Accounting Stahdards) Rules, 2015, as amended, and other accounting principles generally accepted io India, of the state of affairs of the Company as at March 31, 2024, the profit and Its cash tows for tha year ended on that date
2. Basis of Opinion
We conducted our audit of the Standalone Financial Statements lo accordance with tne Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described In the Auditors Responsibilities for the Audit of the Standaiona Financial Statements section of oyr report. We are independent of the Company In accordance with tha Codo of Ethics issued by the Institute of Chartered Accountant* of India (iCAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act aod the Rules made thereunder, and we have fulfilled oor other ethical responsibilities In accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide A basis for our audit oploloo on the Standalone Financial Statements
3. Information Other than the Standalone Financial Statements and Auditor's Report Thereon:
a) The Company's Board of Directors is responsible for the preparation of 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, but does not indude the Standalone Financial Statements and our auditor's report thereon. Our opinion on the standalone financial statements does net cover the other information and we do not express any farm of assurance conclusion thereon.
b) In conhection with our audit of the financial statements, our responsibility tt to read the other Information and, Jn doing so, consider whether the other Information Is materially inconsistent with the standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we CDndube that thero Is no material misstatement of this other information, we are required to report that fact. We have nothing to report In this regard.
4. Management's Responsibility for the Standalone Financial Statements
a) The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, finandai porformance, and cash flows of tbe Company <n accordance with the accounting standard and other accounting principles generally accepted in Indie. This responsibility also Includes maintenance of adequate accounting records In accordance with the provisions of the Act for safeguarding the assets of the Compaoy and for preventing and detecting frauds and other irregularities; selection and application of appropnate accounting pottdes; 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 standalone financial statements that give a true and fair view and are free from matenal misstatement, whether due to fraud or error.
b) In preparing the Standalone Financial Statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as appllcobla, matters related to going
90ln9 concern of accounting unless management elthar intends to liquidate the Company cr to cease operations, or has no realistic alternative but to do so. The Board or Directors are responsible for overseeing the Company's finencial reporting process
5. Auditor'* Responsibilities for the Audit of the Standalone Financial Statements
a) Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as e whole are free from material misstatement, wnether due to fraud or error, and to
P!pwt that *ndudes OUr opJhlon. Reasonable assurance is a high level of assurance, but fs rwta guarantee that an audit conducted in accordance with SAs will always detect a material
e><^ts^M,S3tatemonCS can arise from fraud or error and are considered match* if, Individually or In the aggregate, they could roasonably be expected to Influence the economic decisions of users takeh on the basis of these Standalone Financial Statements.
b) As part of an audit In accordance with SAs, we exercise professional Judgment and maintain professional skepticism throughout the audit We also:
I) 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 obtan audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecdog 9 material misstatement resulting from fraud Is higher thah for orie resulting from error, as fraud may involve cofluston, forgery, intentional omissions, misrepresentations, or the override of internal control.
li) Obtain an understanding of internal financial controls relevant to the audit In order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(l) of the Act, we are alto responsible for expressing our opinion on whether the Company has adequate Interns! financial controls with reference to financial statements in place and the operating effectiveness of such controls,
i«) Evaluate the appropriateness of accounting policies usad and the reasonableness of accounting estimates and related disclosures made by management
iv) Conclude on the approa(lateness of management's use of tha going concam basis of accounting and, based 00 the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt Oft the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw atteotioo in our auditor's report to the related disclosures In the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on tha audit evidence obtained uo to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern
v) Evaluate tha ovarall presentation, structure and content of the 5tendatone Financial Statements, Inducing the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events !n a manner that achieves fair presentation
c) Materiality is the magnitude of misstatements In the Standalone Financial Statements that, IncBvidualty or in aggregate, makes It probeble that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced, We consider quantitative materiality and qualitative factors in (i) planning the scobe of our audit work end in evaluating the results of our work; and (li) to evaluate the effect of any Identified misstatements in the Standalone Financial Statements
d) We communicate with those changed with governance regarding, among otber 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.
e) We also provide those charged with governance with a statement that we have complied witn relevant ethlcol requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to hear on our independanee, and where applicable, related safeguards.
II. Report on other Legal aod regulatory requirements
1. As required try Section 143(3) of the Act, based on our audit 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 dur 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 aod Loss aod the Statement of Cash Row dealt with by this Report are in agreement with the relevaot books of account
d) In our opinion, the aforesaid standalone financial statements comply with the accounting
standard specified under Section 133 of the Act, read wtth Rule 7 of the Companies (Accounts) Rules, 2014 1
e) On the basis of tha written representations received from the directors as on March 31, 2024 taken on record by the 8oard of Directors, none of the directors Is disqualified es on March 31, 2024 frrpm being appointed es 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 financi* statements of the Company *nd the operating effectiveness of such controls, rafer to our separate Report In Annex*™ A .Our report expresses an unmodified opinion on the adequacy and operating
e ectiveness of the Company's internal financfai controls with reference to financial statements.
g) With rospect to the other matter* to be inducted in th* Auditor* Report In accordance with the mqu^ernents of section 197(15) of the Act, as amended. In our opinion and to the best of our nfom^do" and according to the explanations given to us, the remuneration paid by tha Company co Its directors during the year Is In accordance with the provisions of section 197 of tbe Act.
h) matters to be Included In the Auditor's Report In accordance with Rule 11 of the Companies (Audit and Auditor*) Rures, 2021, as amend eq lo our opinion anti to the best of our Information and according to the explanations given to us:
° ““lmP8Ct * Pandln9 Wl9at,onson «= "™ncw P«*ioo m Its Standalone
115 fa? h“ ma?f *T0Vtel00'as "*>u!red undor th<= applicable law or accounting standards
for material foreseeable losses, If any, on Song-tenn contracts including derivative ™n“ans
l!° d?lay ^ lransferrtn9 amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.
^h.?mPre5ent?? e°the •*“ of ** *n°*><*9e a"« belief, other than as the like on behalf of the Ultimate Beneflcfartes; ^ Pmvlda any guarantee, security or
b) The management has represented, that, to the best of it's knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any persons) or entries), including foreign entitles ^Funding Parties"), with the understanding, whether recorded In writing or otherwise, that the company shall, whetner, directly or Indirectly, fend or invest in other persons or entitles identified In any manner whatsoever by or. on behalf of the Funding Party fllitimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures that the auditor has considered reasonable and appropriate in the dnumstances, nothing has come to their notice that has caused them to believe that the representations under sub-clause (a) and (b) contain any material mjs-statement,
d) The company hes not declared or oaid dividend during the year in contravention of the section 123 of the Companies Act, 2013
e) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Roles, 2014 is applicable from l April 2023.
Based on our examioaben which Included teat checks, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit loo) facility and the same has operated throughout the year for all relevant transactions recorded In the respective software*
2, As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central tovemment In terms of Section 143(11) of the Act, we give in Armexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.
For R H A D & Co.
Chartered Accountants
(Firm Reg. No. 102S88W)
, t
(Dlnesh Bangar)
Partner
M.No. 036247
Place: Mumbai
Dated: 30-0S-2Q24
UDIN; 24036247BKCUSX7474
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