We have audited the accompanying Standalone financial statements of MATRA
KAUSHAL ENTERPRISE LIMITED, which comprise the Balance Sheet as at
March 31st, 2022, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended on that date, and a summary of
the significant accounting policies and other explanatory information
(hereinafter referred to as “the financial statements”).
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Companies Act, 2013 (“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
accounting principles generally accepted in India, of the state of affairs of the
company as at March 31, 2022, the Loss and total comprehensive income,
Changes in Equity and the 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 specified under section 143(10) of the Act
(SAs). 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 (ICAI) together
with the independence requirements that are relevant to our audit of the
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 we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of
most significance in our audit of the financial statements for the financial year
ended 31st March 2022. These matters were addressed in the context of our
audit of the Standalone financial statements as a whole, and in forming our
opinion thereon, we do not provide a separate opinion on these matters.
Information Other than the Financial Statements and Auditor’s Report
Thereon
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 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.
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 on 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 Act with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of
the Company in accordance with the Ind AS and other accounting principles
generally accepted in India. 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 financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
In preparing the 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 responsible for overseeing the Company’s financial
reporting process.
Auditors Responsibility
Our objectives are to obtain reasonable assurance about whether the 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 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 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
controls.
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)(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
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. 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 disclosures, 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 of 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.
We also 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.
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, to the extent applicable.
2. As required by section 143(5) of the Act, based on such checks of books
and records of the company as we considered appropriate and according to
the information and explanation given.
3. As required by 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 our audit.
b) In our opinion, the 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) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
Statement of Changes in Equity and the Statement of Cash Flow dealt
with by this Report are in agreement with the relevant books of
account.
d) In our opinion, the aforesaid financial statements do comply with the
Ind AS specified under Section 133 of the Act.
e) 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”.
f) 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 pending litigations and contingent
liabilities on its 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 were no amounts which were 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) 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), 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
c) Based on the audit procedures adopted by us, nothing has
come to our notice that has caused us to believe that the
representations made by the Management under sub clause
(a) and (b) above, contain any material misstatement.
v. The company has neither declared nor paid any dividend during
the year as per Section 123 of the Act.
vi. Based on our examination, which included test checks, the
Company has used accounting software’s for maintaining its
books of accounts for the financial year ended March 31, 2022,
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 our audit we did not come across any instance of the audit trail
feature being tampered with.
Reporting under Rule 11 (g) of the Companies (Audit and Auditors)
Rules, 2014 on preservation of audit trail as per the statutory
requirements for record retention is not applicable for the
financial year ended March 31, 2022.
For Siva Kumar & Associates.,
Chartered Accountants
Firm Reg No. 019347S'
Place: Hyderabad L. Siva Kumar
Date: 30/05/2022 Proprietor
Membership No. 311388
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