We have audited the accompanying financial statements of Raconteur
Global Resources Limited (Formerly known as Ganesh Films India
Limited)) (“the Company”), which comprises of the Balance Sheet as at
31 March 2024, the Statement of Profit and Loss and the Statement of Cash
Flow for the year ended on that date, and a summary of the 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 financial statements gives a true and
fair view in conformity except for the effects of matter described in the Basis
for Qualified Opinion paragraph below, with the aforesaid AS and other
accounting principles generally accepted in India prescribed under section
133 of the Act read with the Companies (Accounting Standards) Rules,
2015, as amended, (“AS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31 March
2024, the profit and its cash flow statement for the year ended on that date.
Basis for Qualified Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs)
specified under section 143(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 except for the following qualified opinion as
mentioned below:
1. The balances of trade receivables, trade payables, loans and
advances given and taken are subject to confirmations,
reconciliation and consequential adjustments if any.
ln view of above, we are unable to comment upon the resultant impact of the
above on the profit for the year, reserve and surplus, investment, loans and
advances, trade receivables, trade payables, current and non-current
assets and liabilities, as at balance sheet date.
The Company's Going Concern assumption, based on the assurance from
new Management is not affected as the new Promoters has taken over the
management of the Company and looking for expansion of the operations
through various new lines of business.
Emphasis of Matter.
0 During the half year ended 31st March, 2024, the company had no
operational income because new promoters has just taken over
and changed the company's name and preparing to expand the
business through a variety of business lines. Promoters expect
their business to continue, view it as a going concern, and will abide
by all compliances in the near future.
0 The Company has, in case of certain debit/credit balances external
liabilities and assets, failed to provide us with the external
confirmations and/ or reconciliations and hence the recording and
disclosure of said balances were verified on the basis of other
evidence provided to us.
0 Further, during the period under consideration the company has
written off debtors, loans and advances and creditors. Had these
transactions not been done, the profit of the company would have
gone up by Rs. 54,03,562.14/-. The company fails to provide us
with any confirmation or reconciliation of balances from the parties
and hence disclosure and recording of said transactions were
verified based on management representation letter provided to
us.
0 ln view of above, we are unable to comment upon the resultant
impact of the above on the profit for the year, reserve and surplus,
investment, loans and advances, trade receivables, trade
payables, current and non-current assets and liabilities, as at
balance sheet date.
Our opinion is not modified in respect of above matter.
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 of the
current period. These matters were addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters. We have
determined the matters described below to be the key audit matters to be
communicated in our report. NIL
Information Other than the Financial Statements and Auditor's Report
Thereon [NIL]
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 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 in this regard.
Management's Responsibility for 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 and presentation of these financial statements that give a true
and fair view of the financial position, financial performance, cash flows and
changes in equity of the Company in accordance with the accounting
principles generally accepted in India, read with relevant rules issued
thereunder. 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 also responsible for overseeing the Company's
financial reporting process.
Auditor's Responsibility for the Audit of the Financial Statements
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 the 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 control.
• 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 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 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 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
financial statements of the current period 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 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, 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 comply
with the specified relevant accounting standard, read with
Rule 7 of the Companies (Accounts) Rules, 2014 except
mentioned in of emphasis of matters.
e. On the basis of the written representations received from
the directors as on 29th May 2024 taken on record by the
Board of Directors, none of the directors, is disqualified as
on 31 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 A”. Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls
over financial reporting.
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, as amended:
In our opinion and to the best of our information and according to
the explanations given to us, the Company has not paid any
remuneration to its directors during the year.
With respect to the other matters included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2020, in our opinion and to our best of us information and
according to the explanations given to us:
i. The Company does not have any pending litigations that
would affect its financial position.
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, 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 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;
(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.
v. Since, the Company has not paid or proposed dividend for the year,
section 123 of the Act is not applicable.
vi. Based on our examination which included test checks, the
company has used an accounting software for maintaining its
books of account 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 audit
trail feature being tampered with.
2. As required by Companies (Auditor's report) Order 2020
(hereinafter referred to as 'the Order') issued by the Central
Government of India in terms of sub-section (11) of section 143 of
the Act, we give in the “Annexure B”, a statement on the matters
specified in paragraphs 3 and 4 of the said Order, to the extent
applicable.
For Kapil Sandeep & Associates
Chartered Accountants
Firm Registration No. 016244N
Sd/-
CA. Surinder Pal Singh
Partner
Membership No. 511569
UDIN: 24511569BKCWLU5572
Place: Mohali
Date: 29 May 2024
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