We have audited the accompanying Ind AS Financial Statements of ELEGANT FLORICULTURE &
AGROTECH (I) LIMITED (“the Company”) which comprise the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss (including other comprehensive income),the Statement of Cash Flow Statement
and Statement of Change in Equity for the year then ended, and the notes to the standalone financial
statements, including a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as “standalone Ind AS financial statements”).
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 (“the Act”) in the
manner so required and give a true and fair view in conformity with Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended (“Ind AS”) and the accounting principles generally accepted in India,
a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2024.
b) In the case of the Statement of Profit and Loss, of the profit including comprehensive income for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
d) In the case of Statement of Change in Equity, change in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on
Auditing (SAs) 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 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 standalone 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 standalone Ind AS financial statements.
Key Audit Matters
As per SA 701, Key Audit Matters are applicable to the Listed Company in forming of our opinion, refer note 7
Loans & Advances and we do not provide separate opinion on these matters.
Other Information
The Company's Board of Directors is responsible for the other information. The other information comprises
the information included in the Company's annual report, but does not include the standalone Ind AS financial
statements and our auditor's report thereon. Other information is expected to be made available to us after the
date of this auditor's report.
Our opinion on the standalone 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 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 statement or
our knowledge obtained in the 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 the fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the 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 the standalone Ind AS Financial
Statements that give a true and fair view of the financial position, financial performance including other
comprehensive income, and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of The Companies (Accounts) Rules, 2014. 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 the 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.
Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone 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
standalone Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone 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, misre presentations, or the override of internal control.
• Obtained 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
standalone Ind AS 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 standalone 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 standalone Ind AS financial statements
including the disclosures, and whether the standalone 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 standalone Ind AS financial statements that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
standalone 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 standalone 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 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 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 and on the basis of such
checks of the books and records of the Company as we considered appropriate and according to the
information and explanations given to us, we give in the 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(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 appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income),the
Statement of Cash Flow Statement and Statement of Change in Equity dealt with by this report
are in agreement with the books of account;
d) In our opinion, the standalone Ind AS 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 written representations received from the directors as on March 31, 2024, and
taken on record by the Board of Directors, none of the directors is disqualified as on March 31,
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 with reference to these standalone
Ind AS financial statements 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 the
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, we report that:
i) The Company is having the pending litigation with the Income-tax Department against the
A.Y. 2017-18 and the demand is raised by the Income-tax Department is Rs.67.87 Lacs,
the company has not made any provision in the financials against this demand. The
company has deposited 20% of the demand which is a pre-requisite requirement to file the
appeal against the order of the Assessing Officer as per Circular of the Income-tax
Department.
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 Investors Education
and Protection Fund by the Company.
iv) (a) As per the information and explanation given to us by the management, 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;
(b) As per the information and exp lanation given to us by the management, no funds
have been received by the company from any person or entity, 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) On the basis of above representations, nothing has come to our notice that has
caused us to believe that the above representations contained any material mis¬
statement.
v) The Company has not declared or paid any dividend during the year.
vi) Based on our examination, which include test checks, the company has used accounting
software for maintaining books of accounts for financial year ending 31 March 2024 which
has features of recording audit trail (edit log) facility and the same has been operated
throughout the year from 01st April 2023 for all the relevant transactions recorded under
software. Further during the course of our audit we did not come across any instance of
audit trail feature being tampered with.
vii) As per proviso to Rule 3(1) of the Act, is applicable from April 1,2023, reporting under Rule
11(g) of the Act on preservation of audit trail as per Statutory Requirements for record
retention is not applicable for Financial Year ended M arch 31,2024.
For Valawat & Associates
Chartered Accountants
Firm Registration No. 003623C
Sd/-
Priyansh Valawat Place: Mumbai
Partner Date: 29th May 2024
Membership No.: 434660 UDIN: 24434660BKELJW8421
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