We have audited the accompanying standalone Ind AS financial statements of Marg Techno-Projects 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 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 standalone Ind AS financial statements ).
In our opinion and to the best of our information and according to the explanations given to us the
2^Str^0ne nd AS finanCml statements Sive tlle information required by the Companies Act, 1° 3 ( he )'n dle manner so recluired and give a true and fair view in conformity with the Indian Accounttng 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 general!v c cceptcd in India, of the state of affairs of the Company as at March 31, 2024, the profit and total comprehensive income subject to reference provided in emphasis of matter given hereinunder. changes in equity and its cash flows for the year ended on that date read.
Basis for Opinion
oTieAudnmrWS°AUrtaUdit °r T Tdal°ne Ind AS finanCial St3tementS in accorda"ce 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 Standalone 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 standalone Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules made thereunder, and we have u died our other ethical responsibilities m 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 standalone Ind AS financial statements.
Key Audit Matter
Key audit matters are those matters that, in our professional judgment, were of most significant in our audit of Ind AS financial statements of the current period. These matters were addressed in the context o our-auqit ol Ind AS financial statements as a whole, and in forming our opinion thereon, and we do
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not provide a separate opinion on these matter. We have determined the matters described below to be the Key Audit Matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the Financial Statements section ot our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed respond to our assessment of the risks of material misstatement ot the Financial Statements. The res us of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Financial Statements.
We have determined the matter described below to be the key matters to be communicated in our report.
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Sr No.
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Key Audit Matter
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Auditor’s approach
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Re-Kyc of existing loans
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We have verified the KYC of loans on test check basis and have suggested the management to obtain re-kyc of existing loans at regular intervals as per RBI guidelines
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Information Other than the Standalone Financial Statements and Auditor’s Report I hereon
The Company’s Board of Directors is responsible for the preparation of the other information. T he 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 standalone linancial statements and our au i or s report thereon. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit ot the standalone financial statements, our responsibility is to read the other information and, in 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 conclude that there is a material misstatement ot this other information, we are required to report that fact.
The other information is expected to be made available to us after the date of this auditor’s report. Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
Responsibilities of Management and Those Charged with Governance 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 standalone Ind AS financia 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 accounting principles generally accepted in India, including the Indian Accounting Standards (lnd AS) prescribed'under Section 133 of the Act read with the relevant rules issued thereunder. 1 his responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act to safeguSitag 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; design, implementation and maintenance ot adequate.interna 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 Ind AS financia statements8that give a true and fair view and are free from material misstatement, whether due to fraud
or error.
In nrenaring the standalone Ind AS financial statements, management is responsible tor assessing the Comnanv’s ability to continue as a going concern, disclosing, as applicable, matters related o 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.
Auditor’s Responsibilities for the Audit of the Standalone 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 ot assurance bu is not a oualteeX an audit conducted in accordance with SAs will always detect a material m.s^atemen when it exists Misstatements can arise from fraud or error and are considered material if, individua ly o. in the aggregate, they could reasonably be expected to influence the economic decisions ot 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 skepticism throughout the audit. We also:
• 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 tothoserisksandobtainaud.t evidence that is sufficient and appropriate to provide a basis for our opinion. I he risk of not^ectmg 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
control.
. Obtain an understanding of internal financial controls relevant to thet audit: in.order to Ýa“d“ orocedures that are appropriate in the circumstances. Under section 143(3)0) ot the Act, we are also responsible for exposing our opinion on whether the Company has adequate m.ernal 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'audTevLence 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, we conclude that amaterial uncertainty exists, we are required to draw attention in our auditor s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, o LI our opto Our conclusions are based on the audit evidence obtained up to the date of ou auditor’s reportPHowever, future events or conditions may cause the Company to cease to continu
a going concern.
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope SZing ofTe audit and significant audit findings, including any significant deficenc.es ,n internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ^hica^requirementsregarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, re a e
safeguards.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the standalone financial statements.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone 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 regula ion 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 wou reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
I. 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 \4i of the Companies Act, 2013, w give in the “Annexure A” statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
II Based on verification of books of account of the Company and according to information and explanation given to us, we give below report on the direct,on^addiuonalsub,too"s by the Comptroller and Auditors General of the India ,n terms of Section 143 (5) of the Companies
Act, 2013:
a) In our opinion and according to the information & explanation given to us, the company has system in place to process all the accounting transactions through IT systems.
b) According to information & explanation given to us, the company has neither re-structured any existing loans nor waived/ written-off any debts/loans/interest during the year.
c) According to information & explanation given to us, the company no. received/ receivable any funds for specific schemes from Central/State agencies.
III. 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 ot 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,
cl The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
C) Statement*of Changes in Equity and the Statement of Cash Flow deal, with by this Report are m agreement with the books of account,
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the applicable Accounting Standards specified under Section 133 of the Ac. read with Rule 7 ot the Companies (Accounts) Rules, 2014;
e) On the basis of the written representations received from the directors as on March 31 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 20-4 from being appointed as a director in terms of Section 164 (2) ot the Act;
f) With respect to the adequacy of the internal financial controls over f inancial reporting ot the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expresses an unmodified opinion on the adequacy and opeiating effectiveness of the Company’s internal financial controls over financial reporting;
g) In our opinion and to the best of our information and according to the explanations given to us we report as under with respect to other matters to be included in the Auditor s Report accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014.
i. there are no pending litigations which would impact the financial position of the Company
ii according to the information and explanations given to us, the company did not have any long term contracts including derivative contracts for which there were any material
foreseeable losses;
iii. there are no amounts that are required to be transferred to the Investor Education and Protection Fund by the company.
iv a The management of the Company has represented to us that no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested by the company to or in any other person(s) or entities, including foreign entities (“Intermediaries”), with the understanding that the intermediary shall whether direct y or indirectly lend or Lest in other persons or entities identified in any manner by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like on
behalf^o^management of the Company has represented to us that no funds (which are
material either individually or in the aggregate) have beeni received b^he anv person(s) or entities including foreign entities ( Funding P ) understanding that such company shall whether, directly or indirectly, lend or invest.in
other persons or entities identified in any manner whatsoever by or on, ^LLbchal^of thf party (ultimate beneficiaries) or provide guarantee, security or the like on behalf ol
Ultimate beneficiaries.
v. The Company has not proposed declared and paid any dividend in the year.
vi Based on our Examination, which included test checks, the company has used accounting software for maintaining its books of accounts lor the financial year ended March 31, Ý
which has a feature of recording audit trail (edit log) facility except that no audit trail enabled at the database level for accounting software.
As proviso to rule 3(1) of the Companies (Accounts) Rules 2014 is applicable from April 1 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 on preservation of audit as per statutory requirements for record retention is not applicable for the financial year ended March 31,2024.
For Haribhakti & Co.
Chartered Accountants FRN-1180I3W
\ IV{ VADODARA
pj \ # \vA
CA Mayur D. Amin
m c Partner
Place: Surat M.No.l 11697
Date : So or-UDIN.
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