Financial Year: 2023
The document is an independent auditor's report on the financial statements of CLAPS OILTECH PRIVATE LIMITED for the year ended March 31, 2023. The report includes an opinion, the basis for the opinion, information other than the financial statements and auditor's report, responsibilities of management and those charged with governance, auditor's responsibilities, and a report on other legal and regulatory requirements.
Opinion: The financial statements, including the Balance Sheet as of March 31, 2023, the Statement of Profit and Loss, and the Cash Flow Statement, along with a summary of significant accounting policies and other explanatory information, give a true and fair view in conformity with accounting principles generally accepted in India, as required by the Companies Act, 2013.
Basis for Opinion: The audit was conducted in accordance with Standards on Auditing (SAs) under Section 143(10) of the Companies Act, 2013. The auditors are independent of the company and have fulfilled their ethical responsibilities. The audit evidence obtained is sufficient and appropriate to provide a basis for the opinion.
Information Other Than the Financial Statements and Auditor's Report Thereon: The Company's Board of Directors and Management are responsible for the preparation of other information that does not include the financial statements and auditor's report. The auditor's opinion does not cover this other information, and no assurance conclusion is expressed. The auditor's responsibility is to read the other information and consider whether it is materially inconsistent with the financial statements or the auditor's knowledge.
Responsibility of Management and Those Charged With Governance for the Financial Statements: The Board of Directors is responsible for the preparation and presentation of financial statements that give a true and fair view, in accordance with accounting principles generally accepted in India and the Companies Act, 2013. This includes maintaining adequate accounting records, safeguarding assets, preventing fraud, selecting appropriate accounting policies, making reasonable judgments and estimates, and maintaining adequate internal financial control.
Auditor's Responsibility: The auditor's objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor's report. This includes identifying and assessing risks of material misstatement, obtaining an understanding of internal control, evaluating accounting policies and estimates, and concluding on the appropriateness of management's use of the going concern basis of accounting.
Report on Other Legal and Regulatory Requirements: As required by the Companies (Auditor's Report) Order, 2016, the auditor has provided a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. The auditor reports that the company has maintained proper records of fixed assets, and inventories have been physically verified. The company has complied with the provisions of sections 185 and 186 of the Companies Act, 2013, regarding loans, investments, guarantees, and security. The company has generally been regular in depositing undisputed statutory dues, including Income-tax, Tax deducted at sources, Professional Tax, value added tax (VAT), and other material statutory dues. The Company has not defaulted in the repayment of loans or borrowings to banks. No material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of the audit. No managerial remuneration has been provided. The company is not a Nidhi Company. The company has not entered into non-cash transactions with directors or persons connected with him.
Significant Accounting Policies
Share Capital (as at 31st March 2023):
Reserves and Surplus (as at 31st March 2023):
Unsecured Loans (as at 31st March 2023):
Trade Payables (as at 31st March 2023):
Other Current Liabilities (as at 31st March 2023):
Short Term Provisions (as at 31st March 2023):
Trade Receivables (as at 31st March 2023):
Cash & Cash Equivalents (as at 31st March 2023):
Other Current Assets (as at 31st March 2023):
Short Term Loans & Advances (as at 31st March 2023):
Revenue from Operations:
Profit/Loss for the year Profit/Loss for the year is Rs 51,06,916. Auditor Details:
Board of Directors:
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