We have audited the accompanying financial statements of M/s. Golden Legand Leasing and Finance Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2024 and the Statement of Profit and Loss
(including statement of Other Comprehensive Income), the Cash Flow Statement and the Statement of
Changes in Equity for the year then ended, and a summary of significant accounting policies and other
explanatory information (herein after referred to as "the Financial Statements").
In our opinion and to the best of our information and according to the explanations given to us, except for the
possible effects of the matter described in the Basis for Qualified Opinion section below, 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 thecompanies(lndian Accounting Standards) Rules, 2015, as amended, ('Ind AS') and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024,
its loss, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Basis for Qualified Opinion
(a) As stated in Note No. _2(d)_ of Notes on the Financial Statements, the Company has not conducted
impairment assessment of its non-current assets including in respect of Property, Plant and
Equipment and Software under development and no provision in this respect for impairment loss, if
any, has been made for the period in the financial statements with reference to Indian Accounting
Standard - 36 "Impairment of Assets" prescribed under Section 133 of the Act.
(b) As stated in Note No. 2(m) of the Notes on the Financial Statements, the Company has not filed income
tax return for certain earlier assessment years. Also, there were many cash transactions during the
year which may attract provisions of the Income Tax Act, 1961 and accordingly we are not able to
identify / quantify the amount of under / over provision for income tax or contingent liability, if any,
in this respect.
(c) There was no system of obtaining periodical confirmation of balances relating to trade receivables,
trade payables, loans and advances, borrowings and current liabilities. The effect of the same on
financial statements for the year is not ascertainable. We were unable to obtain direct balance
confirmation from parties in the absence of details of parties made available to us.
(d) The Company has not done any retrospective adjustment of prior period errors and omissions by
restating the comparative amounts for prior period presented or, where the errors relate to the\
period(s) before the earliest prior period presented, restating the opening balance of assets, liabilities
and equity for that period. This is in contravention to Indian accounting standard (Ind AS) 8
(Accounting Policies, Changes in Accounting Estimates and Errors).
(e) We draw attention to the fact that the company has included certain expenses under Intangible Assets
Under Development in the financial statements for the year ended March 31, 2024. However, due to
the lack of sufficient supporting documents, we are unable to comment on these capitalises costs/
expenses. As a result, we are unable to comment on the appropriateness of capialising these expenses
obtain sufficient documentation or supporting evidence to substantiate the nature, allocation, and
recognition of these expenses in and the impact of this on the financial statements.
(f) We were not able to perform audit procedures in respect of subsequent events, if any, in the absence
of requisite necessary information for the substantial period subsequent to the reporting date till the
date of our report. Hence, we are unable to comment on impact of subsequent event(s), if any, on
the financial statements.
(g) We draw attention to the fact that the financial statements of the company have not complied with
the disclosure requirements as specified in Schedule III, Division III of the Companies Act, 2013,
specifically, the disclosures relating to Non-Banking Financial Company.
The non-compliance with these disclosure requirements constitutes a departure from the applicable
financial reporting framework in India. In the absence of these disclosures, we are unable to
determine the impact on the true and fair presentation of the financial statements.
In the absence of information, the effect of which cannot be quantified, we are unable to comment on the
possible impact of the items stated in the point nos. (a) to (g) above on the Ind-AS financial statements of the
Company for the year ended on March 31, 2024.
We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Act (SAs). 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 together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules there under, 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 opinion on the financial
statements.
Emphasis of Matter
We draw attention to the Note No. 2(s)(ii) of the Notes on the Financial Statements, the Company did not have
an internal audit during the year ended March 31, 2024. As per Section 138 of the Companies Act, 2013, the
Company is required to have an internal auditor. S'
Our opinion is not modified in respect of this 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 standalone 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 that there are no other key audit matters to
communicate in our report beyond matter addressed in the Basis for Qualified Opinion section.
Information Other than the Financial Statements and Auditor's Report Thereon
• 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
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 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 that 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 these financial statements that give
a true and fair view of the financial position, financial performance including other comprehensive income,
Cash Flows and changes in equity of the Company in accordance with the Indian Accounting Standards
prescribed under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules 2015, as
amended, 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; design, implementation and maintenance of adequate internal financial controls, that are
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, which have been used for the purpose of preparation^
of the Financial Statements by the Directors of the Company, as aforesaid. \
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 Responsibilities for the Audit of 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 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
control.
• Obtain 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 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 standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
standalone 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 of the Company 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.
Other Matters
The financial statements of the Company for the year ended 31st March 2023 were audited by M/s. Goenka
Mehta and Associates, Chartered Accountants, the predecessor auditor, who expressed a qualified opinion on
those financial statements on 02/09/2023 in respect of the Company not provided for loss allowances in Loans
and Advances amounting to about Rs.13,43,38,350 and trade receivables Rs.1,43,03,729.
Our opinion is not modified in respect of the above matter.
Report on Other Legal and Regulatory Requirements
1. As required by section 143(3) of the Act, we report, to the extent applicable that:
(a) We have sought and except for the matter described in the Basis for Qualified Opinion section
above and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the aforesaid financial statements.
(b) In our opinion, except for the effects / possible effects of the matters described in the Basis for
Qualified Opinion section above, proper books of account as required by law relating to
preparation of the aforesaid financial statements have been kept by the Company so far as
appears from our examination of those books, except in relation to compliance with the
requirements of audit trail, refer paragraph 2.vi below.
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the
Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account maintained for the purpose of preparation of the financial /
statements. \s
(d) In our opinion, except for the effects / possible effects of the matters described in the Basis for
Qualified Opinion section above, the aforesaid financial statements comply with the applicable
Ind AS specified under Section 133 of the Act.
(e) On the basis of written representations received from the directors of the Company as on March
31, 2024 taken on record by the Board of Directors of the Company, none of the directors of the
Company is disqualified as on March 31, 2024, from being appointed as a director in terms of
Section 164 (2) of the Act.
(f) The qualification relating to maintenance of accounts and other matters connected therewith are
as stated in the Basis for Qualified Opinion section above.
(g) 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". Our report expresses disclaimer of opinion on the adequacy and operating
effectiveness of the Company's internal financial controls over financial reporting for the reasons
stated therein.
(h) 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. 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.
2. With respect to the other matters included in the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company does not have pending litigations on its financial position in its financial
statements.
ii. The Company did not have any long-term contracts including derivative contracts; as such
the question of commenting on any material foreseeable losses thereon does not arise.
iii. There were no amounts which were required to be transferred to the investor and Education
and Protection Fund by the Company.
iv.
(a) The Managements of the Company has represented to us that, to the best of their
knowledge and belief, 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(s) or entity(ies), including foreign entities ("Intermediaries"), ?
with the understanding, whether recorded in writing or otherwise, that the Intermediary \
shall, 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 Managements of the Company has represented to us that, to the best of their
knowledge and belief, 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, 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 performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us or
the other auditors to believe that the representations under sub-clause (i) and (ii) of Rule
11(e) of the Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b)
above, contain any material misstatement.
v. The Company has not declared or paid any dividend during the year.
vi. Based on our examination, the Company has used an accounting software for maintaining its
books of account during the year ended March 31, 2024, which has a feature of recording
audit trail (edit log) facility, except that no audit trail feature was enabled at the database
level throughout the year ended March 31, 2024, to log any direct data changes.
Further to above, and in the absence of application security logs within the accounting
software, we are unable to comment whether the audit trail feature has been operated
throughout the year for all relevant transactions recorded in the accounting software during
the year ended March 31, 2024. Further, during the course of our examination, we did not
come across any instance of audit trail feature being tampered with.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1st April,
2023, 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 year ended 31st March, 2024.
3. 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.
For Sunil
Vankawala and Associates
Chartered Accountants
Firm Registration No: 110616W
Place: Mumbai (Sunil T. Vankawala)
Dated: 05.12.2024 Proprietor
Membership No. 033461
UDIN:- 24033461BKCJWA3276
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