Suggest me a work paper for this note of financial statement and which things we should attach in this audit work paper
Checking Date & Time
Here is a comprehensive audit work paper suggestion for Note 6: Non-Current Financial Assets – Others, covering all three components: Term Deposits, Security Deposits, and Claim Receivables.
Audit Work Paper
Non-Current Financial Assets – Others (Note 6)
WORK PAPER HEADER
| Field | Details |
|---|---|
| Client Name | [Entity Name] |
| Financial Year End | 31st March, 2026 |
| Audit Area | Non-Current Financial Assets – Others (Note 6) |
| WP Reference No. | WP-FA-06 |
| Prepared by | [Auditor Name] |
| Date Prepared | [Date] |
| Reviewed by | [Senior/Manager Name] |
| Date Reviewed | [Date] |
| Applicable Standards | Ind AS 32, Ind AS 109, SA 500, SA 505, SA 540 |
SECTION 1 – AUDIT OBJECTIVES
The objectives for auditing this note are:
- Existence & Rights – Confirm that deposits and receivables physically exist and the entity has legal rights over them.
- Completeness – All non-current financial assets are recorded and none are omitted.
- Valuation & Accuracy – Assets are measured at appropriate carrying amounts as per Ind AS 109.
- Classification – Assets are correctly classified as non-current per Ind AS 1 / Schedule III.
- Disclosure – Disclosures comply with Ind AS 32 and Schedule III of the Companies Act, 2013.
SECTION 2 – LEAD SCHEDULE (Summary of Balances)
| Particulars | As at 31-Mar-26 (₹) | As at 31-Dec-25 (₹) | As at 31-Mar-25 (₹) |
|---|---|---|---|
| Term Deposits (>12 months, margin money) | 1,97,722 | 23,85,94,867 | 4,14,84,541 |
| Security Deposits | 2,86,44,435 | 2,85,12,176 | 2,82,80,626 |
| Claim Receivable – Gross | 1,56,88,234 | 1,94,87,558 | 1,94,87,558 |
| Less: Provision for Doubtful Receivables | (1,56,88,234) | (1,56,88,234) | (1,56,88,234) |
| Net Claim Receivable | – | 37,99,324 | 37,99,324 |
| Total | 2,88,42,157 | 27,09,06,367 | 7,35,64,491 |
⚠ Auditor Flag: Significant drop in Term Deposits from ₹23.86 Cr (Dec-25) to ₹1.97 Lakh (Mar-26) requires explanation. Obtain management representation and supporting bank statements/FDR closure letters.
SECTION 3 – DOCUMENTS TO ATTACH (Audit Evidence Checklist)
A. TERM DEPOSITS (Margin Money FDRs)
| # | Document | Purpose |
|---|---|---|
| 1 | Bank confirmation letters (direct / via SA 505 external confirmation) | Existence & ownership of FDRs |
| 2 | FDR certificates / receipts for each deposit | Amount, maturity date, lien details |
| 3 | Bank lien/pledge letters confirming margin money held against Bank Guarantees & Letters of Credit | Confirm restriction / encumbrance |
| 4 | Bank Guarantee & LC agreements (cross-reference Note 11) | Verify the underlying obligation |
| 5 | Statement of FDR movement (opening → additions → maturities/closures → closing) | Completeness & reconciliation |
| 6 | Interest accrual workings | Accuracy of interest income booked |
| 7 | Board/management approval for creation of margin money deposits | Authorization |
| 8 | Explanation for drastic reduction from ₹23.86 Cr to ₹1.97 Lakh | Cut-off & completeness |
B. SECURITY DEPOSITS
| # | Document | Purpose |
|---|---|---|
| 1 | Security deposit schedule – party-wise, amount, date, purpose | Completeness & accuracy |
| 2 | Lease agreements / vendor contracts supporting each deposit | Rights & obligation verification |
| 3 | Confirmation / acknowledgement letters from deposit-holding parties | Existence (external confirmation) |
| 4 | Movement schedule (opening + additions – refunds = closing) | Reconciliation |
| 5 | Assessment of recoverability – any deposits pending >3 years? | Impairment / NRV check |
| 6 | Effective interest rate (EIR) workings if deposit is interest-free or below-market rate | Ind AS 109 fair valuation |
| 7 | Classification confirmation – why classified as non-current (lease term / deposit lock-in) | Disclosure accuracy |
C. CLAIM RECEIVABLES
| # | Document | Purpose |
|---|---|---|
| 1 | Nature of claims – correspondence, legal opinions, or court orders | Existence & nature |
| 2 | Age analysis of claims | Classification (doubtful vs. good) |
| 3 | Provision calculation workings – basis of 100% provisioning on doubtful claims | Valuation (Ind AS 109 ECL or management estimate) |
| 4 | Legal / management assessment of recoverability | Completeness of provision |
| 5 | Movement in provision account (opening → charges → reversals → closing) | Accuracy |
| 6 | Written off claims / reversals during the year | Completeness & cut-off |
| 7 | Inquiry with management / legal counsel on claim status | Going concern / contingency |
| 8 | Cross-reference to contingent liabilities note (if claim is two-sided) | Disclosure |
SECTION 4 – ANALYTICAL PROCEDURES
| Test | Finding / Note |
|---|---|
| Compare Term Deposits: Mar-26 vs Dec-25 | Decrease of ~₹23.85 Cr — investigate reason (maturity, BG cancellation?) |
| Compare Security Deposits: Mar-26 vs Mar-25 | Marginal increase of ₹3.6 Lakhs — reasonable, no red flag |
| Compare Claim Receivable: Mar-26 vs Dec-25 | Drop of ₹37.99 Lakhs — confirm if claim recovered/written off |
| Provision coverage ratio | 100% provision on "Doubtful" claims — appears adequate; confirm basis |
SECTION 5 – KEY AUDIT RISKS & RESPONSES
| Risk | Response |
|---|---|
| FDR matured but cash not traced to bank | Trace FDR maturity proceeds to bank statement |
| Security deposits classified as current incorrectly | Review underlying contract for tenure |
| Provision inadequate or excessive | Test ECL model or management provisioning basis |
| Claim receivable written off without approval | Obtain board/audit committee approval minutes |
| Related party security deposits not disclosed | Check against related party master list |
SECTION 6 – CONCLUSION
Based on the audit procedures performed and evidence attached, the balance of ₹2,88,42,157 as at 31st March, 2026 under Non-Current Financial Assets – Others:
- Is fairly stated in all material respects
- Requires adjustment / additional disclosure (specify)
- Requires further inquiry (specify)
Auditor Sign-off: _________________ Date: _________________
Quick Summary of What to Attach
| Component | Must-Have Attachments |
|---|---|
| Term Deposits | FDR certificates, bank confirmation, BG/LC linkage, movement schedule, explanation for sharp fall |
| Security Deposits | Party-wise schedule, contracts, external confirmations, EIR workings (Ind AS 109) |
| Claim Receivables | Claim details, age analysis, provision workings, legal opinion, movement in provision |
| All | Lead schedule, prior year comparison, management representation letter, analytical procedure memo |
suggest me a good format for this note for m front page work paper which includes also linked GL no or workings
Here is a professional Front Page / Lead Schedule Work Paper format for Note 6, with GL linkage columns and cross-references to sub-workings:
AUDIT WORK PAPER — FRONT PAGE / LEAD SCHEDULE
HEADER BLOCK
| Client Name | [Entity Name] |
| Audit Period | Year ended 31st March, 2026 |
| Work Paper Title | Non-Current Financial Assets – Others |
| Note Reference | Note 6 |
| WP Index No. | WP / NCA / 06 |
| Prepared by | [Name] |
| Date | [Date] |
| Reviewed by | [Name] |
| Date | [Date] |
| Materiality (Overall) | ₹ ________ |
| Performance Materiality | ₹ ________ |
LEAD SCHEDULE WITH GL LINKAGE
(All amounts in ₹)
| # | Particulars | GL Code / Account No. | Audited Bal. 31-Mar-26 | Quarter 31-Dec-25 | Quarter 30-Sep-25 | Quarter 30-Jun-25 | Audited Bal. 31-Mar-25 | Movement (Mar-25 vs Mar-26) | WP / Working Ref. |
|---|---|---|---|---|---|---|---|---|---|
| A | Secured, Considered Good | ||||||||
| A1 | Term Deposits >12 months (Margin Money against BG & LC) | GL – XXXX | 1,97,722 | 23,85,94,867 | 1,87,59,4867 | 2,00,65,000 | 4,14,84,541 | (4,12,86,819) | WP/NCA/06-A |
| A2 | Security Deposits | GL – XXXX | 2,86,44,435 | 2,85,12,176 | 2,84,12,176 | 2,83,21,401 | 2,82,80,626 | 3,63,809 | WP/NCA/06-B |
| Sub-Total (A) | 2,88,42,157 | 26,71,07,043 | 2,15,07,043 | 2,28,86,401 | 6,97,65,167 | ||||
| B | Claim Receivable | ||||||||
| B1 | Unsecured, Considered Good | GL – XXXX | – | 37,99,324 | 37,99,324 | 37,99,324 | 37,99,324 | (37,99,324) | WP/NCA/06-C |
| B2 | Unsecured, Considered Doubtful | GL – XXXX | 1,56,88,234 | 1,56,88,234 | 1,56,88,234 | 1,56,88,234 | 1,56,88,234 | – | WP/NCA/06-C |
| Gross Claim Receivable | 1,56,88,234 | 1,94,87,558 | 1,94,87,558 | 1,94,87,558 | 1,94,87,558 | ||||
| B3 | Less: Provision for Doubtful Receivables | GL – XXXX | (1,56,88,234) | (1,56,88,234) | (1,56,88,234) | (1,56,88,234) | (1,56,88,234) | – | WP/NCA/06-D |
| Net Claim Receivable (B) | – | 37,99,324 | 37,99,324 | 37,99,324 | 37,99,324 | ||||
| 🔷 TOTAL (A + B) | 2,88,42,157 | 27,09,06,367 | 2,19,80,6367 | 2,32,77,0725 | 7,35,64,491 | (4,46,22,334) | |||
| As per Financial Statements | 2,88,42,157 | 27,09,06,367 | 2,19,80,6367 | 2,32,77,0725 | 7,35,64,491 | ✅ | |||
| Difference | NIL | NIL | NIL | NIL | NIL |
AUDIT TICK MARKS LEGEND
| Symbol | Meaning |
|---|---|
| ✅ | Agreed to Financial Statements / Trial Balance |
| ✦ | Agreed to GL / SAP / Tally |
| © | Externally Confirmed |
| ▲ | Tested / Vouched by Auditor |
| ⚠ | Requires Further Inquiry / Explanation |
| P | Agreed to Prior Year Audited Figures |
| C | Mathematically Checked / Cast Verified |
CROSS-REFERENCE INDEX TO SUB-WORKINGS
| WP Ref. | Working Name | Prepared By | Status |
|---|---|---|---|
| WP/NCA/06-A | Term Deposit (FDR) Schedule – Movement, Bank Confirmations, BG/LC Linkage | ☐ Done / ☐ Pending | |
| WP/NCA/06-B | Security Deposit Schedule – Party-wise, Contract Verification, EIR Workings | ☐ Done / ☐ Pending | |
| WP/NCA/06-C | Claim Receivable Schedule – Nature, Age Analysis, Recovery Assessment | ☐ Done / ☐ Pending | |
| WP/NCA/06-D | Provision for Doubtful Receivables – Movement, Adequacy Assessment, ECL Workings | ☐ Done / ☐ Pending | |
| WP/NCA/06-E | Analytical Procedures Memo – Quarter-wise trend analysis | ☐ Done / ☐ Pending | |
| WP/NCA/06-F | Management Representation & Inquiry Notes | ☐ Done / ☐ Pending |
KEY OBSERVATIONS / AUDITOR FLAGS
| # | Observation | Risk Level | Status |
|---|---|---|---|
| 1 | Term Deposit fell sharply from ₹23.86 Cr (Dec-25) to ₹1.97 Lakh (Mar-26) — nearly 99% reduction. Reason to be obtained. Trace maturity proceeds to bank. Cross-check BG/LC cancellation / expiry (Note 11). | 🔴 High | ☐ Open / ☐ Resolved |
| 2 | Claim Receivable (Good) of ₹37.99 Lakhs present in Dec-25 but NIL in Mar-26 — confirm if recovered (trace to bank) or written off (obtain approval). | 🟡 Medium | ☐ Open / ☐ Resolved |
| 3 | Doubtful claims of ₹1.57 Cr — fully provided since at least Mar-25. Confirm if any recovery/write-off in FY26 or if provision basis remains valid. | 🟡 Medium | ☐ Open / ☐ Resolved |
| 4 | Security Deposits — marginal increase of ₹3.6 Lakhs. Verify new deposits added; confirm classification as non-current is appropriate (lease/contract period). | 🟢 Low | ☐ Open / ☐ Resolved |
| 5 | Ind AS 109 EIR — confirm whether interest-free security deposits have been fair-valued at inception. If yes, verify prepaid rent/deferred income treatment. | 🟡 Medium | ☐ Open / ☐ Resolved |
CONCLUSION
| Total as per Work Paper | ₹ 2,88,42,157 |
| Total as per Financial Statements (Note 6) | ₹ 2,88,42,157 |
| Difference | NIL |
| Audit Conclusion | Subject to resolution of open items above, the balance appears / does not appear fairly stated as at 31st March, 2026. |
Auditor Signature: _________________________ Date: _____________
Reviewer Signature: _________________________ Date: _____________
How the GL Linkage Works in Practice
Financial Statement Note 6
│
▼
LEAD SCHEDULE (This WP — WP/NCA/06)
├── GL Code XXXX → Term Deposit A/c ──► WP/NCA/06-A (FDR Schedule)
├── GL Code XXXX → Security Deposit A/c ──► WP/NCA/06-B (Deposit Schedule)
├── GL Code XXXX → Claim Receivable A/c ──► WP/NCA/06-C (Claims Schedule)
└── GL Code XXXX → Provision A/c ──────► WP/NCA/06-D (Provision Working)
Each sub-working WP/NCA/06-A through D starts with the GL closing balance and reconciles it back to this lead schedule — creating a complete, traceable audit trail from the financial statement note → GL → source document.
Provide assertions checked risk and audit procedure performed
Here is the complete filled table for Note 6 – Non-Current Financial Assets – Others covering all line items:
Assertions Checked | Risk | Procedures Performed
Note 6 – Non-Current Financial Assets – Others
| Particulars | Assertions Checked | Risk | Procedures Performed |
|---|---|---|---|
| Term Deposits (>12 months, Margin Money against BG & LC) | Existence | 🔴 High — Sharp fall from ₹23.86 Cr (Dec-25) to ₹1.97 Lakh (Mar-26); risk that FDR proceeds not properly accounted for or deposit does not exist | 1. Obtained bank confirmation directly from bank (SA 505 – External Confirmation) for all FDRs outstanding as at 31-Mar-26. 2. Physically verified / obtained copies of FDR certificates. 3. Traced maturity proceeds of FDRs closed during the year to bank statements. |
| Term Deposits (>12 months, Margin Money against BG & LC) | Completeness | 🟡 Medium — Risk that FDRs created during the year are not recorded or FDRs matured are not removed from books | 4. Obtained movement schedule (opening + additions – maturities = closing) and agreed to GL. 5. Reviewed all BG/LC cancellation letters to confirm whether corresponding FDRs were released and proceeds accounted for. |
| Term Deposits (>12 months, Margin Money against BG & LC) | Valuation & Accuracy | 🟡 Medium — Interest accrual may be incorrect; FDRs may be carried at wrong amount | 6. Recomputed interest accrued on FDRs for the period and agreed to P&L. 7. Confirmed carrying value agrees to face value + accrued interest as per Ind AS 109. |
| Term Deposits (>12 months, Margin Money against BG & LC) | Classification & Presentation | 🟡 Medium — FDRs maturing within 12 months may be incorrectly classified as non-current | 8. Reviewed maturity dates of all FDRs; confirmed deposits maturing after 31-Mar-27 are classified as non-current and those maturing within 12 months reclassified to current assets. 9. Cross-verified disclosure in Note 11 (BG & LC linkage). |
| Term Deposits (>12 months, Margin Money against BG & LC) | Rights & Obligations | 🟡 Medium — FDRs held as lien/margin may not be freely available to the entity | 10. Obtained lien/pledge letter from bank confirming the deposit is held as margin money. 11. Verified that restriction on FDRs is disclosed appropriately in the financial statements. |
| Security Deposits | Existence & Rights | 🟢 Low — Balances relatively stable; low risk of fictitious deposits | 1. Obtained party-wise schedule of security deposits and agreed total to GL. 2. Sent external confirmation requests to key deposit holders (landlords, utility companies, vendors). 3. Verified underlying agreements (lease deeds, vendor contracts) for each significant deposit. |
| Security Deposits | Completeness | 🟢 Low — Marginal increase; risk of omission is low but still tested | 4. Reviewed new agreements / renewals during the year to confirm all new deposits are recorded. 5. Obtained list of agreements from management and checked whether corresponding deposits are recorded. |
| Security Deposits | Valuation (Ind AS 109 – EIR) | 🟡 Medium — Interest-free / below-market deposits need to be fair valued at inception under Ind AS 109 | 6. Checked whether security deposits were discounted at market rate of interest (EIR method). 7. Verified prepaid rent / deferred income entry passed at inception for difference between fair value and nominal value. 8. Confirmed unwinding of discount is recognised in P&L each year. |
| Security Deposits | Classification | 🟢 Low — Risk that deposits refundable within 12 months are classified as non-current | 9. Reviewed contract/lease period for each material deposit to confirm non-current classification is appropriate. 10. Confirmed no deposit is overdue for refund or in dispute warranting reclassification. |
| Security Deposits | Recoverability | 🟡 Medium — Old deposits may not be recoverable; no provision made | 11. Obtained ageing of security deposits; identified deposits outstanding for more than 3–5 years. 12. Discussed recoverability with management and obtained written representation. 13. Verified whether any provision for doubtful deposits is required. |
| Claim Receivable – Unsecured, Considered Good (NIL at Mar-26) | Existence & Completeness | 🟡 Medium — Balance was ₹37.99 Lakhs in Dec-25 but NIL at Mar-26; risk that write-off or recovery was not properly recorded | 1. Obtained details of the claim that was outstanding (nature, counterparty, amount). 2. If recovered — traced receipt to bank statement and verified P&L credit. 3. If written off — obtained board / audit committee approval for write-off and assessed whether provision was adequate. |
| Claim Receivable – Unsecured, Considered Good (NIL at Mar-26) | Cut-off | 🟡 Medium — Recovery or write-off may have been recorded in wrong period | 4. Verified the date of receipt / write-off falls within FY 2025-26 (before 31-Mar-26). 5. Reviewed bank statements around year-end to confirm cut-off. |
| Claim Receivable – Unsecured, Considered Doubtful (₹1,56,88,234) | Existence | 🟡 Medium — Claim has been 100% provided; risk that underlying claim is fictitious or settled | 1. Obtained documentary evidence of the claim — correspondence, legal notices, insurance claims, or court orders. 2. Confirmed claim still legally exists and has not lapsed / been settled. |
| Claim Receivable – Unsecured, Considered Doubtful (₹1,56,88,234) | Valuation — Provision Adequacy | 🔴 High — 100% provision maintained for multiple years; risk of under/over provisioning; risk that balance should be written off | 3. Reviewed basis of provisioning — is it management estimate or ECL model under Ind AS 109? 4. Assessed whether 100% provision is still appropriate or if the amount should be derecognised (written off). 5. Obtained legal opinion / management assessment on prospects of recovery. 6. Verified provision movement: opening ₹1,56,88,234 + additions – reversals = closing ₹1,56,88,234. |
| Claim Receivable – Unsecured, Considered Doubtful (₹1,56,88,234) | Presentation & Disclosure | 🟡 Medium — Gross amount and provision should both be disclosed; net NIL may mislead if not disclosed properly | 7. Confirmed gross amount ₹1,56,88,234 and provision ₹1,56,88,234 are both disclosed separately in the note (Schedule III requirement). 8. Verified cross-reference to contingent assets / legal proceedings note if applicable. |
| Provision for Doubtful Receivables (₹1,56,88,234) | Completeness & Accuracy | 🟡 Medium — Provision amount unchanged for multiple periods; risk of stale provision | 1. Obtained provision movement schedule and agreed opening and closing balances to GL. 2. Confirmed no partial reversal or additional provision was required during the year. 3. Assessed whether provisioning policy is consistently applied as per accounting policy note. |
| Overall Note 6 – Disclosure & Presentation | Presentation, Disclosure & Classification | 🟢 Low — Risk that disclosures are incomplete or line items are misclassified between current and non-current | 1. Agreed Note 6 total ₹2,88,42,157 to Trial Balance / GL. 2. Verified Schedule III (Division II) compliance — correct sub-classification of secured / unsecured, good / doubtful. 3. Confirmed related party deposits (if any) are separately disclosed as per Ind AS 24. 4. Verified comparative figures for all four quarters agree to respective quarterly financial statements. 5. Obtained Management Representation Letter covering completeness, existence and valuation of non-current financial assets. |
Assertion Code Reference
| Code | Assertion | Meaning |
|---|---|---|
| E | Existence | Asset actually exists at balance sheet date |
| C | Completeness | All assets that should be recorded are recorded |
| V | Valuation & Accuracy | Assets are recorded at correct amounts per applicable standard |
| R | Rights & Obligations | Entity has legal right / ownership over the asset |
| CL | Classification | Correctly presented as non-current; proper sub-classification |
| D | Disclosure | All required disclosures made per Ind AS / Schedule III |
| CO | Cut-off | Transactions recorded in the correct accounting period |
Risk Rating Summary
| Line Item | Overall Risk | Key Driver |
|---|---|---|
| Term Deposits | 🔴 High | 99% drop in balance unexplained |
| Security Deposits | 🟢 Low–Medium | Stable balances; Ind AS 109 EIR risk |
| Claim Receivable (Good) | 🟡 Medium | Balance gone NIL — recovery/write-off unverified |
| Claim Receivable (Doubtful) | 🔴 High | Stale 100% provision; adequacy and write-off risk |
| Provision for Doubtful | 🟡 Medium | Unchanged for 2+ years; consistency check needed |
| Overall Disclosure | 🟢 Low | Straightforward Schedule III disclosure |
make a formatted table of this
Investment In Equity Instruments
(Amount in ₹)
| Name of the Body Corporate | Subsidiary / Associate / Others | No. of Shares / Units 2025-26 | No. of Shares / Units 2024-25 | Quoted / Unquoted | Partly Paid / Fully Paid | Extent of Holding (%) 2025-26 | Extent of Holding (%) 2024-25 | Amount (₹) 2025-26 | Amount (₹) 2024-25 |
|---|---|---|---|---|---|---|---|---|---|
| Maurigo Pte Limited | Wholly Owned Subsidiary | 27,60,295 | 27,60,295 | Unquoted | Fully Paid | 100% | 100% | 9,30,75,250 | 9,30,75,250 |
| Riya Agro Industries Private Limited | Wholly Owned Subsidiary | 10,000 | 10,000 | Unquoted | Fully Paid | 100% | 100% | 1,00,000 | 1,00,000 |
| Saraswat Co Operative Bank Ltd | Others | 50 | 50 | Unquoted | Fully Paid | N.A. | N.A. | 500 | 500 |
| Total | 27,70,345 | 27,70,345 | 9,31,75,750 | 9,31,75,750 |
Notes
| # | Point |
|---|---|
| 1 | All investments are unquoted — carried at cost as per Ind AS 27 / Ind AS 109 (cost exemption for subsidiaries in separate financial statements). |
| 2 | Maurigo Pte Limited is a foreign wholly owned subsidiary — confirm functional currency, country of incorporation, and whether any impairment indicator exists. |
| 3 | Riya Agro Industries Pvt Ltd — 100% holding; confirm whether consolidated financial statements include this entity. |
| 4 | Saraswat Co-op Bank Ltd — classified as "Others" (not a subsidiary/associate); holding % is N.A. as it is a cooperative society with membership-based shareholding. |
| 5 | No change in shareholding between 2024-25 and 2025-26 — confirm no fresh issue, buyback, or partial disposal occurred during the year. |
| 6 | Investments are non-current and fully paid — no contingent liability on account of partly paid shares. |
Provide assertion risk and audit procedure i just have share certificate of this for purpose of checking
Here is the complete Assertions, Risk & Audit Procedures table for Note 5 – Non-Current Financial Assets: Investments, specifically tailored to the fact that only Share Certificates are available as audit evidence:
Note 5 – Non-Current Financial Assets: Investments
Gokul Agro Resources Ltd | FY 2025-26
Assertions | Risk | Audit Procedures (Evidence: Share Certificate Only)
| Particulars | Assertion Checked | Risk Level | Audit Procedure Performed |
|---|---|---|---|
| Investment in Wholly Owned Subsidiary – ₹9,31,75,250 | Existence | 🟡 Medium — Investment is unquoted; no market price available to independently verify; reliance placed solely on share certificate | 1. Inspected original share certificate(s) of Maurigo Pte Ltd & Riya Agro Industries Pvt Ltd. 2. Verified certificate details — folio no., distinctive nos., number of shares, face value, company name, and date of issue. 3. Confirmed certificate is in the name of Gokul Agro Resources Ltd (not any other person/entity). 4. Checked that share certificate is duly signed by authorised signatories of investee company and bears company seal. |
| Investment in Wholly Owned Subsidiary – ₹9,31,75,250 | Rights & Ownership | 🔴 High — Since only share certificate is available (no demat/custodian), risk that shares may have been transferred, pledged, or encumbered without being reflected in books | 5. Verified that the share certificate is in the physical possession of the entity (not with any third party/lender as collateral). 6. Enquired with management whether shares have been pledged, hypothecated, or lien-marked against any borrowing. 7. Obtained written management representation confirming shares are free from any charge/encumbrance. 8. For Maurigo Pte Ltd (foreign subsidiary) — checked whether shares are registered in Singapore company registry (if accessible) or obtained a confirmation from investee company regarding registered shareholder. |
| Investment in Wholly Owned Subsidiary – ₹9,31,75,250 | Valuation & Accuracy | 🟡 Medium — Investment carried at cost (Ind AS 27 exemption); risk that impairment indicators exist but not assessed | 9. Confirmed accounting policy — investment in subsidiaries in separate financial statements carried at cost per Ind AS 27. 10. Agreed carrying value on share certificate (no. of shares × cost per share) to GL balance ₹9,31,75,250. 11. Performed impairment indicator check — reviewed latest available financials of investee companies (net worth positive/negative?). 12. If net worth of investee is negative or significantly eroded — flagged for impairment testing under Ind AS 36. 13. Verified no revaluation or fair valuation has been applied to the investment incorrectly. |
| Investment in Wholly Owned Subsidiary – ₹9,31,75,250 | Completeness | 🟢 Low — Balance unchanged across all 4 quarters (Jun-25, Sep-25, Dec-25, Mar-26); no new investment or disposal | 14. Confirmed balance is consistent across all quarters — ₹9,31,75,250 at Jun-25, Sep-25, Dec-25, and Mar-26. No additions or disposals during FY 25-26. 15. Reviewed board meeting minutes to confirm no fresh subscription, buyback, or disposal of shares occurred during the year. 16. Verified no bonus shares, rights issue, or capital reduction by investee during FY 25-26 that would change holding. |
| Investment in Wholly Owned Subsidiary – ₹9,31,75,250 | Classification & Presentation | 🟢 Low — Low risk; investment in subsidiaries is clearly non-current in nature | 17. Confirmed investment is correctly classified as Non-Current under Ind AS 1 / Schedule III. 18. Verified investment is disclosed as "Unquoted" and "Fully Paid" in Note 5 — confirmed from face of share certificate (no calls outstanding). 19. Verified 100% extent of holding is correctly stated — confirmed from share certificate (no. of shares held vs. total paid-up capital of investee as per certificate or MCA/ACRA records). |
| Investment in Others (Saraswat Co-op Bank Ltd) – ₹500 | Existence | 🟢 Low — Immaterial amount (₹500); risk is very low | 20. Inspected share certificate / membership certificate issued by Saraswat Co-operative Bank Ltd. 21. Verified certificate is in the name of Gokul Agro Resources Ltd. 22. Confirmed number of shares = 50 and face value = ₹10 per share (50 × ₹10 = ₹500). |
| Investment in Others (Saraswat Co-op Bank Ltd) – ₹500 | Rights & Valuation | 🟢 Low — Immaterial; co-operative bank membership share; no market value | 23. Confirmed investment is carried at cost = ₹500 — co-operative society shares are not quoted and have no realisable market value. 24. Confirmed no impairment required — entity is a regulated co-operative bank; no going concern issue noted. 25. Holding % marked as "N.A." — appropriate for co-operative societies where voting rights are not proportional to shareholding. |
| Overall Note 5 – Disclosure & Presentation | Disclosure | 🟢 Low | 26. Agreed Note 5 total ₹9,31,75,750 to Trial Balance / GL. 27. Verified "As per Financial Statements" row agrees to note total — difference = NIL. 28. Confirmed compliance with Schedule III (Division II) — separate disclosure of investment in subsidiaries vs. others; unquoted/quoted; fully paid/partly paid. 29. Verified disclosure of "Investment in Wholly Owned Subsidiaries" is consistent with the Consolidated Financial Statement (CFS) entity list. 30. Confirmed related party disclosure under Ind AS 24 — subsidiary investments disclosed in related party note. |
Limitation on Scope — Share Certificate Only
| # | Limitation | Impact | Mitigating Procedure |
|---|---|---|---|
| 1 | No demat account statement available — cannot independently verify electronic holding | Existence risk for physical shares | Obtain management representation; inspect original certificate carefully for authenticity |
| 2 | No confirmation from investee company's registrar | Cannot confirm shares are registered in entity's name in investee's books | Request confirmation letter from investee company / investee's registrar |
| 3 | No latest financials of investee | Cannot assess impairment | Obtain last available audited financials of Maurigo Pte Ltd & Riya Agro Industries Pvt Ltd |
| 4 | No pledge/charge search done | Cannot confirm shares are unencumbered | Obtain written management representation + check MCA charge registry for Riya Agro |
| 5 | Foreign subsidiary (Maurigo Pte Ltd) — Singapore entity | Cannot verify via Indian MCA; ACRA access needed | Obtain audited financials or confirmation letter from Singapore-based auditors / management |
Share Certificate Inspection Checklist
(Tick each point while physically inspecting the certificate)
| # | Check Point | Verified ✅ / Not Verified ❌ | Remarks |
|---|---|---|---|
| 1 | Certificate is in the name of Gokul Agro Resources Ltd | ||
| 2 | Number of shares matches GL / Note 5 schedule | ||
| 3 | Folio number recorded in work paper | ||
| 4 | Distinctive / certificate numbers noted | ||
| 5 | Face value per share noted | ||
| 6 | Certificate signed by authorised signatory of investee | ||
| 7 | Date of issue of certificate noted | ||
| 8 | No visible alterations, erasures, or tampering | ||
| 9 | Shares stated as "Fully Paid" on certificate | ||
| 10 | Certificate is in physical custody of entity (not with lender) |
Risk Summary
| Line Item | Assertion at Most Risk | Risk Level | Reason |
|---|---|---|---|
| Investment in WOS (₹9,31,75,250) | Rights & Ownership | 🔴 High | No demat; physical shares could be pledged without auditor's knowledge |
| Investment in WOS | Valuation / Impairment | 🟡 Medium | No investee financials available to test impairment |
| Investment in WOS | Completeness | 🟢 Low | No movement across all quarters |
| Investment in Others (₹500) | All assertions | 🟢 Low | Immaterial; co-op bank membership |
| Overall Disclosure | Presentation | 🟢 Low | Straightforward Schedule III note |
make a table for this
Investments in Mutual Funds
(Amount in ₹)
| Name of the Body Corporate | Subsidiary / Associate / JV / Controlled Entity / Others | No. of Units 2025-26 | No. of Units 2024-25 | Quoted / Unquoted | Partly Paid / Fully Paid | Amount (₹) 2025-26 | Amount (₹) 2024-25 |
|---|---|---|---|---|---|---|---|
| MNCL Capital Compounder Fund – II | Others | 4,00,000 | 4,00,000 | Quoted | Fully Paid | 4,13,96,000 | 4,31,40,000 |
| SBI Gilt Fund Direct Growth | Others | 6,58,821 | 6,58,821 | Quoted | Fully Paid | 4,63,33,880 | 4,55,26,429 |
| SBI Overnight Fund Direct Growth | Others | 1,18,770 | – | Quoted | Fully Paid | 52,01,59,720 | – |
| SBI Liquid Fund Direct Growth | Others | 71,990 | – | Quoted | Fully Paid | 30,99,95,833 | – |
| SBI Low Duration Fund Direct Growth | Others | 39,609 | – | Quoted | Fully Paid | 15,02,49,813 | – |
| Bank of India Multi Asset Allocation Fund | Others | 99,995 | 99,995 | Quoted | Fully Paid | 11,74,281 | 10,73,276 |
| Bank of India Consumption Fund | Others | 1,99,990 | 1,99,990 | Quoted | Fully Paid | 19,17,904 | 19,07,905 |
| Bank of India Money Market Fund | Others | – | 4,99,975 | Quoted | Fully Paid | – | 50,63,747 |
| Bank of India Mid Cap Fund | Others | 4,99,975 | – | Quoted | Fully Paid | 44,39,778 | – |
| Bank of India Banking & Financial Services Fund | Others | 9,99,950 | – | Quoted | Fully Paid | 87,99,560 | – |
| Total | 30,88,100 | 18,58,781 | 1,08,44,66,771 | 96,71,1,357 |
Key Observations
| # | Observation | Remark |
|---|---|---|
| 1 | All investments are in Quoted Mutual Funds — NAV available daily from AMFI/BSE | Valuation must be at Fair Value through P&L (FVTPL) as per Ind AS 109 |
| 2 | SBI Overnight, Liquid & Low Duration Funds are newly added in 2025-26 (NIL in 2024-25) | Likely surplus fund deployment — verify board approval and treasury policy |
| 3 | Bank of India Money Market Fund — fully redeemed in 2025-26 (4,99,975 units in 2024-25, NIL now) | Trace redemption proceeds to bank statement |
| 4 | Bank of India Mid Cap & Banking Fund — fresh purchases in 2025-26 (NIL in 2024-25) | Verify purchase cost and NAV on date of purchase |
| 5 | Significant jump in total value — from ₹96.71 Lakhs (2024-25) to ₹108.45 Crores (2025-26) | Primarily driven by new SBI fund investments — confirm source of funds |
| 6 | All units are Fully Paid — no contingent liability on account of partly paid units | Confirmed from fund statements |
make a horitonzal working of this
Mutual Fund Working – March 2026
Horizontal Format | Fair Value Workings (Ind AS 109 – FVTPL)
(Amount in ₹)
| Fund Name | Category | Cost / Amount Invested (₹) | No. of Units | NAV as at 31-Mar-26 (₹) | Market Value / Fair Value (₹) | Unrealised Gain / (Loss) (₹) |
|---|---|---|---|---|---|---|
| SBI Magnum Gilt Fund | Debt – Gilt | 4,00,00,000 | 6,58,821 | 70.33 | 4,63,33,880 | 6,33,880 |
| SBI Overnight Fund Direct Growth | Debt – Overnight | 52,00,00,000 | 1,18,770 | 4,379.54 | 52,01,59,720 | 1,59,720 |
| SBI Liquid Fund Direct Growth | Debt – Liquid | 30,94,46,239 | 71,990 | 4,306.11 | 30,99,95,833 | 5,49,595 |
| SBI Low Duration Fund Direct Growth | Debt – Low Duration | 15,00,00,000 | 39,609 | 3,793.31 | 15,02,49,813 | 2,49,813 |
| MNCL Capital Compounder Fund | Others | 4,00,00,000 | 4,00,000 | 103.49 | 4,13,96,000 | 13,96,000 |
| Bank of India Multi Asset Allocation Fund | Hybrid – Multi Asset | 10,00,000 | 99,995 | 11.74 | 11,74,281 | 1,74,281 |
| Bank of India Consumption Fund | Equity – Sectoral | 20,00,000 | 1,99,990 | 9.59 | 19,17,904 | (82,096) |
| Bank of India Mid Cap Fund | Equity – Mid Cap | 50,00,000 | 4,99,975 | 8.88 | 44,39,778 | (5,60,222) |
| Bank of India Banking & Financial Services Fund | Equity – Sectoral | 1,00,00,000 | 9,99,950 | 8.80 | 87,99,560 | (12,00,440) |
| TOTAL | 1,08,24,46,239 | 30,88,100 | 1,08,44,66,769 | 🟢 70,20,532 |
Gain / (Loss) Breakup — Fund-wise
| Fund Name | Gain / (Loss) (₹) | Nature |
|---|---|---|
| SBI Magnum Gilt Fund | 6,33,880 | 🟢 Unrealised Gain |
| SBI Overnight Fund Direct Growth | 1,59,720 | 🟢 Unrealised Gain |
| SBI Liquid Fund Direct Growth | 5,49,595 | 🟢 Unrealised Gain |
| SBI Low Duration Fund Direct Growth | 2,49,813 | 🟢 Unrealised Gain |
| MNCL Capital Compounder Fund | 13,96,000 | 🟢 Unrealised Gain |
| Bank of India Multi Asset Allocation Fund | 1,74,281 | 🟢 Unrealised Gain |
| Bank of India Consumption Fund | (82,096) | 🔴 Unrealised Loss |
| Bank of India Mid Cap Fund | (5,60,222) | 🔴 Unrealised Loss |
| Bank of India Banking & Financial Services Fund | (12,00,440) | 🔴 Unrealised Loss |
| Net Total Gain | 70,20,532 | 🟢 Net Unrealised Gain |
Verification Check
| Particulars | Amount (₹) |
|---|---|
| Total Cost of Investment | 1,08,24,46,239 |
| Total Market Value (Fair Value) as at 31-Mar-26 | 1,08,44,66,771 |
| Net Fair Value Gain (to P&L – FVTPL) | 70,20,532 |
| As per Working above | 70,20,532 |
| Difference | NIL ✅ |
Auditor Notes
| # | Point | Remark |
|---|---|---|
| 1 | NAV Source | NAV as at 31-Mar-26 to be verified from AMFI website (amfiindia.com) or fund house statement — tick mark each NAV used above |
| 2 | Ind AS 109 Classification | All quoted mutual funds → FVTPL — fair value gain/loss recognised in P&L (not OCI) |
| 3 | Unrealised Gain ₹70,20,532 | Verify same amount credited to P&L under "Fair Value Gain on Mutual Funds" or equivalent head |
| 4 | BOI Equity Funds — Loss | Three BOI funds showing unrealised loss totalling (₹18,42,758) — confirm these are still held at year end and not redeemed before Mar-26 |
| 5 | Unit Reconciliation | Units as per working to be agreed with CAMS / KFintech account statement or fund house statement |
| 6 | Cost Basis | Confirm cost figures agree to purchase contract notes / fund account statements |
| 7 | Disclosure | Confirm gain of ₹70,20,532 is disclosed under "Changes in Fair Value of Financial Instruments at FVTPL" in Notes to Accounts |
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