To the Members of Ayushman Infratech Limited (Formerly known as Shantnu Investments
(India) Limited)
Report on the Audit of the Financial Statements Opinion
We have audited the accompanying Financial Statements of Ayushman Infratech Limited
(Formerly known as Shantnu Investments (India) Limited ) (the “ Company”), which
comprise the Balance Sheet as at March 31, 2023, and 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 then ended, and a summary of significant accounting
policies and other explanatory information (hereinafter referred to as “the Financial
Statements”). In our opinion and to the best of our information and according to the
explanations given to us, 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 the Companies (Indian 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, 2023, the Profit and total
comprehensive income, changes in equity and its cash flows for the year ended on that
date.
Basis for opinion
We conducted our audit of the Financial Statements in accordance with the Standards on
Auditing (“SA”s) specified under section 143(10) of the Companies Act, 2013 (the
“Act”). Our responsibilities under those Standards are further described in the
Auditors Responsibilities 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 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 ICAIs 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 Financial Statements.
Emphasis of Matter
We draw attention to note 9 of the financial statements which includes trade
receivables worth Rs 23,60,477.33 which are outstanding for more than 3 years. As per the
management of the company they are sure that they will recover the amount from the
respective parties, but this is beyond our knowledge about the credit worthiness of the
respective parties. Our opinion is not modified in respect of this matter.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the standalone financial statements of the current financial
year. 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 key audit matters
to communicate in our report.
Information Other than the Financial Statements and Auditors Report Thereon
(‘other information) The Companys Board of Directors is responsible for the
preparation of the other information. The other information comprises the information
included in the Management Discussion and Analysis, Boards Report including Annexures to
Boards Report, Shareholders Information, but does not include the Financial Statements
and our auditors 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 identified above when it becomes available and, in doing so, consider
whether the other information is materially inconsistent with the 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 of this other information, we are required to report that fact. We
have nothing to report in this regard due to non-availability of those information.
Managements Responsibility for the Financial Statements
The Companys 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 Financial 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 Ind AS 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; 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 Companys 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
responsible for overseeing the Companys financial reporting process.
Auditors Responsibilities for the Audit of the 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 auditors 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 controls.
Obtain an understanding of internal financial controls 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 managements 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 Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors 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 auditors
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 Financial Statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the 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 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 auditors 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 Section 143(3) of the Act, based on our audit 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 it
appears from our examination of those books. c) The Balance Sheet, the Statement of Profit
and Loss including Other Comprehensive Income, Statement of Changes in Equity and the
Statement of Cash Flow dealt with by this Report are in agreement with the relevant books
of account. d) In our opinion, the aforesaid Financial Statements comply with the IndAS
specified under Section 133 of the Act. e) On the basis of the written representations
received from the directors as on March 31, 2023 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2023 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 over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure A”.
Our report expresses an unmodified opinion on the adequacy and operating effectiveness of
the Companys internal financial controls over financial g) With respect to the other
matters to be included in the Auditors 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 has disclosed
the impact of pending litigations on its financial position in its financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses. iii. There was no amount which was
required to be transferred to the Investor Education and Protection Fund by the company.
iv. a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) 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
entity (“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) The Management has represented, that, to
the best of its knowledge and belief, no funds (which are material either individually or
in the aggregate) have been received by the Company from any person or entity, including
foreign entity (“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; c) Based on the audit procedures that
have been considered reasonable and appropriate in the circumstances, nothing has come to
our notice that has caused us to believe that the representations under sub-clause (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement. v. During the year under reporting, the company has not declared or paid any
dividend. vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining
books of account using accounting software which has a feature of recording audit trail
(edit log) facility is applicable to the Company w.e.f. April 1, 2023, and accordingly,
reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable
for the financial year ended March 31, 2023.
2. As required by the Companies (Auditors Report) Order, 2020 (“the Order”)
issued by the Central Government in terms of Section 143(11) of the Act, we give in
“Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the
order.
| For P.K. Narula & Co. |
| Chartered Accountants |
| FRNo.016470N |
| Sd/- |
| Pramod Kumar Narula |
| Partner |
| Membership No. 085727 |
| Place: New Delhi |
| Date: 29.05.2023 |
| UDIN: 23085727BGQNJT8246 |
Annexure “A” to the Independent Auditors Report
(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of Ayushman Infratech Limited (Formerly
known as Shantnu Investments (India) Limited) of even date)
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Ayushman
Infratech Limited (Formerly known as Shantnu Investments (India) Limited) (“the
Company”) as of March 31, 2023 in conjunction with our audit of the Financial
Statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaining
internal financial controls based on the internal control over financial reporting
criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to respective companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the internal financial controls over
financial reporting of the Company based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants
of India and the Standards on Auditing prescribed under Section 143(10) of the Companies
Act, 2013, to the extent applicable to an audit of internal financial controls. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects. Our audit involves performing
procedures to obtain audit evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness. Our audit of internal
financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. The procedures selected depend on the
auditors judgement, including the assessment of the risks of material misstatement of the
Financial Statements, whether due to fraud or error. We believe that the audit evidence we
have obtained, is sufficient and appropriate to provide a basis for our audit opinion on
the internal financial controls system over financial reporting of the Company.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of Financial Statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of Financial Statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect on the Financial Statements.
Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given
to us, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at March 31, 2023, based on the internal control
over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India.
| For P.K. Narula & Co. |
| Chartered Accountants |
| FRNo.016470N |
| Sd/- |
| Pramod Kumar Narula |
| Partner |
| Membership No. 085727 |
| Place: New Delhi |
| Date: 29.05.2023 |
| UDIN: 23085727BGQNJT8246 |
Annexure ‘B to the Independent Auditors Report
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of Ayushman Infratech Limited)
(Formerly known as Shantnu Investments (India) Limited) of even date) In terms of the
information and explanations sought by us and given by the company and the books of
account and records examined by us in the normal course of audit and to the best of our
knowledge and belief, we state that: i. In respect of the Companys Property, Plant and
Equipment and Intangible Assets: (a) The Company has maintained proper records showing
full particulars, including quantitative details and situation of Property, Plant &
equipment. (b) The Company has a program of verification to cover all the items of
Property, Plant & Equipments in a phased manner which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets. Pursuant to the
program, certain Property, Plant & Equipments were physically verified by the
management during the year. According to the information and explanations given to us, no
material discrepancies were noticed on such verification. (c) with respect to immovable
property disclosed in financial statements as a part of property, plant and equipment and
based on the examination of the conveyance deeds / registered sale deed provided to us, we
report that, the title deeds, comprising all the immovable properties of land and
buildings which are freehold, are held in the name of the Company as at the balance sheet
date. As verified, there are no immovable properties that have been taken on lease and
disclosed as fixed assets in the Financial Statements. (d) The company has not revalued
any of its Property, Plant and Equipment (Including Right of use Assets) and intangible
assets during the year. (e) No proceedings have been initiated during the year or are
pending against the company as at March 31, 2023 for holding any benami property under the
Benami transaction (prohibition) Act,1988 (as amended) and rules made thereunder. ii. In
respect of the companys Inventories:
(a) The inventory includes construction WIP, construction and development material.
Physical verification of the same has been conducted by the management at proper interval
and no material discrepancies were noticed on such verification. In our opinion, the
coverage and procedure of such verification by the management is appropriate having regard
to the size of the company and the nature of its operation. (b) The company has not been
sanctioned working capital limit in excess of Rs. 5 Crore during any point of time of the
year. Thus clause 3(ii)(b)of the CARO 2020 are not applicable to the company during the
year under audit iii. During the year, the company has not granted any loan, secured or
unsecured to the Companies, firms or other parties covered in the register maintained
under section 189 of Companies Act 2013. Thus clause 3(iii)(a), (b), (c), (d), (e), (f)of
the CARO 2020 are not applicable to the company during the year under audit. iv. The
Company has complied with the provisions of Sections 185 and 186 of the Act, to the extent
applicable, in respect of grant of loans, making investments and providing guarantees and
securities during the year, as applicable.
v. The Company has not accepted deposits or amounts which are deemed to be deposits
during the year and does not have any unclaimed deposits as at March 31, 2023 and
therefore, the provisions of the clause 3 (v) of the Order are not applicable to the
Company.
vi. The company is not falling under the threshold limit of companies reporting to
maintain cost audit prescribed by central government under section 148(1) of the Companies
Act, 2013 during the course under audit. vii. According to the information and
explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues,
including Provident Fund, Employees State Insurance, Income Tax, Goods and Service Tax,
Customs Duty, Cess and other material statutory dues applicable to it with the appropriate
authorities.
(b) There were no undisputed amounts payable in respect of Income Tax, Goods and
Service Tax, and other material statutory dues in arrears as at March 31, 2023 for a
period of more than six months from the date they became payable.
(c) The material dues including income-tax, Goods and services tax, or cess which have
not been deposited with the appropriate authorities on account of any dispute are as
below:
| Name of the Statue |
Nature of Dues |
Period to which amount relates |
Forum where dispute is pending |
Amount in Thousands |
Deposited Amount |
| Income Tax Act, 1961 |
Income tax |
FY 2019-20 |
CIT(A) |
4535.40 |
NIL |
| Sales Tax / VAT |
VAT |
FY 2016-17 |
Add Commissioner Gr-2 (Appeals) |
1812.60 |
1812.60 |
viii. There were no transaction relating to previously unrecorded income that have been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act,1961 (43 of 1961). ix. In respect of borrowings: (a) The Company has not made any
default in repayment of any loans or borrowings from financial institutions, banks and
government. (b) The Company has not been declared willful defaulter by the bank or
financial institution or other lender. (c) According to the information & explanation
given to us and on the basis of our examination of the records of the company, we have
found that the loan was applied for the purpose for which loan were taken. (d)According to
the information & explanation given to us and on the basis of our examination, the
company has not raised any fund on short term basis thus clause 3(ix)(d) of the CARO 2020
are not applicable to the company. (e) According to the information & explanation
given to us and on the basis of our examination of the records of the company, the company
has no subsidiary, associates or Joint venture, thus clause 3(ix)(e)& (f)of the CARO
2020 are not applicable to the company during the year.
x. In respect of issue of securities:
(a) The Company has not raised moneys by way of initial public offer or further public
offer (including debt instruments) and hence reporting under clause 3 (x)(a) of the Order
is not applicable to the Company.
(b) The company has not made any preferential allotment or private placement of share
or convertible debenture (fully, partially or optionally convertible) during the year,
hence reporting under clause 3 (x)(b) of the Order is not applicable to the Company
xi. In respect of fraud:
(a) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company or no material fraud on the Company by its officers
or employees has been noticed or reported during the year.
(b) No report under sub-section (12) of section 143 of the companies Act has been filed
in form ADT-1 as prescribed under rule 13 of companies (Audit and Auditors) Rule, 2014
with the central government, during the year
(c) According to the information & explanation given to us and on the basis of our
examination of the records of the company, we have not found any whistle-blower complaints
received during the year by the company. xii. The Company is not a Nidhi Company and hence
reporting under clause 3 (xii)(a)(b)(c) of the Order is not applicable to the Company.
xiii. In our opinion and according to the information and explanations given to us, the
Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where
applicable, for all transactions with the related parties and the details of related party
transactions have been disclosed in the Financial Statements as required by the applicable
accounting standards. xiv. In respect of Internal Audit: (a) In our opinion of the Company
has an adequate Internal Audit System commensurate with the size and the nature of its
business as per the section 138 of the companies Act, 2013. (b) We have considered, the
internal audit reports for the year under audit, issued to the company during the year and
till date, in determining the nature, timing and extent of our audit procedure. xv. In our
opinion and according to the information and explanations given to us, during the year the
Company has not entered into any non-cash transactions with its Directors or persons
connected to its directors and hence provisions of section 192 of the Companies Act, 2013
are not applicable to the Company. xvi. The Company is not required to be registered under
section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause
3(xvi)(a)(b)(c)(d) of the order is not applicable.
xvii. The company has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the company during
the year.
xix. On the basis of the financial ratio, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
financial statements and our knowledge of the board of the directors and the management
plans and based on our examination of the evidence supporting the assumptions, nothing has
come to our attention, which cause us to believe that an material uncertainty exists as on
the date of the audit report indicating the company is not capable of meeting its
liability existing at the date of balance sheet as and when the fall due within a period
of one year from the balance sheet date. We however stated that is not an assurance as to
the future viability of the company. We further stated that our reporting is based on the
facts up to the date of audit report and We neither give any guarantee nor any assurance
that all liability falling due within a period of one year from the balance sheet date,
will get discharged by the company as and when they fall due.
xx. According to the information and explanations given to us, the records examined by
us and based on the examination of record of the company, corporate social responsibility
(CSR) is not applicable to company as per section 135 of the Companies Act, 2013. Hence,
the clause 3(xx)(a)(b) of the CARO 2020 are not applicable to the company during the year.
xxi. The reporting under clause 3(xxi) of the Order is not applicable in respect of
audit of the Standalone financial statements of the company. Accordingly, no comment has
been included in respect of said clause under this report.
| For P.K. Narula & Co. |
| Chartered Accountants |
| FRNo.016470N |
| Sd/- |
| Pramod Kumar Narula |
| Partner |
| Membership No. 085727 |
| Place: New Delhi |
| Date: 29.05.2023 |
| UDIN: 23085727BGQNJT8246 |
+91-9892691696
