TO THE MEMBERS OF ASYA INFOSOFT LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of
Asya Infosoft Limited(“the Company”) which comprise the Balance Sheet as at
March 31, 2021, the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equityand the Statement of Cash Flow for the year then
ended,and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information.
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements give the
information required by the Companies Act, 2013 (“the Act”) in the manner
sorequired 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, 2021, its 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 Standalone financial statements in accordance
with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAI) together with the ethical
requirements that are relevant to our audit of the standalone financial statements under
the provisions of the Act and the Rules 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 we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the standalone 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 depending upon the facts and
circumstances of the entity and the audit, that there are no key audit matters to
communicate in the Auditors Report.
Information Other than the Standalone Financial Statements and
Auditors Report Thereon
The Companys Board of Directors is responsible for the other
information. The other information comprises the information included in the Boards
Report including Annexures to Boards Report, and Corporate Governance Report, but
does not includethe standalone financial statements and our auditors report thereon.
Our opinion on the standalone financial statements does not cover the
other information and we do not express any form of assurance conclusion thereon. In
connection with our audit of the standalone financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with the standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this
regard.
Managements Responsibility for the Standalone Financial
Statements
The Companys Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation of these standalone
financial statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, changes in equityand cash flows of the
Company in accordance with the Ind As and other accounting principles generally accepted
in India, including the accounting Standards specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of 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 standalone financial
statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error. In preparing the standalone 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.
Those Board of Directors are also responsible for overseeing the
companys financial reporting process
Auditors Responsibility for the Audit of the Standalone Financial
Statements
Our objectives are to obtain reasonable assurance about whether the
standalone 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 standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the
standalone financial statements, whether due to fraud or error, design and perform audit
procedures responsive 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 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 standalone 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 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
standalone financial statements, including the disclosures, and whether the standalone
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
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 standalone
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 the Companies (Auditors Report) Order,
2016 (the “Order”), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure
A” a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. 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 Cash Flowdealt with
by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements comply
with the Ind As specified under Section 133 of the Act. e. On the basis of the written
representations received from the directors as on 31st March, 2021 taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2021 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 B”. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Companys Internal
Financial Controls over financial reporting.
g. With respect to the matter to be included in the Auditors
Report under Section 197(16) of the Act: The Company has not paid any managerial
remuneration to its directors during the year, and hence the provisions of section 197
read with Schedule V of the Act are not applicable to the Company for the year ended March
31, 2021.
h. 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 no pending litigations as on 31st March,
2021 in its standalone 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 has been no delay in transferring amounts, required to be transferred,
to the Investor Education & Protection Fund by the Company.
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT
(Referred to the paragraph 1 under “Report on Other Legal and
Regulatory Requirements” section of our report of even date)
i. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed assets;
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification which, in our opinion,
provides for physical verification of all the fixed assets at reasonable intervals having
regard to the size of the company, nature and value of its assets. According to the
information and explanation given to us, no material discrepancies were noticed on such
verification.
(c) In our opinion and according to information and explanations given
to us and on the basis of an examination of the records of the Company, the title deeds of
immovable properties are held in the name of the Company.
ii. The inventory has been physically verified by the Management at
reasonable intervals during the year.
In our opinion, the frequency of such verification is reasonable. The
discrepancies noticed on verification between the physical stocks and the book records
were not material and have been dealt with in books of account.
iii. In our opinion and according to information & explanation
given to us, the company has not granted any loans, secured or unsecured to companies,
firms, Limited Liability Partnership or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. Accordingly the provisions of Clause (iii)
of paragraph 3 of the order are not applicable to the Company.
iv. In our opinion and according to information and explanations given
to us, the Company has complied with provisions of Sections 185 and 186 of the Act in
respect of loans, investments, guarantees and security.
v. According to the information and explanations given to us, the
Company has not accepted any deposit nor has any unclaimed deposit within the meaning of
the provisions of Sections 73 to 76 or any other relevant provision of the Act and the
rules framed there under. Accordingly, the provisions of Clause (v) of paragraph 3 of the
Order are not applicable to the Company.
vi. Company is engaged in service industries which are not covered by
the Companies, (Cost Records and Audit) Rules, 2014. Accordingly the provisions of Clause
(vi) of paragraph 3 of the Order are not applicable to the company.
vii. (a) According to the information and explanations given to us and
the records of the Company xamined by us, in our opinion, the Company is regular in
depositing the undisputed statutory dues including Provident Fund, Employees State
Insurance, Income Tax, Duty of Customs, Goods and Services Tax, Cess, and any other
material Statutory dues, as applicable, with the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Employees State Insurance,
Income Tax, Goods and Services Tax, Service Tax, Customs Duty, Cess and any other material
statutory dues were in arrears as at 31st March, 2021 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of Income ax, Service Tax, Custom Duty, Excise duty, Sales tax, Value Added
Tax and Cess which have not been deposited with the appropriate authorities on account of
any dispute.
viii. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of loans or borrowings to
banks. The Company does not have any loans or borrowings from financial institutions or
government and has not issued any debentures.
ix. The Company has not raised moneys by way of initial public offer or
further public offer (including debt instruments) and term loans taken by the Company have
been applied for the purposes for which they were obtained.
x. According to the information and explanations given to us, no
material fraud by the Company or on the Company by its officers or employees has been
noticed or reported during the course of our audit.
xi. In our opinion and according to the information and explanations
given to us, Company has not paid any managerial remuneration to its directors during the
year in accordance with the requisite approvals mandated by the provisions of the Section
197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations
given to us, the Company is not a Nidhi Company. Accordingly, the provisions of Clauses
(xii) of paragraph 3 of the Order are 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 Act, 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
Indian accounting standards.
xiv. According to the information and explanations given to us and
based on our examination of the records of the Company, the Company has not made any
preferential allotment or private placement of shares or fully or partly convertible
debentures during the year.
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 transaction
with the Directors or Persons connected with its Directors and covered under Section 192
of the Act. Accordingly, the provisions of Clause (xv) of paragraph 3 of the Order are not
applicable to the Company.
xvi. According to the information and explanations given to us, the
Company is not required to be registered under Section 45- IA of the Reserve Bank of India
Act, 1934. Accordingly, Clause (xvi) of paragraph 3 of the Order is not applicable to the
Company.
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2(f) under “Report on Other Legal and
Regulatory Requirements” section of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting
under Clause (i) of sub-section 3 of Section 143of the Companies Act, 2013 (the
“Act”)
We have audited the internal financial controls over financial
reporting of Asya Infosoft Limited (the “Company”) as of 31stMarch
2021 in conjunction with our audit of the standalone 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 (the “Guidance Note”) issued by the Institute of Chartered
Accountants of India (ICAI). 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 the Companys business, including
adherence to 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 Companys
Internal Financial Control 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 Control 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 Control over Financial Reporting
included obtaining an understanding of Internal Financial Control 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 Companys Internal
Financial Control system over Financial Reporting.
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.
Inherent 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 Internal Financial
Controls 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, adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31stMarch 2021, based
on the criteria for internal financial controls over financial reporting 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, SPARKS & Co. |
|
Chartered Accountants |
|
Firm Registration No: 101458W |
| Place: Ahmedabad |
CA Snehal R. Shah |
| Date: September 25, 2021 |
Partner |
| UDIN: 21113347AAAADR8153 |
Membership No. 113347 |
+91-9892691696
