Sanghi Corporate Services Ltd Auditor Reports

To

The Members of,

SANGHI CORPORATE SERVICES LIMITED

Report on Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of SANGHI CORPORATE SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss account and Cash Flow Statement for the year then ended, and 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 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, and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, the loss 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 specified under section 143(10) of the Act (SAs). 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 independence 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 ICAFs 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 financial statements.

Emphasis of Matter

We draw attention to the following matters in the Notes to the financial statements:

a) We draw attention to Sub Point No. 6 of Point (A) in Note 9 in the financial statements, which indicates that the net worth of the company has been substantially eroded and the Management intends to apply for winding up of company as repeated efforts of the management to turnaround the company has failed and the companys NBFC license has been revoked following which it is not able to carry out its object.

b) Point (vii) (b) of Annexure A to Audit Report & Sub Point No.2 of Point (C) in Note 9 of the financial statements, which describes the uncertainty related to the outcome of the Block Assessment by the Income Tax authorities up to the period of search and ascertained the liabilities to the extent of Rs. 3,83,93, S 72/- which has been disputed by the company before the higher authorities.

c) Regarding non appointment of Internal Auditor and Company Secretary set forth in Sub Point No. 3 and 4 of Point (C) in Note 15 of the financial .statements.

Our opinion is not modified in respect of these matters.

Managements Responsibility for the Financial Statements.

The Management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (‘the Act) with respect to the preparation & presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. 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 Responsibility 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 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 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 financial statements, including the disclosures, and whether the 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 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

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 section143 of the Act, we give in the Annexure A, a statement on the matters Specified in paragraphs 3 and 4 of the Order.

As required by section 143(3) of the Act, 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 purpose 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid standalone financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014;

e. In our opinion there are no observations or comments on the financial transactions, which may have an adverse effect on the functioning of the Company.

f. On the basis of written representations received from the directors as on March 31, 2021, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2021, from being appointed as a director in terms of Section 164(2) of the Act;

g. With respect to the adequacy of the Internal Financial Control over financial reporting of the company and the operating effectiveness of such control, refer to our separate Report in "Annexure B" of this report;

h. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

(i) The impact of pending litigations has been duly disclosed in the financial statements- Refer Sub Point No.1 of Point (C) in Note 15;

(ii) The Company did not have any long term eontracts including derivative eontraets for whieh there were any material foreseeable losses;

(iii) There has not been any oceasion in ease of the Company during the year under report to transfer any sums to the Investor Edueation and Proteetion Fund; henee, the question of delay in transferring such sums does not arise;

	For A. SACHDEVA & CO.
	Chartered Accountants
	MANISH AGARWAL
Place: Mumbai	(Partner)
Date: 04/09/2021	M.No: . 078628
	FRN: 001307C

"Annexure A" to the Independent Auditors Report

The Annexure referred to in Independent Auditors Report to the members of SANGHI CORPORATE SERVICES LIMITED on the Financial Statements for the year ended 3Ist March, 2021;

On the basis of such checks as we eonsidered appropriate and aeeording to the information and explanations given to us during the course of our audit, we report that:

i. There is no Fixed Assets during the year, therefore paragraph 3(i) of the order is not applieable.

ii. There is no inventory during the year, therefore paragraph 3(ii) of the order is not applicable.

iii. The company has not granted any loans, seeured or unseeured to eompanies, firms or other parties covered in the register maintained under seetion 189 of the Aet. Therefore paragraph 3(iii) of the order is not applicable.

(iv) In our opinion, and aeeording to the information and explanations given to us, the Company has complied with the provisions of Seetions 185 and 186 of the Aet.

(v) The Company has not aeeepted any deposits from the publie as covered under provisions of Seetion 73 to 76 of the Act and rules made there under to the extent notified. Therefore paragraph 3(v) of the order is not applicable.

(vi) As informed to us, the Central Government has not preseribed maintenanee of eost records under sub-section (1) of Section 148 of the Act for any of the serviees rendered by the eompany. Therefore paragraph 3(vi) of the order is not applicable.

(vii) (a)According to the information and explanations given to us and based on the records of the eompany examined by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Value added tax. Service Tax, Cess and other material statutory dues, as applicable, with the appropriate authorities in India. As informed, provisions of Customs Duty and Excise duty are not applicable to the Company during the year under report;

(b) According to the information and explanations given to us and based on the records of the company examined by us, there are disputed income tax dues for the following assessment years:

Sr. No.	Year	Amount involved	Remark
1	Block Assessment 1988-98	Rs.3,83,93,572/-	As informed us by the company the matter is pending before the Honorable IT AT and undecided till date due to adjournments taken by the IT Department.

Subject to above there are no material dues of Service Tax, Sales Tax and Value added tax which have not been deposited on account of any disputes. As informed, provisions of Customs Duty and Excise duty are not applicable to the Company during the year under report.

(viii) According to the information and explanations given to us and based on the records of the Company examined by us, the Company has not taken any loan or borrowing from financial institution, bank, government and neither issued any debentures during the year. Hence paragraph 3 (viii) of the order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Hence, paragraph 3 (ix) of the Order is not applicable to it.

(x) According to the information & explanations given to us, no material fraud by the Company or on the

Company by its officers or employees have been notieed or reported during the eourse of our audit.

(xi) According to the information & explanations given to us, the company does not pay any managerial remuneration during the year. Hence, paragraph 3 (xi) of the Order is not applieable to it.

(xii) In our opinion and based on our examination of reeords of the company, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

(xiii) The Company has entered into transactions with related parties in compliance with the provisions of Seetion 177 and 188 of the Act. The transactions with related parties entered into by the Company, disclosures whereof are made as per applicable Accounting Standards.

(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under report. Aecordingly, paragraph 3 (xiv) of the Order is not applicable to the Company.

(xv) According to the information & explanations furnished to us and based on our examinations of the reeords of the Company, the Company has not entered into non eash transactions with the direetors or persons eonneeted with them. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.Therefore paragraph 3(xvi) of the order is not applicable.

	For A. SACHDEVA & CO.
	Chartered Accountants
	MANISH AGARWAL
Place: Mumbai	(Partner)
Date: 04/09/2021	M.No: . 078628
	FRN:001307C

Annexure B referred to in Our Report of even date to the members of SANGHI CORPORATE SERVICES LIMITED on the Financial Statements of the company for the year ended 31st March, 2021

Report on the Internal Financial Controls 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 SANGHI CORPORATE SERVICES LIMITED ("the company") as of March 31, 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 Companys management 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 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 controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing issued by ICAI and deemed to be 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 are established and maintained and whether 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 sleeted depend on the auditors judgment, including the assessment of the risks of material misstatement in 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 controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

Internal financial control over financial reporting is a process designed by the Company 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. Further, 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 owing to changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate or for other reasons.

Opinion

In our opinion, the Company has an internal financial controls system over financial reporting, design whereof needs to be enhanced to make it comprehensive. Based on selective verification of process controls matrixes, made available to us towards the extreme end of the financial year under report and thereafter, in our opinion and considering the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI, the operating effectiveness of such process controls and appropriate documentation thereof needs to be strengthened to make the same commensurate with the size of the Company and nature of its business. The company does not have Internal Auditor and not conducted Internal Audit as required u/s 138 of the Companies Act, 2013.

	For A. SACHDEVA & CO.
	Chartered Accountants
	MANISH AGARWAL
Place: Mumbai	(Partner)
Date: 04/09/2021	M.No:078628
	FRN: 001307C