TO
THE VANTAGE KNOWLEDGE ACADEMY LIMITED
Report on the standalone financial statements
Opinion
We have audited the financial statements of Vantage Knowledge Academy Limited which
comprises the balance sheet as at March 31, 2023 and the statement of profit and loss
(including other comprehensive income), statement of changes in equity and statement of
cash flows for the year then ended and notes to the financial statements including a
summary of significant accounting policies and other explanatory information (collectively
referred to as standalone financial statements)
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 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of
affairs (financial position) of the company as at March 31st 2023 and its
profit (financial performance including other comprehensive income), changes in equity and
its cash flows for the year ended on that date:-
a. In the case of Balance sheet, of the state of affairs of the company as at 31st
March 2023
b. In the case of profit and loss, of the profit (financial performance including other
comprehensive income), changes in equity; and
c. In the case of Cash flow statement, of the cash flow for the year ended on that
date.
Basis for opinion
We conducted our audit in accordance with the standards on auditing specified under
section 143(10) of the companies Act, 2013. 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 together with the
ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Companies Act, 2013 and rules thereunder and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the code of Ethics, we
believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgement, were of the
most significance. In our audit of the financial statements of the current period, these
matters were addressed in the context of our audit of the financial statements as a whole
and on forming of our opinion thereon.
Emphasis of Matter
The company has not made payments for several statutory dues, including Income Tax, Tax
Deducted at Source (TDS), and Professional Tax. This suggests that the company has
outstanding tax liabilities, which can have serious financial and legal implications.
Other Information
The companys Board of Directors are responsible for other information. The other
information comprises the information in the annual report 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 and in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information; we
are required to report that fact. We have nothing to report in this regard.
Responsibility of Management for the standalone financial statements
The Companys Board of Directors are responsible for the matters stated in section
134(5) of the companies Act, 2013 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 equity and cash flows of
the company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards, specified under section 133 of the Act. This
responsibility also includes , maintenance of adequate records in accordance with the
provisions of the Act for safe guarding of the assets of the company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgements and estimates that are responsible 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, the Board of Directors are 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
the Board of Directors either intends to liquidate the company or cease operations or has
no realistic alternative but to do so.
Boards of Directors are also 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 than 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 aggregate, they could
reasonably be expected to influence the economic decisions of the users taken on the basis
of these financial statements.
As a part of an audit in accordance with standards on Auditing. We exercise
professional judgement and maintain professional skepticism throughout the audit. We also
• Identify and access 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 one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations or override of internal control.
• Obtain an understanding of internal control relevant to the audit to design
audit procedures that are appropriate in the circumstances. Under section 143(3) of the
Act, we are also responsible for expressing our opinion on whether the company has
adequate internal financial control systems 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 the 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 the 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 from 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.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditors Report) order, 2016 issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the
order, to the extent applicable.
2. 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 purposes of our audit;
b. In our opinion proper books of accounts 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, the statement of changes in
equity and the cash flow statement dealt with by this report are in agreement with the
books of accounts;
d. In our opinion, the aforesaid standalone financial statements comply with the Indian
Accounting Standards prescribed under section 133 of the Act read with Companies (Indian
Accounting Standard), Rules 2016;
e. On the basis of written representations received from the Directors as on 31st
March 2023, taken on record by the Board of directors, none of the directors are
disqualified as on 31st March, 2023, from being appointed as a director in
terms of section 164(2) of the Act.
f. With respect to the adequacy of internal financial controls over financial reporting
of the company and the operating effectiveness of such controls, refer to our separate
report in Annexure B
g. 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, in our opinion and to the
best of our information and according to the explanations given to us:
I. The company does not have any pending litigations which would impact its financial
position.
II. The company did not have any long term contract including derivative contract. As
such the question of commenting on ant material foreseeable losses thereon does not arise.
III. There has not been any occasion in case of the company during the year under
report to transfer any sums to the investor education and protection fund. The question of
delay in transferring such sums does not arise.
IV. 1. The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Holding Company or its subsidiary
companies incorporated in India to or in any other persons or entities, including foreign
entities ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall:
i. directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Holding
Company or its subsidiary companies incorporated in India or
ii. provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
2. The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the Holding Company or its subsidiary companies incorporated
in India from any persons or entities, including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Holding Company or its subsidiary companies incorporated in India shall:
i. directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Holding
Company or its subsidiary companies incorporated in India or
ii. provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
3. Based on such audit procedures as 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 (d)(i) and d(ii) contain any material misstatement.
V. The dividend declared or paid during the year by the Holding Company and its
subsidiary companies incorporated in India are in compliance with section 123 of the Act.
| For BHATTER & ASSOCIATES |
|
| Chartered Accountants |
|
| Firms Registration No. 131411W |
|
| Sd/- |
|
| ROHIT KUMAR TAWARI |
|
| (Partner) |
|
| Membership No. 197557 |
Place: Mumbai |
| UDIN: 23197557BGUEOR2646 |
Date: 24/04/2023 |
"ANNEXURE A" TO AUDITORS REPORT
1. a) The company has maintained proper records showing full particulars including
quantitative details and situation of Property, Plant and Equipment.
The company has not capitalized any intangible assets in the books of the Company and
accordingly, the requirement to report on clause 3(i)(a)(B) of the order is not applicable
to the Company.
b) Property, Plant and Equipment have been physically verified by the management during
the year and no material discrepancies were identified on such verification.
All Property, Plant and Equipment were physically verified by the management in the
previous year in accordance with a planned programme of verifying them once in three years
which is reasonable having regard to the size of the Company and the nature of its assets.
c) The title deeds of all immovable properties are held in the name of the Company.
d) The company has not revalued its Property, Plant and Equipment or intangible assets
during the year ended 31.03.2023.
e) There are no proceedings initiated or are pending against the company for holding
any benami property under the Prohibition of Benami Property Transactions Act, 1988 and
rules made thereunder.
2. a) The management has conducted physical verification of inventory [including
inventory lying with third parties] at reasonable intervals during the year. In our
opinion the coverage and the procedure of such verification by the management is
appropriate. Discrepancies of 10% or more in aggregate for each class of inventory were
noticed on such physical verification and have been properly dealt with in the books of
account.
b) The Company has not been sanctioned working capital limits in excess of Rs. five
crores in aggregate from banks or financial institutions during any point of time of the
year on the basis of security of current assets. Accordingly, the requirement to report on
clause 3 (ii)(b) of the Order is not applicable to the Company.
3. a) According to information and explanations given to us and on the basis of our
examination of the records of the company, during the year the company has not provided
any advances in the nature of loans however, balance outstanding as at the balance sheet
date is Rs. 124.98 lacs which are subject to non-verification.
b) According to information and explanations given to us and on the basis of our
examination of the records of the company, the terms and conditions of the grant of all
loans and advances in the nature of loans to companies are, prima facie, not prejudicial
to the companys interest.
c) According to information and explanations given to us and on the basis of our
examination of the records of the company, the company has granted loans and advances in
the nature of loans to companies where the schedule of repayment of principal and payment
of interest has been stipulated and repayment or receipts are regular.
d) According to information and explanations given to us and on the basis of our
examination of the records of the company, there are no amounts of loans and advances in
the nature of loans granted to companies, which are overdue for more than ninety days.
e) There were no loans or advance in the nature of loan granted to companies which was
fallen due during the year, that have been renewed or extended or fresh loans granted to
settle the overdue of existing loans given to the same parties.
f) The Company has not granted any loans or advances in the nature of loans, either
repayable on demand or without specifying any terms or period of repayment to companies.
Accordingly, the requirement to report on clause 3(iii)(f) of the order is not applicable
to the company.
4. There are no loans, investments, guarantees, and security in respect of which
provisions of sections 185 and 186 of the Companies Act, 2013 are applicable and
accordingly, the requirement to report on clause 3(iv) of the order is not applicable to
the company.
5. The company has neither accepted any deposits from the public nor accepted any
amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the
Companies Act, 2013 and the rules framed thereunder, to the extent applicable.
Accordingly, the requirement to report on clause 3(v) of the order is not applicable to
the company.
6. The company is not in the business of sale of any goods or provision of such
services as prescribed under sub section (1) of Section 148 of the Companies Act, 2013.
Accordingly, the requirement to report on clause 3(vi) of the order is not applicable to
the company.
7. a) The company is regular in depositing with appropriate authorities undisputed
statutory dues including Goods and Service Tax, provident fund, employees state
insurance, income-tax, sales- tax, service tax, duty of customs, duty of excise, value
added tax, cess and any other statutory dues applicable to it. According to the
information and explanations given to us and based on audit procedures performed by us, no
undisputed amounts payable in respect of these statutory dues were outstanding, at the
year end, for a period of more than six months from the date they become payable except
the following:
(i) The company has not filed a return for the AY 2022-23, and therefore the
corresponding tax payment has not been made. Failing to file an income tax return can lead
to penalties and legal consequences. The company should rectify this by filing its tax
return as soon as possible to comply with tax regulations.
(ii) The company has not made TDS payment during the financial year- If the company has
not made TDS payments during the financial year; it may be in violation of tax laws and
could face penalties. The company should review its TDS obligations and ensure timely
compliance.
(iii) The company has not shown exempt supplies while filing GST returns- Under the
Goods and Services Tax (GST) system, businesses are required to accurately report their
supplies, including exempt supplies, while filing GST returns. Exempt supplies refer to
goods or services that are not subject to GST. Failing to report exempt supplies can
result in incorrect tax calculations and non-compliance with GST regulations. The company
should rectify this by revising its GST returns to accurately reflect all supplies.
8. The company has not surrendered or disclosed any transaction, previously unrecorded
in the books of account, in the tax assessments under the Income Tax Act, 1961 as income
during the year.
Accordingly, the requirement to report on clause 3(viii) of the order is not applicable
to the company.
9. a) According to information and explanations given to us and on the basis of our
examination of the records of the company, the company did not have any loans or
borrowings from any lender during the year. Accordingly, the requirement to report on
clause 3(ix)(a) of the order is not applicable to the company.
b) According to information and explanations given to us and on the basis of our
examination of the records of the company, the company has not been declared willful
defaulter by any bank or financial institution or government or any government authority.
Accordingly, the requirement to report on clause 3(ix)(b) of the order is not applicable
to the company.
c) According to information and explanations given to us and on the basis of our
examination of the records of the company, the company did not have any loans or
borrowings from any lender during the year. Accordingly, the requirement to report on
clause 3(ix)(c) of the order is not applicable to the company.
d) According to information and explanations given to us and on the basis of our
examination of the records of the company, the company did not raise any funds during the
year hence, the requirement to report on clause 3(ix)(d) of the order is not applicable to
the company.
e) The company does not have any subsidiary, or joint venture. Accordingly, the
requirement to report on clause 3(ix)(e) of the order is not applicable to the company.
f) The company does not have any subsidiary, or joint venture. Accordingly, the
requirement to report on clause 3(ix)(f) of the order is not applicable to the company.
10. a) The company has not raised any money during the year by way of initial public
offer/further public offer (including debt instruments) hence, the requirement to report
on clause 3(x)(a) of the order is not applicable to the company.
b) According to information and explanations given to us and on the basis of our
examination of the records of the company, the company has not made any preferential
allotment or private placement of the shares fully or partially or optionally convertible
debentures during the year under the audit hence, the requirement to report on clause
3(x)(b) of the order is not applicable to the company.
11. a) According to information and explanations given to us and on the basis of our
examination of the records of the company, no fraud by the company or no fraud on the
company has been noticed or reported during the year.
b) During the year, no report under sub-Section (12) of Section 143 of the Companies
Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government.
c) As informed by the management, there are no whistle blower complaints received by
the company during the year.
12. a) The company is not a Nidhi company as per the provisions of the Companies Act,
2013. Therefore, the requirement to report on clause 3(xii)(a) of the order is not
applicable to the company.
b) The company is not a Nidhi company as per the provisions of the Companies Act, 2013.
Therefore, the requirement to report on clause 3(xii)(b) of the order is not applicable to
the company.
c) The company is not a Nidhi company as per the provisions of the Companies Act, 2013.
Therefore, the requirement to report on clause 3(xii)(c) of the order is not applicable to
the company.
13. According to information and explanations given to us and on the basis of our
examination of the records of the company, transactions with the related parties, where
applicable are in compliance with sections 177 and 188 of Companies Act, 2013 and the
details have been disclosed in the Financial Statements, as required by the applicable
Indian accounting standards.
14. The company has not implemented an internal audit system, and as a result, the
internal audit reports for the period under review are not available or cannot be
considered.
15. The company has not entered into any non-cash transactions with its directors or
persons connected with its directors and hence requirement to report on clause 3(xv) of
the order is not applicable to the company.
16. a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of
1934) are not applicable to the company. Accordingly, the requirement to report on clause
3(xvi)(a) of the order is not applicable to the company.
b) The company has not conducted any Non-Banking Financial or Housing Finance
activities without obtaining a valid Certificate of Registration (CoR) from the Reserve
Bank of India as per the Reserve Bank of India Act, 1934.
c) The company is not a Core Investment company as defined in the regulations made by
Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the
order is not applicable to the company.
d) There is no other Core Investment company part of the group. Hence, the requirement
to report on clause 3(xvi)(d) of the order is not applicable to the company.
17. The company has not incurred any cash losses in the current financial year and the
immediately preceding financial year.
18. There has been resignation of the statutory auditors during the year and M/s.
Bhatter and Associates Chartered Accountants have been appointed as statutory auditors
during the year.
19. According to information and explanations given to us and on the basis of financial
ratios, ageing and expected dates of realization of financial assets and payment of
financial liabilities, other information accompanying the financial statements, the
auditors knowledge of the Board of Directors and management plans, and based on our
examinations of the evidence supporting the assumptions, nothing has come to our
attention, which causes us to believe that any material uncertainty exists as on the date
of the audit report that company is capable of meeting its liabilities existing at the
date of balance sheet as and when they fall due within a period of one year from the
balance sheet date. We, however, state that this is not an assurance as of the future
viability of the Company. We further state that our reporting is based on the facts up to
the date of the audit report and we neither give any guarantee nor any assurance that all
liabilities 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.
20. The company doesnt fall within the provisions prescribed under section 135 of
Companies Act, 2013 for CSR expenditure. Accordingly, the requirement to report on clause
3(xx)(a) and 3(xx)(b) of the order is not applicable to the company.
21. There are no qualifications or adverse remarks by the respective auditors in the
Companies (Auditors Report) Order (CARO) of the companies included in the consolidated
financial statements. Accordingly, the requirement to report on clause 3(xxi) of the order
is not applicable to the company.
| For BHATTER & ASSOCIATES |
|
| Chartered Accountants |
|
| Firms Registration No. 131411W |
|
| Sd/- |
|
| ROHIT KUMAR TAWARI |
|
| (Partner) |
|
| Membership No. 197557 |
Place: Mumbai |
| UDIN: 23197557BGUEOR2646 |
Date: 24/04/2023 |
"ANNEXURE B" TO AUDITORS REPORT
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 Bee
Electronic Machines 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 Companys management is responsible for establishing and maintaining internal
financial controls based on the criteria established by the Company considering the size
of company and 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 ("the Guidance Note"). 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 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 on Audit of Internal Financial Controls Over Financial Reporting
(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, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. 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 judgment, 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 controls 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 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, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
were operating effectively as at March 31, 2022, based on the assessment of essential
components of internal controls over financial reporting stated in the Guidance Note
carried out by the Company and representation to that effect is made available to us by
the Company.
| For BHATTER & ASSOCIATES |
|
| Chartered Accountants |
|
| Firms Registration No. 131411W |
|
| Sd/- |
|
| ROHIT KUMAR TAWARI |
|
| (Partner) |
|
| Membership No. 197557 |
Place: Mumbai |
| UDIN: 23197557BGUEOR2646 |
Date: 24/04/2023 |
+91-9892691696
