TO THE MEMBERS OF VELOX INDUSTRIES LIMITED
We have audited the accompanying standalone Ind AS financial statements of VELOX
INDUSTRIES LIMITED (“the Company”), which comprises the Balance Sheet as at
March 31, 2023, the Statement of Profit and Loss , Statement of Cash Flows and the
Statement for changes in Equity for the year then ended, include and a summary of
significant accounting policies and other explanatory information. (Hereinafter referred
to as ‘standalone Ind AS financial statements).
Managements Responsibility for the Standalone 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 and
presentation of these standalone Ind AS financial statements that gives a true and fair
view of the financial position, financial performance, cash flows and changes in equity of
the Company in accordance with accounting principles generally accepted in India,
including the Indian Accounting Standards(Ind AS) specified under section 133 of the Act,
read with relevant rules there. 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 the design, implementation and maintenance
of adequate internal financial control that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone Ind AS financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
the standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the standalone Ind AS financial statements. The procedures selected depend
on the auditors judgment, including the assessment of the risks of material misstatement
of the standalone Ind AS financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal financial control
relevant to the Companys preparation of the standalone Ind AS financial statements that
give a true and fair view in order to design audit procedures that are appropriate in the
Circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made by the Companys
Directors, as well as evaluating the overall presentation of the standalone Ind AS
financial statements.
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.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone Ind AS financial statements give the information
required by the Act 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 of the
Company as at March 31, 2023, its profits, total comprehensive income its cash flows and
changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors report) Order, 2020 (“the Order”)
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.
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 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 and proper returns
adequate for the purpose of our audit ;
(c) The Balance Sheet, Statement of Profit and Loss including other comprehensive
income, Cash Flow Statement and the statement of changes in equity dealt with by this
Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with
the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014;
(e) On the basis of 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 B” ;and
(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, in our opinion
and to the best of our information and according to the explanations given to us, the
company has no pending litigation.
| For P Shah & Co. |
| Chartered Accountants |
| (Regd No.:109710W) |
| Ketan P Shah |
| Proprietor |
| Membership No.: 043245 |
| Place of Signature: Mumbai |
| Date: 04th July 2023 |
| UDIN: 23043246BGXJMF7777 |
“Annexure-A” to the Audit Report Re: M/s Velox Industries Limited (‘the
Company)
(i) In respect of the Companys fixed assets:
(a) (A)According to information and explanations given by the management, the company
has no fixed assets as on date.
(B)According to information and explanations given by the management, the company has
no intangible assets as on date.
(b) According to information and explanations given by the management, the company has
no fixed assets as on date, therefore, Company has a no program of verification.
(c) According to information and explanations given by the management, the company has
no fixed assets as on date therefore the title deeds of all the immovable properties are
not applicable.
(d) The company has not revalued any of its Property, Plant and Equipment (including
Right of Use assets) or intangible assets or both during the year as the company has no
fixed assets as on date. (e)As per our information and as explained by the management, no
proceedings have been initiated or are pending against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made
thereunder.
(ii) (a) As explained to us, the company has no closing inventory.
(b) As explained to us, the company has not been sanctioned working capital limits in
excess of five crore rupees, in aggregate, from banks or financial institutions.
(iii) The company has not made investments in, provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured to the
companies, firms limited liability partnerships or any other parties.
(a) During the year the company has not provided loans or provided advances in the
nature of loans, or stood guarantee, or provided security to any other entity.
(iv) In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of the Act, in respect of
loans, investments, guarantees and security made.
(v) The Company has not accepted deposits during the year and therefore, the directives
issued by the reserve bank of India and the provisions of sections 73 to76 of the relevant
provisions of the companies act and the rules made thereunder are not applicable.
(vi) The company is not required to maintain cost records.
(vii) According to information and explanations given to us in respect of Statutory
Dues; (a) The Company has generally been regular in depositing 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 other
material statutory dues applicable to it, with the appropriate authorities.
(b) According to the information and explanations given to us and based on the records
of the company, there are no dues of 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 which have not been deposited on the account of dispute
(viii) There are no transactions that are not recorded in the books of accounts to be
surrendered or disclosed as income during the year in the tax assessments under the income
tax act 1961.
(ix) a) In our opinion and according to the explanations given to us, the Company has
not defaulted in repayment of loans or borrowings or payment of interest any lender to the
financial institutions, banks and Government or dues to debenture holders. There were no
debenture holders at any time during the year.
b) the company is not declared as a wilful defaulter by any bank or financial
institutions or other lender.
c) No term loans were applied during the year.
d) Funds raised on short term basis have not been utilized for long term purposes.
e) The company has not taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries, associates or joint ventures.
f) The company has not raised loans during the year on the pledge of securities held in
its subsidiaries, joint ventures or associate companies.
(x) a) The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) and hence reporting under this clause is not
applicable to the Company.
b) According to the information and explanations given by the management and audit
procedures performed by us, the Company has complied with provisions of section 62 and
Section 42 of the Companies Act, 2013 in respect of the preferential allotment of shares
during the year.
(xi) a) To the best of our knowledge and according to the information and explanations
given to us, no Fraud by the Company or on the Company has been noticed or reported during
the year.
b) No report under sub-section (12) of section 143 of auditors in Form ADT-4 as
prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government;
C) The company has not received any whistle-blower complaints during the year.
(xii) In our opinion, the Company is not a Nidhi company. Therefore, the provisions of
clause 3(xii) of the order are not applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given to us and based on our
examination of the records of the Company, there were no transactions with the related
parties in compliance with sections 177 and 188 of the Act where applicable.
(xiv) (a) The company has an internal audit system commensurate with the size and
nature of its business;
(b) We have considered the reports of the Internal Auditors for the period under audit.
(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 and accordingly, the provisions of clause 3 (xvi) of the Order are
not applicable to the Company
(xvii) The company has not incurred cash loss in the financial year and in the
immediately preceding financial year.
(xviii) There has been no resignation of statutory auditors during the year.
(xix) On the basis of the financial ratios, ageing and expected dates of realisation of
financial assets and payment of financial liabilities, other information accompanying the
financial statements, and as per our knowledge of the Board of Directors and management
plans, we are of the opinion that no 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.
(xxi) There is no unspent amount remaining in CSR activities. There are no
qualifications or adverse remarks by the respective auditors in the Companies (Auditors
Report) Order (CARO) reports of the companies to be considered in the standalone financial
statements.
| For P Shah & Co. |
| Chartered Accountants |
| (Regd No.:109710W) |
| Ketan P Shah |
| Proprietor |
| Membership No.: 043245 |
| Place of Signature: Mumbai |
| Date: 04th July 2023 |
| UDIN: 23043246BGXJMF7777 |
“Annexure B”
To the Independent Auditors Report of even date on the Financial Statements of Velox
Industries Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”)
To the Members of Velox Industries Limited
We have audited the internal financial controls over financial reporting of Velox
Industries Limited (“the Company”) as of March 31, 2023 in conjunction with our
audit of the standalone Ind AS 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
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 the 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 as specified 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 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.
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
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 Shah & Co. |
| Chartered Accountants |
| (Regd No.:109710W) |
| Ketan P Shah |
| Proprietor |
| Membership No.: 043245 |
| Place of Signature: Mumbai |
| Date: 04th July 2023 |
| UDIN:23043246BGXJMF7777 |
+91-9892691696
