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Adjia Technologies Ltd.

BSE: 543269 Sector: IT
NSE: N.A. ISIN Code: INE0G0V01018
BSE 00:00 | 06 May 29.55 0
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NSE 05:30 | 01 Jan Adjia Technologies Ltd
OPEN 29.55
PREVIOUS CLOSE 29.55
VOLUME 1600
52-Week high 57.05
52-Week low 25.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 29.55
CLOSE 29.55
VOLUME 1600
52-Week high 57.05
52-Week low 25.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Adjia Technologies Ltd. (ADJIATECH) - Auditors Report

Company auditors report

To The Members of Adjia Technologies Limited (Formerly known as Adjia TechnologiesPrivate Limited) Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of Adjia Technologies Limited(Formerly known as Adjia Technologies Private Limited) ("the Company") whichcomprise the Balance Sheet as at March 31 2021 the Statement of Profit and Loss and theCash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information. In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaid financialstatements 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 AccountingStandards prescribed under section 133 of the Act read with the Companies (AccountingStandards) Rules 2006 as amended ("Accounting Standards") and other accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2021 and its profit/loss and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibility for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Information Other than the Financial Statements and Auditor's Report Thereon

? The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and Analysisand Directors Report (the "Reports") but does not include the standalonefinancial statements and our auditor's report thereon. ? Our opinion on the standalonefinancial statements does not cover the other information and we do not express any formof assurance conclusion thereon. ? In connection with our audit of the standalonefinancial statements our responsibility is to read the other information and in doingso consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained during the course of our audit or otherwiseappears to be materially misstated. ? If based on the work we have performed we concludethat there is a material misstatement of this other information we are required to reportthat fact. We have nothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance and cash flows ofthe Company in accordance with the Accounting Standards and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error. In preparing the financialstatements management is responsible for assessing the Company's ability to continue as agoing concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so. Those Boardof Directors are also responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. As part of an audit in accordance with SAs weexercise professional judgment and maintain professional skepticism throughout the audit.We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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 auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements. We communicate with those chargedwith governance regarding among other matters the planned scope and timing of the auditand significant audit findings including any significant deficiencies in internal controlthat we identify during our audit. We also provide those charged with governance with astatement that we have complied with relevant ethical requirements regarding independenceand to communicate with them all relationships and other matters that may reasonably bethought to bear on our independence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A".

g) According to the explanations given to us the Company has not paid any managerialremuneration during the year and hence reporting for compliance to section 197 of the Actrelated to the managerial remuneration not applicable.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection

Fund by the Company

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For Goyal Goyal & Co.
Chartered Accountants
(Firm's Registration No. – 015069C)
Sd/-
Hemant Goyal
(Partner)
(M. No. 405884)
(UDIN - 21405884AAAAHR1400)
Place: Indore
Date: 30th June 2021

ANNEXURE – A: Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Subsection 3 of Section 143 of the Companies Act 2013 ("theAct")

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Adjia Technologies Limited of evendate) We have audited the internal financial controls over financial reporting of AdjiaTechnologies Limited ("the Company") as of March 31 2021 in conjunction withour audit of the Standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theStandalone financial statements whether due to fraud or error. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the internal financial controls system over financial reporting of the Company.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Standalone financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Standalonefinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the Standalonefinancial statements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe 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 givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Goyal Goyal & Co.
Chartered Accountants
(Firm's Registration No. – 015069C)
Sd/-
Hemant Goyal
(Partner)
(M. No. 405884)
(UDIN - 21405884AAAAHR1400)
Place: Indore
Date: 30th June 2021

ANNEXURE – B: Report under the Companies (Auditor's Report) Order 2016

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date on the accounts of Adjia TechnologiesLimited (the "Company") for the year ended March 31 2021) (i) According tothe information & explanation given to us in respect of fixed assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

b. The fixed assets were physically verified during the year by the management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation & explanation given to us no material discrepancies were noticed on suchverification.

c. The Company does not have any immovable properties of freehold or leasehold land andbuilding and hence reporting under clause 3(i)(c) of the order is not applicable.

(ii) The Company is into service sector. Hence reporting under paragraph 3(ii) of theorder is not applicable.

(iii) As explained to us the company had not granted any loans secured or unsecuredto any companies firms Limited Liability Partnerships or other parties covered in theregister maintained under section 189 of the Act. Accordingly paragraph 3 (iii) of theorder is not applicable.

(iv) In our opinion and according to information and explanation given to us thecompany has complied the provisions of section 185 and 186 of the Companies Act 2013.

(v) According to the information and explanation given to us the Company has notaccepted any deposits during the year and hence the directives issued by the Reserve Bankof India and the provisions of Section 73 to 76 or any other relevant provisions of theAct and the rules framed thereunder are not applicable to the Company.

(vi) The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of section 148 of the Act for any of the activities of the companyand accordingly paragraph 3 (vi) of the order is not applicable.

(vii) According to the information & explanation given to us in respect ofstatutory dues:

a. The Company has been generally been regular in depositing undisputed statutory duesincluding Provident Fund

Employees' State Insurance Income-tax Sales tax Service Tax Customs Duty ValueAdded Tax Goods and Services Tax Cess and other material statutory dues applicable to itwith the appropriate authorities during the year.

b. There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income-tax Sales tax Service Tax Customs Duty Value Added Tax Goods& Services Tax Cess and other material statutory dues in arrears as at March 31 2021for a period of more than six months from the date they became payable. c. There are nodues of Income-tax Sales Tax Customs Duty Value Added Tax Service Tax and Goods &Services

Tax as on March 31 2021 on account of any dispute.

(viii) Based on information and explanation provided by the management of Company theCompany has taken loans or borrowings from financial institutions banks and governmentand has not issued any debentures. Hence reporting under paragraph 3(viii) is notapplicable.

(ix) The company has raised moneys by way of initial public offer during the year andthe same has been applied for the purposes for which those are raised. The Company has notraised moneys by way of further public offer (including debt instrument) and term loansduring the year. Hence reporting under clause 3(ix) of the Order is not applicable to theCompany to that extent.

(x) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

(xi) The Company has not paid any managerial remuneration during the year. Hencereporting under clause 3(xi) of the Order is not applicable to the Company.

(xii) In our opinion and according to the information and explanations given to us thecompany is not Nidhi Company. Accordingly paragraph 3(xii) of Order is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the record of the Company transactions with related parties are incompliance with the other provisions of section 188 of the Act where applicable and thedetails have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) The company has not made preferential allotment or private placement of equityshares during the year. The company has not made preferential allotment or privateplacement of fully or partly convertible debentures during the year under review. Hencereporting under clause 3(xiv) of the Order is not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the record of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him. (xvi) The company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Goyal Goyal & Co.
Chartered Accountants
(Firm's Registration No. – 015069C)
Sd/-
Hemant Goyal
(Partner)
(M. No. 405884)
(UDIN - 21405884AAAAHR1400)
Place: Indore
Date: 30th June 2021

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