You are here » Home » Companies » Company Overview » Advait Infratech Ltd

Advait Infratech Ltd.

BSE: 543230 Sector: Infrastructure
NSE: N.A. ISIN Code: INE0ALI01010
BSE 00:00 | 12 Aug 197.00 2.25
(1.16%)
OPEN

190.00

HIGH

197.00

LOW

190.00

NSE 05:30 | 01 Jan Advait Infratech Ltd
OPEN 190.00
PREVIOUS CLOSE 194.75
VOLUME 9000
52-Week high 251.90
52-Week low 67.00
P/E 14.25
Mkt Cap.(Rs cr) 100
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 190.00
CLOSE 194.75
VOLUME 9000
52-Week high 251.90
52-Week low 67.00
P/E 14.25
Mkt Cap.(Rs cr) 100
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Advait Infratech Ltd. (ADVAITINFRATECH) - Auditors Report

Company auditors report

To

The Members of

ADVAIT INFRATECH LIMITED

Ahmedabad

Report on the audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone financial statements of ADVAIT INFRATECHLIMITED ("the Company") which comprise the balance sheet as at March 312022 and the Statement of Profit and Loss and statement and cash flows for the yearended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information. (hereinafter referred to as"the standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2022 its profit and cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified undersection 143 (10) of the Companies Act 2013. Our responsibilities under those Standardsare further described in the auditor's responsibilities for the audit of the financialstatements section of our report. We are independent of the Company in accordance with thecode of ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the code of ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Information other than the financial statements and auditors' report thereon

The Company's board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Business Responsibility Report but does notinclude the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

Emphasis of matter

We draw your attention to Note 38 to the Stand alone financial statements which explainthe uncertainties and the management's assessment of the financial impact due to thelock-downs and other restrictions and conditions related to the COVID-19 pandemicsituation for which a definitive assessment of the impact in the subsequent period ishighly dependent upon circumstances as they evolve. Our opinion is not modified in respectof this matter.

Management's responsibility for the financial statements

The Company's board of directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. The board of directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's responsibilities 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 we exercise professional judgment andmaintain 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 control relevant to the audit in orderto 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 with reference to financial statements inplace and the operating effectiveness of such controls.

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

Conclude on the appropriateness of management's use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a 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.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure "A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 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 and the statement of profit and loss and the cash flow statementdealt with by this report are in agreement with the books of account;

(d) In our opinion the aforesaid financial statements comply with the accountingstandards specified under section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the board of directors none of the directors is disqualifiedas on March 31 2022 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 - B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting. And

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

(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 in our opinionand to the best of our information and according to the explanations given to us;

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

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

c. There were no amount which required to be transferred to the Investor Education andProtection Fund by the Company

For V. GOSWAMI & CO

Chartered Accountants

FRN: - 128769W

Sd/-

Vipul Goswami

(Partner)

Mem No. 119809

Date:- 28.05.2022

Place:- Ahmedabad

UDIN:- 22119809AJUXPP7807

THE ANNEXURE "A" REFERRED TO IN OUR REPORT TO THE MEMBERS OF ADVAIT INFRATECHLIMITED FOR THE YEAR ENDED 31st MARCH 2022.

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that:

(/) (a) (A) The company is maintaining proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment;

(B) The company is maintaining proper records showing full particulars of intangibleassets;

(b) As explained to us the Property Plant and Equipment have been physically verifiedby the management at reasonable intervals; and there were no material discrepancies werenoticed on such verification and if so and the same have been properly dealt with in thebooks of account;

(c) According to the information and explanation given to us the title deeds of all theimmovable properties (other than properties where the company is the lessee and the leaseagreements are duly executed in favour of the lessee) disclosed in the financialstatements are held in the name of the company.

(d) The Company has not revalued any of its Property Plant and Equipment andintangible assets during the year.

(e) As explained to us there are no proceedings have been initiated during the year orare pending against the Company as at March 31 2022 for holding any benami property underthe Benami Transactions (Prohibition) Act 1988 (as amended in 2016) and rules madethereunder

(//) (a) Physical verification of inventory (except goods-in-transit) has beenconducted at reasonable intervals by the management and in our opinion the frequencycoverage and procedure of such verification by the management is appropriate; Nodiscrepancies of 10% or more in the aggregate for each class of inventory were noticed andthey have been properly dealt with in the books of account;

(b) During the year the company has been sanctioned working capital limits in excessof five crore rupees in aggregate from banks or financial institutions on the basis ofsecurity of current assets; and the quarterly returns or statements as required filed bythe company with such banks or financial institutions are in agreement with the books ofaccount of the Company

(///) The year the company has made investments in subsidiary company as coveredregister maintained u/s 189 of the companies act 2013 : in respect of which

(a) During the year the company has not provided loans or advances in the nature ofloans or stood guarantee or provided security to any other entity.

(A) the aggregate amount of such investment balance outstanding at the balance sheetdate is Rs. 10.81 Crore with respect Investment in subsidiaries/joint ventures/associates;

(B) the aggregate amount during the year and balance outstanding at the balance sheetdate with respect to such loans or advances and guarantees or security to parties otherthan subsidiaries joint ventures and associates;

(b) In our opinion the investments made and the terms and conditions of the grant ofloans during the year prima facie not prejudicial to the Company's interest

(c) In respect of loans granted by the Company the schedule of repayment of principaland payment of interest has been stipulated and the repayments of principal amounts andreceipts of interest are generally been regular as per stipulation.

(d) There are no overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act

(e) No loan granted by the Company which has fallen due during the year has beenrenewed or extended or fresh loans granted to settle the over dues of existing loans givento the same parties.

(f) The Company has not been granted any loans or advances in the nature of loanseither repayable on demand or without specifying any terms or period of repayment duringthe year. Hence reporting under clause 3(iii)(f) is not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made

(v) In our opinion and according to the information and explanations given to us theCompany has neither accepted any deposits from the public nor accepted any amounts whichare deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act andthe rules made thereunder to the extent applicable. Accordingly the requirement toreport on clause 3(v) of the Order are not applicable to the Company.

(vi) As informed to us the maintenance of cost records has not been specified by theCentral Government under section 148(1) of the Companies Act 2013 for the businessactivities carried out by the Company. Thus reporting under clause 3(vi) of the order isnot applicable to the Company.

(vii) (a) The company is regular in depositing undisputed statutory dues includingGoods and Services Tax provident fund employees' state insurance income-tax sales-taxservice tax duty of customs duty of excise value added tax cess and any otherstatutory dues to the appropriate authorities and However to the extent of the arrears ofoutstanding statutory dues as on the last day of the financial year concerned for a periodof more than six months from the date they became payable shall be indicated;

No Name of Statue Nature of Dues Period Amount Remarks
1 Income tax Income tax 2013-14 156350 Matter Pending with AO
2 Income tax Income tax 2016-17 75050 Matter Pending with AO
3 Income tax Income tax 2011-12 29348 Matter Pending with AO
4 Income tax Income tax 2019-20 387205 Matter Pending with AO
5 Income tax TDS Prior to 2019-20 108473 Short Deduction Interest Late Fees
6 Income tax TDS 2019-20 2527 Interest
7 Income tax TDS 2020-21 5190 Interest
8 Income tax TDS 2021-22 7977 Interest

(b) Information and explanations given to us and the records of the Company examined byus there are no dues of income tax or goods and service tax provident fund employees'state insurance income tax sales tax service tax custom duty excise duty value addedtax Cess and other statutory dues which have not been deposited on account of anydispute.

(viii) According to the records of the company examined by us and as per theinformation and explanation given to us there were no transactions relating to previouslyunrecorded income that have been surrendered or disclosed as income during the year in thetax assessments under the Income Tax Act 1961 (43 of 1961).

(ix) (a) According to the records of the company examined by us and as per theinformation and explanations given to us the company has not defaulted in repayment ofloans or other borrowings or in the payment of interest thereon to any financialinstitution or banks or lender

(b) According to the records of the company examined by us and as per the informationand explanations given to us The Company has not been declared willful defaulter by anybank or financial institution or government or any government authority.

(c) According to the records of the company examined by us and as per the informationand explanations given to us the Term loans were applied for the purpose for which theloans were obtained.

(d) According to the records of the company examined by us and as per the informationand explanations given to us on an overall examination of the financial statements of theCompany no funds raised on short-term basis have been used for long-term purposes by theCompany

(e) As we informed that the company has not taken any funds from any entity or personon account of or to meet the obligations of its subsidiaries associates or jointventures.

(f) According to the records of the company examined by us and as per the informationand explanations given to us the Company has not raised loans during the year on thepledge of securities held in its subsidiaries or associate companies. Hence therequirement to report on clause (ix) (f) of the Order is not applicable to the Company.

(x)(a) According to the information and explanations given to us and based on ourexamination of the records of the company the Company has not raised moneys by way ofinitial public offer or further public offer (including debt instruments) during the yearand hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and based on ourexamination of the records of the company during the year the Company has not made anypreferential allotment or private placement of shares or convertible debentures (fully orpartly or optionally) during the year under audit and hence reporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) According to the information and explanations given to us no material fraudby the Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

(b) According to the information and explanations given to us during the year and uptothe date of this audit report no report under sub-section (12) of section 143 of theCompanies Act 2013 has been filed in Form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors) Rules 2014 with the Central Government.

(c) According to the information and explanations given to us during the year thereare no whistle blower complaints received by the company during the year.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with Section 177 and 188 of the Companies Act 2013 where applicable anddetails of such transactions have been disclosed in the Standalone Financial Statements asrequired by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business

(b) We have considered the internal audit reports for the year under audit issued tothe Company during the year and till date in determining the nature timing and extent ofour audit procedures

(xv) In our opinion during the year the Company has not entered into any non-cashtransactions with its directors or persons connected with its directors. Hence provisionsof section 192 of the Companies Act 2013 are not applicable to the Company.

(xvi) In our opinion the Company is not required to be registered under section 45- IAof the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi)(a) (b) and(c) of the Order is not applicable

In our opinion there is no core investment company within the Group (as defined in theCore Investment Companies (Reserve Bank) Directions 2016) and accordingly reporting underclause 3(xvi)(d) of the Order is not applicable.

(xvii) In our opinion there is no cash loss in the financial year and in theimmediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

(xix) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

(xx) (a) According to the information and explanations given to us and based on ourexamination of the records of the company there are no unspent amounts that are requiredto be transferred to a fund specified in Schedule VII to the companies Act (the Act) incompliance with second proviso to sub section 5 of section 135 of the Act

(b) In our opinion there are no unspent amounts in respect of ongoing projects thatare required to be transferred to a special account in compliance of provision of subsection (6) of section 135 of Companies Act

(xxi) There have not been any qualifications or adverse remarks by the respectiveauditors in the Companies (Auditor's Report) Order (CARO) reports of the companiesincluded in the consolidated financial statements.

For V. GOSWAMI & CO

Chartered Accountants

FRN: - 128769W

Sd/-

Vipul Goswami (Partner)

Mem No. 119809

Place :- Ahmedabad

Date :-28.05.2022

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 2 (f) under 'Report on other legal and regulatoryrequirements' section of our report to the Members of Advait Infratech Limited of evendate)

Report on the internal financial controls over financial reporting under clause (i) ofsub - section 3 of section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ADVAITINFRATECH LIMITED ("the Company") as at March 31 2022 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

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 the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' 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 were established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement in the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial control systemover financial reporting.

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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (ii) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial 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 of 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 and according to the information and explanations given to us theCompany has in all material respects an adequate internal financial control system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at March 31 2022 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For V. GOSWAMI & CO

Chartered Accountants

FRN: - 128769W

Sd/-

Vipul Goswami (Partner)

Mem No. 119809

Place :- Ahmedabad

Date :- 28.05.2022.

.