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Advance Lifestyles Ltd.

BSE: 521048 Sector: Industrials
NSE: N.A. ISIN Code: INE900E01015
BSE 00:00 | 19 Aug 35.00 -1.80
(-4.89%)
OPEN

35.00

HIGH

35.00

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NSE 05:30 | 01 Jan Advance Lifestyles Ltd
OPEN 35.00
PREVIOUS CLOSE 36.80
VOLUME 1
52-Week high 61.95
52-Week low 20.05
P/E 13.36
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 35.00
CLOSE 36.80
VOLUME 1
52-Week high 61.95
52-Week low 20.05
P/E 13.36
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Advance Lifestyles Ltd. (ADVANCELIFES) - Auditors Report

Company auditors report

To

The Members of Advance Lifestyles Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Advance Lifestyles Limited ("theCompany") which comprise the Balance Sheet as at March 31 2021 and the Statementof Profit and Loss (including other comprehensive income) Statement of Changes in Equityand Statement of Cash Flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as "the 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 ("the Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 and Loss (including othercomprehensive income) changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements 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.

Key Audit Matters

We have determined that there are no key audit matters to communicate in our report.

Other Information

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the financial statements and our auditors' reportthereon. Our opinion on the financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon. In connection with our auditof the financial statements our responsibility is to read the other information and indoing so consider whether the other information is materially inconsistent with thefinancial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Financial Statements:

The Company's management and Board of Directors are responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these financial statementsthat give a true and fair view of the state of affairs profit / loss (including othercomprehensive income) changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management and Board of Directors areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Board of Directors is also responsible for overseeing the Company's financial reportingprocess.

Auditors' 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 standalone 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 financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

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

Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditors' report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions 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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditors' report unless law or regulation precludes public disclosure about the matter orwhen 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:

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central

Government of India in terms of sub-section (11) of section 143 of the Act we give inthe "Annexure A" a statement on the matters specified in paragraphs 3 and4 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 bestof 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 theCompany so far as appears from our examination of those books

c) the Balance Sheet the Statement of Profit and Loss including other comprehensiveincome the Cash Flow Statement and statement of changes in equity dealt with by thisReport are in agreement with the books of account. d) in our opinion the aforesaidfinancial statements comply with the Accounting Standards specified under Section 133 ofthe Act read with Companies (Indian Accounting Standards) Rules 2014 as amended;

e) on the basis of written representations received from the directors as on March 312021 taken on record by the Board of Directors none of the directors is disqualified ason 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 B" and

g) with respect to the other matters to be included in the Auditor's Report inaccordance with

Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to thebest of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its Ind ASfinancial statements.

ii. The Company did not have any long-term contract including derivative contracts forwhich there were any material foreseeable losses; hence the company need not make anyprovision.

iii. There were no amounts which were required to be transferred to the investoreducation and protection fund by the Company.

For Niraj Agrawal &Co.
Chartered Accountants
FRN: 143228W
Place: Ahmedabad Sd/-
Date: 29-06-2021
Niraj Agrawal
(Proprietor)
Membership No. : 119575
UDIN: 21119575AAAAAQ5545

Annexure-A to the Auditor's Report

The Annexure referred to in Independent Auditors' Report to the members of the companyon the financial statements for the year ended 31st March 2021 we reportthat:

i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) The company has a regular program of physical verification of its fixed assets bywhich fixed assets of the Company have been physically verified by the Management and nomaterial discrepancies have been noticed on such verification. In our opinion thefrequency of verification is reasonable.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the Company.

ii) The physical verification of inventory has been conducted at reasonable intervalsby the Management during the year and no material discrepancies were noted in the same.

iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act. Thus paragraph 3(iii) of the order is not applicable to thecompany.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 but has not complied with section186 of the Companies Act 2013 with respect to the loans and investments made.

Sr. Nature of non- No. compliance with Section 186 Name of Company Amount Involved Balance at the balance sheet date Remarks if any
1. Loan given at rate of interest lower than prescribed. Astron Developers Pvt LTd 614992140/- 24304685/- Interest free loan
2. Loan given at rate of interest lower than prescribed. A.T Trade Overseas Pvt LTd 103000000/- 73971029/- Interest free loan
3. Loan given at rate of interest lower than prescribed. Sanjula Sanghai 159925010/- 159925010/- Interest free loan
4. Loan given at rate of interest lower than prescribed. Sushil Sanghai 304731010/- 304731010/- Interest free loan
5. Loan given at rate of interest lower than prescribed. Shreem Design & Infrastructure Pvt Ltd 440000000/- 99438202/- Interest free loan
6. Loan given at rate of interest lower than prescribed. Aatrey Developers LLP 30000000/- 29860405/- Interest free loan

v) Based on our scrutiny of the company's records and according to the information andexplanations provided by the management in our opinion the company has not accepted anyloans or deposits which are ‘deposits' within the meaning of Rule 2(b) of theCompanies

(Acceptance of Deposits) Rule 2014.

vi) We have been informed by the management that the Central Government has notspecified the maintenance of cost records under section 148(1) of the Act for any of theproducts rendered by the Company.

vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales-tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the company with theappropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax cess and other material dues were in arrears as at 31stMarch 2021 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us there are no dues ofIncome tax sales-tax duty of excise duty of customs service tax and value added taxwhich have not been disputed with the appropriate on account of any dispute.

viii) The company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.

ix) The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the order is not applicable.

x) According to the information and explanation given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

xi) The Company is not paying managerial remuneration to any of the Directors. Hencethis clause is not applicable.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the order is notapplicable.

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 sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the paragraph3(xv) of the order is not applicable.

xvi) The Company is required to be registered under Section 45-IA of the Reserve Bankof India Act 1934. The company has not obtained the registration till the date of signingthe audit report. The company is being advised to obtain the registration under Section45-IA of the Reserve Bank of India Act 1934.

For Niraj Agrawal &Co.
Chartered Accountants
FRN: 143228W
Place: Ahmedabad
Date: 29.06.2021 Sd/-
Niraj Agrawal
(Proprietor)
Membership No. : 119575
UDIN: 21119575AAAAAQ5545

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