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Ajel Ltd.

BSE: 530713 Sector: IT
NSE: N.A. ISIN Code: INE229B01015
BSE 00:00 | 05 Aug 9.07 -0.03
(-0.33%)
OPEN

8.95

HIGH

9.10

LOW

8.65

NSE 05:30 | 01 Jan Ajel Ltd
OPEN 8.95
PREVIOUS CLOSE 9.10
VOLUME 6078
52-Week high 17.33
52-Week low 2.84
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.95
CLOSE 9.10
VOLUME 6078
52-Week high 17.33
52-Week low 2.84
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ajel Ltd. (AJEL) - Auditors Report

Company auditors report

To

The Members of M/s AJEL LIMITED

Mumbai.

Report on the Audit of the Financial Statements:

Opinion:

We have audited the accompanying financial statements of M/s AJEL LIMITED("the Company") Mumbai which comprise of the Balance Sheet as at 31stMarch 2021 the Statement of Profit & Loss and the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity withAccounting Standards prescribed under Section 133 of the Act read with the Companies(Indian Accounting Standard) Rules 2015 and other accounting principles generallyaccepted in India of the state of affairs of "the Company" as at March 31 2021the Profit and Loss and it's cash flows for the year ended on that date.

Basis of Opinion:

We conducted our audit in accordance with Standards on Auditing (SAs) specified undersection 143(10) of the Companies Act 2013. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the StandaloneFinancial 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 together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and rules thereunderWe have fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion.

Management's Responsibility for the Financial Statements:

The Company's Management is responsible for the matters stated in section 134(5) of theCompanies Act 2013 ("the Act") with respect to the preparation of these Ind ASStandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the Accountingprinciples generally accepted in India including the Indian Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 and the Companies (Indian Accounting Standards) Rules 2015. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provision of the Act for safeguarding the assets of the company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of accounting records relevant tothe preparation and presentation of the Ind AS financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

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 the Company's financialreporting process.

Auditors' Responsibility:

Our objective is to obtain reasonable assurance about whether the Ind AS 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 Ind AS 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 financial controls relevant to the audit inorder to design audit Procedures that is 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 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 exists;we are required to draw attention in our audit report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our audit report.However future events or conditions may cause the Company to cease to continue as a goingconcern.

• 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 charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

• We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

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 (1) of section 143 ofthe Act we give in the "Annexure A" statement on the matters specified inparagraphs 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 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 Statement dealt with by thisReport are in agreement with the relevant books of account.

(d) in our opinion the aforesaid standalone Balance Sheet Statement of Profit andLoss and the Cash Flow Statement comply with the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 and theCompanies (Indian Accounting Standards) Rules 2015 as amended;

(e) on the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in termsof sub-section (2) of section 164 of the Act.

(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".

(g) With reference 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 explanation given to us:

(i) The Company does not have any pending litigations which would impact its financialposition in its financial statements.

(ii) The company did not have any long term contracts including derivative contractsfor which 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.

For RAMESH ATHASNIYA & CO.
Chartered Accountants
Sd/-
CA. RAMESH ATHASNIYA Partner.
M.No. 204976
Date: 31stAugust 2021. Firm Registration No. 007480S
Place: Hyderabad. UDIN: 21204976AAAAHG7163

ANNEXURE A TO THE AUDITOR'S REPORT

(Referred to in Paragraph (3) of our Report of even date to the members of M/s AJELLIMITED

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

(b) According to the information and explanations 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 company is a service company primarily rendering consulting and softwareservices.

Accordingly it does not hold any physical inventories.

(iii) . (a) In our opinion and according to the information and explanations given tous the company has granted loans to One body corporate covered in the register maintainedunder section 189 of the Act.

(b) 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.

(iv) . In our opinion and according to the information and explanation given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

(v) . In our opinion and according to the information and explanations given to usduring the course of our audit the company has not accepted deposits as per thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act and the rules framed there under.Therefore the provision of Clause (v) of paragraph 3 of the CARO 2016 is not applicableto the Company.

(vi) . We have been informed that the Central Government has not prescribed for themaintenance of Cost records under Section 148(1) of the Companies Act 2013 in respect ofthe activities carried on by the company.

(vii) . According to the information and explanations given to us and on the basis ofour examination of books of accounts and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income Tax Goods & Services Tax Duty of Customs Cess and any otherstatutory dues with the appropriate authorities except in the case of statutory dues asmentioned in the table given below which are due payable for more than six months from thedate on which they become payable.

Sl. No. Name of The Statute Nature of Dues Amount Rs. Period for which the amount relates
1 TDS Statutory 668819 2013-14
2 TDS Statutory 690819 2015-16
3 TDS Statutory 132236 2018-19
4 Provident Fund Statutory 396680 2013-14
5 Provident Fund Statutory 12047 2014-15
6 ESI Statutory 414867 2013-14
7 Service Tax Statutory 5965837 2013-14
8 Income Tax Statutory 4079325 2018-19
9 *Provision for Tax Statutory 2267626 -
10 **Other Statutory Dues Statutory 311181 -
Total:- 10860112

* The year to which the Provision for Tax belongs to is not available in the books toreport in detail.

** The breakup of Other Statutory Dues is not available in the books to report indetail.

According to the information and explanations given to us there are no dues ofProvident Fund Employees State Insurance Central Excise Sales Tax Income Tax or anyother Statutory Dues not been deposited on account of any dispute except the following:

Sl. No. Assessment Year Against the Order of Amount (Rs)
1 2012-13 Rs.10097200/-

(viii) . In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to the Banks. The Company has not takenany loan either from financial institutions or from the Government and has not issued anydebentures.

(ix) . Based upon the audit procedures performed and the information and explanationsgiven by the management the Company has not raised moneys by way of initial public offeror further public offer including debt instruments and term loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

(x) . Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no material fraud by the Company or on the Companyby its officers or employees has been noticed or reported during the year under audit.

(xi) . Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V of the Companies Act 2013.

(xii) . In our opinion and according to the information and explanations given to usthe Company is not a Nidhi Company. Therefore the provisions of clause 3(xii) of theOrder are not applicable to the Company.

(xiii) . In our opinion all transactions with related parties are in compliance withSection 177 and 188 of Companies Act 2013 and the details of such transactions have beendisclosed in the Financial Statements as required by the applicable accounting 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 under review. Accordingly the provisions of clause 3 (xiv) of the Order are notapplicable to the Company and hence not commented upon.

(xv) . According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him as referred to in section 192 ofCompanies Act 2013. Accordingly the provisions of clause 3(xv) of the Order are notapplicable to the Company and hence not commented upon.

(xvi) . In our opinion the company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934 and accordingly the provisions of clause3(xvi) of the Order are not applicable to the Company and hence not commented upon.

For RAMESH ATHASNIYA & CO.
Chartered Accountants
Sd/-
CA. RAMESH ATHASNIYA Partner.
M.No. 204976
Date: 31stAugust 2021. Firm Registration No. 007480S
Place: Hyderabad. UDIN: 21204976AAAAHG7163

"Annexure - B" to the Independent Auditors' Report of even date on theStandalone Financial Statements of M/s AJEL LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/s AJELLIMITED ("the Company") as of March 31 2021 in conjunction with our auditof the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 of 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 controls 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

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For RAMESH ATHASNIYA & CO.
Chartered Accountants
Sd/-
CA. RAMESH ATHASNIYA Partner.
M.No. 204976
Date: 31stAugust 2021. Firm Registration No. 007480S
Place: Hyderabad. UDIN: 21204976AAAAHG7163

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