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Alphalogic Techsys Ltd.

BSE: 542770 Sector: IT
NSE: N.A. ISIN Code: INE08E401029
BSE 00:00 | 25 Nov 38.85 0.80
(2.10%)
OPEN

38.20

HIGH

38.90

LOW

37.10

NSE 05:30 | 01 Jan Alphalogic Techsys Ltd
OPEN 38.20
PREVIOUS CLOSE 38.05
VOLUME 4076
52-Week high 49.80
52-Week low 16.73
P/E 76.18
Mkt Cap.(Rs cr) 132
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 38.20
CLOSE 38.05
VOLUME 4076
52-Week high 49.80
52-Week low 16.73
P/E 76.18
Mkt Cap.(Rs cr) 132
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Alphalogic Techsys Ltd. (ALPHALOGICTECH) - Auditors Report

Company auditors report

TO THE MEMBERS OF ALPHALOGIC TECHSYS LIMITED Report on the Audit of the StandaloneFinancial Statements

Opinion

We have audited the standalone financial statements of ALPHALOGIC TECHSYS LIMITED(“the Company”) which comprise the Balance Sheet as at 31st March 2022 and theStatement of Profit and Loss (including Other Comprehensive Income) Statement of Changesin Equity and Statement of Cash Flow for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in Indiaincluding Indian Accounting Standards (AS) specified under section 133 of the Act of thestate of affairs of the Company as at March 31 2022 and its profit and 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 Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor’s Responsibilities for the Audit ofthe financial 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 the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter.

We draw attention to Note 23 to the Financial Statements which describes the effect ofcontingent liabilities. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period. Wehave determined that there are no key audit matters to communicate in our audit report.

Information Other than the Financial Statements and Auditor’s 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 and Shareholder’s Information butdoes not include the standalone financial statements and our auditor’s reportthereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon. In connection with ouraudit of the standalone financial statements our responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

The Company’s Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards specified under section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the 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 wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror. In preparing the financial statements the Board of Directors is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so. The Board of Directors isalso responsible for overseeing the Company’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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud 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 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 anunderstanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 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 usedand the reasonableness of accounting 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 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 theCompany to cease to continue as a going concern. Evaluate the overall presentationstructure and content of the financial statements including the disclosures and whetherthe financial statements represent the underlying transactions and events in a manner thatachieves fair presentation. We communicate with those charged with governance regardingamong other matters the planned scope and timing of the audit and significant auditfindings including any significant deficiencies in internal control that we identifyduring our audit. We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 (“theOrder”) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the “Annexure A” a statementon the matters specified in paragraphs 3 and 4 of the Order to the extent applicable. 2.

A. As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by Companyso far as it appears from our examination of those books. c) The Balance Sheet theStatement of Profit and Loss including other comprehensive income the

Statement of Changes in Equity and the Cash Flow Statement dealt with by this Reportare in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164(2) 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”.

B. 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 opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of Section 197 of the Act. C. With respect to the other matters to beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 as amended in our opinion and to the best of our informationand according to the explanations given to us:

i. The Company does not have any pending litigations impacting its financial positionin its standalone financial statements.

ii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

iii. a) The Management has represented that to the best of its knowledge and beliefas disclosed in Note 37 to the financial statements no funds have been advanced or loanedor invested (either from borrowed funds or share premium or any other sources or kind offunds) by the Company to or in any other person(s) or entity(ies) including foreignentities (“Intermediaries”) with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany (“Ultimate Beneficiaries”) or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

b) The Management has represented that to the best of it’s knowledge and beliefas disclosed in note 37 to the financial statements no funds have been received by theCompany from any person(s) or entity(ies) including foreign entities; (“FundingParties”) with the understanding whether recorded in writing or otherwise that theCompany shall: directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalfof the Funding Party or provide any guarantee security or the like from or on behalf ofthe Ultimate Beneficiaries.

c) Based on the audit procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under subclause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

iv. The company has neither declared nor paid any dividend during the year.

For PATKI & SOMAN
Chartered Accountants
Firm Reg. No.0107830W
SHRIPAD S. KULKARNI
(PARTNER)
Membership No. 121287
Place: Pune
Date: 27TH May 2022
UDIN : 22121287ALPPHE9205

ANNEXURE “A” To The Independent Auditor’s Report Companies (AuditorReport) Order 2020

To the best of our information and according to the explanations provided to us by theCompany and the books of account and records examined by us in the normal course of auditwe state that:

i. In respect of the Company’s Property Plant and Equipment and IntangibleAssets:

(a) (A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

(B) The Company does not hold any intangible assets reporting under this clause is notapplicable.

(b) The Company has a program of physical verification of Property Plant and Equipmentso to cover all the assets once every three years which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. Pursuant to theprogram certain Property Plant and Equipment were due for verification during the yearand were physically verified by the Management during the year. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

(c) This clause is not applicable as the company does not hold any immovable propertyas on the reporting date.

(d) The Company has not revalued any of its Property Plant and Equipment during theyear. Hence this clause is not applicable.

(e) No proceedings have been initiated during the year or are pending against theCompany as at March 31 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

ii. a) The Company does not have any inventory and hence reporting under this clause isnot applicable.

b) According to the information and explanations given to us the Company has beensanctioned working capital limits less than Rs. 5 crores in aggregate at points of timeduring the year from banks or financial institutions on the basis of security of otherthan current assets. Hence this clause is not applicable.

iii. The Company has not made any investments or provided any guarantees during thecurrent year. The Company has granted unsecured loans to other parties during the yearin respect of which:

a) The Company has provided loans during the year and details of which are given below:

Loans Advances in the nature of loan Guarantees (in lakhs) Securities
A. Aggregate amount granted / provided during the year:
- Subsidiaries 2018.81 - - -
- Others 1904.45 - - -
B. Balance outstanding as at balance sheet date in respect of above cases:
- Subsidiaries 1.95 - - -
- Others 584.65 - - -

b) In our opinion the terms and conditions of the grant of the above mentioned loansprovided during the year are in our opinion prima facie not prejudicial to theCompany’s interest.

c) In respect of loans granted provided by the Company the schedule of repayment ofprincipal and payment of interest has been stipulated and repayment of principal amountsand receipts of interests are regular as per stipulations.

d) According to information and explanations given to us and based on the auditprocedures performed in respect of loans granted provided by the Company there is nooverdue amount remaining outstanding as at the balance sheet date.

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 overdues of existing loans givento the same parties.

f) The Company has not granted loans which are repayable on demand during the year.

iv. The Company has complied with the provisions of Sections 185 and 186 of theCompanies Act 2013 in respect of loans granted investments made and guarantees andsecurities provided as applicable.

v. The Company has not accepted any deposit or amounts which are deemed to be deposits.

Hence reporting under this clause is not applicable.

vi. The maintenance of cost records has not been specified by the Central Governmentunder subsection (1) of section 148 of the Companies Act 2013 for the business activitiescarried out by the Company. Hence reporting under this clause is not applicable to theCompany.

vii. In respect of statutory dues:

a) Undisputed statutory dues including Goods and Service tax Income tax and othermaterial statutory dues as applicable to the Company have been regularly deposited by itwith the appropriate authorities in all cases during the year. There were no undisputedamounts payable in respect of Goods and Service tax Income Tax and other materialstatutory dues in arrears as at March 31 2022 for a period of more than six months fromthe date they became payable.

b) There are no statutory dues of the company which have not been deposited as on31stMarch 2022 on account of disputes.

viii. There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961 (43 of 1961).

ix. a) The Company has not defaulted in repayment of any loans or other borrowings orin the payment of interest thereon to the lender.

b) The Company has not been declared wilful defaulter by any bank or financialinstitution or government or any government authority.

c) The Company has not taken any term loan during the year and there are no outstandingterm loans at the beginning of the year and hence reporting under this clause is notapplicable.

d) On an overall examination of the financial statements of the Company funds raisedon short term basis have prima facie not been used during the year for long-termpurposes by the Company.

e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries.

f) The company has not raised any loans during the year on the pledge of securitiesheld in its subsidiaries.

x. a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under thisclause is not applicable.

b) The company has made preferential allotment of shares during the year and therequirements of and section 62 of the Companies Act 2013 have been complied with and thefunds raised have been used for the purposes for which the funds were raised.

xi. a) To the best of our knowledge no fraud by the Company and no material fraud onthe Company has been noticed or reported during the year.

b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report. c) Asrepresented to us by the Management there were no whistle blower complaints received bythe Company during the year.

xii. The Company is not a Nidhi Company and hence reporting under this clause is notapplicable.

xiii. In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act 2013 with respect to applicable transactions with the related parties andthe details of related party transactions have been disclosed in the financial statementsas required 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 and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

xvi. a) In our opinion the Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under sub-clauses (a) (b)and (c) is not applicable. b) In our opinion there is no core investment company withinthe Group (as defined in the Core Investment Companies (Reserve Bank) Directions 2016)and accordingly reporting under subclause (d) is not applicable.

xvii. The Company has not incurred cash losses during the financial year covered by ouraudit and the immediately 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 realisation 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. Section 135of the Companies Act is not applicable to the Company. Hence this clause is notapplicable.

For PATKI & SOMAN
Chartered Accountants
Firm Reg. No.0107830W
SHRIPAD S. KULKARNI
(PARTNER)
Membership No. 121287
Place: Pune
Date: 27TH May 2022
UDIN : 22121287ALPPHE9205

ANNEXURE B

Report on the Internal Financial Controls with reference to the aforesaid standalonefinancial statements under Clause (i) of Sub-section 3 of Section 143 of the CompaniesAct 2013 (“the Act”)

We have audited the internal financial controls over financial reporting with referenceto standalone financial statements of Alphalogic Techsys Limited (“the Company”)as of March 31 2022 in conjunction with our audit of the standalone financial statementsof the Company for the year ended on that date.

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 2022 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.

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding 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. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea 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 pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) 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 (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the limitations of internal financial controls over financial reportingincluding the possibility of collusion or override of controls material misstatements dueto error or fraud may occur and may not be detected. Also projections of any evaluationof the internal financial controls over financial reporting to future periods are subjectto the risk that the internal financial control over financial reporting may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

For PATKI & SOMAN
Chartered Accountants
Firm Reg. No.0107830W
SHRIPAD S. KULKARNI
(PARTNER)
Membership No. 121287
Place: Pune
Date: 27TH May 2022
UDIN: 22121287ALPPHE9205

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