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Atishay Ltd.

BSE: 538713 Sector: IT
NSE: N.A. ISIN Code: INE011R01013
BSE 14:36 | 23 May 36.80 -1.20
(-3.16%)
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36.15

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37.25

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NSE 05:30 | 01 Jan Atishay Ltd
OPEN 36.15
PREVIOUS CLOSE 38.00
VOLUME 1849
52-Week high 65.75
52-Week low 25.60
P/E 96.84
Mkt Cap.(Rs cr) 40
Buy Price 36.05
Buy Qty 100.00
Sell Price 36.80
Sell Qty 101.00
OPEN 36.15
CLOSE 38.00
VOLUME 1849
52-Week high 65.75
52-Week low 25.60
P/E 96.84
Mkt Cap.(Rs cr) 40
Buy Price 36.05
Buy Qty 100.00
Sell Price 36.80
Sell Qty 101.00

Atishay Ltd. (ATISHAY) - Auditors Report

Company auditors report

To the member of ATISHAY LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the financial statements of ATISHAY LIMITED ("the Company")which comprises the Balance Sheet as at March 31 2021 the Statement of Profit and Loss(including Other Comprehensive Income) the Statement of Changes in Equity and theStatement of Cash Flows for the year ended on that date and notes to the financialstatements including a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the standalone financialstatements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2021 the profit and loss and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) specified under section 143 (10) of the Companies Act 2013.Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

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.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

We have determined the matters described below to be the key audit matters to becommunicated in our report.

Adoption of revenue recognition standard Ind AS 115

Details of the Key Audit Matter

The Company adopted Ind AS 115 "Revenue from Contracts with Customers" witheffect from April 1 2018. The application of the new revenue accounting standard involvescertain key Judgements relating to identification of distinct performance obligationsdetermination of transaction price of the identified performance obligations and point ofrecognition of revenue.

Auditors' Response to the Key Audit Matter

We assessed the Company's process to identify the impact of adoption of the new revenueaccounting standard (Ind AS 115).

Our audit approach consisted testing of the design and operating effectiveness of theinternal controls and substantive testing as follows:

(a) Evaluated the design of internal controls relating to implementation of the newrevenue accounting standard.

(b) Selected a sample of continuing and new contracts and tested the operatingeffectiveness of the internal control relating to identification of the distinctperformance obligations and determination of transaction price.

(c) Selected a sample of continuing and new contracts and performed the followingprocedures:

• Read analysed and identified the distinct performance obligations in thesecontracts.

• Compared these performance obligations with that identified and recorded by theCompany.

• Considered the terms of the contracts to determine the transaction priceincluding any variable consideration to verify the transaction price used to computerevenue and to test the basis of estimation of the variable consideration.

• Performed analytical procedures for reasonableness of revenue recognition as perInd AS 115.

Adoption of new Ind AS 116 Leases

The Company has adopted ind AS 116 Leases (ind AS 116) in the current year. Theapplication and transition to this accounting standard is complex and is an area of focusin our audit since the company has a various lease with different contractual terms.

Our audit procedures on adoption of Ind AS 116 include:

Assessed and tested new processes and controls in respect of the lease accountingstandard (ind AS 116);

Details of the Key Audit Matter

ind AS 116 introduces a new lease accounting model wherein lessees are required torecognise a right-of-use (ROU) asset and a lease liability arising from a lease on thebalance sheet.

The lease liabilities are initially measured by discounting future lease paymentsduring the lease term as per the contract/ arrangement. Adoption of the standard involvessignificant Judgements and estimates including determination of the discount rates andthe lease term.

Auditors' Response to the Key Audit Matter

• Assessed the Group's evaluation on the identification of leases based on thecontractual agreements and our knowledge of the business;

• involved our specialists to evaluate the reasonableness of the discount ratesapplied in determining the lease liabilities;

• Upon transition as at 1 April 2019:

? Evaluated the method of transition and related adJustments;

? Tested completeness of the lease data by reconciling the company's operating leasecommitments to data used in computing ROU asset and the lease liabilities.

• On a statistical sample we performed the following procedures:

? assessed the key terms and conditions of each lease with the underlying leasecontracts; and

? evaluated computation of lease liabilities and challenged the key estimates such asdiscount rates and the lease term.

• Assessed and tested the presentation and disclosures relating to ind AS 116including disclosures relating to transition.

Information Other than the Standalone 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 ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's information but does notinclude the standalone financial statements and our auditor's report thereon.

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 our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

if based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's responsibility for the financial statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the Indian Accounting Standards (ind AS) prescribed under section 133 of the Act readwith the Companies (Indian Accounting Standards) Rules 2015 and Companies (indianAccounting Standards) Rules 2016 as amended from time to time and other accountingprinciples generally accepted in india.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities;

selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis 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 standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section

143(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 basis ofaccounting in preparation of standalone financial statements and based on the auditevidence obtained whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the Company's ability to continue as a going concern.If we conclude that a material uncertainty exists we are required to draw attention inour auditor's report to the related disclosures in the standalone financial statements orif such disclosures are inadequate to modify our opinion. Our conclusions are based onthe audit evidence obtained up to the date of our auditor's report. However future eventsor conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements

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.

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

we report to the extent applicable 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 of the aforesaidstandalone financial statements.

b) In our opinion proper books of account as required by law relating to preparationof the aforesaid standalone financial statements have been kept by the Company so far asit appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flows dealt with by thisReport are in agreement with the books of accounts.

d) In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act.

e) On the basis of the written representations received from the directors of theCompany as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director in termsof Section 164(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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements.

ii) The Company did not have any long-term contracts for which there were any materialforeseeable losses.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv) The disclosures in the standalone financial statements regarding holdings as wellas dealing in specified banks notes during the period from 8 November 2016 to 30 December2016 have not been made since they do not pertain to the financial year ended 31 March2021.

2. With respect to the matter to be included in the Auditors' report under Section197(16) of the Act:

In our opinion and according to the information and explanation given to us theremuneration paid during the current year by the Company to its directors is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director bythe Company is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) ofthe Act which are required to be commented upon by us.

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

For B M PAREKH & CO.
Chartered Accountants
(Firm's Registration No.107448W)
UDIN 21012651AAAAAQ1182
B.M. Parekh
Place: Bhopal Partner
Date: 21.06.2021 (Membership No. 012651)

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1{f) under 'Report on other Legal and Regulatory Requirementssection of our report to the Members of Atishay Limited of even date)

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")

Opinion

We have audited the internal financial controls over financial reporting of ATISHAYLIMITED ("the Company") as of March 31 2021 in conjunction with our audit ofthe standalone financial statements of the Company for the year ended on that date.

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

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 businessthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation of reliablefinancial information as required under the Companies Act 2013 (hereinafter referred toas "the Act").

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting ("the Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the Companies

Act 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves 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.

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 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 authorisations ofmanagement and directors of the Company; and (3) 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.

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.

For B M PAREKH & CO.
Chartered Accountants
Firm's Registration No.107448W)
UDIN 21012651AAAAAQ1182
B.M. Parekh
Place: Bhopal Partner
Date: 21.06.2021 (Membership No. 012651)

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 3 under 'Report on Other Legal and Regulatory Requirements'section of our report to the Members of Atishay Limited of even date)

i) In respect of the Company's fixed assets:

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

b) The Company has a program of verification to cover all the items of fixed assets ina phased manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the program certain fixed assets werephysically verified by the management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and the records examinedby us and based on the examination of the title deeds provided to us we report that thetitle deeds comprising all the immovable properties of land which are freehold are heldin the name of the Company as at the balance sheet date. In respect of immovableproperties of land and building that have been taken on lease and disclosed as fixedassets in the standalone financial statements the lease agreements are in the name of theCompany.

ii) The Company has conducted physical verification of inventories at reasonableintervals and as per the information and explanation given to us no materialdiscrepancies were noticed on physical verification.

iii) According to the information and explanations given to us the Company has notgranted unsecured loans to the companies firms or other parties covered in the registermaintained under section 189 of the Companies Act 2013.

iv) As per the information and explanation given to us the Company has not accepted anydeposits from the public. Therefore the provisions of sections 73 to 76 are notapplicable to the Company.

v) As per the information obtained since no loans investments and guarantees has beengiven by the Company provisions of section 185 and 186 of the Companies Act 2013 does notneed to be complied with.

vi) The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013 for the business activities carried out bythe Company. Thus reporting under clause 3(vi) of the order is not applicable to theCompany.

vii) According to the information and explanations given to us in respect of statutorydues:

a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees State Insurance Income Tax Sales Tax Service TaxGoods and Service Tax Value Added Tax Cess and other material statutory dues applicableto it with the appropriate authorities.

b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Sales Tax Service Tax Value Added Tax Goods and ServiceTax Cess and other material statutory dues in arrears as at March 31 2021 for a periodof more than six months from the date they became payable.

viii) As per the information and explanation given and according to records provided tous the Company has not defaulted in repayment of loans and borrowings to a financialinstitution bank Government or dues to debenture holders.

ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments). During the year the Company has not taken any termloan.

x) To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi) In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

xii) The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of theOrder is not applicable to the Company.

xiii) in our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

xv) in our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its directors and hence provisions of section 192 of theCompanies Act 2013 are not applicable to the Company.

xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of india Act 1934.

For B M PAREKH & CO.
Chartered Accountants
Firm's Registration No.107448W)
UDIN 21012651AAAAAQ1182
B.M. Parekh
Place: Bhopal Partner
Date: 21.06.2021 (Membership No. 012651)

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