The Members of AMAZE ENTERTECH LIMITED
Report on the audit of the financial statements
We have audited the accompanying financial statements of AMAZE ENTERTECH LIMITED("the Company") which comprise the balance sheet as at March 31 2020 and theStatement of Profit and Loss Statement of changes in Equity and statement of cash flowsfor the year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information. (hereinafter referredto as financial statement').
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 (Act') in the manner so required and give a true and fair viewin conformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2020 its profit changes in equity and cash flowsfor the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the standards on auditing specified undersection 143 (10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the auditor's responsibilities for the audit of thefinancial 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 Act and the rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and thecode of ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined that there are no key audit matters to communicate in our report.
Emphasis of Matter
We invite attention to Note No. 18 to the Standalone Financial Results regardinguncertainties associated with the COVID-19 pandemic and impact assessment made by thecompany on the Standalone Financial Results. As mentioned in the said note based on thefuture economic conditions the actual impact may not be in line with the currentestimates as made by the company although the current impact assessment does not indicateany adverse impact on the ability of the company to continue as a going concern.
Our opinion on the Standalone Financial Results is not modified in respect of thismatter.
Information other than the financial statements and auditors report thereon
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual report but does not includethe Financial Statements and our auditors' 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 such other informationis materially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.
Management s responsibility for the financial statements
The Company's board of directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give atrue and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the accounting standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare 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.
Auditor s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financialstatementsas a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the 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 designaudit proceduresthat are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act2013 we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa 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.
Report on other legal and regulatory requirements
As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by theCentral Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure "A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.
As required by Section 143(3) of the Act we report that:
(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books; (c) The balance sheetthe statement of profit and loss in the Statement of Other Comprehensive Income the cashflow statement and Statement of Changes in Equity dealt with by this report are inagreement with the books of account; (d) In our opinion the aforesaid financialstatements comply with the accounting standards specified under section 133 of the Actread with Companies (Indian Accounting Standards) Rules2015 as amended; (e) On the basisof the written representations received from the directors as on March 31 2020 taken onrecord by the board of directors none of the directors is disqualified as on March 312020 from being appointed as a director in terms of Section 164 (2) of the Act; (f) Withrespect to the adequacy of the internal financial controls over financial reporting of theCompany with reference to these Standalone Financial Statements and the operatingeffectiveness of such controls refer to our separate Report in "Annexure 2" tothis report; and (g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous; a. The Company does not have any pending litigations which would impact its financialposition; b. The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses; and c. There has been nodelay in transferring amounts required to be transferred to the Investor Education andProtection Fund by the Company
For Koshal & Associates
Firm's registration number: 121233W
Membership number: 043746 Place: Mumbai Date:22nd June 2020
Annexure - A to the Auditors' Report
The Annexure referred to in Independent Auditors' Report to the members of AMAZEENTERTECH LIMITED(the Company') on the financial statements for the year ended31 March 2020 we report that:
(i) (a) According to the information and explanations given to us the company does nothold any fixed assets during the year. Accordingly paragraph 3 (i) of the Order is notapplicable.
(ii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company does not hold any inventories onthe balance sheet date. Accordingly clause (ii) of the order in not applicable. (iii)According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not granted any loans securedor unsecured to companies firms limited liability partnerships or other parties coveredin the register maintained under Section 189 of the Act 2013. (iv) According to theinformation and explanations given to us the Company has not made any loans which requirecompliance with the provisions of section 185. However the Company has complied with theprovisions of s.186 of the Act with respect to loans and investments made.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.
(vii) (a) According to the information and explanation given to us provident fundemployees state insurance sales-tax wealth tax duty of customs duty of excise are notapplicable to the company. The Company is regular in depositing undisputed statutory duesincluding income tax value added tax Goods and Service Tax Profession tax and otherstatutory dues with the appropriate authorities during the year except for service tax.
According to the information and explanation given to us no undisputed amounts payablewere in arrears as at 31st March 2020 for the period of more than six months from thedate they became payable except for service tax Rs. 132608/-.
(b) According to the information and explanation given to us there no dues of incometax or sales-tax or duty of customs or duty of excise or value added tax which have notbeen deposited with the appropriate authorities on account of any dispute.
(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordinglyparagraph 3(viii) of the Order is not applicable.
(viii) The Company did not raised 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.
(ix) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.
(x) According to the information and explanations give to us the Company has not paidand provided for any managerial remuneration. Hence requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act are not required.
(xii) In our opinion and according to the information and explanations given to us the
Company is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable. (xiii) According to the information and explanations given to us the companyhas not undertaken transactions with the related parties during the year. Accordinglyparagraph 3(xiii) of the Order is not applicable. However disclosure required as perapplicable accounting standards been made. (xiv) According to the information andexplanations give to us and based on our examination of the records of the Company theCompany has not made private placement of shares during the year. Accordingly paragraph3(xiv) of the Order is not applicable. (xv) According to the information and explanationsgiven to us and based on our examination of the records of the Company the Company hasnot entered into non-cash transactions with directors or persons connected with him.Accordingly paragraph 3(xv) of the Order is not applicable. (xvi) The Company is notrequired to be registered under section 45 -IA of the Reserve Bank of India Act 1934.
Firm's registration number: 121233W
Membership number: 043746 Place: Mumbai
Date : 22nd June 2020
Annexure - B to the Auditors' Report
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 AMAZEENTERTECH LIMITED ("the Company") as of 31 March 2020 in conjunction with ouraudit of the 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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
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 authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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.
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 31 March 2020 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 of Internal Financial Controls Over Financial Reporting issuedby the Institute of Chartered Accountants of India.
For Koshal& Associates
Firm's registration number: 121233W
Membership number: 043746
Dated: 22nd June 2020