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One Point One Solutions Ltd.

BSE: 535039 Sector: IT
NSE: ONEPOINT ISIN Code: INE840Y01029
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One Point One Solutions Ltd. (ONEPOINT) - Auditors Report

Company auditors report

TO THE MEMBERS OF ONE POINT ONE SOLUTIONS LIMITED

Report on the audit of the standalone financial statements

Opinion

We have audited the accompanying standalone financial statements of One Point OneSolutions Limited(“the Company”) which comprise the Balance Sheet as at March31 2021 the Statement of Pro t and Loss(including other comprehensive income) Statementof Changes in Equity and the Cash FlowStatement for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as “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 accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2021 and its loss changes in equityand it cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone in financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and informing our opinion thereon and we do not provide a separateopinion on these matters.

INDEPENDENT AUDITOR'S REPORT

Key Audit Matters

KEY AUDIT MATTER How our audit addressed the KAM
7Impairment of CGU assets including Intangible assets in accordance with IND AS 36. Our audit procedure include:
The carrying value of capitalwork in progress was taken for Impairment testing and is considered as Key audit matter due to the complexity of the accounting requirement and the significant judgment required in determining the assumptions to be used to estimate the recoverable amount. The recoverable amount of any assets is based on the cash generating capacity less cost and the same is derived from the discounted forecasted cash flow model. This model uses several assumptions including estimates of the future revenue cost and estimated growth rate with terminal value further the average Weighted average cost of capital is considered as discount rate. We evaluated the appropriateness of the assumption applied to key inputs such as sales value operating costs long term growth rates and discount rates which included comparing these inputs with the historical growth trends agreeing the forecast used in the prior year models to its actual performance of the business and also based on the management / board of directors approved plans as well as our own assessment based on the knowledge of the client.
We involved our internal valuation specialist where appropriate who reviewed and their comment of the reasonability of the methodology and approach used in the valuation carried out by the management were considered for the impairment of asset.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility ReportCorporate Governance and Shareholder's Information but does not include the standalonefinancial statements and our auditor's report thereon. Our opinion on the standalonefinancial statements does not cover the other information and we do not express any formof 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 material misstatementof this other information; we are required to report that fact. We have nothing to reportin this regard.

Responsibilities of Management and those charged with the governance for the standalonefinancial statements

The Company's Board of Directors is responsible for the matters stated in section134(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 changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the accounting Standards specified under section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of 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.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. A further description of the auditor'sresponsibilities for the audit of the financial statements is included in Annexure“A”. This description forms part of our auditor's report.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure “B” a statement on the matters specified in theparagraph 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 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 ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books and proper returns adequate for the purposes of our audit.

c. The Balance Sheet the Statement of Pro t and Loss (including other comprehensiveincome) Statement of Changes in Equity and the cash flow statement dealt with by thisReport are in agreement with the books of account. d. In our opinion the aforesaidstandalone financial statements comply with the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. e. Onthe basis of the written representations received from the directors as on 31st March2021 taken on record by the Board of Directors none of the directors is disqualified ason 31st March 2021 from being appointed as a director in terms of Section 164 (2) of theAct. f. With respect to the adequacy of the Internal Financial Control with reference toFinancial Statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in “Annexure C”. Our report expresses an unmodi edopinion on the adequacy and operative effectiveness of the Company's internal financialcontrol over financial reporting. g. With respect to the other matters to be included inAuditors report in accordance with the requirement of section 197 (16) of the Act asamended in our opinion and to the best of our information and according to explanationgiven to us the remuneration paid by the company to its directors of the company duringthe year is in accordance with the provisions of section 197 of the Act. h. With respectto the other matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company has disclosedthe impact of pending litigation on its financial position in its standalone Ind ASFinancial Statements - Refer note no 23 to the Financial Statements. ii. The Company didnot have any long-term contracts including derivative contracts; as such the question ofcommenting on any material foreseeable losses thereon does not arise. iii. There has notbeen an occasion in case of the Company during the year under report to transfer any sumsto the Investor Education and Protection Fund. The question of delay in transferring suchsums does not arise.

For VINOD KUMAR JAIN & CO.
Chartered Accountants
FRN 111513W
Vinod Kumar Jain
Proprietor M. No. 36373
(UDIN: 21036373AAAAFB3711)
Place: Mumbai
Date: 22nd June 2021

Annexure "A": Forming part of report of independent auditors to the members

of ONE POINT ONE SOLUTIONS LIMITED for the year ended 31st March 2021

Responsibilities for Audit of Financial Statement

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: Identify and assess therisks of material misstatement of the financial statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013. We are also responsible for expressing our opinion on whether thecompany has internal financial controls with reference to Financial Statements in placeand the operating effectiveness of such controls.

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

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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.

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 in uenced. 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 other matters theplanned scope and timing of the audit and significant audit ndings 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 withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

For Vinod Kumar Jain & Co.
Chartered Accountants
FRN 111513W
Vinod Kumar Jain
Proprietor M. No. 36373
Place: Mumbai
Date: 22nd June 2021

ANNEXURE “B” OF AUDITOR'S REPORT

Annexure “B” referred to in our report to the members of ONE POINT ONESOLUTIONS LIMITED on the accounts for the year ended 31st March 2021.We report that: (i)in respect of its xed assets a. The Company has maintained proper records showing fullparticulars including quantitative details and situation of Fixed Assets. b. The Fixedassets were been physically veri ed by the management during the year and in our opinionthe frequency of veri cation is reasonable having regard to the size of the company andthe nature of its assets. No material discrepancies were noticed on such veri cation. c.There are no immovable properties in the name of the Company.

(ii) The Company is engaged in providing services and does not maintain inventory.Hence clause (ii) (a) (b) and (c ) not applicable to the company.

(iii) In respect of loans secured or unsecured granted by the Company to companiesrms limited liability partnership or other parties covered in the Register under section189 of the Companies Act 2013 according to the information and explanation given to us:The company has not granted any such loans accordingly; sub-clause a. relating to paymentof principal and interest; and sub-clause b.relating to steps of recovery/repayment takenare not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted deposit within the meaning of the provisions of sections 73 to 76or any other relevant provisions of the Co. Act 2013 and the Companies (Acceptance ofDeposits) Rules framed there under. According to the information and explanations givento us no order has been passed by the Company Law Board or National Company Law Tribunalor Reserve bank of India or any court or any other tribunal.

(vi) As informed to us the Central Government has not prescribed the maintenance ofcost records under section 148(1) of the Companies Act 2013 as such question whethersuch accounts and records have been made and maintained does not arise.

(vii) According to information and explanations given to us and records produced inrespect of statutory dues: a. (i) The Company has generally been regular in depositingwith the appropriate authorities undisputed statutory dues including Provident Fundinvestor education and protection fund Employees state insurance income-tax Goods andService Tax sales tax custom duty excise duty service tax value added tax cess andother material statutory dues applicable to it. (ii) There were no undisputed amountspayable in respect of sales tax income tax customs duty Goods and Service Tax servicetax value added tax and other material statutory dues applicable to the Company that werein arrears as at March 31st 2021 for a period of more than six months from the date theybecame payable except Provident fund Rs. 4920086/- labour Welfare Fund Rs. 975114/-and ESIC Rs.379855/-. b. There are no dues in respect of GST income tax customs dutywealth tax service tax excise dutyVAT Cess and other material statutory dues that havenot been deposited on account of any dispute except.

Name of Statue Nature of Dues Amount (Rs.) Period to which amt. relates Forum where dispute is pending
Income Tax Act Intimation 963840 AY 17-18 CIT (A)-17 Mumbai
Demand U/s 143(1) 9797030 AY 18-19

c. There has not been any occasion in case of the company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise.

(viii) The Company has not defaulted in repayment of loans or borrowings to a financialinstitutions banks government or dues to debenture holders during the year. (ix) TheCompany did not raise any money by way of initial public offer or further public offer(including debt instruments). And in our opinion and according to information andexplanations given to us the term loan have been applied for the purpose for which theloans were obtained.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its of cers or employees has been noticed or reported duringthe course of our audit. (xi) In our opinion and according to the information andexplanations given to us managerial remuneration has been paid or provided accordancewith the requisite approval mandated by the provisions of section 197 read with Schedule Vto the Act.

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

(xiii) Accordingly to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards. (xiv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

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

For VINOD KUMAR JAIN & CO.
Chartered Accountants
FRN 111513W
Vinod Kumar Jain
Proprietor M. No. 36373
Place: Mumbai
Date: 22nd June 2021

ANNEXURE 'C'

TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF ONEPOINT ONE SOLUTION SLIMITED

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 One PointOne Solutions Limited(“the Company') as of 31st March 2021 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat 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.

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 issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedure selected depends on the auditor's judgement including the assessment of therisks of material 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 purpose 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 authorizations ofmanagement and directors of the company; (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 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 31st March 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 VINOD KUMAR JAIN & CO.
Chartered Accountants
FRN 111513W
Vinod Kumar Jain
Proprietor M. No. 36373
Place : Mumbai
Date : 22nd June 2021

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