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Sashwat Technocrats Ltd.

BSE: 506313 Sector: Infrastructure
NSE: N.A. ISIN Code: INE789D01014
BSE 00:00 | 05 Feb 34.45 0
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34.45

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NSE 05:30 | 01 Jan Sashwat Technocrats Ltd
OPEN 34.45
PREVIOUS CLOSE 34.45
VOLUME 50
52-Week high 34.45
52-Week low 31.30
P/E
Mkt Cap.(Rs cr) 1
Buy Price 34.45
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 34.45
CLOSE 34.45
VOLUME 50
52-Week high 34.45
52-Week low 31.30
P/E
Mkt Cap.(Rs cr) 1
Buy Price 34.45
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00

Sashwat Technocrats Ltd. (SASHWATTECHNOC) - Auditors Report

Company auditors report

To the Members SASHWAT TECHNOCRATS LTD.

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SASHWAT TECHNOCRATSLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2018the Statement of Profit and Loss (including other comprehensive income) Statement ofChanges in Equity and the Statement of Cash Flow for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act') with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Indian Accounting Standards(Ind AS) prescribed under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; design implementation and maintenance of adequate internalfinancial controls that are operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(11) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in the standalone financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone financial statements that give atrue and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sManagement and Board of Directors as well as evaluating the overall presentation of thestandalone financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Opinion

1. 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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India a. In case of Balance Sheet of thestate of affairs of the Company as at March 31

2018; b. In case of the Statement of Profit & Loss Account of the profit ofCompany for the year ended on that date; c. In case of Statement of Changes in Equity forthe year ended on that date; d. In case of the Cash Flow Statement of the Cash flow ofthe Company for the year ended on that date.

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 A a statement on the matters Specified in paragraphs 3and 4 of the Order.

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 purpose of our audit; b) in our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c) the Balance Sheet Statement of Profit and Loss and CashFlow Statement dealt with by this Report are in agreement with the books of account; d) inour opinion the aforesaid standalone financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) on the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2018 from being appointed as a Director in terms of Section 164(2) of theAct;

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"; and g) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us: i. The Company did not have any pending litigations whichwill have impact on the financial position; ii. The Company did not have any long-termcontracts including derivative contracts; as such the question of commenting on anymaterial foreseeable losses; iii. There has not been any occasion in case of the Companyduring the year under report to transfer any sums to the Investor Education and ProtectionFund. The question of delay in transferring such sums does not arise.

For S A R A & Associates Chartered Accountants (Firm Registration No. 120927W)

Sd/- (Manoj Agarwal) Partner Membership No. 119509 Mumbai Date: 30th May 2018

Annexure –A to the Auditors Report

The annexure referred to in Independent Auditors Report to the members of SASHWATTECHNOCRATS LIMITED on the standalone financial statements for the year ended 31st March2018 we report that:

i. The Company does not have any fixed assets hence the requirement of clause (i) ofparagraph

3 of the said Order is not applicable to the Company. ii. The Company does not have anyinventory hence the requirement of clause (ii) of paragraph 3 of the said Order is notapplicable to the Company iii. The company has not granted any loans secured or unsecuredto companies firms limited liability partnership or other parties covered in theregister maintained under section 189 of the Companies Act 2013 ("the act").iv. In our opinion and according to the information and explanation given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made. The Company has not issued any guarantee nor providedany security. v. The Company has not accepted any deposits covered under Section 73 to 76of the Act vi. Pursuant to the Rules made by the Central Government of India themaintenance of cost records prescribed under subsection (1) of Section 148 of the Act isnot applicable to the company. vii. (a) According to the information and explanationsgiven to us and on the basis of our examination of the records of the Company amountdeducted/accrued in the books of account in respect of undisputed statutory dues includingprovident fund Employees state insurance income tax Sales-tax Value added tax duty ofexcise duty of custom Service Tax Goods & Service Tax Cess and other materialstatutory dues as applicable have been regularly deposited during the year by theCompany with the appropriate authorities.; (b) According to the information andexplanations given to us and based on the records of the company examined by us there areno dues outstanding in respect of provident fund employees state insurance Income TaxService Tax Sales Tax Value added tax duty of customs Goods & Service Tax Cessduty of excise and other material statutory dues were in arrears as at 31st March 2018 fora period of more than six months from the date they became payable. (c) According to theinformation and explanations given to us there are no material statutory dues which havenot been deposited with the appropriate authority on account of any dispute. viii. TheCompany does not have any loans or borrowings from any financial institution banksgovernment or debenture holders during the year. Accordingly Paragraph 3(viii) of theOrder is not applicable. ix. The Company have not raise any money by way of initial publicoffer or further public offer

(including debt instruments) and term loans during the year. Accordingly paragraph 3(ix) of the Order is not applicable. x. According to the information and explanation givento us no material fraud by the Company or on the Company by its officers or employees hasbeen noticed or reported during the course of our audit. xi. According to the informationand explanations given to us and based on our examination of the records of the Companythe Company has not paid/provided for managerial remuneration. Accordingly paragraph 3(xi) of the Order is not applicable. xii. In our opinion and according to the informationand explanations given to us the Company is not a nidhi company. Accordingly paragraph3(xii) of the Order is not applicable. xiii. According to the information and explanationgiven to us and based on our examinations of the records of the Company no transactionhas been entered into by the Company with related parties. Accordingly paragraph 3(xiii)of the Order is not applicable. xiv. According to the information and explanations givento us and based on our examination of the records of the Company the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year xv. According to the information and explanation given to usand based on our examination of the records of the Company the Company has not enteredinto non-cash transactions with directors or persons connected with him. Accordinglyparagraph 3(xv) of the order is not applicable. xvi. The Company is not required to beregistered under Section 45-IA of the Reserve Bank of India

Act 1934.

For S A R A & Associates Chartered Accountants (Firm Registration No. 120927W)

Sd/- (Manoj Agarwal) Partner Membership No. 119509 Mumbai Date: 30th May 2018

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 SASHWATTECHNOCRATS LIMITED ("the Company") as of March 31 2018 in conjunction with ouraudit of the standalone financial statements ofthe Company for the year ended on thatdate.

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 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 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 inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error of 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 compliances with the polices or procedures may deteriorate.

Opinion

Our opinion the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S A R A & Associates Chartered Accountants (Firm Registration No. 120927W)

Sd/- (Manoj Agarwal)

Partner Membership No. 119509 Mumbai

Date: 30th May 2018