You are here » Home » Companies » Company Overview » Sashwat Technocrats Ltd

Sashwat Technocrats Ltd.

BSE: 506313 Sector: Infrastructure
NSE: N.A. ISIN Code: INE789D01014
BSE 00:00 | 02 Dec 76.15 0
(0.00%)
OPEN

76.15

HIGH

76.15

LOW

76.15

NSE 05:30 | 01 Jan Sashwat Technocrats Ltd
OPEN 76.15
PREVIOUS CLOSE 76.15
VOLUME 500
52-Week high 88.80
52-Week low 68.95
P/E 5.74
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 76.15
CLOSE 76.15
VOLUME 500
52-Week high 88.80
52-Week low 68.95
P/E 5.74
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sashwat Technocrats Ltd. (SASHWATTECHNOC) - Auditors Report

Company auditors report

To the Members

SASHWAT TECHNOCRATS LIMITED.

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of SashwatTechnocrats Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2021 and the Statement of Profit and Loss (including other ComprehensiveIncome) the Statement of Change in Equity and Statement of Cash Flow Statement for theyear then ended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information. In our opinion and to the best ofour information and according to the explanations given to us the aforesaid standalonefinancial statements give the information required by the Act in the manner so requiredand give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015) as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021; profitand total comprehensive income change in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules madethere under and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

We have determined that there are no key audit matters to communicatein our report

Other Information

The Company's management and Board of Directors are responsiblefor the other information. The other information comprises the information included in theCompany's annual report but does not include the standalone financial statements andour auditors' report thereon. Our opinion on the standalone financial statements doesnot cover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information; we are required to report that fact. We have nothing to report inthis regard.

Management's and Board of Directors' Responsibility for theStandalone Financial Statements

The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act') with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe state of affairs profit/loss (including other comprehensive income) change in equityand cash flow of the Company in accordance with the accounting principles generallyincluding Indian Accounting Standards (Ind AS) specified under Section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the financial statements management is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. The Board of Directors are alsoresponsible for overseeing the company's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are fee from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are consider material if individually orin the aggregate they could reasonably be expected to influence the economic decisions ofusers taken on the basis of these financial statements. As part of an audit in accordancewith SAs we exercise professional judgment and maintain professional skepticismthroughout the audit. We also:

Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has in place adequate internal financial controls with reference to standalonefinancial statements and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management andBoard of Directors in the standalone financial statements.

Conclude on the appropriateness of management's and Board ofDirector's use of the going concern basis of accounting 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 goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the standalonefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions 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 thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act we report that: a) we havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those books;

c) the Standalone Balance Sheet Statement of Profit and Loss includingOther Comprehensive Income Statement of Change in Equity and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d) in our opinion the aforesaid standalone financial statements complywith the applicable Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014;

e) on the basis of written representations received from the directorsas on March 31 2021 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2021 from being appointed as a director in terms ofSection 164(2) of the Act;

f) with respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". Our report expressed unmodified opinionon the adequacy and operating effectiveness of the Company's internal financialcontrol over financial reporting; and

g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company does not have any pending litigations which would impactits financial position.

ii. The Company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses does not arise.

iii. There has not been any occasion in case of the Company during theyear under report to transfer any sums to the Investor Education and Protection Fund. Thequestion of delay in transferring such sums does not arise.

2. 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 of the Act we give in the "Annexure B" a statementon the matters Specified in paragraphs 3 and 4 of the Order.

Annexure A to the Auditors Report

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Sashwat Technocrats Limited ("the Company") as of March 31 2021 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy 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. 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.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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error of fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliances with the polices or procedures may deteriorate.

Opinion

Our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2021 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

Annexure B to the Auditors Report

The annexure referred to in Independent Auditors Report to the membersof Sashwat Technocrats Limited on the financial statements for the year ended 31st March2021 we report that:

i. The Company does not have fixed assets; hence the requirement ofclause (i) of paragraph 3 of the said Order is not applicable to the Company.

ii. The Company does not have any inventory. Accordingly paragraph3(ii) of the said Order is not applicable to the Company.

iii. According to information and explanation given to us the companyhas not granted any loans secured or unsecured to companies firms limited liabilitypartnership or other parties covered in the register maintained under section 189 of theAct.

iv. In our opinion and according to the information and explanationgiven to us the Company has complied with the provisions of section 185 and 186 of theAct with respect to the loans and investments made.

v. The Company has not accepted any deposits from the public coveredunder Section 73 to 76 of the Companies Act 2013

vi. Pursuant to the Rules made by the Central Government of India themaintenance of cost records has been prescribed under clause (d) of subsection (1) ofSection 209 of the Act is not applicable to the company.

vii. (a) According to the information and explanations given to us andon the basis of our examination of the records of the Company amount deducted/accrued inthe books of account in respect of undisputed statutory dues including Provident FundEmployees State Insurance Income Tax Sales-tax Value Added Tax Goods & ServiceTax Duty of Excise duty of custom Service Tax Cess and other material statutory duesas applicable have been regularly deposited during the year by the Company with theappropriate authorities.;

(b) According to the information and explanations given to us and basedon the records of the Company examined by us there are no dues outstanding in respect ofProvident Fund Employees State Insurance Income Tax Service Tax Sales Tax Value AddedTax Goods & Service Tax duty of customs cess duty of excise and other materialstatutory dues were in arrears as at 31st March 2021 for the period of morethan six months from the date they became payable.

(c) According to the information and explanations given to us thereare no material statutory dues which have not been deposited with the appropriateauthority on account of any dispute.

viii. According to the records of the company examined by us and as perthe information and explanations given to us the Company has not taken any loan from anyfinancial institution or banks and has not issued debentures.

ix. The Company did not raise any money by way of initial public offeror 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 given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit. xi. According to the information andexplanations given to us and based on our examination of the records of the Company theCompany 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 information and explanationsgiven to us the Company is not a Nidhi company. Accordingly paragraph 3(xii) o the Orderis not applicable.

xiii. According to the information and explanation given to us andbased on our examinations of the records of the Company during the year the Company hasnot entered into any transactions with the related parties. Accordingly paragraph 3(xiii)is not applicable.

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 explanation given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the order is not applicable.

xvi. The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934.

For S A R A & ASSOCIATES
Chartered Accountants
(Firm Registration No. 120927W)
Sd/-
(Kamal Kumar Sharma)
Partner
Membership No. 506374
Mumbai
Date :28.06.2021
UDIN: 21506374AAAACP8361

.