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Shigan Quantum Technologies Ltd.

BSE: 535435 Sector: Auto
NSE: SHIGAN ISIN Code: INE03KJ01013
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Shigan Quantum Technologies Ltd. (SHIGAN) - Auditors Report

Company auditors report

To The Members of Shigan Quantum Technologies Limited (Formerly knownas Shigan Quantum Technologies Private Limited)

Report on the Audit of the Financial statements

Opinion

We have audited the accompanying financial statements of Shigan QuantumTechnologies Limited (Formerly known as Shigan Quantum Technologies Private Limited)("the Company") which comprise the Balance Sheet as at March 31 2022 and theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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 Standards prescribed under section 133 ofthe Act read with the Companies (Accounting Standards) Rules 2006 as amended("Accounting Standards") and other accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2022 its profit and itscash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance withthe Standards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor?sResponsibility for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (ICAI) together with the ethical requirements that arerelevant to our audit of the financial statements under the provisions of the Act and theRules made thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI?s Code of Ethics. We believe that theaudit evidence obtained by us is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

Information Other than the Financial Statements and Auditor?sReport Thereon

• The Company?s Board of Directors is responsible for theother information. The other information comprises the information included in theManagement Discussion and Analysis and Directors Report (the "Reports") butdoes not include the financial statements and our auditor?s report thereon.

• Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

• In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.

• If based on the work we have performed we conclude that thereis a material misstatement of this other information we are 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 is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows in accordance with the Accounting Standards and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and 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 financial statements management is responsible forassessing 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.

Those Board of Directors are also responsible for overseeing theCompany?s financial reporting process. Auditor?s Responsibility for the Audit ofthe Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial 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. 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 considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial 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 control relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management?s use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company?s ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor?sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor?s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in(i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

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 based on our audit wereport that:

A. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

B. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

C. The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the relevant books ofaccount.

D. In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

E. On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 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 overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure

A". Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the

Company?s internal financial controls over financial reporting.

G. With respect to the other matters to be included in theAuditor?s Report in accordance with the requirements of section 197(16) of the Actas amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

H. 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 as amended in our opinion and to the best of our information and accordingto the explanations 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 for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

iv.

a) The management has represented that to the best of its knowledgeand belief no funds have been advanced or loaned or invested (either from borrowed fundsor share premium or any other sources or kind of funds) by the Company to or in any otherpersons or entities including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shall:

• directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever ("Ultimate Beneficiaries") by or onbehalf of the Company.

• provide any guarantee security or the like to or on behalf ofthe Ultimate Beneficiaries.

b) The management has represented that to the best of its knowledgeand belief no funds have been received by the Company from any persons or entitiesincluding foreign entities("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall:

• directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever ("Ultimate Beneficiaries") by or onbehalf of the Funding Party or

• provide any guarantee security or the like from or on behalf ofthe Ultimate Beneficiaries; and

c) Based on such audit procedures as considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub clause (a) and (b) contain any materialmisstatement.

v. No Dividend have been declared or paid during the year by theCompany.

2. As required by the Companies (Auditor?s Report) Order 2020("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

For Saria Gupta & Co.
Chartered Accountants
(Firm?s Registration No. - 003168N)
Sachin Singhal
(Partner)
(M. No. 550213)
(UDIN -22550213AJMZDG5786)
Place : New Delhi
Date : May 24 2022

ANNEXURE "A" TO THE INDEPENDENT AUDITOR?S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal andRegulatory Requirements? section of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of Shigan Quantum Technologies Limited (Formerly known as Shigan QuantumTechnologies Private Limited) ("the Company") as of March 31 2022 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. 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 respective company?s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor?s Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting of the Company. 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 CompaniesAct 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 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 judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company?s internalfinancial controls system 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 themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 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 or 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 compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us 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 March 31 2022 based on thecriteria for internal financial control over financial reporting established by theCompany considering the essential components of internal control stated in the GuidanceNote.

For Saria Gupta & Co.
Chartered Accountants
(Firm?s Registration No. - 003168N)
Sachin Singhal
(Partner)
(M. No. 550213)
(UDIN -22550213AJMZDG5786)
Place : New Delhi
Date : May 24 2022

ANNEXURE - B: Report under the Companies (Auditor?s Report) Order2020

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements? section of our report of even date on the accounts of ShiganQuantum Technologies Limited (Formerly known as Shigan Quantum Technologies PrivateLimited) (the "Company") for the year ended March 31 2022).

i. According to the information & explanation given to us and onthe basis of our examination of the records of the Company in respect of property plant& equipment and intangible assets:

a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of its property plant &equipment.

(B) The Company has maintained proper records showing full particularsof Intangible assets.

b) The Property Plant & Equipment were physically verified duringthe year by the management in accordance with a regular programme of verification whichin our opinion provides for physical verification of all the fixed assets at reasonableintervals. According to the information & explanation given to us no materialdiscrepancies were noticed on such verification.

c) There are no immovable properties (other than immovable propertieswhere the Company is the lessee and the lease agreements are duly executed in favor of thelessee) in the Company and hence reporting under clause 3(i)(c) of the order is notapplicable.

d) The Company has not revalued its property plant & equipment(including right to use assets) or intangible assets or both during the year and hencereporting under clause 3(i)(d) of the order is not applicable.

e) There are no proceedings initiated or pending against the Companyfor holding any benami property under the Prohibition of Benami Property Transactions Act1988 and rules made there under and hence reporting under clause 3(i)(e) of the order isnot applicable.

ii. a) The inventory has been physically verified by the managementduring the year. In our opinion the frequency of such verification is reasonable andprocedures and coverage as followed by management were appropriate. No discrepancies werenoticed on verification between the physical stocks and the book records that were 10% ormore in the aggregate for each class of inventory.

b) The company has been sanctioned working capital limits in excess offive crore rupees in aggregate from banks or financial institutions on the basis ofsecurity of current assets during any point of time of the year. The quarterly returns orstatements filed by the company with such banks or financial institutions are in agreementwith the books of account of the Company.

iii. According to the information and explanations given to us and onthe basis of our examination of the records of the Company the Company has not made anyinvestments provided guarantee or security or granted any loans or advances in the natureof loans secured or unsecured to companies firms limited liability partnerships or anyother parties during the year. Hence reporting under clause 3 (iii) of the order is notapplicable.

iv. In our opinion and according to information and explanation givento us the company has complied the provisions of section 185 and 186 of the CompaniesAct 2013 in respect of loans granted investments made and guarantees and securitiesprovided as applicable.

v. According to the information and explanation given to us theCompany has not accepted any deposits or amounts deemed to be deposits during the year andhence the directives issued by the Reserve Bank of India and the provisions of Section 73to 76 or any other relevant provisions of the Act and the rules framed there under are notapplicable to the Company.

vi. To the best of our knowledge and according to the information andexplanations given to us the Central Government of India has prescribed the maintenanceof cost records under sub-section (1) of section 148 of the Act for the activities of thecompany. Further the company has maintained adequate records as per Companies (CostRecords and Audit) Rules 2014.

vii. According to the information & explanation given to us inrespect of statutory dues:

a) The Company has generally been regular in depositing undisputedstatutory dues including Goods & Service Tax Provident Fund Employees? StateInsurance Income-tax Sales tax Service Tax Customs Duty Value Added Tax Goods andServices Tax Cess and other material statutory dues applicable to it with the appropriateauthorities during the year. There were no undisputed amounts payable in respect of Goods& Service Tax Provident Fund Employees? State Insurance Income-tax Sales taxService Tax Customs Duty Value Added Tax Goods & Services Tax Cess and othermaterial statutory dues in arrears as at March 31 2022 for a period of more than sixmonths from the date they became payable.

b) There are no statutory dues referred to in sub-clause (a) abovewhich have not been deposited as on March 31 2022 on account of any dispute.

viii. There were no transactions relating to previously unrecordedincome that were surrendered or disclosed as income in the tax assessments under theIncome Tax Act 1961 (43 of 1961) during the year.

ix. Based on information and explanation provided by the management ofCompany and on the basis of our examination of the records of the Company

a) The Company has not defaulted in repayment of loans or otherborrowings or in the payment of interest thereon to any lender. Hence reporting underparagraph 3(ix)(a) is not applicable to that extent.

b) The Company has not been declared willful defaulter by any bank orfinancial institution or other lender.

c) In our opinion and according to the information and explanationsgiven by the management the Company has utilized the money obtained by way of term loansduring the year for the purposes for which they were obtained.

d) On an overall examination of the financial statements of theCompany funds raised on short-term basis have prima facie not been used during the yearfor long-term purposes by the Company.

e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries associates or joint ventures.

f) The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries joint ventures or associate companies and hencereporting on clause 3(ix)(f) of the Order is not applicable.

x. (a) During the year the company has raised moneys by way of initialpublic offer by issuing 4539000 equity shares of ? 10 each at a premium of ? 40 pershare. The moneys as raised have been partially applied till March 31 2022 and remainingamount is held as short-term deposits and bank balances as follows:

S. Object of the Issue No. Amount allocated for the object Amount utilized till March 31 2022 Amount unutilized till March 31 2022
1 To meet Working Capital requirements 1681.00 - 1681.00
2 To finance the purchase of Machinery 395.00 - 395.00
3 General Corporate Purpose 100.00 - 100.00
4 To Meet offer related Expenses 93.50 39.83 53.67
Total 2269.50 39.83 2229.67

Note: The Company has utilised its internal accruals to the tune of€ 25.30 Lakhs for payment of issue related expenses before launch of IPO.

Further the Company has kept the unutilized portion in short-termfixed deposits with Banks to the tune of € 2000 Lakhs and remaining amount of €204.37 lakhs is lying in the current accounts held with the banks.

Further and hence reporting under clause 3(x)(a) of the Order is notapplicable to the Company.

(b) During the year the Company has not made any preferential allotmentor private placement of shares or convertible debentures (fully or partly or optionally)and hence reporting under clause (x)(b) of the Order is not applicable to the Company.

xi. (a) To the best of our knowledge no fraud by the Company and nomaterial fraud on the Company has been noticed or reported during the year.

(b) To the best of our knowledge no report under sub-section (12) ofsection 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13of Companies (Audit and Auditors) Rules 2014 with the Central Government during the yearand upto the date of this report.

(c) According to the information and explanations given to us by themanagement no whistle-blower complaints had been received by the company.

xii. The company is not a Nidhi Company. Accordingly paragraph 3(xii)of Order is not applicable.

xiii. According to the information and explanations given to us andbased on our examination of the record of the Company transactions with related partiesare in compliance with the provisions of section 177 and 188 of the Companies Act whereapplicable and the details have been disclosed in the financial statements etc. asrequired by the applicable accounting standards.

xiv. (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports issued to theCompany during the year and covering the period up to March 31 2022 for the period underaudit.

xv. According to the information and explanations given to us and basedon our examination of the record of the Company the company has not entered into anynon-cash transactions with directors or persons connected with him hence provisions ofsection 192 of the Companies Act 2013 are not applicable to the Company.

xvi. (a) The company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934 and hence reporting under clause 3(xvi)(a)of the order is not applicable.

(b) The company has not conducted any non-banking financial or housingfinance activities during the year and hence the company is not required to obtaincertificate of registration from the Reserve Bank of India as per the Reserve Bank ofIndia Act 1934. Accordingly reporting under clause 3(xvi)(c) of the order is notapplicable.

(c) The company is not a Core Investment Company as defined in theregulations made by the Reserve Bank of India and hence reporting under clause 3(xvi)(c)of the order is not applicable.

(d) According to the information and explanations provided to us duringthe course of audit the Group does not have more than one CIC as part of the group.

xvii. The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of theCompany during the year.

xix. On the basis of the financial ratios ageing and expected dates ofrealization of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

xx. According to the information and explanations given to us and basedon our examination of the record of the Company the Company is not liable to spend anyamount towards Corporate Social Responsibility (CSR) as per Companies Act and hencereporting under clause (xx) of the Order is not applicable for the year.

xxi. The company is not required to prepare Consolidate financialstatement hence this clause is not applicable.

For Saria Gupta & Co.
Chartered Accountants
(Firm?s Registration No. - 003168N)
Sachin Singhal
(Partner)
(M. No. 550213)
(UDIN -22550213AJMZDG5786)
Place : New Delhi
Date : May 24 2022

CALCULATION OF DEFERRED TAX LIABILITY/ ASSETS

OPENING BAL OF DTL 2447557
DEPRECIATION AS PER COMPANIES ACT 14808003
DEPRECIATION AS PER INCOME TAX ACT 15130718
DEFFERED TAX ASSET @ 27.82% on Rs. -322715 322715 (89779)
Leave Encashment Paid 780664 2357778
Gratuity Paid 152645
Profit on sale of assets -
Provision for Leave Encashment 2243596
Provision for Gratuity 6006901
7317188
DEFFERED TAX ASSETS @ 27.82% on Rs. 7317188 2035642
DEFERRED TAX ASSETS AS AT 31.03.2021 4393420
Difference due to diff in opening WDV of Income Tax NET DTA 4393420
Provision to be made in PL A/c
Opening DTA 2447557
Add: - Net DTA as at 31.03.22 4393420
DTA to be recognised in the PL A/c (1945863)
VERIFICATIONS
WDV AS PER COMPANIES ACT 67881231
WDV AS PER INCOME TAX ACT 71365942
(3484711)
DEFFERED TAX LIABILITY @ 27.5525% on Rs. -3484711 (969447)
LEAVE ENCASHMENT
PAYABLE 2795016
GRATUITY PAYABLE 9512573
TOTAL 12307589
DEFFERED TAX ASSETS @ 27.5525% on Rs. 12307589 3423971
Deferred Tax Liability (4393418)

.