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Technojet Consultants Ltd.

BSE: 509917 Sector: Engineering
NSE: N.A. ISIN Code: INE881P01013
BSE 05:30 | 01 Jan Technojet Consultants Ltd
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Technojet Consultants Ltd. (TECHNOJETCONS) - Auditors Report

Company auditors report

TO THE MEMBERS OF TECHNOJET CONSULTANTS LIMITED

Report on the Audit of the Ind AS Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of Technojet ConsultantsLimited ("the Company") which comprise the Balance Sheet as at 31st March2022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Cash Flows and the Statement of Changes in Equity for the year then endedand notes to the Ind AS financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as‘Ind AS financial statements’).

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Companies Act 2013 (the "Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (India Accounting Standard) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31st March 2022 the loss andtotal comprehensive income its cash flows and the changes in equity for the year ended onthat date.

Basis of Opinion

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor’sResponsibilities for the Audit of the Ind AS Financial Statements’ section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the Ind AS 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 ICAI’s Code of Ethics.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion on the Ind AS financial statements

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Ind AS financial statements of the current period. Wehave determined that there are no key audit matters to communicate in our report.

Information Other than the Ind AS Financial Statements and Auditor’s ReportThereon

LLP IN : AAH - 3437

REGISTERED OFFICE : ESPLANADE HOUSE 29 HAZARIMAL SOMANI MARG FORT MUMBAI 400 001TEL.: (91) (22) 6158 6200 6158 7200 FAX: (91) (22) 6158 6275

The Company’s Board of Directors is responsible for the other information. Theother information comprises the information included in the Directors report but does notinclude the Ind AS financial statements and our auditor’s report thereon.

Our opinion on the Ind AS financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the Ind AS financial statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated.

When we read the other information as specified above if we conclude that there is amaterial misstatement therein we are required to communicate the matter to those chargedwith governance.

Management’s Responsibility for the Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters in Section 134(5)of the Act with respect to the preparation of these Ind AS financial statements that givea true and fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company’s ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe management either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financialreporting process. Auditor’s Responsibility for the Audit of the Ind AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud 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 Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial 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 adequate internal financial controls system in place with respect to Ind ASfinancial statements and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions 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 the usersof the financial statements may be influenced. We consider quantitative materiality andqualitative factors in (i) planning the scope of our audit work and in evaluating theresults of our work; and (ii) to evaluate the effect of any identified misstatements inthe financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inthe paragraph 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 and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the Ind ASprescribed under section 133 of the Act read with relevant rules issued thereunder.

e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 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 over Ind ASfinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in Annexure B. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover Ind AS financial statements

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us there isno remuneration paid / provided by the Company during the year.

h) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any material foreseeable losses on long term contractsincluding derivative contracts requiring provision under the applicable law or accountingstandards.

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

iv. (a) The Management has represented that to the best of its knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner

v. whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") orprovide any guarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under

(a) and (b) above contain any material misstatement

vi. As stated in Note 27 to the financial statements

(a) The Company has not declared any interim or proposed any final dividend hencecompliance under Section 123 is not applicable.

For KALYANIWALLA & MISTRY LLP

Chartered Accountants

Firm Registration No. 104607W/W100166

Sd/-

Jamshed K. Udwadia

Partner

Membership No.: 124658

UDIN No.: 22124658AKVIEK3423

Mumbai; May 19 2022

Annexure A to the Independent Auditor’s Report

Referred to in Para 1 ‘Report on Other Legal and Regulatory Requirements’ inour Independent Auditors’ Report to the members of the Company on the Ind ASfinancial statements for the year ended 31st March 2022.

Statement on Matters specified in paragraphs 3 & 4 of the Companies (Auditor’sReport)

Order 2020:

i) a) (A) The Company does not have Property Plant and Equipment. Accordingly theprovisions of sub-clause (a)(A) of paragraph 3 (i) of the Order are not applicable.

(B) The Company does not have intangible assets. Accordingly the provisions ofsub-clause (a)(B) of paragraph 3 (i) of the Order are not applicable.

b) The Company does not have any Property Plant and Equipment. Accordingly theprovisions of sub-clause (i)(b) of paragraph 3 (i) of the Order are not applicable.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of all immovable propertiesdisclosed in the financial statements are held in the name of the Company.

d) The Company has not revalued its Property Plant and Equipment or intangible assetsduring the year. Accordingly the provisions of sub-clause (d) of paragraph 3 (i) of theOrder are not applicable.

e) No proceedings have been initiated or are pending against the company for holdingany benami property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) andrules made thereunder. Accordingly the provisions of sub-clause (e) of paragraph 3 (i) ofthe Order are not applicable.

ii) (a) The Company does not have any inventories and therefore the provisions ofsub-clause (a) of paragraph 3(ii) of the Order are not applicable to the Company.

(b) The Company has not been sanctioned any working capital limits in excess of fivecrore rupees in aggregate at any points of time in the year from banks or financialinstitutions on the basis of security of current assets; Accordingly the provisions ofsub-clause (b) of paragraph 3 (ii) of the Order are not applicable.

iii) The Company has not made any investment during the year or provided any guaranteeor security or granted any loans or advances in the nature of loans secured or unsecuredto companies firms Limited Liability partnerships or any other parties. Accordingly theprovisions of sub-clause (a)(A) (a)(B) (b) (c) (d) (e) and (f) of paragraph 3 (iii)of the Order are not applicable.

iv) In our opinion and according to the information and explanations given to us theCompany has not given any loans or guarantees or provided any securities to partiescovered u/s 185 of the Act or made any investments covered u/s 186 of the Act.

v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of section 73 to76 and the rules framed there under.

vi) Reporting under paragraph 3(vi) of the Order is not applicable as theCompany’s business activities are not covered by the Companies (Cost Reports andAudit) Rules 2014.

vii) (a) According to the information and explanation given to us and the recordsexamined by us the Company is generally regular in depositing undisputed statutory duesincluding dues pertaining to provident fund employees’ state insurance income-taxgoods and service tax profession tax cess and any other statutory dues with theappropriate authorities wherever applicable and there are no such outstanding dues as at31st March 2022 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no dues ofincome tax goods and service tax or duty of customs or duty of excise or value added taxwhich have not been deposited on account of any dispute.

viii) There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961 (43 of 1961) Accordingly the provisions of paragraph 3 (viii) ofthe Order are not applicable to the Company.

ix) The Company has no loans or other borrowings. Accordingly the provisions ofparagraph 3 (ix) of the Order are not applicable to the Company.

x) (a) The Company has not raised any money by way of initial public offer furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theprovisions of paragraph 3(x)(a) of the Order are not applicable to the Company.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under paragraph 3(x)(b) of the Order is not applicable.

xi) (a) No fraud by the Company or any fraud on the Company has been noticed orreported during the year. Accordingly the provisions of paragraph 3(xi)(a) of the Orderare not applicable to the Company.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report.

(c) There have been no whistleblower complaints received by the Company during theyear.

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) According 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) (a) According to the information and explanations given to us and based on thedocuments and records produced before us the Company has an internal audit systemcommensurate with the size and nature of its business;

(b) The reports of the Internal Auditors for the year under audit were considered bythe statutory auditor;

xv) According to the information and explanations given to us and based on ourexamination of the records 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) (a) The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934. Accordingly the provisions of paragraph 3(xvi)(a) of theOrder are not applicable to the Company.

(b) The Company has not conducted any Non-Banking Financial or Housing Financeactivities without a valid Certificate of Registration (CoR) from the Reserve Bank ofIndia as per the Reserve Bank of India Act 1934;

(c) The Company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India

(d) In our opinion there is no core investment company within the Group (as defined inthe Core Investment Companies (Reserve Bank) Directions 2016) and accordingly provisionsof paragraph 3(xvi)(d) of the Order is not applicable.

xvii) The Company has incurred cash losses during the year covered by our audit and inthe immediately preceding financial year.

xviii) There has been no resignation of the statutory auditors during the year.Accordingly paragraph 3(xviii) of the Order is not applicable.

xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements our knowledge of the Board of Directors and management plans we areof the opinion that no material uncertainty exists as on the date of the audit report thatcompany is capable of meeting its liabilities existing at the date of balance sheet as andwhen they fall due within a period of one year from the balance sheet date;

xx) (a) The Company is not required to spend amount towards Corporate SocialResponsibility (CSR). Accordingly the provisions of paragraph 3(xx)(a) of the Order isnot applicable.

(b) The Company is not required to spend amount towards Corporate Social Responsibility(CSR). Accordingly the provisions of paragraph 3(xx)(b) of the Order is not applicable.

xxi) The Company does not prepare consolidated financial statements. Accordingly theprovisions of paragraph 3(xxi) of the Order are not applicable to the Company.

For KALYANIWALLA & MISTRY LLP

Chartered Accountants

Firm Registration No. 104607W /W100166

Sd/-

Jamshed K. Udwadia

Partner

Membership No.: 124658

UDIN No.: 22124658AKVIEK3423

Mumbai; May 19 2022

Annexure B to the Independent Auditor’s Report

Referred to in Para 2 (f) ‘Report on Other Legal and Regulatory Requirements’in our Independent Auditor’s Report to the members of the Company on the Ind ASfinancial statements for the year ended 31st March 2022.

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 Ind AS financial statements ofTechnojet Consultants Limited ("the Company") as of 31st March 2022in conjunction with our audit of the Ind AS financial statements of the Company for theyear ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over Ind AS financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of internal financial controls over financialreporting 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 company’s policies the safeguardingof its 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 Ind AS financial statements 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 Ind AS financial statements was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over Ind AS financial statements and theiroperating effectiveness.

Our audit of internal financial controls system over Ind AS financial statementsincluded obtaining an understanding of internal financial controls over Ind AS financialstatements 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 Ind AS financial statements whether due to fraud orerror.

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 Ind AS financial statements.

Meaning of Internal Financial Controls over Ind AS financial statements

A Company's internal financial control over Ind AS financial statements is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial control overInd AS financial statements include those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Ind AS financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorizations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial effect on the Ind AS financial statements.

Inherent Limitations of Internal Financial Controls over Ind AS financial statements

Because of the inherent limitations of internal financial controls over Ind ASfinancial statements 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 over IndAS financial statements to future periods are subject to the risk that the internalfinancial control over Ind AS financial statements may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over Ind AS financial statements and such internal financialcontrols over Ind AS financial statements were operating effectively as at 31stMarch 2022 based on the internal control over Ind AS financial statements 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.

For KALYANIWALLA & MISTRY LLP

Chartered Accountants

Firm Registration No. 104607W/W100166

Sd/-

Jamshed K. Udwadia

Partner

Membership No.: 124658

UDIN No.: 22124658AKVIEK3423

Mumbai; May 19 2022

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