Transpact Enterprises Ltd.
|BSE: 542765||Sector: Health care|
|NSE: N.A.||ISIN Code: INE06YD01010|
|BSE 00:00 | 31 Jan||Transpact Enterprises Ltd|
|NSE 05:30 | 01 Jan||Transpact Enterprises Ltd|
|BSE: 542765||Sector: Health care|
|NSE: N.A.||ISIN Code: INE06YD01010|
|BSE 00:00 | 31 Jan||Transpact Enterprises Ltd|
|NSE 05:30 | 01 Jan||Transpact Enterprises Ltd|
Report on the Audit of the Financial Statements
We have audited the accompanying financial statements of Transpact EnterprisesLimited("the Company") which comprise the Balance Sheet as at March 31 2021the Statement of Profit and Lossand the Statement of Cash Flows for the year ended on thatdate and notes to the financial statements including a summary of the significantaccounting policies and other explanatory information (hereinafter referred to as"the financial statements").
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Accounting Standards and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021the lossand its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion on the financial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These mattersare addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Emphasis of Matter
We draw attention to Note 3.29 to the financial statements wherein it is stated thatthe outbreak of Coronavirus (COVID-19) pandemic globally and in India is causingsignificant disturbance and slowdown of economic activity and consequently it has affectedthe revenue of the company as well. The Company has evaluated impact of this pandemic onits business operations and based on its review and current indicators of future economicconditions the Company expects to recover the carrying amount of all its assets. Theimpact of the pandemic may be different from that estimated as at the date of approval ofthese financial statements and the Company will continue to closely monitor any materialchanges to future economic conditions.
Our report is not modified in respect of the above matters.
Responsibilities of Management for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of TheAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
The Board of Directors are also responsible for overseeing the company's financialreporting process. Auditor's Responsibilities for the Audit of the Standalone FinancialStatements
Our objectives are to obtain reasonable assurance about whether the standalonefinancial 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. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone 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 standalonefinancial 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 controls 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 and the operatingeffectiveness 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 concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.
Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.
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
As required by Section 143 (3) of the Act based on our audit we report that:
a) We have sought and obtained all the information and explanations which to thebest of 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 the Statement ofCash Flow dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion the aforesaid financial statements comply with the Accountingstandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e) On the basis of the written representations received from the directors as onMarch 31 2021 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2021 from being appointed as a director in terms of Section164 (2) of the Act.
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".
g) 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. According to the information given to us the Company does not have any pendinglitigations which would impact its financial position.
II. According to the information given to us the company has not entered into anylong-term contracts including derivative contracts.
III. The Company is not required to transfer any amount to the Investor Education andProtection Fund.
For A.R. Sodha& Co.
Date: 23rd June 2021
1. ANNEXURE A TO AUDITORS'S REPORT
On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us we report that:
1. a) According to information and explanations given to us and records furnishedbefore us the company has capitalized Technical Know and Development cost pertaining tothe vestibulator as Intangible assets and there are no tangible assets. Company hasmaintained proper records of intangible assets.
b) Since the Company has recognized only intangible assets till the balance sheet dateand accordingly reporting under clause 3 (i) (b) of Companies (Auditor's Report) Order isnot applicable.
c) The company does not have any immovable property and accordingly reporting underclause 3(i)(c)of Companies (Auditor's Report) Orderis not applicable.
2. a) The inventory has been physically verified by the Management at reasonableintervals.According to information and explanations given to us by the management nomaterial discrepancy was noticed on such verification.
b). In our opinion the frequency of verification is reasonable with regard to the sizeof the company and nature of stock in trade.
c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on verification of inventoriesby the management as compared to book records.
3. According to the information and explanation given to us and on the basis of recordsfurnished before us Company has not granted unsecured loans or advances to any partycovered in the register maintained under section 189 of the Companies Act 2013 andaccordingly reporting under clause 3(iii) (a)(b)(c) of Companies (Auditor's Report)Orderis not applicable.
4. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not given any loans guarantees andsecurity or made any investment under section 185 and 186 of the Companies Act 2013.Accordingly clause 3(iv) of Companies (Auditor's Report) Order 2016 is not applicable.
5. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not accepted any deposits within themeaning of section 73 to 76 from public during the year. Accordingly clause 3(v) ofCompanies (Auditor's Report) Order 2016 is not applicable.
6. According to the information and explanation given to us the Company is not requiredto maintain cost records as specified under section 148 sub-section (1) of the CompaniesAct 2013. Accordingly clause 3(vi) of Companies (Auditor's Report) Order 2016 is notapplicable.
7. a) According to the information and explanations given to us and records examined byus the Company is generally regular in depositing of undisputed statutory dues withrespect Goods and Service Tax Income Tax Tax Deducted at Source except a few cases.According to information and explanation given to us and records examined by us noundisputed statutory dues including Income Tax Goods and Service Tax Cess is outstandingas at 31st March for more than six months from the date they become payable.
b) According to information and explanation given to us and the records of the Companyexamined by us there are no statutory dues which have not been paid on account of anydispute.
8. According to the information and explanation given to us and records examined by usthere were no dues payable to any financial institution bank and government or debentureholdersduring the year or outstanding as at Balance sheet date. Hence reporting underclause 3(viii) of Companies (Auditor's Report) Order 2016 is not applicable.
9. According to information and explanation given to us and records examined by us thecompany has neither raised any money by way of public offers nor raised any term loanduring the year. Accordingly Clause 3(ix) of Companies (Auditor's Report) Order 2016 isnot applicable.
10. During the course of our examination of the books and records of the Companycarried out in accordance with generally accepted auditing practices in India andaccording to the information and explanation given to us we have neither come across anyinstance of fraud on or by the Company by its officers and employees during the period norwe have been informed of such instances by the Management. Accordingly reporting underclause 3(x) of Companies (Auditor's Report) Order 2016 is not applicable.
11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not paid any managerialremuneration during the yearandaccordinglyclause 3(xii) of Companies (Auditor's Report)Order 2016 is not applicable to the Company.
12. The Company is not a Nidhi Company hence reporting under clause 3(xii) of Companies(Auditor's Report) Order 2016 is not applicable to the Company.
13. The Company has entered into transactions with related parties in compliance withthe provisions of Section 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required to be disclosedunder applicable Accounting Standard.
14. According to the information and explanation given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly clause 3(xiv) of the Companies (Auditor's Report) Order 2016 is notapplicable.
15. According to the information and explanation given to us the company has notentered into any non-cash transaction with directors or persons connected with them.Accordingly reporting under clause 3(xv) of the Companies (Auditor's Report) Order 2016is not applicable.
16. According to the information and explanation given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.
For A. R. Sodha& Co.
M. No 031878
Date: 31st July 2020
2. ANNEXURE B TO AUDITORS'S REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting ofTranspactEnterprisesLimited ("the Company") as of March 31 2020 in conjunctionwith our audit of thestandalone financial statements of the Company for the year ended onthat date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancialcontrols based on the internal control over financial reportingcriteriaestablished by the Company considering the essential components of internalcontrol stated inthe Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued bythe Institute of Chartered Accountants of India (ICAI'). Theseresponsibilities include the designimplementation and maintenance of adequate internalfinancial controls that were operatingeffectively for ensuring the orderly and efficientconduct of its business including adherence tocompany's policies the safeguarding of itsassets the prevention and detection of frauds anderrors the accuracy and completeness ofthe accounting records and the timely preparation ofreliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols overfinancial reporting based on our audit. We conducted our audit in accordancewiththe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed tobe prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable toan audit ofinternal financial controls both applicable to an audit of Internal FinancialControls and bothissued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit toobtain reasonable assurance about whether adequate internalfinancial controls over financialreporting was established and maintained and if suchcontrols operated effectively in all materialrespects.
Our audit involves performing procedures to obtain audit evidence about the adequacyofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining anunderstanding of internal financial controls over financial reportingassessing the risk that amaterial weakness exists and testing and evaluating the designand operating effectiveness ofinternal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financialstatements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovidea basis for our audit opinion on the Company's internal financial controls systemoverfinancial reporting.
Meaning of Internal Financial Controls Over Financial Reporting.
A company's internal financial control over financial reporting is a process designedto providereasonable assurance regarding the reliability of financial reporting and thepreparation offinancial statements for external purposes in accordance with generallyaccepted accountingprinciples. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detailaccurately and fairly reflect the transactions anddispositions of the assets of the company; (2)provide reasonable assurance thattransactions are recorded as necessary to permit preparationof financial statements inaccordance with generally accepted accounting principles and thatreceipts andexpenditures of the company are being made only in accordance withauthorizations ofmanagement and directors of the company; and (3) provide reasonableassurance regardingprevention or timely detection of unauthorized acquisition use ordisposition 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 includingthe possibility of collusion or improper management override ofcontrols material misstatementsdue to error or fraud may occur and not be detected. Alsoprojections of any evaluation of theinternal financial controls over financial reportingto future periods are subject to the risk that theinternal financial control overfinancial reporting may become inadequate because of changes inconditions or that thedegree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancialcontrols system over financial reporting and such internal financial controlsover financialreporting were operating effectively as at March 31 2020 basedontheinternal control over financial reporting criteria established by the Companyconsidering theessential components of internal control stated in the Guidance Note onAudit of InternalFinancial Controls Over Financial Reporting issued by the ICAI.
For A.R. Sodha& Co.
M No. 31878
Date: 31st July 2020