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Voltamp Transformers Ltd.

BSE: 532757 Sector: Engineering
NSE: VOLTAMP ISIN Code: INE540H01012
BSE 00:00 | 22 Mar 2683.90 21.20
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NSE 00:00 | 22 Mar 2688.95 27.05
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OPEN 2669.20
PREVIOUS CLOSE 2662.70
VOLUME 332
52-Week high 3686.00
52-Week low 1728.50
P/E 15.50
Mkt Cap.(Rs cr) 2,716
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2669.20
CLOSE 2662.70
VOLUME 332
52-Week high 3686.00
52-Week low 1728.50
P/E 15.50
Mkt Cap.(Rs cr) 2,716
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Voltamp Transformers Ltd. (VOLTAMP) - Auditors Report

Company auditors report

To

The Members of Voltamp Transformers Limited

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying Financial Statements of Voltamp Transformers Limited("the Company") which comprise the Balance Sheet as at 31st March2022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then ended andnotes to the Financial Statements including a summary of significant accounting policiesand other explanatory information.

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 Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2022 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Companies Act 2013. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities 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 together with the independence requirements that arerelevant to our audit of the Financial Statements under the provisions of the CompaniesAct 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion on the Financial Statements.

Emphasis of Matter

We draw attention to Note 49 of the financial statement regarding the Schemes approvedby the Hon'ble National Company Law Tribunal Ahmedabad bench ("NCLT") vide itsorder dated August 16 2021 sanctioned the Scheme of Amalgamation between KunjalInvestments Private Limited ("Transferor Company") and Voltamp TransformersLimited ("Transferee Company") and their respective shareholder and creditorsunder section 230-232 of Companies Act 2013. All the assets liabilities reserves andsurplus of the transferor Company have been transferred to the Company from the appointeddate of 1st June 2020 at the carrying values as from that date. Further theequity shares of the transferee Company held by the transferor Company stands cancelledand the difference between the book value of Investments held by the transferor Company inthe transferee Company and the face value of New Equity shares issued by the transfereeCompany to the shareholders of transferor Company is adjusted against the reserves of thetransferor Company as recorded in the books of transferee Company. Further as per thescheme all the cost incurred in implementing the above scheme will be borne by thetransferor Company and deficit or surplus in the total cost in relation to scheme ascompared to the amount of cash and bank balance (including amount refundable from IncomeTax department) shall be reimbursed by or refunded to the promoter of the transferorCompany. The Company has given effect to scheme in the financial statement. Further asper requirements of Ind AS 103 "Business Combination" the comparatives for theprevious period have been restated.

Our opinion on the statement is not modified in respect of the above matter.

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 matterswere 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. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

Sr No Key Audit Matter Auditor's Response
1 Litigations Provisions and Contingent Liabilities Principal Audit Procedures
The Company has several litigations for to direct tax as well as indirect tax which include matters under dispute which involves significant management judgement and estimates on the possible outcome of the litigations and consequent provisioning thereof or disclosure as contingent liabilities. As part of the audit process we obtained from the management details of matters under disputes including ongoing and completed tax assessments demands and other litigations.
Refer note no. 43(b) of financial statement. Our audit approach for the above consists of the following audit procedures:
??Evaluation and testing of the design of internal controls followed by the company relating to litigations and open tax positions for direct and indirect taxes and process followed to decide provisioning or disclosure as Contingent Liabilities;
??Discussed with company's legal team and taxation team for sufficient understanding of on-going and potential legal matters impacting the company.
??We involved our internal expert to evaluate the management's underlying judgements in making their estimates with regard to such matters.

Information other than the Financial Statement and Auditor's Report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in Board's Reportincluding Annexure to that Board's Report Corporate Governance and Shareholder'sInformation but does not include the Financial Statements and our auditor's reportthereon.

Our opinion on the Financial Statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the Financial Statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Financial Statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income changes in equity and cashflows of the Company in accordance with the Ind AS and other accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error;

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 Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 Financial Statements.

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

? Identify and assess the risks of material misstatement of the Financial Statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control;

? Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 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 reasonableness ofaccounting estimates and related disclosures made by management;

? Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 Financial Statements or if such disclosures are inadequate to modify our opinion.Our conclusions 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 the Financial Statementsincluding the disclosures and whether the Financial Statements represent the underlyingtransactions 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 areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance of the Company of which we are theindependent auditors regarding among other matters the planned scope and timing of theaudit and significant audit findings including any significant deficiencies in internalcontrol 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;

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Financial Statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 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 Changes in Equity and the Cash Flow Statement dealt with by thisReport 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 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 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 the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act; and

(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 has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 43 to the Financial Statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. 1. The Management has represented that to the best of it's knowledge and beliefas disclosed in note no.

50(v) to the financial statements no funds have been advanced or loaned or invested(either from borrowed funds or share premium or any other sources or kind of funds) by theCompany to or in any other person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

2. The Management has represented that to the best of it's knowledge and belief asdisclosed in note no. 50(vi) to the financial statements that no funds have been receivedby the company from any person(s) or entity(ies) including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries; and

3. Based on such audit procedures performed that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) contain anymaterial mis-statement.

v. The final dividend paid by the Company during the year in respect of the samedeclared for the previous year is in accordance with section 123 of the Companies Act 2013to the extent it applies to payment of dividend As stated in note no.51 to the financialstatements the Board of Directors of the Company have proposed final dividend for theyear which is subject to the approval of the members at the ensuing Annual GeneralMeeting.

The dividend declared is in accordance with section 123 of the Act to the extent itapplies to declaration of dividend.

For C N K & Associates LLP
Chartered Accountants
FRN: 101961W/W-100036
Alok Shah
Place : Vadodara Partner
Date : 25th May 2022 Membership Number: 42005
UDIN No. : 22042005AJOQMZ8983

Annexure 'A' to the Independent Auditors' Report

Referred to in Para 1 ‘Report on Other Legal and Regulatory Requirements' in ourIndependent Auditor's Report to the members of the Company on the Financial Statements forthe year ended 31st March 2022.

To the best of our information and according to the explanations provided to us by theCompany and the books of account and records examined by us in the normal course of auditwe state that:

i. (a) In respect of the Company's Property Plant and Equipment's and IntangibleAssets:

(A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment;

(B) The Company has maintained proper records showing full particulars of IntangibleAssets;

(b) The Company has a phased programme of physical verification of its Property Plantand Equipment so as to cover all assets once in three years. In accordance with thisprogramme certain Property Plant and Equipment were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets;

(c) Based on our verification of the documents provided to us and according to theinformation and explanations given by the Management the title deeds of all the immovableproperties (other than properties where the company is the lessee and the lease agreementsare duly executed in favour of the lessee) as disclosed in the financial statements areheld in the name of the Company as at the Balance Sheet date;

(d) The Company has not revalued any of its Property Plant and Equipment (includingRight of Use assets) and intangible assets during the year.

(e) As disclosed in note no. 50(i) to the accounts and as verified by us noproceedings have been initiated or are pending against the company for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules madethereunder.

ii. (a) In our opinion and according to information and explanations given to usphysical verification of inventory has been conducted at reasonable intervals withappropriate coverage and procedures of such verification by the management and nodiscrepancies were noticed on physical verification of 10% or more in aggregate for eachclass of inventory;

(b) Based on our examination of the records the Company has been sanctioned workingcapital limits in excess of five crore rupees in aggregate from banks on the basis ofsecurity of current assets and quarterly returns or statements filed by the Company withsuch banks are in agreement with the books of account of the Company.

iii. The Company has made investments in Companies firms Limited LiabilityPartnerships and granted unsecured loans to other parties during the year in respect ofwhich; a) The Company has provided loans to employee and other parties during the yearare as follows:

Unsecured Loans No. of Parties Aggregate amount granted/ provided during the year (Rs in Lakhs) Balance Outstanding as at balance sheet date in respect of loans (Rs in Lakhs)
Other Parties 20 1262.00 23.93
Employee 4 5.30 3.45

b) In our opinion and according to the information provided to us the terms andconditions of the grant of such loans and investments made are not prejudicial to theinterest of the Company;

c) In respect of loans granted by the Company the schedule of repayment of principaland payment of interest has been stipulated and the repayments of principal amounts andreceipts of interest are generally been regular as per stipulation.

d) In respect of loans granted by the Company there is no overdue amount remainingoutstanding as at the balance sheet date.

e) No loan granted by the Company which has fallen due during the year has beenrenewed or extended or fresh loans granted to settle the overdues of existing loans givento the same parties.

f) The Company has not granted any loans or advances in the nature of loans eitherrepayable on demand or without specifying any terms or period of repayment during theyear. Hence reporting under clause 3(iii)(f) is not applicable.

Other than that mentioned above the Company has not provided any guarantee orsecurity or granted any advances in the nature of loans secured or unsecured tocompanies firms Limited Liability Partnership or any other parties;

iv. In our opinion and according to the information provided to us there are no loanto directors including entities in which they are interested in respect of which provisionof section 185 are applicable and hence not commented upon. Further in our opinion andaccording to information and explanation given to us provision of section 186 in respectof loans and advances given and investment made have been complied with by the Company.There are no guarantees and securities given in respect of which provision of section 186of the Act are applicable and hence not commented upon;

v. The Company has not accepted any deposits or amounts which are deemed to be depositsduring the year and therefore the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed thereunder are not applicableto the Company;

vi. We have broadly reviewed the cost records maintained by the Company as prescribedby the Central Government under sub section (1) of Section 148 of the Companies Act andare of the opinion that prima facie the prescribed cost records have been made andmaintained by the Company. We have however not made a detailed examination of the costrecords with a view to determine whether they are accurate or complete;

vii. (a) In our opinion the Company is generally regular in depositing undisputedstatutory dues including Goods and Service tax provident fund employee state insuranceincome-tax sales tax service tax duty of custom duty of excise value added tax cessand other statutory dues as applicable to the appropriate authorities. There were noundisputed amounts payable with respect to above statutory dues in arrears as at 31stMarch 2022 for a period of six months from the date they became payable;

(b) According to the information and explanations given to us and the records examinedby us the particulars of statutory dues as at 31st March 2022 which have notbeen deposited on account of a dispute are as follows:

Name of the Statute Nature of dues Amount* (Rs.` in Lakhs) Period to which the amount relates Forum where dispute is pending
Central Excise Act 1944 Excise Duty (Including interest and penalty thereon) 292.01 January 2010 to June 2017 Appeal filed at CESTAT Ahmedabad
Income Tax Act 1961 Income Tax 146.42 FY 2009-10 Appeal to HC by the Revenue Department
Income Tax Act 1961 Income Tax 199.95 FY 2010-11 Appeal to HC by the Revenue Department
Income Tax Act 1961 Income Tax 174.17 FY 2011-12 Appeal to HC by the Revenue Department
Income Tax Act 1961 Income Tax 192.70 FY 2012-13 Appeal to HC by the Revenue Department
Income Tax Act 1961 Income Tax 157.08 FY 2013-14 Appeal to ITAT by the Revenue Department
Income Tax Act 1961 Income Tax 122.94 FY 2016-17 Appeal to CIT(A) by Assessee
Income Tax Act 1961 Income Tax 23.39 FY 2017-18 Appeal to CIT(A) by Assessee

*Net of amount paid under protest

viii. (a) As disclosed in note no. 50(vii) to the accounts and as verified by us therewere no transactions which were not recorded in the books of account have beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961;

ix. (a) The Company has not taken any loans and other borrowings from any lender.Accordingly reporting under clause 3(ix)(a) of the Order is not applicable to theCompany.

(b) As disclosed in note no. 50(ix) to the accounts and as verified by us the Companyis not declared as wilful defaulter by any bank or financial institution or other lender;

(c) The Company has not taken any term loan during the year nor any term loans wereoutstanding at the beginning of the years. Accordingly reporting under clause 3(ix)(c) ofthe Order is not applicable to the Company;

(d) On an overall examination of the financial statements of the Company funds raisedon short-term basis have prima facie not been used during the year for long-termpurposes by the Company.

(e) According to the information and explanations given to us and the records examinedby us the Company has no subsidiaries associates or joint ventures. Accordinglyreporting under the clause 3 (ix) (e) and (f) is not applicable.

x. (a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under clause3(x)(a) of the Order is not applicable;

(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 clause 3(x)(b) of the Order is not applicable.

xi. (a) During the course of our examination of the books of account and records of theCompany carried out in accordance with the generally accepted auditing practices in Indiaand according to the information and explanations given to us we have neither came acrossany incidence of fraud on or by the Company noticed or reported during the year nor wehave been informed of any such case by the management.

(b) According to the information and explanations given to us and based on ourexamination of the records no fraud on or by the Company noticed or reported during thecourse of audit. Accordingly reporting under this clause is not applicable;

(c) According to the information and explanations provided to us no whistle-blowercomplaints have received during the year by the Company.

xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable;

xiii. In our opinion all the transactions with the related parties are in compliancewith section 177 and 188 of the Companies Act 2013 where applicable and the details havebeen disclosed in the Financial Statements as required by the applicable accountingstandards;

xiv. (a) In our opinion and the records examined by us the Company has an internalaudit system commensurate with the size and nature of its business of the Company;

(b) We have considered report of the internal auditors for the period under audit;

xv. According to the information and explanation given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withthe directors or persons connected with them. Hence the provisions of Section 192 of theAct are not applicable;

xvi. (a) In our opinion the Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi) (a)(b) and (c) of the order is not applicable.

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

xvii. The Company has not incurred cash losses in the financial year and in theimmediately preceding financial year;

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

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 and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.;

xx. (a) According to the information and explanation given to us and based on ourexamination of the records company is not required to transfer any unspent amount to aFund specified in Schedule VII to the Companies Act within period of six months of theexpiry of the financial year in compliance with second proviso to sub-section (5) ofsection 135 of the said Act from the date the section became effective i.e 22ndJanuary 2021. The year wise details of unspent amount prior to above date is as follows:

Financial Year Amount identified for spending on Corporate Social Responsibility activities "other than Ongoing Projects" Unspent amount of (b) Amount Transferred to Fund specified in Schedule VII to the Act Due date of transfer to the specified fund Actual date of transfer to the specified fund Number of days of delay if any
(a) (b) (c) (d) (e) (f) (g)
2014-15 57.03 13.36 - - - -
2016-17 79.38 14.44 - - - -
2017-18 116.06 59.76 - - - -
2018-19 154.06 75.77 - - - -
2019-20 176.34 14.92 - - - -

(b) According to the information and explanation given to us and based on ourexamination of the records company has transferred amount remaining unspent under section135(5) of the companies act pursuant to any ongoing project to special account incompliance with the provision of section 135(6) of the said Act.

Financial Year Amount identified for spending on Corporate Social Responsibility activities for "Ongoing Projects" Unspent amount of (b) Amount Transferred to Special Account u/s 135(6) Due date of transfer to the account Actual date of transfer to the account Number of days of delay if any
(a) (b) (c) (d) (e) (f) (g)
2020-21 195.93 24.02 24.02 30/04/2021 30/04/2021 Nil
2021-22 198.75 34.59 34.59 30/04/2022 29/04/2022 Nil

xxi. According to the information and explanations provided by the management thecompany has no subsidiary associates or joint venture and the company is not required toprepare Consolidated Financial Statements as per the section 129 of the Companies Act.Accordingly reporting under clause 3(xxi) is not applicable to the Company.

For C N K & Associates LLP
Chartered Accountants
FRN: 101961W/W-100036
Alok Shah
Place : Vadodara Partner
Date : 25th May 2022 Membership Number: 42005
UDIN No. : 22042005AJOQMZ8983

Annexure ‘B' to the Independent Auditors' Report

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

We have audited the internal financial controls over financial reporting of VOLTAMPTRANSFORMERS LIMITED ("the Company") as of 31st March 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 Board of Directors of the company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria 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 with reference to financial statements of the Company that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to respective company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls with reference to financial statements of thecompany were established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements of the company andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the Financial Statements whether dueto 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an internal financial controls withreference to financial statements of the Company and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2022 based onthe 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.

For C N K & Associates LLP
Chartered Accountants
FRN: 101961W/W-100036
Alok Shah
Place : Vadodara Partner
Date : 25th May 2022 Membership Number: 42005
UDIN No. : 22042005AJOQMZ8983

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