Atom Technologies Limited
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ATOM TECHNOLOGIES LIMITED 'Partners: , CA Sohan ChatlllVedi F.C.A. · CA Devanand ChatlllVedi F.C.A. - CA Chaturvedi V N F.C.A. ~ CA Noshir B Captain F.C.A. • CA Chandrakant Kotian F.C.A. CANehaGupta F. C. A. Chaturvedi Sohan & Co. CA Rajiv Chauhan A.C.A. Chartered Accountants- Reg. No.: 116424W Independent Auditor's Report To the Members of Atom Technologies Limited We have audited the accompanying standalone financial statements of Atom Technologies Limited ("the Company''), which comprises the Balance sheet as at March 31,2017, the statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information (herein after referred to as "Standalone Ind AS financial statements''). Management Responsibility for the Standalone Financial Statement: The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act'') with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with relevant rules issued thereunder. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS fmancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are requited to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone lnd AS financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor's judgment, including an assessment of the risks of material misstatement of the standalone Ind AS fmancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedure that are appr.opm~ .--'. 0 . ",'iS;;~~~---~: ~ ''"·" . ,. i I._ --'\1 ~og.N;;;~~l4w ~~~ 320, Tulsiani Chambers, Nariman Point, Mumbai 400 021. India. TeL: +91 22 2281 5154/ +91 22 3215 2550 Fax: • ~,~~2."'~8*1 :~~~-S E-mail : [email protected] I [email protected] . ~ -:-.::.- in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of financial stateinents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the financial position of the Company as at 31" March, 2017, and its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended as on that date. Report on other legal and Regulatory Requirements As required by the Companies (Auditor's Report) Order, 2016 ("the Order'') issued by the Central Government of India in terms of sub-section (11) of section143 of the Act, we give in the Annexure A, a statement on the matters Specified in paragraphs 3 and 4 of the Order. 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 best of our knowledge and belief were necessary for the purpose of out audit; (b) In our opinion, proper books of account, as required by law have been kept by the Company so far as it appears from our examination of those books; (c) As per information given to us, there is no Branch Office of the company and hence no report on accounts of branch office is applicable; (d) The balance sheet, statement of profit and loss and cash flow statement dealt with by this report are in agreement with the books of account and retums; (e) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with relevant rules issued thereunder; (f) In our opinion, there are no observations and comments which have any adverse effect on the functioning of the company; (g) On the basis of the written representations received from the directors as on 31'1 March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2016 from being appointed as a director in terms of Section 164(2) of the Act; (h) In our opinion, there are no qualifications, reservation or adverse remark relating to the maintenance of the accounts and other matters connected therewith; (i) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B. G) With respect to the other matters to be inclUded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our Information and according to the explanations given to us: i) The Company does not have any pending litigations which would impact its financial position; ii) The Company has no material foreseeable losses on long term contracts (including derivative contracts) and hence for the same the company has not made any provision; ill) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise; and iv) The Company has provided requisite disclosures in its standalone Ind AS financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November, 2016 to 30 December 2016 and these are in accordance with the books of accounts maintained by the Company. Refer Note 32 to standalone Ind AS financial statements. Place: Mumbai For Chaturvedi Sohan & Co., Date: 24/05/2017 Accountants Membership No: 106403 • Annexure A to the Auditor's Report Atom Technologies Limited (Referred to in paragraph "Report on other legal and Regulatory Requirements") i) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information; (b) As explained to us, all the frxed assets have been physically verified by the management in phased periodical manner, which in our opinion is reasonable, having regards to the size of the company and nature of its assets. As Informed to us no material discrepancies were noticed on such physical verification; (c) According to the information and explanation given to us, the company does not have any immovable property hence this sub-clause is not applicable; ii) In respect of inventories : (a) The inventory has been physically verified by the Management during the year. In out opinion, the frequency of verification is reasonable. (b) In our opinion, the procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material; ill) The company has not granted any loans, secured or unsecured to companies, f1tms, Limited liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Hence, clause (ill) (a), clause (ill) (b) and clause (ill) (c) of paragraph 3 of the order are not applicable; iv) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security; v) In out opinion and according to the information and explanations given to us, the company has not accepted deposits from the public.