We have audited the accompanying standalone financial statements of OASIS TRADEUNK
LIMITED ("the Company"), which comprise the Balance Sheet as at 31 March, 2024, ana the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year then ended and a summary
of the significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to
us the aforesaid standalone financial statements except for the possible effects of the matter
described in the "Basis for Qualified Opinion" section of our report, gives a true and fair view
in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS")
and other accounting principles generally accepted in India, of the state of affairs of the
Company as at 31 March, 2024 and its Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows
for the year ended on that date.
Basis for Qualified Opinion
1. The company has not made a provision for doubtful debts on its trade receivables of
Rs. 11.46 Crore, which are outstanding for a long period. The absence of a provision
for doubtful debts on long outstanding receivables results in an overstatement of
assets and an understatement of expenses in the financial statements.
2. The company's GST registration has been suspended by the GST Department.
Flowever, the financial statements continue to show a GST receivable balance ot Rs.
60.81 lacs. This raises significant doubt about the recoverability of the GST receivable
balance without a valid GST registration
Management's Responsibilities for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of
the Act with respect to the preparation of these 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 the Companies (Indian Accounting Standards) Rules, 2015, as
amended including the Companies (Indian Accounting Standards) Amendment Rules, 2019.
This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of 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 the 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 financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, management is responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to
do so.
Those charged with governance are also responsible for overseeing the Company's financial
reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit conducted in accordance with Standards on
Auditing will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
> Identify and assess the risks of material misstatement of the financial Statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
> Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under Section 143(3) (i)
of the Act, we are also responsible for expressing our opinion on whetherthe company
has adequate Internal Financial Controls with reference to financial statements in
place and the operating effectiveness of such controls.
> Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Management and Board of
Directors.
> Conclude on the appropriateness of the Management and Board of Directors' use of
the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the 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's report. However, future events
or conditions may cause the Company to cease to continue as a going concern.
> Evaluate the overall presentation, structure and content of the financial Statements,
including the disclosures, and whether the financial Statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
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 in terms of Section 143(11) of the Act, we give in “Annexure
A" a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and, except for the matters/ effects/ possible effects of matters
described in the Basis of Qualified Opinion paragraph, obtained all the information
and explanations which to the best of our knowledge and belief were necessary for
the purposes of our audit.
b) Except for the effects/ possible effects of the matter described in the Basis for
Qualified Opinion paragraph, 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) Except for the effects/ possible effects of the matter described in the Basis for
Qualified Opinion paragraph, The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement of Changes in Equity and the
Statement of Cash Flow dealt with by this Report are in agreement with the books
of account.
d) Except for the effects/ possible effects of the matter described in the Basis for
Qualified Opinion paragraph, In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting Standards prescribed under section
133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as
amended.
e) On the basis of the written representations received from the directors of the
Company as on 2nd May 2024 taken on record by the Board of Directors, none of the
directors is disqualified as on 31 March 2024 from being appointed as a director in
terms of Section 164(2) of the Act.
f) 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 the requirements of Section 197(16) of the Act, as amend:
In our opinion and to the best of our information and according to the explanat ons
given to us, the remuneration paid by the Company to its Directors during the year
is in accordance with the provisions of Section 197 of the Act.
h) 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, as
amended, in our opinion and to the best of our information and according to the
explanations given to us:
i. Due to possible effect of the matter described in the Basis for Qualified Opinion
section, We are unable to state whether the Company has disclosed the impact
of pending litigations on its financial position in its standalone financial
statements.
ii. Due to possible effect of the matter described in the Basis for Qualified Opinion
section, We are unable to state whether the Company has made provision, as
required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There is no Unpaid Dividend amount available in the company therefore the
requirement to transfer the unpaid dividend amount to Investor Education and
Protection Fund by the Company does not applicable.
iv. (a) The Management has represented that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate) have
been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any
other person or entity, including foreign entity ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company ("Ultimate
Beneficiaries") or provide 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, no funds (which are material either individually or in the aggregate) have
been received by the Company from any person or entity, including foreign entity
("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i) and (ii) of Rule
11(e), as provided under (a) and (b) above, contain any material misstatement.
(d) Based on our examination which included test checks and information given
to us, the Company has used accounting softwares for maintaining its books of
account, which did not have a feature of recording audit trail (edit log) facility
throughout the year for all relevant transactions recorded in the respective
softwares, hence we are unable to comment on audit trail feature of the said
software.
v. During the year the company has not declared or paid any dividend.
For Purushottam Khandelwal & Co.
Chartered Accountants
Firm Reg. No.: 0123825W
O • dl
IT v' 1
CA Purushottam Khandelwal
Partner
Membership No.: 100601
UDIN: 24100601BJZWHI3625
Place: Ahmedabad
Date:- 30th May 2024
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