INDEPENDENT AUDIT

REPORT

2020-21 To the members of Abstrantia Ltd.

CIA 1

Sooryanarayanan

2022136
 INDEPENDENT AUDIT REPORT
To the members of Abstrantia Ltd.

Opinion
We have audited the accompanying standalone financial statements of Abstrantia Ltd. Comprising of the balance sheet
ending on March 31st 2021, the Statement of Profit and Loss, Statement of Changes in Equity and the Statement of Cash
Flows for the year and a summary of significant accounting policies and other explanatory information (hereinafter
referred to as "the Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us the aforesaid Standalone
Financial Statements give the information required by the Companies Act 2013 in the manner so required and give 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 and other accounting principles generally
accepted in India of the state of affairs of the Company as at March 31 2021and its profit total comprehensive income
changes in equity and its cash flows for the year ended on that date.

Basis For Opinion

The audit had been conducted of the Standalone Financial Statements in accordance with the Standards on Auditing
specified under Section 143(10) of the Act (SAs). Our responsibilities under those standards are further described in the
Audito’s Responsibility for the Audit of the Standalone Financial Statements section of our report. We are independent
of the company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the
provisions of the Act and the Rules made there under and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

Manager’s Responsibility
Management of XYA LTD. is responsible for the preparation and fair presentation of these financial statements in
accordance with the Ind AS and other accounting principles generally accepted in India.; this includes the design,
implementation, and maintenance of internal control that are all relevant to the preparation and fair presentation of
consolidated financial statements that are entirely free from material misstatement, in terms of either or both, fraud and
error.
The management seeks to ensure that the objectivity and integrity of all data in the standalone financial statements is
achieved through careful selection/choices, training, and development of qualified employees; through organizational
methods that provide the apt divisions of responsibility; through communication programs that are aimed at ensuring that
regulations, rules, policies, standards, and managerial authorities are communicated across the department; and through
conducting an yearly assessment of the efficiency and effectiveness of the system of internal control over financial
reporting.

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Independent Audit report

Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting on the
basis of our audit. We conducted our audit in accordance with ISAs to the extent applicable to an audit of internal
financial controls issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with
ethical requirements and strategize and perform the audit to obtain a reasonable amount of assurance about whether
adequate internal financial controls over financial reporting have been established and maintained and if such systems
have successfully operated effectively and efficiently in all material respects.
Our objectives include obtaining reasonable assurance about if the standalone financial statements as a whole are free
from any form of material misstatement, due to either fraud or error, and to further issue an auditor's report that holds
our opinion. Reasonable assurance is a high level of assurance, but it cannot be taken as a guarantee that an audit
conducted in conformity with SAs will always detect any material misstatement if it exists. Misstatements can come from
error or fraud and are considered to be material if they could be expected to influence the economic decisions of the
stakeholders and other uses taken on the basis of these standalone financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the
Company’s internal financial controls system over financial reporting.

Conclusion
Abstrantia Ltd. has adhered to all the Accounting Standards and the other related policies with respect to the
preparation of the financial statements and all the material facts and explanations have been identified and received
to the best of our knowledge and belief. All the transactions have been properly recorded and maintained in the books
of accounts so that a preparation and the presentation of the financial statements are clear and transparent enough to
make economic decisions and judgements. The financial statements are in line with all the applicable recorded
transactions and the books of accounts. The remuneration paid to the directors are in line with Section 197 of Companies
Act 2013, for the financial year ended 31st March 2021 and is to the best of our knowledge on the basis of the facts
provided to us.

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 Standalone Profit & Loss Statement of Abstrantia Ltd. for the year ending 31st
March 2021
Statement of Profit and Loss – 31st March 2021 31/3/20 31/3/21
(in thousands) (in thousands)

Particulars Note
No.
INCOME
Revenue from Operations (Sales-Returns) 1100 949
Other Income (Discount Received- Rent Received) 305 316
TOTAL INCOME 1405 1265
EXPENSES
a) Cost of Materials consumed 275 240
b) Purchases of stock-in-trade 140 175
c) Changes in inventories of finished goods, work-in progress 125 120
d) Employee benefit expenses 210 190
e) Finance Costs 90 120
f) Depreciation and amortization expense 120 75
g) Other Expenses 185 175
h) Discount Allowed 55 45
TOTAL EXPENSES 1200 1140
Profit/Loss before exceptional and extraordinary items and tax 205 125
Exceptional Items 40 50
Profit/Loss before extraordinary items and tax 165 75
Extraordinary Items 25 20
Profit/Loss before tax 140 105
Tax Expense
a) Current tax expense for current year 28 21
b) Current tax expense relating to prior years 12 4
c) Net current tax expense 40 25
Profit from continuing operations 100 80

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 Independent Audit report

Standalone Balance Sheet of Abstrantia Ltd. for the year ending

31st March 2021
Particulars Note March 31st ‘21 March 31st ‘20
no. (in thousands) (in thousands)

A) Equity and Liabilities

1) Shareholders’ Funds
a) Share Capital 200 200
b) Reserves and Surplus 120 320 80 280
2) Share application money pending allotment
3) Non-current liabilities
a) Long-term borrowings 450 500
b) Deferred tax liabilities (net) 150 125
c) Other long-term liabilities 70 670 65 690
4) Current Liabilities
a) Dividend Payable 120 90
b) Trade payables 70 190 60 150
c) Other current liabilities 95 60
d) Income tax 25 30
TOTAL 1300 1210

B) Assets
1) Non-current assets
a) Fixed Assets
i) Tangible Assets 345 285
ii) Intangible Assets 155 195
iii) Capital Work-in-progress 60 50
iv) Intangible assets under development 30 30
v) Fixed assets held for sale 15 10
b) Non-current investments 95 80
c)Deferred tax assets (net) 12 8
d) Long-term loans and advances 28 22
e) Other non-current assets 65 805 65 745
2) Current Assets
a) Current Investments 140 120
b) Inventories 140 120
c) Trade receivables 90 110
d) Cash and cash equivalents 100 85
e) Short-term loans and advances 25 495 30 465
TOTAL 1300 1210

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