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FCA Nikhil Arora Nikhil Arora & Associates +91 9818002828, 011 47557301 feanikhilarora1987@gmail.com Chartered Accountants feanikhilarora03@gmail.com AUDITOR'S REPORT To, THE MEMBERS OF SUNTEC WEB SERVICES PRIVATE LIMITED 30:1 VARDHMAN TIMES PLAZA, PLOT NO-13, ROAD NO-44, COMMUNITY CENTRE PITAMPURA, DELHI-110034 Report on the Financial Statements Opinion We have audited the standalone financial statements of M/s Suntec Web Services Private Limited ("the Company”), which comprise the balance sheet as at 31st March 2022, and the statement of Profit and Loss, for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information, In our opinion and to the best of our Information and accoraing to the explattatiun given to us, the aforesaid standalone 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, of the state of affairs of the Company as at March 31, 2022, and profit/loss, for the year ended on that date, Basis for Opinion We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Aunit of the Financlal 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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements anu tne Cude uf Cthics, We believe thot tthe audit evidence we have obtained is sufficient and aporopriate to provide a besis for our opinion Nikhil Arora & AssocialesResponsibilities of Management for the Standalone Financial Statements. -The Company's Board of Directors is responsible for the marcers states in 260160 a4(8) of the Companies Act, 2013 ("the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, of the Company in accordance with the accounting principles generally accepted in India, including the cecounting Standards specified under section 133 of the Act. This responsibllty 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 an prudent; and design it plementation and traintenance of adequate intemal financial contrais, thet 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 fal view and are free from material misstatement, whether due to fraud or error. sn preporing the financial ctatements, management is responsible for assessing the Company's ablity to continue as a going concern, disclosing, as applicable, matters related t going oncern and using the going concem basis of accounting unless management either intends 0 liquidate the Company orto cease operations, or has no realsticalternative but to do so. ‘Auditor’e Responsihilities for the Audit of the Financial Statements ur objectives are to obtain reasonable assurance about whether the financial statements. @ 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, put is not a guarantee that an audit conducted in accordance with SAs will always detect 2 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 financial statements. ‘as part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the eudit. 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 2 basis for our opinion. ‘The tisk of not detecting a material misstatement resulting from fraud Is igher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, of the override of internal control. = Evaluate the approptiateness of accounting polices used and the teasonableness of accounting estimates and related disclosures mace by inenagement. «+ Conclude-on the appropriateness of management's use of the going concer basis of ‘accounting and, based on the audit evidence obtained, whether @ material uncertaintyexists related to events or conditions that may cast significant doubt on the Company's ability to continue 2¢ 2 going enncern. if we conclude that 2 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, futuré events or conditions may cause the Company to cease to continue 05 @ going concern. «+ Evaluate the overall presentation, structure and content of the financial statements, Tncluding the esclosures, and whether the financial statements represent the underl¥ing transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among oti: watters, the plant med scope and timing of the audit and significant audit findings, including eny significant deficiencies in intemal 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 wummmunicate with them all relationshigs 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 fa) {b) co (e) (a ‘hs required by the Companies (Auditor's Report) Order, 2016 (“the Order"), the Central Government of India in terms of sub-section (13) of section 143 of the Companies Act, 2013, not applicable tu Ure compeny. ‘As required by Section 143(3) of the Act, we report that: We have sought and obtained al the information and explanations which to the best of ur knowledge and belicf were necessary far the purposes of cur audit. 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. ‘The Balance Sheet, and the Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. On the basis of the viritten representations received from the directors as on 31st March, 2022 taken on record by the Board of Directors, none of the directors iste) (h) disqualified as on 31st March, 2022 from being appointed as 2 director in terms of Section 164 (2) of the Act. With respect to the adequacy of the Internal financial controls over financial reporting of the company is not applicable”. With respect to the other matters to be included in the Auditor's Report in accordance ‘with Rule 11 of the Companies (AUdIL arid Auditors) Mules, 2022, 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; ji The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; j. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. For Nikhil Arora & Associates Membership No: 526476 Place: New Delhi Date: 02.09.2022 UDIN: 22526476AUWTLV1698“annexure A” to the Independent Auditors’ Report Referred to in paragraph 1 under the heading ‘Report on Other Legal & Regulatory: Requirement’ of our report of even date to the financial statements of the Company for the year ended March 31, 2022: 4, a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment. {B) The Company has no Intangible Assets, the provisions of the Order are not applicable. b) The major Property, Plant and Equipment of the company have been physically. verified by the management at reasonable intervals during the year and no material discrepancies were noticed on such verification. ©) According to the information and explanation given to us, the title deeds of the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the company. d) The Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year. €) According to the information and explanation given to us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules ‘made thereunder during the year. 2. a) The Company does not have any inventory, accordingly, the provisions of clause Qi) of the Order are not applicable. b) The company no working capital limits in excess of five crore rupees (at any point of time during the year), in aggregate, from banks or financial institutions on the basis of security of current assets. Accordingly, the provisions of clause 3(i) of the Orderare notapplicable. 3. The Company has during the year, not made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to. companies, firms, Limited Liahility Partnerships or any other parties. Accordingly, the provisions of clauses 3(iii) of the Order are not applicable. LARD, EX |‘4. According to the information and explanation given to us, the company has no Toand inwoctments, guarantees of security where provisions of section 185 and 186 ofthe Companies Act, 2013 are to be complied with. 5, The Company has not accepted any deposits or amounts which are deemed to be deposits under the directives of the Reserve Bank of India and the provisions of Scrtions 73 to 76 or any ather relevant provisions of the Companies Act, 2013 and the rules framed thereunder, where applicable. Accordingly, the provisions of clause 3(v) of the Order are not applicable. 6; ‘To the best of our knowledge and belief, the Central Government has not specified maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of Company's products/ services. Accordingly, the provisions of clause 3(vi) ofthe Order are not applicable, 7. {a)The Company is regular in depositing undisputed statutory dues including Goods and Sei vices Tax, provident fund, emplayees’ state insurance, income-tax, sales-tax, service tex duty of customs, duty of excise, value added tax, cess and any other statutory dues, 2s applicable, with the appropriate authorities. Further, po undisputed amounts payable in respect thereof were outstanding at the year-end fora period of more than six months from the date they became payable. (b) There are no dues in respect of Goods and Services Tax, provident fund, templayees’ state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues that have not been deposited with the appropriate authorities on account of any dispute. 8 According to the information and explanation given to us, company has no transactions, not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax ‘Act, 1961 (43 of 1961); 9, ‘The Company has no borrowing, including debt securities during the year; 10.(@) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year; (0) According to the information and explanation given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year 41. (a) According to the information and explanation given to us, any frand by the company or any fraud on the company has not been noticed or reported during the = SEB(6) According to the information and explanation given to us, no report under sub- gection (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government; {c) According to the information and explanation given to us, no whistle-blower complaints, received during the vear by the company; 12, Company is not a Nidhi company, accordingly provisions of the Clause 3(cti) of the Order is not applicable to the company: 413. Aecording to the information and explanations given to us, we are of the opinion that all transactions with related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc, as required by the Accounting Standards and the Companies Act, 2013. 44, According to the information and explanations given to us, the company has no internal audit system due to non-applicability of section 138 of Companies Act, 2013, 15, According to the information and explanations given to us. we are of the opinion that the company has not entered into any non-cash transactions with directors or persons connected with him and accordingly, the provisions of clause 3(+v) of the Order is not applicable. 16, Accurding to the informetion and explanations given to us, we are of the opinion that the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and the company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India, accordingly the provisions of clause 3(xvi) of the Order are not applicable: 17 According to the information and explanations given to us and based on the aus procedures conducted we are of opinion that the company has not incurred any ‘ash losses in the financial year and the immediately preceding financial year; 48. There has been no resignation of the statutory auditors during the year and accordingly, the provisions of clause 3{aviii) of the Order Is not applicable; 19.0n the basis of the financial 1atios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting KS PRthe assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that company is incapable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viebility of the company. We further state that our reporting is based on the facts up © the date of re naidke report and we noither give any guarantee nor any assurance that al abilities falling due within 2 period of one year from the balance sheet date, will get discharged by the company as and when they fall due, 20. The provisions of Section 135 towards corporate social responsibility are not applicable on the company. Accordingly, the provisions of clause 3{%) of the Order isnot applicable. 21. The reporting under clause (xx) is not applicable in respect of audit of standalone financial statements of the Company. Aucurdingly, no comment has heen inchided in respect of sald clause under this report. For Nikhil Arora & Associates Date: 02.09.2022 UDIN: 22526476AUWTLV1698SORTEC WEB SERVICES PRIVATE UNITED Te test 0, Vans Ts iz Pt No Be oP Pee New DAML TOG ‘Ch rUp ator cee = GAEANCRAMEET AS ON SIs! MARC Pigars Hane Fartcurs Tae] Fgura end of] Figures rt cad Note] get reporting pring | prenou reporting Period Be Bs. *FOUITY AND LIABILITIES 1 Sharebee tnd 9400000 18096000 Shree i Giaecelan 2 aioe como (8) Money Rected aa share mar 2 Share aplcndon money pending aBoien’s 3 now caren ibiies Lauter torowings 3 (0) ere ntti (06) Goma tong Tome bent {Loge proven | : 4 Carre abilties {o) Sint Te Baroni 4 {W) Trade pyses 3 raul Sending ou of mire eters nd sal erties | casing dar of rer oer an rooted al eis 139672 3901016 (chotes sect bins 6 3 riot {shotiem postion \> 2.49536 Sasson rorat| aasegzezt goss 1B ASSETS. UNemearent te Cay Property, Pane and ip 1 seers a8 (olammebe wes : y {3 Copa Wort owes 2 {ip lege Atte Deron 2 (@ Narctrentinrounens j srsoene : (© betered Tx ase var is7sest {@ Longa era a Aornces > Tansot nozesee {ome Nor Curen Anes ‘pore vee 10 senate sarees Ohimerones u : tide riales 2 yor3in3s sa2s668 (cosh anesthe 3 yas sos OStrtemimendadencs * 4 Tat 38 952308 {ober Carat Aes 3 win exaset oraL| 19932421 aaeaness ‘pate: 02-48-2002 [UDIN : 22526.74AU WILY 107% For SUNTEC WEB SERVIQES PV1. LTD, hota Vani Director = RAJESH BHATEIA _VANDNAHATEIA IRECTON toinecror) bw 08151 Dav-rrasse YOR SUNTEC WED SERVICES PRIVATE LIMITED For SUNTEC WEB SERVICES PVT.‘SUNTEC WED SERVICES PRIVATE LIMITED Reg. Office at: 301, Vardhiman Times Piaza, Plot No-13, Road No-44, Piam Para, New Delhi-1 10034 CIN-UT2200DL2o00F FCIO8S24 STATEMENT OF PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED Sist MARCH, 2022 wren Rs, Hundred) Pariicalars Tore] Figures frie carseut| Figures for the Ne. | reporting period | previous reporting period Re Rs, A. Revenue fom operations (ross) 16 83,802,38091 1,630,104.10 Less Excise Dy 3 Revenue from operations (net) .802,30021 74660,101.10 11 Other Income ” 6528525 637742 TH Total tncome (FD) 8.867,626.13 7)656,481.51 IV Expenses 1) Cont of materials soncamed 8 . 2 {b) Purchase of Stock in Trade (@) Changes in inventories of finished goods, work-ingrogress an stook-n-irade 9 = s (6) Exnployes benefits expenses » $203,970.45 445788084 (©) Flnance sosts Br 331.06 299.38 (0 Depreciation and amortisation expenses 8 46,401.35, 5005023 (@) Other expenses 2 2,798,846.19 297594540 Total Expenses 8,099,509. TAG 78186 V. Profit before exceptions! and extraordinary item and tax 813,077.09 492,699.66 ‘VI. Exceptional Items 3 VII Profit before extraerdinary item and tex 818,077.09, 492.699.6 | ‘VIL Extraordinary ttems ° AX Interim divided : 40,000.00 X Profit before Tax 819,077.09 452,699.65 NL Tax Expense: “(@) Curent expense 20896182 125,352.47 (©) Deferred tax 133919) 96.06) [XIE Profit/ (Less forthe period from continuing operations 14sa46 327,948.25 XIII Profit (Less) from discontinuing operations f 5 NIV Tea from diccantinning aperations 5 a XV Prof (Loss) from discontinuing operations : 5 XVI (Lom) for the Period 61465446 3279438 [XVM Eeraing per oquity share: 34s 2 341 1822 a FOR SUNTEC WEB SERVICES PRIVATE LIMITED S PVT.LTD, SUNTED WEBSERVIGES PYT LTD, ada Verdes Direstor Director [RAJESH BHATEIA VANDNA BHATEIA, (DIRECTOR) (DIRECTOR) |atembership No. 26376 DIN 00091581 DIN -#1720508 Place: Delhi ware: 02-09-2032 “UDEN : 22526076AUWTLV 1608|Note-1. SHARE CAPITAL [@) Authorised SUNTEC WER SERVICES PRIVATE LIMITED NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET 4000000 quit shares of Rs. 10 ech ith |vsing ries poe 00.0) maw TeoeOI oo ib) sued, Subscribed and Paid up £00000 Euiyahoros of R10 och with voting 4,800,000.60 80,000.00 r.s0ne0.0] 189,000.00 ts oral 00,000.00 800.0 Too | _——LDH Tis of Sharcholersholdieg more tan 5% share capa =A cine of Sarees ST Reef Shares of ialshares | —ValueShare [Total Vane jek Bh a a7 a 5000 adaaa Dhl aI 730600 S67 0 730.0 130000 335 10, 15,000.00 it Bhaja 10000 533 10 7,000.00 ra = 7300,000.00 TH Taio oe NOTE 1A, SHARES HELD BY PROMOTORS, FOR SUNTEC WER SERVICES PRIVATE LIMITED. For SUNTEC WEB SERVCES PVT.LTD. RAJESH BHATEIA, (@IRECTOR) DIN 90091581, NCES PU LTD. Fer SUNT “? vee Vamaine Die cor VANDNA BHATEIA (DIRECTOR) DIN-01729594SUNTEC WES SERVICES PRIVATE LIMITED NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET ‘Note? RESERVES AND SURPLUS (Figures in Rs Hundred) Figures ar atthe end of rficulare = (a) Secariies premiom account [Opening bance ‘Closing betance 2 = (®) Surplas/ (Defic) in Statement of Profit and Loss \Cpening balance esgo1a6 384,926.56 |Add: Prof ons) frshe year 61465446 2134323 ‘Ada, Adjustment Dung the Year 520.02 “9750.17 ‘Closing balance 130819412 B30 Total pea wae |Note3 LONG TERM BORROWINGS (Wiguresin Ms. anaes) Particulars Figares as atthe end of | Figures as at the end of current reporting period [previous reporting Poti co cs TRSECURED LOANS Loan from Director & Ketaives : = TOTAL, = : |Note4 SHORT-TERM BORROWINGS (Figuresin Rs. Hundred) ‘ariialars Figures as tthe end of Period lovaic TOTAL = = [Note6 OTHER CURRENT LIABILITIES (Figures in Rs, Hundred) Partiewlare Figures as atthe ead of | Figures av atthe end of lcurrent reporung pertwa___|previoes reporting rertod Rs. Re [Revance Prom Pay = Tipe otal : FETRIEESNets SHORT TERM PROVISIONS. ‘gure in Rs, Hundred) ‘Particelars Figures ac atthe end of [Figures asa the end of wzperiod [previous reporting Period Re [ay Provision foremployce bens |EPF Employer's Contnbation Payable spasi27 3037995 Jes! Employers Contribution Payable 626.12 6720 [Seley Payable 364,885.21 30737215 lacentve Payable 1324841 L933 [Bons Payable 2100.00 5043500 [Derstoe romanection gora70 110.00 () Provision-for TAX | [Provision or Income Tax 204961 82 23,392.47 [10s Payable 3787965 41,365.94 \@) Provision - Others leery Expenses 169903 Ie Eapoine Faye 3363 (Telepaone Ep. Payable Jrspease Payables 98st Audit Fees Payable "354.00, wal — ORE {FOR SUNTEO WER SERVICES PRIVATE LIMITED SINTECVERSERAYASPYLLID, Fer SUNTED NEBSERVIESPYT LT her Varta. Dig Diet RAIESH RHATEIA —_VANDNABHATEJA Chartered Accotats (DmnECTOR) (DIRECTOR) Memberhip Nos 26476 Diy oss DIN-01723994 Pee: Dab Daw: 2-0-2002 |UDIN : 22525476AUWTLY 1698‘SUNTEC WEB SERVICES PRIVATE LIMITED |Note 9 NON CURRENT INVESTMENTS (Figures in Rs. Hundred) Figures asat the end of | Figuresas at the end of current reporting period | previous reporting reriog Re Re. artical Long Term Loans & Advances |} Security Deposit 44,745.64 60.285.64 fb) ICICt Bond 70,000.00. 70,000.00 Total 114,745.64 130,285.64 [rtsea Deposit JED-ICICT Bark 375,000.00 “Total [Note 10 CURRENT INVESTMENTS sures in Rs, Hundred) Vigurorar atthe ond oF previous reporting Period Rs. Particular Figures ac at the ond of current reporting period Re. 34,450.00 49556.89 : 2,500.00 18.20.00 28,000.00 38,599.46 25,990.46 3,934.27 2,500.00 L&T MF Multi Scheme SIP (68,202.67 70,292.53 frae MIE 32,900.34 21,499.55 IMouital wi 10,500.00 2,500.00 ippon MF 19,199.73 11,999.73 [Principal Mutticap WEY Sundaram M/F $8.899.15 oyyy.az [SBI Equity WE 9,599.87 5,999.87 rata Macaal fund 72,810.13 58,510.89 {Mahindra Manulife SIP 24,000.00 = Total 367, 257,958.74 jote 11 INVENTORIES |(Atlower of east and net realise value) igures in Rs. Hundve Particolars Figuresasattheend of | Figures asat the end of ‘current reporting period_| previous reporting Period Re Rs Finiehed Cinae = = |Raw Matcria! (Including Packing Material) : - wip 2 = Stock with Consignee 7 - Total E a ‘Note 13 CASH AND CASH EQUIVALENTS. ures in Rs. Hundred) Particalars Figures as atthe ead of | Figures asat the end of current reporting period | previous reporting Period Re. ‘A) Cash Tn Hand 7648 65,302.87 [B) Bank Balance laxis tank Limited ax0009 s,0zssu lcrrt Bank 280,504.71 27,433.26 ICITT Rank USD New 8347.82 . [Crt Bank GBP : 1398 WEB: “t Purimcrt Bank $61085003 54,461.24 : crm hank Usb 4982.13 166.55 icICr Bank Limite 23317353 302,175.47 Total] 377AUS.52_ 458,110.37, INote 14 SHORT TERM LOANS AND ADVANCES res in Rs, Hunde] Particulars Figurssarattheend of | Figures as atthe end of current reporting period_| previous reporting Period Bs, Re INCOME TAY REFUND income Tex Refundable (AY 2008-09) 1,033.80 1033.80 “Income Tax Refordable (AY 2009-10) 313.99 313.99 income Tax Refundable (AY 2011-12) 244 24.14 income Tax Refundable (AY 2012-13) 940.32 99032 income Tax Refundable (AY 2017-18) sa70 sz780 tax veauted at Sounees( AY 2021-22) < 7243.08 |-TDS Receivable (A.Y 2022-23) 14,009.33 - Total] 16,689.38. 9,923.08 [Nove 15 OTHER CURRENT ASSETS (Figures a Rs Hundred) Particulars Figures svat the end of | Figures as atthe end of current reporting period | previous ceporting Period [=e Re 2851 2 19,000.00 120,000.00 43,301.20 @26120 196,954.17 2zn4zn.as 95,947.13 90.230 6 17,669.92 : 557.63 eg 2413 265.09 5 1,087.69 435478 101095000 124,327.16 101,038.35, ta 93,841.92, BIA “UDIN : 22526476AUWTLV1658, FOR SUNTEC WEB SERVICES PRIVATE LIMITED TEC WES. ICES PVT.LTD. For SUNTEC WEB SERVICES PVT. LTD. nko Va RAIESHBHATEDA —_VANDNA BHATESA (winec TOR) (DinsctoR) DIN 00091881 DIN 01729584INeteS TRADE PAYABLES ‘gues For the Current Reporting Pe etn Re. unde [outers TEs] aaa = EES [pope an = - =I : [Others a ——s.——h =| (Figaresin Rs, Hundred) go eon Note 12 TRADE RECEIVABLES orth Carzest sin Bs. Here) [Enctapated Tene Resenabee- Considered Goods 51553 325931 TGS edispued Trade Reccivables- Considered Doabiteh Lean ted Trade Recelvabes- Considered =: [Trade Receivaber- Considered Doubiful er Tas ine Hundred Teas SUNTEC NEBSER( IES PYT LTD kath Diver[Note 16 REVENUE FROM OPERATIONS (Figures in Rs, Hundred) jures for the current reporting period Re 8,635,358.94 167,021.97 Figures for the previous reporting period Re 7,531,893.76 118,210.34, Foreign Receipts indian Service Receipts 7,650,104.10 ‘Note 17 OTHER INCOME (Figures in Re. Hundred) ‘Figures for the current ‘Figures for the previous: Particulars reporting period reporting period Rs. Other Income Interest on Fixed Deposit 8,496.95 5941.79 |Profit on Sale of M/F 22,605.81 = Foreign Currency Gain (33,471.59 - |Profit on Sale of Fixed Asset 670.88 - [Discount and charges 435.63 Tou Sarr Note 18 COST OF MATERIALS CONSUMED (Figures in Rs. Hundred) Figures for the previous jgures for the current Particulars reportin; (Opening stock |Add: Purchases limport Domestic Less: Closing stock [Note 19 CHANGE ININVETORIES: Particulars Figures for the current | Figures for the previous reporting period reporting period Rs. Rs. [Inventories at the end of the vear: Finished goods work-in-progress |inventories at the beginning of the year: inished goods Work-in-progress WEB SERVIIS PVE LID. nekNote 20 EMPLOYEE BENEFIT EXPENSES Particulars Figures for the current] Figures for the previous reporting period reporting pesiod Rs, Rs. [Administration Charges EDLI 711675 7240.86 [Administration Charges EPP 7,436.09 72N7.18 [Salary 4,379,968.70 3,708,111.52 [Staff Welfare 31,594.20 34,848.42 IRonns 45,400.00 50,435.00 Gratuity 24,353.97 8814.18 [ESI Employer's Comvibution 59,390.31 56,153.28 |EPF Employer's Contribution 170,206.63 166,172.13 Directors Remuneration 217,200.00 195,120.00 IKeyman Insurance 4,900.00 40,900.00 INote21 FINANCE COST = Tigures for te current Hucentives 200,397.80 162,474.30 Total] 5.203,970.45 G37. 486.84 {JAA Tol (Figures in Rs. Hundred) Figures for the previous Particulars reporting period reporting period Re. Rs. Bark Charges 331.06 243.33, Interest on Car Loan $6.06 [Note 22. OTHER EXPENSES Figures for the current Figures for the previous Fur SUNTEC WEB “a PTD, [Interest (On income Tax) Particulars reporting period reporting period Ro. Rs. |(A) DIRECT EXPENSES Total (A) - 3 |) INDIRECT EXPENSES [Auditor's Remuneration 384.00 354.00 Red epes Written off - 1,580.12 [Business Promotion 7,006.44 4,934.15 [Brokerage & Commission Charges 104,036.80 89,501. |Computer Repair & Maintenance 26,071.65 19,308.56 (Consultancy Charges 79,470.00 191,025.00 |Conveyance 4513.15 $91.30 Softwa Cherges 51,703.42 47,114.07 [DDA Sewerage Charges - 5,339.88 Diwali Gint 35,865.75 19,484.17 [Data Insurance 3,686.33, - Domain / Hosting Charges 72,703.54 68,906.03 /Employee Insurance Expenses 193073 1,859.36 Electricity expenses 30,423.12 33,520.25 [EPF? ESI Interest & Demand 43,71 1,308.43, [Foreign Exchange Loss = 58,211.12 |GST Interest & Late fees 3.50 \StafT Training/Recuritment Expenses 2,760.00, IMCD Tax {Car InsurancelIntemet Expenses 24,015.53 33,156.98 |Legal & Professional charges 30,150.00 28,700.00 Ntecical Expenses 1308.13 1,149.48 Miscellaneous Expenses 311.52 265.13 Office Repair & Maintenance 21,080.19 13,487.73 Paypal/2checkout/WT Charges 100,098.74 93,081.92 Postage Expenses 215.54 615.17 Printing & Stationary 838.86 198.92 Rent 269,587.71 287,062.65 ROC Fees 24.00 18.00 ROC Additional Fees 72.00 12.00 Services Charges 1,917,662.46 1,654,807.73 Short & Excess 347 4.08 [Telephone Expenses 2,025.78, 2,099.12 Water Charges 102.62 108.03 Vehicle Roning & maintance 4,203.03 1,702.96 Total (B) 2,798,846.19 Total (AB) 798,846.19 FOR SUNTEC WEB SERVICES PRIVATE LIMITED, FG INFBARFRVICES PYT ITP Tor SUNTEC WEB SERVICES PVT. LTD, eet Vardc oi Director RAJESH BHATEJA ——-VANDNABHATEJA |Chartered Accountants (DIRECTOR) (DIRECTOR) | Membership No: 526476 DIN -00091581 DIN -01729594 Place: Dethi Date: 02-09-2022 [UDIN : 22526476AUWTLV 1698‘P6S67L10-ON NIG ‘8516000 “ON NIC sonong s0}2031 ohyega eapmey, TR pig gang aN ikem (Or Ad S308 ERMA SINNS 9 -arTunasaanleaau cages PayEMH; ByEapie SOLAS 62 M4 99}UNS 404 i i HOGSUNTEC WEB SERVICES PRIVATE LIMITED CALCULATION OF DEFERRED TAX (Figures in Rs, Hundred) |-Opening Balance of Deferred Tax Assets 15,758.51 Timing Difference For Depreciation under section 32 |-Depreciation As per Companies Act, 2013 46,401 35 atic 40,285.70. 6,115.65 1,345.44 134.54 |Add: Education Cess @ 4% 59.20 |Add: Net Deferred Tax Income 1539.19 Provision of DTA For the Year 1,539.19 -Closing Balance of Deferred Tax Assets | 1ransterred to Balance Sheet) Fo SUNTEC WEB SERVRCHSPVT. LTD, DirectorSuntec Web Ser vices Private Limited Notes forming part of the Financial Statements Note No-23 1 3. Cumpany Overview: Suntec Web Services Private Limited was incorporated on November 6, 2000. The Company is involved in Software publishing, consultancy and supply [Software publishing includes production, supply and documentation of ready-made (non-customized) software, operating ystems software, business & other applications software, computer gamas software far all platforms. Consultancy includes providing the best solution in the form of custom software after analysing the user’s needs and problems. Custom software also includes made-to- order software based on orders from specific users. Also, included are writing of software of any kind following directives of the users; software maintenance, web-page design. Basis of Presentation: ‘The financial staternents of the Company ate prepared under historical cost convention in accordance with the Generally Accepted Accounting Principles (GAAP) applicable in india and the accounting standards and statements issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 2013 Use of Estimates: ‘The Preparation of the financial statements in conformity with the GAAP requires that the management makes estimates and assumptions that affect the reported amounts of assets ‘and liabilities, disiusure of contingent liebilities es at the date of the financial statements, and the reported amounts of revenue and expenses during the reported year. Actual results could differ from those estimates. Inventory: There is no inventory since company is a service provider. Revenue Recognition: 1) Revenue from software development on fixed-price, fixed-time frame contractsis recognized as per the proportionate compietion method. On time-and-materials contracts, revenue is recognized as the related services are rendered. Annual Technical Services revenue and revenue from fixed-price maintenance contracts are recognized proportionately over the period in which services are rendered. Revenue from the sale of ser licenses for software applications is recognized on transfer of the title in the user license, except in multiple arrangement contracts, where revenue Is recognized as per the propurtionate completion method. Ii) Interest Income: Income from interest is accounted for on time proportion basis taking into account the amount outstnding anc the appieQia at of interest Sy 2) for SINTECWEB si vc fe LL WAR \i) Dividend income: Dividend income is recognized when the right to receive is established by the reporting date. lv) Rental Income: Rental income is accounted for on accrual basis except in cases where ultimate collection is considered doubtful. Property, Plant and Equipment: ‘Allitems of property, plant and equipment except Land property are accounted as per Cost ‘Model defined in AS 10 (Revised) Property, Plant and Equipment. In this way items of property, plant and equipment are carried at its cost less any accumulated depreciation and any accumulated impairment losses, if any Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purcitese prive, Burrowing costs directly attributable to acquisition of fixed essets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use 7. Depreciation: Depreciation is provided on pro rata basis on Written down value mathod at the rates determined based on estimated useful lives of assets, where applicable, prescribed under Schedule II of the Companies Act 2013. 8. Investments: ‘Trade investments are the investments made to enhance the company's business interests. Investments are either classified as current or long-term based on the Manegement's intention at the time of purchase. Current investments are carried at the lower of cost and fair value. Cost for overseas investments comprises the indian Rupee value of the Consideration pald for the Investment. Long Term Investments have been valued at cost. Since these investments are considered to bbe fong term in nature no provision has been made to recognize diminution in the value of investments. 9. Income Tax Expense: i) Current Tax: ‘The current charge for income taxes is calculated in accordance with the relevant tax regulations applicable to the Company. ii) Deferred Tax: Deferred Tax or credit reflects the tax effects of timing differences between accounting, income & taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or beans pace the balance sheet date, Deferred tay) LEED or SUNTEC WEB! ae10. Ete 12. assets are recognized unly to the extent there is reaconable cartainty that the accets can be realized in future. However, where there is unabsorbed Depreciation or carry forward of losses, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are revised at each Balance Sheet date & written down of written up to reflect the amount that is reasonably / virtually certain (as case may be) to be realized. Earnings per share: Basic earnings per share are celculated by dividing the net profit or loss for the year al ibutable to equity shorcholders by the weighted average nuimher of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit or ioss for the year attributable to equity shareholders and the weighted average number of shares outstanding ‘during the year are adjusted for the effects of all dilutive potential equity shares. Foreign currency transactions: Revenue from overseas clients and collections deposited in foreign currency bank accounts are recorded at the exchange rate as of the date of the respective transactions. Expenditure in foreign currency is accounted at the exchange rate prevalent when such expenditure is incurred, Disbursements made out of foreign currency bank accounts are reported at a rate that approximates the actual monthly average rate, Exchange differences are recorded When the amount actually received on sales or actually paid when expenditure is incurred, is converted into Indian Rupees. The exchange differences arising on for transactions are recognized as income or expense in the period in which they arise. assets purchased at uvetsees uffices are recorded ot cozt, based on the exchange rate 2s of the date of purchase. The charge for depreciation is determined as per the company’s accounting policy: Monetary current assets and monetary current liabilities thet are ‘denominated in foreign currency are translated at the exchange rate prevalent at the date of ‘the balance sheet. The resulting difference is also recorded in the profit and loss account. In ‘the case of forward contracts, the difference between the forward rate and the exchange rate on the date of the transaction is recognized as income or expense over the life of the contract. Provisions, Contingent Liability and Contingent Assets: ‘A provision is recognized when the Company has 2 pracent obligation as a result of past event: itis probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed when there is @ possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A present obligation that arises from past events where its ether not probable that an outflow of racouirees will be recuireg {OEE OF reliable estimate of the amount cannot be b fe aN for SUNTECEB: ies a) a.made, s also termed es contingent liability. A contingent asset ic neither recognized nor disclosed in the financial statements. 13. Cash and cash equivalents: Cash and cash equivalents comprise cash at bank and in hand and short-term investments balance maturity period vf Unee months or less as on the balance sheet date. 14. Employees’ Benefits: |) Short term employee benefits are recognized as an expense at the undiscounted ‘amount in the profit and loss account of the year in which the related service is rendered. Hl) Fost-employment benefits in the form of gratuity, which is defined benefit obligation, is recognized as an expense in the profit and loss account for the year in which the ‘employee has rendered services. The expense is recognized at the present value of the ‘smounts payable determined using actuarial valuation techniquec bazed on Projected unit credit method. Actuarial gains and losses in respect of post-employment benefits are charged to the profit and loss account. li) Compensated absences are accounted similar to the short term employee benefits. 415. Duesta Micro and Small Enterprises: Disclosure of trade payables and other liabilities is based on the information available with ‘the Company regarding the status of the suppliers as defined under the “Micro, Small & Medium Enterprises Development Act, 2006". The Company does not have any Micro and ‘Small enterprises as defined under the “Micro, Small & Medium Enterprises Development ‘Act, 2006" as its suppliers, 16. Remuneration to Statutory Auditors: (Figures in Rs. Hundred Particulars For the Year Ended | For the Year Ended 24% March 2022 32" March 2021 Statutory Audit Fees 354.00 354.00 | Others - Total 354.00 17, Segment Information: s the Company has only one business segment, disclosure under Accounting Standard 17 on “Segment Reporting” issued by the institute of Chartered Accountants of india is not applicable. 18, Managerial Remuneratior (Figures in Rs. Hundred) Particulars For the Year Ended | For the Year Ended 3istMarch 2022 | 31st March 2021 _| Executive Directors Remuneration Salaries and Allowances 217,200.00 195,120.00 Other Feos ASE =‘Sitting Fees = Non-Executive Directors Remuneration = & 1 Sitting Fees z ‘Total 2,17,200.00, 7,95,12000 19, Related Party Transactions: i) Key Managerial Personnel: For the Vear Ended 34° March 2022 For the Vear Ended 81° March 2021 ‘Mr. Rajesh Bhateja Mir Rajach Rhateja ‘Mis. Vandana Bhatela ‘Mis. Vandana Bhateja li) Relatives of Key Managerial Personnel: For the Year Ended 34° March 2022 For the Vear Ended 31% March 2021 Rohan Bhateja Rohan Bhateja Rohit Bhateja Rohit Bhateja Rajesh Bhateja & Sons HUF Rajesh Bhateja & Sons RUF ‘Neha Bhateja Neha Bhateja Neeraj Bhateja Neeraj Bhateja Ill) Particulars of Transactions with Related Parties: (a) Key Managerial Personnel: (Figures in Rs. Hundred) ‘Particulars For the Year Ended | For the Vear Ended 31% March 2022 _| 32% Maren 2022 i) Finance Loan Taken z : Interest on Loan = S Loan Repaid = 2) Expenses Remuneration 2,17,200.00 7,95 120.00 Rent 155,419.92 7,50,338.16 Total 3,72,619.92 345,458.16 (®) Relatives of Key Managerial Personnel: (Figures in Rs. Hundred) Particulars For the Year Ended | For the Year Ended 31° March 2022 31" March 2023 1) Finanee Loan Taken! = = Interest on Loan Loan Repaid = = 2) Expenses Remuneration 89,590.00 80,550.00 Rent 156,546.40 50,140.24 Total Zee 7.56.236.40 1,30,690.24 (sl fe For SUNTECINES SERN20. Balance Contirmations: The balances of sundry creditors, advances, loans and other liabilities are unconfirmed and ‘are as per books of account. 21, Expenditure in Foreign Currency: (Figures in Rs. Hundred) ticulars For the Year Ended | For the Year Ended 31% March 2022 _| 34* March 2021, Royalty = - Know-how = = ni Professional Fee s : | interest - = Travelling = 2 ‘Other Matters 21,356.70 = Total 21,356.70 = i, 22. Value of Imported Raw Material: (Figures in Rs. Hundred! Particulars For the Vear Ended | For the Year Ended 32*March 2022 | 31° March 2021 i) Value of indigenous raw materi spare parts and Components Consumed during the financial Year i) Value of imported raw material, spare parts and components ‘consumed during the financial Year ill) Percentage of each to the total consumption: (2) Imported raw material, spare arts & components (8) indigenous raw material, spare part &component 23, Earnings in Foreign Exchange: igures in Rs. Hundres Particulars For the Year Ended | For the Year Ended S2March 2022 | 31 March 2021 Export of goods calculated on FOB > - basis Export of services 86,35 358.94 75,31,803.76 Know-now Royalty, _ Know-how, - : Professional Fee, Travelling etc., Interest and Dividends = 2 Other income = % Total REARS 86,35,358.94 75,31,893.76 | ist Ie SB Meaize FoeSUNTECINER: seit Pvt TD24, Previous period's figures have been re year’s classification, 25. Other Disclosures as per Revised Schedule-tIl The The I. The pending against the Company for holdi Transactions(Prohibition) Act, 1988 (45 of 1 ‘company has no Capital WIP ‘company has no inten grouped wherever necaccary te conform te current fe Assels under Gevelopment. Company is not holding any benami property and no proceedings were initiated or iv, The Company has not been declared as wilft or other lender (as defined under Companies Vv. Ihe Company does not have any transactions wi 248, vi The with Registrar of Companies b: vi of the Companies Act, 2013, ing ful '@ any benami property under the Benami 1988) and rules made thereunder. il defaulter by any bank or financial institution 's Act, 2013). ith struck off companies under Section Company does not have any charges or satisfaction which were yet to be registered Ratios jeyond the statutory period. [Sino Ratios 31-Mar 2022 31-Mar- 2021 Changes | % Changes Remarks Current Ratio (Total current assets/Current liabilities) [Current Nabilcies: total current liabilities - Current maturities of non-current borrowings and lease obligations) 2.28 187 [042 | 22.46 | NA Return on Equity (%) (Profit after tax (PATY/Average Equity) [Equity: Equity ‘share capital + Other equity + Hybrid Perpetual securities) oat 038 | 003 | 7.89 NA Debtors’ turnover ratio (in days) (Turnover in days / average trade receivables) [Turnover: Revenue from operations) 94.86 3558 | 928 | 1080 NA Debt Service Coveiage Ratio EBIT/(Net finance charges + Interest income from group companies + ‘Scheduled principal repayments of ‘on-current borrowings and lease obligations (excluding prepayments) during the period)) [EBIT: Profit before taxes +/ (-) Exceptional items + Net finance charges] [Net finance charges: Finance costs (excluding interest on current borrowings) - Interest Income ~ Rividend income from current Investments - Net gain/(loss) on sale of current investments] 2871.08 1645.67 | 925.42 | 50.16 Due to Increase in EBIT AL ARO Trade payables turnover ratio (in days) (Expenses/ Average Trade Payables) [Expenses: Total Expenses - 7031 3458 | 35.74 | 10336 Due to Decrease Sy he ees) ws UTED NEBSERV SPIT iyFinance Cost - Depreciation and Amortisation Expense ~ Employee Benefit Expenses in respect of Retirement Senefits - Other expenses with respect to Royalty, Rates & ‘Taxes, Provision for Doubtful Debts & Advances, Provicion for impainmneiit ‘and Foreign Exchange Gain/loss | & | Net capital tumover ratio Turnover? |~ 1226 | 2428 | a9} azar} Bue to Average working capital) [Working Increase capital: Current assets - Current in liabilities) (Current liabilities: Total Average Current llabilities - Current maturities Working ‘of long-term debt and leases) Capital [Turnover: Revenue from operations} 7° | Net profit ratio (8) # (Net profit after | 0.0698 | 0.0423 | 0269 | G27] Duct tax/Turnover) [Turnover: Revenue Increase from operations) in Net Profit 8° | Retum on Capital Employed (%6) 068 0.43 0.26 | 60.47 | Dueto (EBIT/Average capital employed) increase [Capital Employed: Total Assets — in €8IT current Liabilities. [EBIT: Profit before taxes +/(-) Exceptional items + Net finance charges] [Net finance charges: Finance costs - Interest income - Dividend income from current investments - Net gain/ (loss) on sale of current investments] AS per our Report attached For Suntec Web Services Private Limited For Nikhil Arora % Acsociatoe ‘FRN: 027760N For SUNTEC WEB SERVICES PVT. LTD. For SUNTEC WEB SERVICES PVT, LTD. het Nand Di Dect Nikhil Arora Rajesh Bhateja Vandna Bhateja Chartered Accountants Director Director Membership No.t 526476 DIN NU: - 00091581 RINMIA. Aeannnne