C2C Advanced Systems Limited Unlisted Shares

Financial Report Summary

Mukesh M. Shah & Co., Chartered Accountants, conducted an independent audit of the consolidated financial statements of Adiance Technologies Private Limited (referred to as the "Holding Company") and its subsidiary (collectively "the Group"). The audit covered the consolidated Balance Sheet as of March 31, 2024, the consolidated statement of Profit and Loss, and the consolidated cash flows statement for the year ended on that date, including a summary of significant accounting policies and other explanatory information.

Opinion: The audit firm opined that the consolidated financial statements provide a true and fair view, adhering to the Companies Act, 2013 ("the Act") and Indian Accounting Standards. The audit was conducted according to the Standards on Auditing specified under section 143(10) of the Act. The firm believes that sufficient and appropriate audit evidence was obtained to support their opinion.

Basis for Opinion: The audit was conducted in accordance with Standards on Auditing (SAs) specified under Section 143(10) of the Act. The auditors are independent and have fulfilled their ethical responsibilities as per the ICAI's Code of Ethics. The audit evidence obtained is considered sufficient and appropriate to provide a basis for the audit opinion.

Other Information: The Holding Company's management and Board of Directors are responsible for the information included in the Holding Company's Annual Report, excluding the financial statements and auditor's report. The audit firm's opinion does not cover this other information, and they do not express any assurance conclusion on it.

Management's Responsibilities: The management and Board are responsible for the preparation and presentation of consolidated financial statements that provide a true and fair view in accordance with accounting standards. This includes maintaining adequate accounting records, safeguarding assets, preventing fraud, selecting appropriate accounting policies, making reasonable judgments, and implementing effective internal financial controls.

Auditor's Responsibilities: The auditor's objectives are to obtain reasonable assurance that the consolidated financial statements are free from material misstatement and to issue an auditor's report. This involves identifying and assessing the risks of material misstatement, designing and performing audit procedures, and obtaining an understanding of internal financial controls.

Key Audit Procedures and Considerations:

• Evaluating the appropriateness of accounting policies and the reasonableness of accounting estimates.
• Concluding on the appropriateness of management's use of the going concern basis of accounting.
• Evaluating the overall presentation, structure, and content of the consolidated financial statements.
• Obtaining sufficient appropriate audit evidence regarding the financial information of the entities within the Group.
• Communicating with those charged with governance regarding the planned scope and timing of the audit and significant audit findings.

Report on Legal and Regulatory Requirements: The audit firm has sought and obtained all necessary information and explanations for the audit. Proper books of account have been maintained as required by law.

Other Matters:

• The consolidated financial statements are in agreement with the relevant books of account.
• The financial statements comply with Accounting Standards specified under Section 133 of the Act.
• None of the directors of the Group companies incorporated in India are disqualified from being appointed as a director.
• The reporting requirements of section 143(3)(i) for the adequacy of internal financial controls are not applicable.
• The provisions of section 197 regarding remuneration are not applicable.
• There were no material pending litigations, long-term contracts including derivative contracts, or amounts required to be transferred to the Investor Education and Protection Fund.
• Management has represented that no funds have been improperly advanced, loaned, or invested with intermediaries for the benefit of ultimate beneficiaries.
• Audit trail (edit log) facility is present in the accounting software used by the Group, but not effective during the year under audit, and no comment can be offered.
• There are no adverse comments or qualifications in the auditors' report issued of the parent or its Indian Subsidiary Company or its overseas subsidiary companies during the year under audit in terms of Companies (Auditors' Report) Order, 2020.

Financial Highlights (Consolidated):

• Equity and Liabilities:
  • Share Capital: INR 13,960 ('000) in 2024, compared to INR 2,000 ('000) in 2023.
  • Reserves and Surplus: INR 2,20,659 ('000) in 2024, compared to INR 77,839 ('000) in 2023.
  • Total Equity and Liabilities: INR 5,57,416 ('000) in 2024, compared to INR 2,39,063 ('000) in 2023.
• Assets:
  • Total Assets: INR 5,57,416 ('000) in 2024, compared to INR 2,39,063 ('000) in 2023.
  • Tangible assets: INR 57,136 ('000) in 2024, compared to INR 19,072 ('000) in 2023.
  • Intangible assets: INR 129 ('000) in both 2024 and 2023.
  • Inventories: INR 1,42,087 ('000) in 2024, compared to INR 66,017 ('000) in 2023.
  • Trade Receivables: INR 2,10,839 ('000) in 2024, compared to INR 87,786 ('000) in 2023.
• Statement of Profit and Loss:
  • Revenue from Operations: INR 5,28,229 ('000) in 2024, compared to INR 1,91,632 ('000) in 2023.
  • Total Revenue: INR 5,34,013 ('000) in 2024, compared to INR 2,01,568 ('000) in 2023.
  • Profit before Tax: INR 50,894 ('000) in 2024, compared to INR 10,895 ('000) in 2023.
  • Profit for the year: INR 33,094 ('000) in 2024, compared to INR 11,492 ('000) in 2023.
  • Basic & Diluted Earning per Equity Share [EPS]: INR 11.49 in 2024, compared to INR 6.73 in 2023.

Share Capital Details: The authorized share capital is 3,00,000 Equity Shares of Rs. 10 each. The issued, subscribed, and paid-up capital is 13,960 Equity Shares of Rs. 10 each fully paid-up, along with 10,60,000 Bonus equity Shares of Rs. 10 each fully paid-up issued during the year.

Related Party Transactions: The report includes detailed information on related party transactions, including loans taken and repaid, dividend paid, and remuneration paid to key management personnel and their relatives.

This summary provides a comprehensive overview of the audit report and the consolidated financial statements of Adiance Technologies Private Limited for the year ended March 31, 2024.