Claps Oiltech Unlisted Shares

Financial Report Summary

The document is an independent auditor's report on the financial statements of CLAPS OILTECH PRIVATE LIMITED for the year ended March 31, 2023. The report includes an opinion, the basis for the opinion, information other than the financial statements and auditor's report, responsibilities of management and those charged with governance, auditor's responsibilities, and a report on other legal and regulatory requirements.

Opinion: The financial statements, including the Balance Sheet as of March 31, 2023, the Statement of Profit and Loss, and the Cash Flow Statement, along with a summary of significant accounting policies and other explanatory information, give a true and fair view in conformity with accounting principles generally accepted in India, as required by the Companies Act, 2013.

Basis for Opinion: The audit was conducted in accordance with Standards on Auditing (SAs) under Section 143(10) of the Companies Act, 2013. The auditors are independent of the company and have fulfilled their ethical responsibilities. The audit evidence obtained is sufficient and appropriate to provide a basis for the opinion.

Information Other Than the Financial Statements and Auditor's Report Thereon: The Company's Board of Directors and Management are responsible for the preparation of other information that does not include the financial statements and auditor's report. The auditor's opinion does not cover this other information, and no assurance conclusion is expressed. The auditor's responsibility is to read the other information and consider whether it is materially inconsistent with the financial statements or the auditor's knowledge.

Responsibility of Management and Those Charged With Governance for the Financial Statements: The Board of Directors is responsible for the preparation and presentation of financial statements that give a true and fair view, in accordance with accounting principles generally accepted in India and the Companies Act, 2013. This includes maintaining adequate accounting records, safeguarding assets, preventing fraud, selecting appropriate accounting policies, making reasonable judgments and estimates, and maintaining adequate internal financial control.

Auditor's Responsibility: The auditor's objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor's report. This includes identifying and assessing risks of material misstatement, obtaining an understanding of internal control, evaluating accounting policies and estimates, and concluding on the appropriateness of management's use of the going concern basis of accounting.

Report on Other Legal and Regulatory Requirements: As required by the Companies (Auditor's Report) Order, 2016, the auditor has provided a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. The auditor reports that the company has maintained proper records of fixed assets, and inventories have been physically verified. The company has complied with the provisions of sections 185 and 186 of the Companies Act, 2013, regarding loans, investments, guarantees, and security. The company has generally been regular in depositing undisputed statutory dues, including Income-tax, Tax deducted at sources, Professional Tax, value added tax (VAT), and other material statutory dues. The Company has not defaulted in the repayment of loans or borrowings to banks. No material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of the audit. No managerial remuneration has been provided. The company is not a Nidhi Company. The company has not entered into non-cash transactions with directors or persons connected with him.

Significant Accounting Policies

• Basis of Preparation: The financial statements are prepared under the historical cost convention on the accrual basis, in accordance with Indian GAAP, the Companies (Accounting Standards) Rules, 2006, and the Companies Act, 2013.
• Classification of Assets and Liabilities: Assets and liabilities are classified as current and non-current.
• Use of Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect reported amounts.
• Fixed Assets and Depreciation: Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided on the written down value method, as specified in Schedule II to the Companies Act, 2013.
• Employee Benefits: Contribution to the recognized provident fund is made monthly at predetermined rates. The company provides for gratuity.
• Foreign Currency Transactions: Foreign currency transactions are recorded using exchange rates prevailing on the dates of the transactions.
• Revenue Recognition: All income and expenditure has been accounted for on an accrual basis.
• Preliminary Expenditure: Preliminary expenses are amortized over a period of five years.
• Income Tax: Income tax expense comprises current tax and deferred tax.
• Minimum Alternate Tax (MAT) Credit Entitlement: MAT credit entitlement represents amounts paid in excess of the tax payable under normal provisions, carried forward for set off in future periods.

Share Capital (as at 31st March 2023):

• Authorized Share Capital: 1,50,00,000 Equity Shares of Rs. 10 each
• Subscribed and Paid-up Capital: 1,50,00,000 Equity Shares of Rs. 10 each
• Shareholding Details: Srilalitha Kallepalli and Chandra Shekar Kumaraswamy hold more than 5% of shares. The share capital increased from Rs. 1,00,000 to Rs. 1,50,00,000 during the year.

Reserves and Surplus (as at 31st March 2023):

• Total: Rs. 53,99,152 which includes additions of Rs. 51,06,916 during the year.

Unsecured Loans (as at 31st March 2023):

• Rs. 5,17,44,510 is the loan from Directors.

Trade Payables (as at 31st March 2023):

• Rs. 4,70,46,948 in sundry creditors.

Other Current Liabilities (as at 31st March 2023):

• Total: Rs. 37,07,147 (includes salary payables, audit fees, professional charges, etc.)

Short Term Provisions (as at 31st March 2023):

• Total: Rs. 63,71,934 (includes gratuity provision and income tax)

Trade Receivables (as at 31st March 2023):

• Rs. 9,81,95,677 in trade receivables

Cash & Cash Equivalents (as at 31st March 2023):

• Rs. 3,44,801

Other Current Assets (as at 31st March 2023):

• Rs. 26,88,034

Short Term Loans & Advances (as at 31st March 2023):

• Rs. 2,60,02,628

Revenue from Operations:

• Gross Receipts of Rs 40,46,23,929, broken down between taxable and exempted sales. Other Income: 13.38.160. The total revenue is 40,59,62,089, against 37,88,000 of prior year.

Profit/Loss for the year Profit/Loss for the year is Rs 51,06,916. Auditor Details:

• The audit was conducted by S Y B & CO, Chartered Accountants, FRN: 018000S. The partner is SAMPATH SOORA, M.No. 237503. Place of audit: Hyderabad and date: 07/06/2023. UDIN is 23237503BGT2B11389.

Board of Directors:

• The report is signed by directors Chandra Sekar Kumarswamy (DIN: 09338009) and Srilalitha Kallepalli (DIN: 09345666).