DKGA & ASSOCIATES Chartered Accountants 81, Himvarsha Apartments, 1? Extension, Dethi-130092 INDEPENDENT AUDITOR'S REPORT To the Members of ISB Alumni Family Business Forum. |. Report on the Audit of the Financial Statements Opinion ‘We have audited the financial statements of ISB Alumni Family Business Forum (“the Company”), which comprise the Balance Sheet as at 31st March 2021, and the statement of Profit and Loss for the year then ended on that date, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the financial statements”) In our opinion and to the best of our information and according to the explanations given to Us, the aforesaid 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, 2021, and profits 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 Audit of the 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 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 responsibiliti accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibility of Management for Financial Statements The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act”) with respect to the preparation of these 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 accounting Standards specified under section 133 of the Act. 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 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 todo so. Those Board of Directors are also responsible for overseeing the company’s financial reporting process. & (PX) FRN \g\ \ orpAuditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the 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 SAs 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 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 @ 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 controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control systems. + Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of management's 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 present: 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. a Report on Other Legal and Regulatory Requirements 1. This report does not include a statement on the matters specified in paragraphs 3 & 4 of the Companies (Auditor's Report) Order, 2016, issued by the Central Government in terms of section 143(11) of the Companies Act, 2013, since in our opinion and according to the information and explanation given to us, the said Order is not applicable to the company. 2. As required by Section 143(3) of the Act, we report, to the extent applicable, that: (2) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. {b) 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) The Balance Sheet and the Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account (4) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014,{e) On the basis of the written representations received from the directors as on 31st March, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2021 from being appointed as a director in terms of Section 164 (2) of the Act. (f In our opinion, the provisions of section 143(3)(i) with regard to opinion on internal financial controls with reference to financial statements and operating effectiveness of such controls is not applicable to the company. (g) 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, in our opinion and to the best of our information and according to the explanations given tous: i. The Company has informed that there are no pending litigations which could impact its financial position; ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and ill. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. For DK GA & Associates Chartered Accountants FRN: 019196N Akhil Kundra Partner M. No. 500619 Place: Delhi Date: 04/09/2021 LOI: QE OOS IAAAAA P2255,ISB ALUMNI FAMILY BUSINESS FORUM BALANCE SHEET AS AT 31ST MARCH, 2021 as.at asat xore aisiwr 2021 ___31-Mar2020 LLEQUITY & LIABILITIES 1.Sharg Holders’ Funds: fa) Shave capital 2a 1.00.00 1.00.000 {bj Reserves & surplus 22 th 1231 ase 2.Current liabilities (a) Short Term Borrowings 23 {} Other current liabilities 24 Tora M ASSETS LWon-current assets (a) Deferred tax assets 28 1.56.04 152.612 2. Current assets {2} Cash & cash equivalents 26 46.278 {Bj Losns & Advances a7 TOTAL asa Significant accounting policies 1 Notes to financial statements 2 Per our Report attached for DEGA & Associates Chartered Accountants Firm's Registration Na. 019196 For and on behalf of the Hoard eh Ald Kundra (amit Khanna) (Usha Goyal) Partner Director Director Mo, 500632 DIN: 00601039, Place: New Delhi Dated: 03/09/2021 BN BOO 614 AAR AA P2AVS5SISB FAMILY BUSINESS FORUM STATEMENT OF INCOME & EXPENDITURE FOR THE PERIOD ENDED 31ST MARCH 2021 CURRENT PREVIOUS Nore: PERIOD YEAR (RUPEES) (RUPEES) 1 INCOME fa) Revenue 28 2.800 IH, Total Revenue TOT ML EXPENDITURE. (0) Other Fxpenses 29 13,200 19.550 1V. Total Expenditure 19,550, V. Bxcese of Expenditure over Income before depreciation & Tat (13,200) 017,050, Depreciation ‘VE. Excess of Income over Expenditure alter depreciation & before Tax (03,2001 07,050) VIL Tax Expense (1) Current Tas reiting to prior period 2) Deferred Tas 23,021 VII. Excess of Expenditure over Income for the period Significant accounting policies 1 Notes to financial statements 2 Per our Report Attached for DKGA & Associates Chartered Accountants Firm's fepistration No. 0191963 For and ou behalf of the Board (amit Rhasna) Taha Goyall hector Director DIN: 00072306 ‘ons: 00601039 Place Delhi ~ wed: 04/09/2021 VPINNO= 21500 6/9 AAARAPQLS5ISB Atumni Femily Business Forum (the "Company’) was incorporated on on 12th June, 2015 under the Companies Act, 2013. It was furthes grunted License under section 8(1) ofthe said Act bearing Licence Number 105443 on 19th June, 2015. ‘BL Accounting Policies 1.1 Basia of Accounting: ‘The Financial Statements are prepared on historical cost convention and confirm in all material aspects with the ‘generally accepted accounting principles in India, and in compliance with the accounting standards as specified u/s 133 of the Companies Act, 2013 read with rule 7 of the Companics {Accounts} rules 2014 as amended. The Accounting, policies have been consistently applied to the company unless otherwise stated. All asseta and liabilities have been classified as current or non-current as per the Company's normal operating cycle and. ‘other criteria set out in Schedule Ill to the Companies Act, 2013. Based on the nature of products and the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current / non-current classification of assets and abilities. 1.2 Tangible Assete: ‘Tangible Fixed assets are recorded at cost. The Company capitalises all costs relating to acquisition and installation of Tangible Fixed Assets. Direct financing cost, if any, incurred during construction period in respect of major project is also capitalised. 1.3 Depreciation: Depreciation of tangible assets is provided on written down value method au computed on the basis of weeful life prescribed in schedule I! to the Companies Act 2013 on pro-rata basis from the date the asset is ready to put to use. 1.4 tavestmonte: Long tren investments are stated at cost 1.8 Revenue Recognition: ‘The income & expenditure are accounted on accrual basis. 1.6 Provision for Current and Doferred Ta: Provision for current tax is made after taking into consideration benefits sdmisaible under the provisions of the Income Tax Act, 1961158 ALUMI FAMILY BUSINESS PORUM ‘Summary of Significant Accounting Policies (Continued) 2020-23, Deferved income taxes are recognized for the future tax consequences attributable to timing differences between the financial statement carrying amounts of existing assets and liabilities and their respective ‘ax bages, The eflect on deferred tax assets and liebilites af a change in the tax rates is recognized using the tax raves and tax laws that have been enacted or substantively enacted by the balance sheet date, Deferred tax assets arising under tax laws are recognized only to the extent that there is virtual certainty of realization. 1.7 Barning Por Shace: Basic Earnings per share is calculated by dividing the net profit as per the sutement of Income & Expenditure attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. 2 Motes to financial statements 21 GHARE CAPITAL SAF WAT sxMar2021 31-Mar-2020 Authorised 10,000 Equity Shares of Ra. 10/-each 1,00,000 1,00,000 69,00 .00 000" Tesued. subseribed & paid-up 10,000 Eauity Shares of Re, 10/- each, fully paid up 3,00,000 1,00,000 T7900 700,000 Note a ‘The Company has only one class of Equity shares having par value af Rs, 10 each. Each shareholder is entitled to one vote per shares held. In the event of Liquidation of the Company, the Equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in the Proportion of their shareholdings. Note b Shares in the Company held by each shareholder holding more than § percent shares: ‘Haat 31.08.2021 - ‘of Hasae of the Sharoholdere Holding ‘Amit Khanna 000 50% Ishin Goyal 5000 50% ‘Reconsiliation of the number of camity shares ontatanding 31-Mar-2021 ‘Shares outstanding at the beginning of the year 10005 ‘Shares Iasued during the year - ‘Shares outstanding at the end of the year 0000,3g ALUMUL FAMILY BUSINESS FORUM ‘Hotes to financial statements (continued) (2020-23 22 RRSERVES & SURPLUS Bat aa S1-mer2001 94-Mar-2020 Opening Balance 8.94,289) ‘Add/Less: Surplus of Income over Expenditure (40,07) Ctosing balance (4.44,123) - Total e351 ESBS) ‘2.3 SHORT TERM BORROWINGS ASAT ‘ASAT Sumeraoa1 91-Mar-2020 Borrowings From Directors 535.443, 485,443, 5,35,405 335.445) 7a OR CORRENTE AEETTIES AT aT Simer2oai 31-Mar-2020 -Payable for expenses 11,000 15,550 Ti,000 TEED 2.6 DEFERRED TAX ASSETS Pariculars Feat [Curent period | __Aoat 01.04.2020 [charge/(eredt) | 91.03.2021 Deterred Tax Assets 4) Losses carried forward 152,612 432 1,56,044 roa Tse | Bas] __1.56, 044 Net Deferred tax acsots Tae Sea] 6 CASH 6 CASH EQUVALEATE or aE Sier2001___91-Bfar-2020 Cash on Hand Belances with banks: Im current accounts 46.275 14,028 36275 14.025,‘Notas to financial statements (continued) 2020-21, ‘237 LOANS @ ADVANCES aS AT ASAT 31-Mar20a1 __31-HMas-2020 ‘TDS RECOVERABLE : : 28 REVERE For the pariod ended For tho period cadod S1-Mar20a1 31-Mar-2021 {ntereat on Income Tax Refund : 2,500 = 2,500 29 OTHER EXPENSES For the pariod ended For the period ended ‘1-Han2021 31-Mar-2020 Audit fee 8,900 ,000 Filing Fees 1,200 6,000 Miscellaneous expenses : 1,800 Professional charges 6,100 6,750 T5200, 19,550, 20 Autiton Remuneration For the year onded For the year endod ai-Mar20a1 31-Mar-2020 ‘As Auditor 5,000, 8,000 ‘Zit Earnings por share (EPS): For the your ended Vor the year ended a1-Mer-2021 31-Mar-2020 ‘Excess of Expenditure over income after tax attributable 0 equity shareholders (9,768) (40,0711 ‘Weighted average number of equity shares of Re. 10/- each outstanding during the year 10,000 10,000, Earnings per share, basic and diluted 0.9) (4.0) (The Company does not have potentially dikstive equity sbares)ISB ALUMNI FAMILY BUSIVESS FORUM Notes to financial statements (continued) 2.12 Related party disclosure pursuant to Accounting Standard No. 1B (as identified by the management) Related Pasties Director Nature of Transactions! jcimbursement of expenses to Mr. Amit Khanna Balance at Balance Sheet Date: Payable to Mr Aria hana 2020-21 Me. Amit khanna Ms, Isha Gosstl For the perio! exsedt 31 Mar 2021 Bor the peviod ended B1-Mar 2020 53802 485.449 5a, F508 2.13 No provision for Income Tax has been made in view of the loss during the vear ‘2.14 Vigures of previous year have been recasted, rearranged and regrouped wherever considered necessity 2.18 The details of the Directors signing the Balance Sheet are 38 under: 4. Mr. Amit Khanna: DEN-00072306 Address: K 9, lauz Khas Enclave Sew Delhi-1 10016 Per our Report Attached Tor DKGA & Associates Chartered Accountants Firm's Registration No. 019 196N W.No, 500619 Place: New Delhi Dated: 04/09/2021 ii, Ms, fsha Gosa: DIN: 09601039 Address: C-14, West tnd New Dethi-1 10021 For and on behalf of the Board & {Amit Khanna) Tisha Goyal) Director Director iN; 00072306 1; 00601039 UDIN NO. Q215006/9 AARAA P55