SANKET R SHAH & ASSOCIATES Chartered Accountants Independent Auditor's Report To the Board of Directors of Wintech B. V. 1) Report on the Standalone financial stateme n ts : We have audited the ac comp any i ng standalon e fin ancial st atements of Win t ech B. V. ('the C ompany'), whi ch c omprise the ba l an ce sh eet as at 31st March 2019 , the state ment of profit and loss (including o ther compreh ensive income) and the stat ement of changes in equi ty for the year then ended and a summary of the signifi cant accounting pol i cies and other explanatory information (herein after referred to as " standalone financial statements" ). 2) Management's Responsibility for the financial statements: The Company's Board of Directors is a responsible for the preparation of these financial statements that give a true and fair view of the financial pos i tion , financial performance and cash fiows of the company in accordance with the accounting principles generally accepted in India, to the extent considered necessary for the purpose of preparation of consolidated financial statements of Windsor Machines Limited. This responsibility also includes maintenance of adequate accounting record 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 and ensuring their operating effectiveness and 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. 3) Auditor's Responsibility: Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI) . Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financia l statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material mi sstatement of the financial statements, whether due to fraud or error . In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control over financial reporting and the operating effectiveness of such control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements. Office: 25, 8 Wing, 2nd Floor, New Happy Home, Tilak Road, Opp. Hotel Gurukrupa, Ghatkopar (East), Mumbai - 400077 . Mob.: +91 9022469464 • Email : [email protected]I [email protected]
Transcript
SANKET R SHAH & ASSOCIATES Chartered Accountants
Independent Auditor's Report To the Board of Directors of Wintech B. V.
1) Report on the Standalone financial statements: We have audited the accompanying standalone financial statements of Wintech B. V. ('the Company'), which comprise the balance sheet as at 31st March 2019, the statement of profit and loss (including other comprehensive income) and the statement of changes in equity for the year then ended and a summary of the significant accounting policies and other explanatory information (herein after referred to as "standalone financial statements").
2) Management's Responsibility for the financial statements: The Company's Board of Directors is a responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash fiows of the company in accordance with the accounting principles generally accepted in India, to the extent considered necessary for the purpose of preparation of consolidated financial statements of Windsor Machines Limited. This responsibility also includes maintenance of adequate accounting record 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 and ensuring their operating effectiveness and 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.
3) Auditor's Responsibility: Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI) . Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financia l statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control over financial reporting and the operating effectiveness of such control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
4) Opinion: In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give a true and fa ir view in conformity with the accounting principles generally accepted in India, to the extent considered necessary, for the purpose of consolidated fi nancia l statement of Windsor Machines Limited, of the state of affairs of the company as at 31st March, 2019, its loss and its cash flow for the year ended on that date.
5) Report on Other Requirements: a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit of the aforesaid financial statements;
b) In our opinion, proper books of accounts, as required by law relating to preparation of the aforesaid financial statements, have been kept by the Company so far as it appears from our examination of those books;
c) The Balance Sheet , the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the financial statements;
d) The Company does not have any pending litigation which would impact its financial position;
e) The Company did not have any long term contracts including derivative contracts. Hence ,the question of any material foreseeable losses does not arise;
6) Other Matter: This report has been prepared only for the Board of Directors of the Company for the purpose of preparation of consolidated financial statements of Windsor Machines Limited, the ultimate holding company. We do not accept or assume responsibility for any other purpose.
For SANKET R SHAH & ASSOCIATES Chartered Accountants
Sank et (Proprietor) M. No.: 152369
Place: Mumbai Date: 251h May, 2019
Wintech BV
Balance Sheet as on
31.03.2019
Wintech BV
Balance Sheet as at March 31, 2019
Particulars
ASSETS
Non-current assets
Financial assets
Investments
Other financial assets
Non current tax assets
Total Non-Current Assets
Current Assets
Cash and cash equivalents
Other current assets
. Total Current Assets
Tota I Assets
EQUITY AND LIABILITIES
Equity
Equity share capital
Preference share capital
Other equity
Total Equity
Liabilities
Non-Current Liabilities
Other Non-Current Liabilities
Total Non-Current Liabilities
Current Liabilities
Financial Liabilities
Trade payabies
Other Financial Liabilities
Other current liabilities
Total Current Liabilities
Total Equity and Liabilities
The notes attached form an integral part of Financial Statements
As per our report of even date attached
For Sanket R Shah & Associates
Chartered Accountants
ICAI FRN No.: 13S703W
Place: Mumbai,
Date: May 25, 2019
Note no.
2
3
4
5
6
6
7
8
9
10
1·14
In Euro
As at
March, 31 2019 March, 312018
1,050,000
2,556,722
3,606,722
1,047
0
1,047
3,607,769
860,001
5,025,000
(2,342,416)
3,542,585
35,926
19,260
9,998
65,184
3,607,769
For and on behalf of the Board
T.S.r Dl"""' DIN: 05217297
P.C. Kundalia
DIN: 00323801
Place: Mumbai,
Date: May 25, 2019
Director
200,000
2,836,109
599
3,036,708
58,162
7,263
65,425
3,102,133
860,001
4,595,000
(2,399,942)
3,055,059
28,695
18,204
174
47,073
3,102,133
Wintech BV
Statement of Profit and Loss for the Period ended 31st March, 2019
INCOME
Revenue from operations
Other income
Total Revenue
EXPENDITURE
Cost of materials consumed
Particulars
Changes in inventories of finished goods work-in-progress and Stock-in
Trade
Excise Duty on Finished Goods
Employee benefits expense
Finance costs
Depreciation and amortization expense
Other Expenses Total expenses
Profit before exceptional items and Tax
Exceptional Items
Profit before tax
Tax Expense
Current tax
Deferred tax
Excess I (Short) provision for taxation in respect of earlier years
Profit for the Year after Tax
Total other Comprehensive Income
Total Comprehensive Income for the Period
Earnings per equity share: Basic & Diluted Earning Per Share (Face value per share Euro 1/- each (PY
Euro 1/- each)
The notes attached form an integral part of Financial Statements
As per our report of even date attached
For Sanket R Shah & Associates
Chartered Accountants
ICAI FRN No.: 135703W
Place: Mumbai,
Date: May 25, 2019
Note no.
11
12
1-14
In Euro
2018-19 2017-18
145,614 143,125
145,614 143,125
97,952 68,029
97,952 68,029
47,662 75,096
47,662 75,096
10,359
(9,864)
(9,864) 10,359
57,526 64,737
57,526 64,737
0.07 0.08
For and on behalf of the Board
T.S.T
DIN:00323801
Place: Mumbai,
Date: May 25, 2019
Director
Director
Wintech BV
Cash Flow Statement for the year ended March 31, 2019
Particulars
A. Cash flow from operating activities
Net profit/ (loss) before tax
Adjustments for
Interest charge (net)
Operating profit before other adjustments
Adjustments for:
{Increase)/ Decrease in Trade and other receivables
Increase/ ( Decrease) in trade and other payables
Net cash lnflow/(outflow) from operating activities (A)
B. Cash flow from investing activities
Purchase of Investment
Loan repa id/(given) by/to subsidiaries
interest income
Net cash outflow from investing activities (B)
C. Cash flow from financing activities
issue of Redeemable Preference Shares
Net cash lnflow/(outflow) in financing activities (C)
Net increase/(decrease) in cash & cash equivalents (A+B+C)
Changes in cash and cash equivalents
Cash & Bank balance- opening balance
Cash & Bank balance- closing balance
Reconciliation Cash and bank balance (including Bank Deposit Less than 3
Months Maturity)
Add: Bank Deposit with More than 3 Months Maturity
Cash & Bank balance
As per our report of even date attached
For Sanket R Shah & Associates
Chartered Accountants
ICAI FRN No.: 135703W
Sanket Shah
Place: Mumbai,
Date: May 25, 2019
2018-19
{145,614)
7,862
18,111
(850,000)
279,387
145,614
430,000
57,526
(145,614)
{88,088)
25,973
(62,115)
(424,999)
430,000
(57,115)
58,162
1,047
(57,115)
1,047
1,047
In Euro
2017-18
64,737
(143,125)
(143,125)
(78,388)
{1,755)
13,273
11,518
{66,870)
16,000
(793,125)
143,125
(634,000)
750,000
750,000
49,132
9,031
58,162
49,132
58,162
58,162
For and on behalf of the Board
T.St Director
DIN: 05217297
DIN: 00323801
Place: Mumbai,
Date: May 25, 2019
Wintech BV
Notes to Accounts
Note 1: Significant Accounting Policies :
a. Basis of preparation of Financial Statements:
The financial statements have been prepared in accordance with Indian Accounting Standards (lnd AS)
under the historical cost convention on the accrual basis notified under the Companies (Indian Accounting
Standards) Rules, 2015.
These financials are prepared for special pupose of consolidation of accounts of Windsor Machines Limited.
b. Use of Estimates :
The preparation of financial statement requires management to make judgments, estimates and
assumptions, that affect the application of accounting pol icies and the reported amounts of assets and
liabilities and disclosures of contingent liabilities at the date of these financial statements and the reported
amount of revenue and expenses for the year presented. Actual results may differ from these estimates.
Underlying assumptions are reviewed on a regularly basis. Revision to accounting estimates are recorded in
the period in which the estimate is revised and future periods affected.
c. Investments :
Long term investments are stated at cost. Provision for diminution in the value of long term investments is
made only if, such a decline is other than temporary in the opinion of the Management. Current investment
are stated at lower of cost and fair market value.
d. Revenue recognition:
i. The Company recognies revenue on the sale of products, net of discounts and sales tax, when
risks and rewards of the ownership is transferred to the customer.
ii. Service income is recognised on completion of services. iii. Dividend is recognised in the statement of profit and loss when the right to receive the same
is established.
iv. Interest Income is recognised on time proportion basis.
Wintech BV
Notes to Accounts
e. Taxation :
Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liability during the year. Current Tax is determined as the amount of tax payable in respect of taxable income for the year as per the enacted Tax Regulations.
Deferred Tax Assets and Liabilities are recognized for the future tax consequences of timing differences
between the book profit and tax profit. Deferred Tax Assets other than on carry forward losses and
unabsorbed depreciation under tax laws are recognized when it is reasonably certain that there will be
future taxable income. Deferred Tax Asset on carry forward losses and unabsorbed depreciation, if any, are
recognized when it is virtually certain that there will be future taxable profit. Deferred Tax Assets and
liabilities are measured using substantively enacted tax rates. The effect on Deferred Tax Assets and
Liabilities of a change in tax rates is recognized in the Statement of Profit & Loss in the period of
substantive enactment of the change.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to future economic
benefits in the form of adjustment of future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal tax in the future period.
f . Provisions, Contingent Liabilities and Contingent Assets :
A provision is recognized when the Company has a present legal or constructive obligation as a result of a
past event and it is probable that an outflow of resources will be required to settle the obligation, in
respect of which reliable estimate can be made. Provision are reviewed at each balance sheet date and
adjusted to reflect the current best estimates. A Contingent Liability is disclosed unless the possibility of
an outflow of resource embodying the economic benefits is remote. Contingent assets are neither
recognised nor disclosed in the financial statements.
g. Earnings per Share :
Basic earnings per share is calculated by dividing the net profit after tax for the year attributable to the
equity shareholders of the Company by weighted average number of equity shares outstanding during the
year.
Diluted earnings per share is calculated by dividing the net profit after tax for the year attributable to the
equity shareholders of the Company by weighted average number of equity shares determined by
assuming conversion on exercise of conversion rights for all potential dilutive securities.
Wintech BV
Notes to the accounts
Particulars
2. NON CURRENT INVESTMENT (Trade, unless otherwise specified)
Investment in equity instruments (Unquoted)
Subsidiary Companies (Fully paid up equity shares) (At cost)
Wintal Machines S.R.L
10,50,000 (As at March 31, 2018: 2,00,000)
Equity shares of EURO 1 each
Less: Provision for diminution in the value of investments
Authorized Equity Shares of EURO 1 each (No. of Shares 8,60,001, On
31.03.2018: 8,60,001)
Cumulative Redeemable Preference Shares of EURO 1 each
(No. of Shares 6S,OO,OOO, On 31.03.2018: 50,00,000)
Issued, Subscribed and Paid up
Equity Shares of EURO 1 each
100% Share are hold by Windsor Machines Limited (
holding Company)
(No. of Shares 8.60.001. On 31.03.2018: 8.60.001)
Cumulative Redeemable Preference Shares of EURO 1 each
100% Share are hold by Windsor Machines Limited (
holding Company) (No. of Shares 50,25,000; On
31.03.2018: 45,95,000)
Total Share Capital
6.1 Equity Shares
Particulars
At the beginning of the year
Shares outstanding at the end of the year
6.2 Preference Shares
Particulars
At the beginning of the year
Add : Issued during the year
Shares outstanding at the end of the year
In Euro
As at
31 March, 2019 31 March, 2018
860,001
6,500,000
860,001
5,025,000
5,885,001
As at March 31, 2019
No. of Shares
860,001
860,001
In Euro
860,001
860,001
As at March 31, 2019
No. of Shares In Euro
4,595,000 4,595,000
430,000 430,000
5,025,000 5,025,000
860,001
5,000,000
860,001
4,595,000
5,455,001
As at March 31, 2018 No. of Shares
860,001
860,001
In Euro
860,001
860,001
As at March 31, 2018
No. of Shares In Euro
3,845,000 3,845,000
750,000 750,000
4,595,000 4,595,000
Wintech BV
Notes to the accounts
7. OTHER EQUITY
Retained Earning
Total
Retained Earnings
Particulars
Balance at the beginning of the year
Profit attributable to the owners of the company
Balance at the end of the year
8. TRADE PAYABLES
Trade Payables
Total
9. OTHER FINANCIAL LIABILITIES
Other Financial Liabilities
10. OTHER CURRENT LIABILITIES
Current
Other payables :
Total
In Euro
As at --------------------------31 March, 2019 31 March, 2018
(2,342,416)
(2,342,416)
(2,399,942)
57,526
(2,342,416)
35,926
35,926
19,260
19,260
9,998
9,998
(2,399,942)
(2,399,942)
(2,464,678)
64,737
(2,399,942)
28,695
28,695
18,204
18,204
174
174
Wintech BV
Notes to the accounts
11. OTHER INCOME
Interest Income
Loans
Total
12. OTHER EXPENSES
Rates & Taxes
Bank Charges & Commission
Legal & Professional Fees
Particulars
Loss on Investment written off
Other expenses
Total
In Euro
.As at
31 March, 2019 31 March, 2018
145,614
145,614
2,171
95,781
97,952
143,125
143,125
37
1,687
50,298
16,000
7
68,029
Wintech BV
Notes to Accounts
Note 13: Contingent Liability
There is no contingent liability as on March 31, 2019 and March 31, 2018.
Note 14: Regrouping
Previous year's figures have been regrouped I rearranged wherever considered necessary.
Signatures to Notes '1' to '14'
The notes attached form an integral part of Financial Statements
As per our
For Sanket R Shah & Associates
Chartered Accountants
ICAI FRN No.: 135703W
Place: Mumbai,
Date: May 25, 2019
For and on behalf of the Board
DIN:00323801
Place: Mumbai,
Date: May 25, 2019
Director
DOTT. FABIO ZOTTI
COMMERC I AL I STA
R EY I SORE CONTAB I LE
INDIPENDENT AUDITOR REPORT
To the director ofWintal Machines S.r.l.:
@ ORDINt DEl DOITORI COMMfRCIALISTI E O[Gll ESP[RTI
BRESCIA CONTABILI
ALBON" 1526/A RevJ>orc cnn tab il c G.LI. 31 del IH/04/2(Xl.l
The undersigned, Dr. Fabio Zotti, enrolled as auditor to the number 129 213, Ministerial Decree of 9th april 2003 , published in the Official Journal 31st of 181
h april 2003,
In reference with the needs expressed by the company and for the consolidation of the financial statements of the parent company, I have processed this report.
Considering that Wintal Machines Srl not exceed the legal limits for the mandatory Board of Auditors, it should be noted that this report has an internal value for the corporate group .
I performed the legal audit ofWintal Machines S.r.l.fmancial statements as of31 51 March 2019.
1. Responsibility for the issue of fmancial statements is competence of the company' s directors and accounting principles stated by the Law must be followed.
2. My audit was performed in accordance to general accepted auditing standards; I collected every
information and documentation needed to determine if the financial statements are incorrect or
unreliable. My audit was conducted in accordance with the size of company and is organizational structure . I performed random checks on the documentation used to issue the fmancial statements and controlled the correctness of the accounting policies used and the reasonableness of accounting estimates
made by the company' s management. Finally ,in my opinion, the work performed was adequate to allow
me to express my professional judgment. 3. In my opinion , the examined financial statements fairly complies with the principles and regulations
governing the drafting. The financial statements are in my opinion clear and correct and properly represent the assets the liabilities and the profits and losses of the company as of March, 31st 2019.
4. I remember you that in Italy the financial statements consist of the balance sheet, the profit and loss , and the balance notes according to the disposal of civil code art 2435 . This law provides that minor
compaiJ.ies may draw up a simplified financial statements if complying with these limits: a. Have not issued marketable securities markets
b. For the first year or for two consecutive years have not passed two of the following limits: Total assets not more of € 4.400.000,00
Total revenues not more of€ 8.800.000,00
Total average employees number no more of 50
This provision of Law allows the exemption of the issue of directors report.
This report is provided according to civil code art.2428.
Mazzano (BS), 6th May 2019
Via Conci l ia;ionc. 12
250XO Cilivcrghc di Ma;;ano (Bs)
Tel. +39 030 2120630
Fa\. +39 030 2 1 2046X
c-mail: info«' '>tudio;otti.it
\.\> V. V. . ~ t ll d i 0 I () l ( i . i (
C. F. ZTT FBA 73M24 B 1570
P.IYA 022099409H6
I
30685 WINTAL MACHINES S.R.L. Data di stampa 7/05/2019 Pagina 1 di 7
INTANGIBLE FIXED ASSETS 569.385,69 19 CASH AND CASH EQUIVALENTS
START-UP AND EXPANSION CO: 9.422,25 19.01 BANK AND POST OFFICE ACCOUNTS
Corporate expenses 9.422,25 19.01 .91 BCC del garda advanced Italian
INTANGIBLE ASSETS 559.963,44 23 SHARE CAPITAL AND RESERVES
Capitalized proprietary software 33.054,34 23.01 SHARE CAPITAL AND RESERVES
lnd.pat.and intellectual property ri ~ 34.306,71 23.01 .01 Share capital
Goodwill - ltaltech Spa 492.602,39 23.01 .01.01 Share capital
PROPERTY, APPARATUS AND E 550.999,31 23.01 .11 Rserve to cover losses
APPARATUSES AND MACHINER 159.033,94 23.01 .53 Payments to future share cap.increase
Specific systems 39.791,00 27 PROVISIONS FOR RISKS AND CHARGI
Other apparatuses and machinery 48.092,94 27.03 PROVISON FOR TAXES
Crane- ltaltech SPA 37.700,00 27.03.07 Provision for deferred I RES taxes
Industrial Machinary - ltaltech 33.450,00 29 PROVISION FOR POST-EMPLOYMENT
48.219,00 29.01 PROVISION FOR POST-EMPLOYMENT
47.700,00 29.01 .01 TFR Wintal Machines SRL
519,00 29.01 .03 Advances . Benef.
312.587,57 31 THIRD PARTY LOANS
50.000,00
50.000,00
50.000,00
1.154.389,32
1.154.389,32
200.000,00
200.000,00
30685 WINTAL MACHINES S.R.L. Data di stampa 7/05/2019 Pagina 2 di 7
Dati generali-------------------------------------------------.,...._:_,
Sede legale:
Cod ice Fiscale :
Partita IVA:
ATTIVITA'
15.01
15.01 .07
15.05
.05.01
15.05.93
15.07
15.07 .03
19
19.01
19.01.01
19.01.90
19.03
19.03.03
21
21 .01
21 .01.03
25
25.01
25.01.03
35
35.01
35.01 .90
35.03
35.03.05
35.05
35.05.01
35.07
35.07.01
35 .07.03
35.07.05
35 .07.07
35 .07.23
35 .07.25
-.. , ·. .-.-·· .. -·
VIA E. MATIEI 16
03554980981
03554980981
Security deposits for
CASH AND CASH
Deposit facility credit BCC de
CASH
Cash
Prepaid expenses
INCOME (LOSS) FOR THE YEAR
RETAINED EARNINGS (LOSS CA
Loss carried forward
TAXES
VAT
VAT receivable previous periods
DEFERRED TAXES PAYABLE
Witholding taxes on indep. contr.a
WITHHOLDING TAXES PAID AN[
Withh. taxes paid on inter. income
TAXES
I RES
IRES advance payments
I RAP
IRAP advance payments
I RES credits for prepaid taxes
I RAP credits for prepaid taxes
Totale Attivita'
Perdita d'esercizio
Totale a pareggio
25080 MAZZANO
STATO PATRIMONIALE PASSIVITA'
40.948,10
40.948,10
6,86
7.082,40 43.03
84.888,44 43.03.23
3.842,30 45
7.447.266,69
1.963. 786,86
9.411 .053,55
BS
30685 WINTAL MACHINES S.R.L. Data di stampa 7/05/2019 Pagina 3 di 7
D<~l i generali----- ------------------------ ----------------------..,
Sede legale:
Codice Fiscale:
Partita IVA:
COSTI
51 .01
51 .01 .11
51 .01 .13
55
55.01
55.07
55 .07.17
57
57.01
57.01.01
57.01.01.01
57.01.01 .03
57.01 .01 .90
57 .01 .01 .91
57 .01 .01 .99
57.03
57.03.01
57.03.03
57.03.90
57.05
57.05.01
VIA E. MA TTEI 16
03554980981
03554980981
OTHER PURCHASES
Sundry stationery
PURCHASES OF SERVICES
SERICES FOR PRODUCTION
Outsourced processing
Outsourced processing
Outsourced processing (service ac
Contractors at our workshop
Machining and external repairs
Outsourced processing
INCIDENTAL COSTS FOR
Transportation on sales
Customs expenses on sales
Trasp. Sale/Sped. Job/Corn
INCIDENTAL COSTS FOR PURCI
Transporation on purchases
25080 MAZZANO
CONTO ECONOMICO RICA VI
2.359.878,06 47.01
875.503,56 47.01.90
1.484.374,50 47.01 .90.02
1.266.438,18 47.01 .90.03
6.081 ,62 53.01 .23
509.812,41 53.01 .23.99
246.376,65 53.01.51
246.376,65 53.01.51.01
24.663,87 53.03
34.427,40 53.03.01
182.469,38 53.03.01 .01
220,00 73
4.596,00 73.13
41 .255,99 73.13.09
12.459,79 73.13.13
308,20 73.13 .13.99
28.488,00 73.13 .17
38.876,83
15.064,67
BS
SALE OF FINISHED PRODUCTS AND G
Sale of finished products and goods
Parts Italy
Machines Foreign
Used machines
Parts foreign
Machines Italy
REV. FROM ADDITIONAL SALES RELA"
149.309,90
149.309,90
29.000,00
29.000,00
2.200,00
2.200,00
Cap. gains on disp. of ass., non-taxable 2.200,00
FINANCIAL INCOME 7.678,70
SUNDRY FINANCIAL INCOME 7.678,70
Interest income on bank accounts 30,42
Other interest income
Other interest income
Gains on foreign exchange
30685 WINTAL MACHINES S.R.L. Data di stampa 7/05/2019 Pagina 4 di 7
Dati generali-----------------------------------------------, -'-....:..., Sede legale:
Codice Fiscale: Partita IVA:
COST I
VIA E. MATTEI16
03554980981 03554980981
25080 MAZZANO
CONTO ECONOMICO RICA VI
BS
30685 WINTAL MACHINES S.R.L. Data di stampa 7/05/2019 Pagina 5 di 7
D01 i generali-------------------- ------------------------------- -, Sede legale:
Codice Fiscale: Partita IVA:
COST I
63
63.01
63.01 .01
63.01 .01 .01
63.01 .05
63.01.09
65.03.01
65 .03.01 .01
65.03.05
65 .03.05.01
65 .03.05.07
65.05
65 .05.15
67
67.01
67.01.01
67.01 .01 .01
67.01 .01 .98
VIA E. MATTEI16
03554980981
03554980981
ADMINISTRATIVE, COMMERCIAl
COMMERCIAL AND TRAVEL EXF
Advertising, inserts and billboard
Ded.advert., ins.and billb.
Ded.trade shows, exhibits & conve
Expenses for hotels & restaurant
Building rental fees
Building rental fees , deductible
CAR AND OTHER VEHICLE REN"
Vehicle lease fees
Comp. vehicle lease fees, deductib
Vehicle rental fees and incid. exp
Vehicle rental fees & incid. exp., d
Non-operat.comp. veh.rental , incid.
APPARATUS AND EQUIPMENT L
Equipment rental fees
EMPLOYEE COSTS
EMPLOYEE COSTS
Gross remuneration
Gross remuner.of ord . employees
Gross remuneration collaborators
25080 MAZZANO
CONTO ECONOMICO RICA VI
342.585,10
244.167,27
47.876,26
,26
64.955,96
4.575,78
180.000,00
180.000,00
24.291,37
2.184,68
2.184,68
22.106,69
12.659,80
9.446,89
25.027,26
25.027,26
1.581 .946,01
1.550.896,63
1.180.052,13
1.011 .586,78
168.465,35
BS
30685 WINTAL MACHINES S.R.L. Data di stampa 7/05/2019 Pagina 6 di 7
Dati generali-------------------------------------------------,.-"'---"-,
S e de legale:
Codice Fiscale:
Partita IVA:
COST I
71 .05
71.05.01
71.05.01 .01
75
75.01
75 .01.01
75.01.07
75.03
75.03.09
75.03.11
75.03.17
75.03.27
75.03.27.01
75.03.29
80
80.01
80.01.11
80 .01.13
VIA E. MATTEI 16
03554980981
03554980981
25080 MAZZANO
CONTO ECONOMICO RICA VI
BS
30685 WINTAL MACHINES S.R.L.
VIA E. MATTEI16
03554980981
25080 MAZZANO
CONTO ECONOMICO
Data di stampa 7/05/2019 Pagina 7 di 7
BS
1.963. 786,86
Totale a pareggio 6.986.081,19
Sanjay T. Tupe B.Com, F.C.A.
Snehal S. Walavalkar B.Com, A.C.A., DISA,
Independent Auditor's Report
To the Partners of R Cube Energy Storage Systems LLP.
Opinion
Salfiay & Snel~al Chartered Accountants Office No 8 and 9, Golden Heaven Society, Kolbad Road, Khopat, Thane West - 400607 Tel. (0) : 022 2547 3636 E-mail: [email protected]
We have audited the accompanying lnd AS financial statements of R Cube Energy Storage Systems LLP which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended and notes to the lnd AS financial statements including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "lnd AS Financial Statements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid lnd AS financial statements give the information required by the Generally Accepted Accounting Principles ("GAAP") in the manner so required and give a true and fair view in conformity with the accounting principles of the state of affairs of the LLP as at March 31, 2019, its profit/loss including changes in equity and its cash flows for the year ended on that date is in compliance with the generally accepted accounting principles in India.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) issued by ICAI. These require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the lnd AS financial statements section of our report. We have fulfilled our other ethical responsibilities in 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.
We have determined that there are no key audit matters to communicate in our report.
Partner's Responsibility for the lnd AS Financial Statements
The partners are responsible for preparation of these lnd AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the LLP in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards, read with relevant rules issued there under. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the LLP 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 lnd AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the lnd AS financial statements, Partners are responsible for assessing the LLP'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 LLP or to cease operations, or has no realistic alternative but to do so. Partners are also responsible for overseeing the LLP's financial reporting process. ~=:::::-...
Salfiay & Snehal Chartered Accountants
Auditor's Responsibilities for the Audit of the lnd AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the lnd AS 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 this lnd AS financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the lnd AS 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 a 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of Partner'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 LLP'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 lnd AS 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.
• Evaluate the overall presentation, structure and content of the lnd AS financial statements, including the disclosures, and whether the lnd AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation .
We communicate with those charged with governance regard ing, 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 .
For Sanjay & Snehal Chartered Accountants Firm Reg. No. 118160W
&r~ San jay T. Tupe
RCube Energy Storage Systems
LLP (Formerly known as R Cube Energy Storage Systems LLP)
Financial Year 2018-2019
RCube Energy Storage Systems LLP (Formerly known as R Cube Energy Storage Systems LLP)
Balance Sheet as at March 31, 2019
Particulars
ASSETS
Non-current assets
Property, Plant & Equipment
Capital Work in Progress- Intangible Asset
Goodwill
Other assets
Total Non-Current Assets
Current Assets
Cash and cash equivalents
Other current assets
Total Current Assets
Total Assets
EQUITY AND LIABILITIES
Partner's Fund
Partners Capita l
Reserves & Surplus
Total Partner's Fund
Liabilities
Non-Current Liabilities
Deferred Tax Liabilities {Net)
Total Non-Current Liabilities
Current Liabilities
Financial Liabilities
Borrowings from Partner
Trade payables
Other financia l liabilities
Other cu rrent liabilities
Provisions
Total Current Liabilities
Total Equity and Liabilities
The notes attached form an integral part of Financial Statements As per our report of even date attached
For Sanjay & Snehal
Chartered Accountants
ICAI FRN No. : 118160W
San jay T. Tupe
Partner
Membership No.: 49623
Place: Mumbai
Date: May 11, 2019
Note no.
3
4
5
6
7
8
9
9
10
11
12
13
14
1 - 21
Amount in~ As at March, 31 As at March, 31
2019 2018
2,431,031 302,594
183,991,814 136,553,511
4,862,856
2,326,204
193,611,905 136,856,105
4,175,106 24,911,464
1,347,563 155,290
5,522,669 25,066,754
199,134,574 161,922,859
161,454,545 100,000,000
{2,341,858) {525,035)
159,112,687 99,474,965
39,245,455 62,037,144
560,580
182,175
134,186 188,575
81,666 40,000
40,021,887 62,447,894
199,134,574 161,922,859
For and on behalf of RCube Energy Storage
Systems LLP
~~
T S.-.i r.lne, ~. t;~~
s~ Designated Partner
Place: Pune
Date: May 11, 2019
RCube Energy Storage Systems LLP (Formerly known as R Cube Energy Storage Systems LLP)
Statement of Profit and Loss for the year ended 31st March, 2019
Cost of materials consumed Changes in inventories of finished goods work-in-progress and Stock-in·
Trade
Excise Duty on Finished Goods
Employee benefits expense
Finance costs
Depreciation and amortization expense
Other Expenses
Total expenses
Profit/( loss) before tax
Income tax Expense
Current tax
Deferred tax
Profit/(Loss) for the Year after tax
Other Comprehensive Income
Total Comprehensive Income for the Period
The notes attached form an integral part of Financial Statements
As per our report of even date attached
For Sanjay & Snehal
Chartered Accountants
ICAI FRN No.: 118160W
~~ Sanjay T. Tupe
Partner
Membership No.: 49623
Place: Mumbai
Date: May 11, 2019
Note no.
15
16
17
18
1-21
Amount in~
2018-19 2017-18
1, 760,863.00
411.00
452,703.00 75,782.00
1,363, 708.79 238,812.00
1,816,822.79 2,075,457.00
(1,816,822. 79) (2,075,457.00)
(1,816,822.79) (2,075,457.00)
(1,816,822.79) (2,075,457 .00)
For and on behalf of RCube Energy
Storage Systems LLP
Designated Partner
Place: Pune
Date: May 11, 2019
RCube Energy Storage Systems LLP
(Formerly known as R Cube Energy Storage Systems LLP)
Statement of Changes in Partner's Fund for the year ended 31st March 2019
Particulars
Balance as on 01.04.2017 Contribution during the year Transferred to Unsecured Loan Withdraw! during the year Loss during the year Transfer to retained earnings Balance as on 31.03.2018
Balance as on 01.04.2018
Contribution during the year
Transferred from Unsecured Loan
Withdraw! during the year
Loss during the year
Transfer to reta ined earnings
Balance as on 31.03.2019
As per our report of even date attached
For Sanjay & Snehal
Chartered Accountants
ICAI FRN No.: 118160W
~ l;v --· San jay T. Tupe
Partner
Membership No.: 49623
Place: Mumbai
Date: May 11, 2019
Partner's
Contribution
58,7 42,566.00 104,845,000.00 (62,037,144.00)
(1,550,422 .00)
100,000,000.00
100,000,000.00
33,800,000.00
27,654,545.00
161,454,545.00
Amount in~
Retained Earnings Total
58,742,566.00 104,845,000.00 (62,037,144.00)
(525,035.00) (2,075,457.00)
(525,035.00) 99,474,965.00
(525,035.00) 99,474,965.00
33,800,000.00
27,654,545.00
(1,816,822 .79) (1,816,822 .79)
(2,341,857. 79) 159,112,687.21
For and on behalf of RCube Energy Storage
Systems LLP
T.S.RT ~~~~ h~ Designated Partner
Place: Pune
Date: May 11, 2019
RCube Energy Storage Systems LLP (Formerly known as R Cube Energy Storage Systems LLP)
Notes forming part of the Financial Statements for the year ended 31st March, 2019
Note 1: Overview of LLP & nature of business:
RCube Energy Storage Systems LLP ('LLP') is based at Pune, Maharashtra and is in business of research and development of
energy storage system and batteries based on nickel chloride technology and other components and further to develop,
produce and manufacture product for growing energy market in India and globally.
Note 2: Significant accounting policies:
2.1 Basis of Preparation:
The financial statements have been prepared in accordance with Indian Accounting Standards (lnd AS) under the historical
cost convention on the accrual basis notified under the Companies (Indian Accounting Standards) Rules, 2015 .
lnd AS - 101 allows first time adapters certain exemptions from the retrospective application of certain requirements under
the lnd AS. The LLP has accordingly applied such exemptions wherever necessary and prepared the financial statement
accordingly.
The transition to lnd AS has resulted into change in preparation and presentation of the financial statements.
Accounting policies have been consistently applied except where a new accounting statndard is adopted or revision to an
existing accounting standard requires a change is accounting policy hitherto in use.
2.2 Summary of significant accounting policies : a) Use of Estimates :
The preparation of financial statements in confirmity with lnd AS requires the management to make judgments, estimates
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosures of
contingent liabilities, at the end of the reporting period. Although these estimates are based on assumptions and estimates
they could result in the outcomes requiring a material adjustment to the carrrying amounts of assets or liabilities in future
periods.
b) Revenue Recongnition:
Revenue is to be recognized to the extent that it is probable that the economic benefits will flow to the LLP and the revenue
can be reliably measured as per the guidelines mentioned in lnd AS 18 for revenue recognition.
During the year there was no revenue accruing.
c) Tax Expense :
Tax expense comprises of Current and Deffered Tax. Income tax is calculated in accordance with the Income tax act, 1961.
No provision for income tax has been made in case of loss. Deferred tax is recognised on timing differences between the
accounting income and the taxable income for the year, and quantified using the tax rates and laws enacted or substantially
enacted as on Balance Sheet date. Deferred tax assets are recognised and carried forward to the extent there is reasonable
certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised .
d) Cash and Cash Equivalents : Cash and cash equivalents stated in the Balance Sheet normally comprise of cash at bank and Cash in hand .
e) Provisions :
A provision is recognized when there is present obligation as a result of past event, it is Probable that an outflow of
resources will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed
at each balance sheet date and adjusted to reflect the current best estimates.
RCube Energy Storage Systems LLP (Formerly known as R Cube Energy Storage Systems LLP)
Notes forming part of the Financial Statements for the year ended 31st March, 2019
f) Contingent Liabilities :
The LLP does not recognize a contingent liability but discloses its existence in the financial statements. A contingent liability
is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence
of one or more uncertain future events beyond the control of the LLP or a present obligation that is not recognized because
it is not probable that an outflow of resources will be required to settle the obligation . A Contingent liability also arises in
extremely rare cases where there is a liablity that can not be recongnized because it cannot be measured reliably.
g) Property, Plant and Equipments : Property, Plant and Equipments are stated at the costs which include all the expenses incurred to bring the asset to its
present location and condition. The cost of the assets excludes the refundable taxes.
Depreciation is provided on all the assets under Written Down Value method as per the Income Tax Act,1961. If the assets
are purchased during the year, the cost of the asset is added in the respective block & depreciation is provided block of
assets. In case the assets are sold, sale value of the asset is deducted from the block.
Property, Plant and Equipments are reviewed for impairment with reference to their carrying cost compared to the
recoverable value and the effect of impairment, if any, is considered accordingly.
h) Intangible Assets :
During the year, there is intangible asset under development as on 31st March, 2019 pertaining to prototype for
development of Stationary Energy Storage Device based on NaNiCI.
Goodwill incurred till date is in relation to above mentioned itangible Asset under development and hence, would be
amortized from the date of put to use of intengible assets.
i) Foreign currency translation :
Initial recognition:
Foreign currency transactions are recorded in the reporting currency by applying the exchange rate between the reporting
currency and the foreign currency at the date of the transaction.
Conversion :
Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of
historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction; non
monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported
using the exchange rates that existed when such values were determined.
Exchange differences:
Exchange differences arising on the settlement of monetary items or on reporting the Company's monetary items at rates
different from those at which they were initially recorded during the year, or reported in previous financial statements, are
recognised as income or as expenses in the year in which they occur.
RCube Energy Storage Systems LLP (Formerly known as R Cube Energy Storage Systems LLP)
Notes to the financial statements for the year ended 31st March, 2019
Particulars
Note 3: Property, Plant & Equipment:
i) Plant & Machinery
Opening Gross carrying value
Addition during the year
Deletion during the year
Closing Gross carrying value
Opening Accumulated depreciation
Depreciation for the year
Accumulated depreciation on deletion
Closing Accumulated depreciation
Carrying Value
ii) Computer & Software
Opening Gross carrying value
Addition during the year
Deletion during the year
Closing Gross carrying value
Opening Accumulated depreciation
Depreciation for the year
Accumulated depreciation on deletion
Closing Accumulated depreciation
Carrying Value
iii) Office Equipments
Opening Gross carrying value
Addition during the year
Deletion during the year
Closing Gross carrying value
Opening Accumulated depreciation
Depreciation for the year
Accumulated depreciation on deletion
Closing Accumulated depreciation
Carrying Value
iv) Furniture & Fixtures
Opening Gross carrying value
Addition during the year
Deletion during the year
Closing Gross carrying value
Opening Accumulated depreciation
As at
31 March, 2019
291,850
1,575,970
1,867,820
24,854
164,999
189,853
1,677,968
186,151
864,348
1,050,499
150,553
280,664
431,217
619,282
76,563
76,563
3,828
3,828
72,735
64,260
64,260
Amount in~
As at
31 March, 2018
11,550
280,300
291,850
2,469
22,385
24,854
266,996
186,151
186,151
97,156
53,397
150,553
35,598
RCube Energy Storage Systems LLP (Formerly known as R Cube Energy Storage Systems LLP)
Notes to the financial statements for the year ended 31st March, 2019
