A REPORT ON THE INTERNSHIP TRAINING

UNDERGONE
AT
ATHREYA BUSINESS SOLUTION PRIVATE
LIMITED

DR. MGR JANAKI COLLEGE OF ARTS AND

SCIENCE FOR WOMEN
III B.COM (GENERAL) SHIFT- II
SUBMITTED BY
ABINAYA.A (311912046)
UNDER THE GUIDENCE OF
Dr.R.R.MAHALAKSHMI M.COM, M.PHIL, PH.D
(GENERAL)

2021 – 2022
DEPARTMENT OF COMMERCE
Dr. MGR JANAKI COLLEGE OF ARTS AND
SCIENCE FOR WOMEN,CHENNAI – 600 028.
A REPORT ON THE INTERNSHIP TRAINING
UNDERGONE
AT
ATHREYA BUSINESS SOLUTION PRIVATE
LIMITED

DR. MGR JANAKI COLLEGE OF ARTS AND

SCIENCE FOR WOMEN
IIIB.COM (GENERAL) SHIFT- II
SUBMITTED BY
ABINAYA.A (311912046)
UNDER THE GUIDENCE OF
Dr.R.R.MAHALAKSHMI M.COM, M.PHIL, PH.D
(GENERAL)

2021 – 2022
DEPARTMENT OF COMMERCE
Dr. MGR JANAKI COLLEGE OF ARTS AND
SCIENCE FOR WOMEN,CHENNAI – 600 028.
 ACKNOWLEDGEMENT

I take this opportunity to thanks Dr. R. Latharajendran

Correspondent and Dr. Manimekalai, Principal of Dr.MGR
Janaki College of arts and science for women for providing
this wonderful opportunity to do internship training.

I am grateful to Dr.Ragitha Radhakrishnan Co-ordinator

(Shift-2), for her Valuable concern encouragement &
Constant Support which helped me a lot to complete this
internship successfully.

I owe a lot to Ms. KAVITHAGOVINDARAZAN (General), for

providing me with the necessary information and
encouragement to carry out this internship report, I wish to
thanks all the faculty members of the department for their
help.

I also extent our sincere thanks to ATHREYA BUSINESS

SOLUTION Pvt Ltd the help and guidance extended by him.
Finally I would like to thanks our parents and friends for their
Concern on well-being.

1
 DECLARATION

I, ABINAYA A (311912046) FINAL YEAR B.COM(GENERAL) is bonafide

student of Dr. MGR JANAKI COLLEGE OF ARTS AND SCIENCE FOR
WOMEN, during the academic year 2021 – 2022, I have done my internship
training Athreya Business Solution Private Limited and had prepared Internship
Report.

Date:
Place: ABINAYA A

Dr.R.R.MAHALAKSHMI Ms.KAVITHAGOVINDARAZAN
GUIDE HEAD OF THE DEPARTMENT

CONTENT
2
S.NO TOPIC

1 Introduction

2 Company Details

3 LLP Details

4 Business Profile

5 Certificate of Incorporation

6 Memorandum of Association

7 Articles of Association

8 Independent Auditor’s Report

9 Boards Report

10 Balance sheet

11 Conclusion

INTRODUCTION

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Athreya Business Solutions Private Limited is an unlisted private company
incorporated on 16 February, 2008. It is classified as a private limited company
and is located in Chennai, Tamil Nadu. It's authorized share capital is INR
10.00lakh and the total paid-up capital is INR 3.00lakh.

The current status of Athreya Business Solutions Private Limited is - Active.

The last reported AGM (Annual General Meeting) of Athreya Business

Solutions Private Limited, per our records, was held on 30 November, 2021.
Also, as per our records, its last balance sheet was prepared for the period
ending on 31 March, 2021.

Athreya Business Solutions Private Limited has two directors - Manikandan

Jayaraman and Sashi Sekar.

The longest serving director currently on board is Sashi Sekar who was
appointed on 10 March, 2011. Sashi Sekar has been on the board for more than
11 years. The most recently appointed director is Manikandan Jayaraman, who
was appointed on 10 June, 2011.

Sashi Sekar has the largest number of other directorships with a seat at a total of
2 companies. In total, the company is connected to 1 other companies through
its directors.

The Corporate Identification Number (CIN) of Athreya Business Solutions

Private Limited is U72300TN2008PTC066492. The registered office of
Athreya Business Solutions Private Limited is at NEW NO.33, OLD NO.115
PADMANABHA NAGAR 5TH STREET, ADYAR, CHENNAI, Chennai,
Tamil Nadu.

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 COMPANY DETAILS

Company Name ATHREYA BUSINESS

SOLUTIONS PRIVATE LIMITED 

Ownership Type Company limited by Shares

Primary Business Type Non-govt company

Main Language English

Corporate Identification Number(CIN) U72300TN2008PTC066492

Year of Establishment 16-02-2008

Age of Employees 14 Years 170 Months 24 Days

Primary Location Chennai

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 LLP DETAILS

LLPIN U72300TN2008PTC066492

LLP Name ATHREYA BUSINESS SOLUTIONS

PRIVATE LIMITED

LLP Status Active

Date of Incorporation 16 FEB 2008

RoC RoC- Chennai

Main Business Activity Code 50

Main Business Activity Description Other Business Activities

Total Obligation of Contribution Rs.10,00,000(10 Lakh Indian Rupees)

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 Business Profile

Athreya Business Solution Private Limited Incorporated on 16.02.2008 having

its registered office at New no.33, Old no. 115, first floor, Padamanabha Nagar
5th Street, Adyar, Chennai 600 020. The Company is in the business of back
office support service in accounting and tax compliances matters to its clients.

SIGNIFICANT ACCOUNT POLICIES

1. Basis of preparation and use of Accounting Estimates:

The financial statements are prepared and presented under the historical
cost convention, on the accrual basis of accounting and in accordance
with the provisions of the Companies Act, 2013 and the accounting
principles generally accepted in India and comply with the Accounting
Standards specified under section 133of the Act, read with rule 7 of the
Companies rules, 2014.

2. Revenue Recognition:

The revenue from Back office Support Service is reckoned on Accrual

Basis. The service bills are raised on the customers on completion of jobs.
Interest Income is recognized using the time proportion method taking
into account the amounts invested and the applicable rate of interest.

3. Fixed Assets:

Fixed assets are stated at cost less applicable convert credit and
accumulated depreciation wherever applicable. Cost comprises purchase
price and all direct / indirect costs incurred to bring the asset to its
working condition for its intended use.

4. Depreciation:

With respect to tangible fixed assets, the Company has adopted useful life
of the assets as specified is Schedule II to Companies Act, 2013, during
the year. Depreciation is provided under written down value method.

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5. Taxation :

Provision for tax is determined in accordance with the tax laws as

existing at present. Deferred tax is recognised on timing differences
between the accounting income and the taxable income for the year, and
quantified using tax rates and laws enacted or substantively enacted as on
the balance sheet date. Deferred tax assets relating to unabsorbed
deprecation / business losses are recognised and carried forward to the
extent there is virtual certainty that sufficient future are taxable income
will be available against which such deferred tax assets can be realised.

6. Earnings Per Share (EPS):

In arriving at the EPS, the Company’s net profit after tax, computed in
terms of the Indian GAAP, is divided by the weighted average number of
equity shares outstanding on the last day of the reporting period. The EPS
thus arrived is known as ‘Basic EPS’.

7. Provisions and Contingencies:

The Company creates a provision when there is present obligation as a

result of past event that probably requires an outflow of resources and a
reliable estimate can be made of the amount of the obligation. The
amount of provision recognised are best estimates of expenditure that are
required to settle the obligation at the balance sheet date. The estimate are
not discounted to their present value. A disclosure for a contingent
liability is made when there is possible obligation or a present obligation
that may, but probably will not, require of which the likelihood of
outflow of resources is remote, no provision or disclosure is made.

8
 MEMORANDUM OF ASSOCIATION
I. The name of the company is ATHREYA BUSINESS
SOLUTIONS PRIVATE LIMITED.
II. The Registered office of the company will be situated in the state
of Tamilnadu.
III. Objects for which the company is established are:

A. THE MAIN OBJECTS TO BE PURSUED BY THE

COMPANY ON ITS INCORPORATION ARE:

1. To carry on the business of Business Process Outsourcing(BPO)

Services, Knowledge Process Outsourcing (KPO) Services, Back
Office Services, IT Enabled Services including Software
Development and implementation services.

2. To carry on the business of Business Advisory Services in the areas

of Accounting, Finance, Business management, Business
restructuring, marketing human resource management and other
related areas including implementation.

3. To carry on the business of Business Intelligence Services and to

engage in Data collection, warehousing, analysis and research and
its dissemination with respect to all types of business including
stocks, debt instruments, mutual funds, currencies and
commodities.

4. To provide audit and compliance services in the areas of internal /

management / risk / social / information security audits including
establishment evaluation and approval of control systems.

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B. OBJECTS INCIDENTAL OR ANCILLARY TO THE
ATTAINMENT OF THE MAIN OBJECTS ARE:

1. To enter into Partnership or into are arrangement for sharing of

profits, union of interest, co-operation, joint adventure, reciprocal
concession or otherwise, with any Government, Local body,
authority, person, persons or company carrying on or engaged in or
about to carry on or engaged in any business or transaction which
this company is authorised to carry on or engaged in or in any
business or transaction capable of being conducted so as to directly
or indirectly benefit the company and to take or otherwise acquire
share and securities of nu such company.

2. To employ experts to investigate, survey and examine into the

conditions, prospects, value, character and circumstances of any
business concerns and undertakings and generally of any market,
assets, property or rights.

3. To purchase or otherwise acquire and undertake the whole or any

part of the business property, rights and liabilities of any persons,
firm, society or company carrying on any business which this
company is authorised to carry on: or possess any property or
rights suitable for any of the purposes of the company.

4. To be interest in, promote and undertake the formation and

establishment of or otherwise assist such institutions, business
syndicated as may be considered conductive to the profit and
interest of the company and to acquire, promote and/ or subsidise
interests in any industry or undertaking.

5. To amalgamate with or takeover any company or companies

having objects altogether or in part similar to those of this
company.

11
6. To enter into any agreement with any government or state
authorities that may seem conducive to the company’s objects or
any of them and to obtain from any such government / authority
any rights, privileges and concessions which the company may
think it desirable to obtain and to carryout, exercise and comply
with any such arrangements, rights, privileges and concessions.

7. To apply or join in applying to and obtain from any government,

legislative authority or other persons any act of parliament or other
acts, legislature, laws, decrees, concessions, orders, rights or
privileges or authority that may seem expedient to obtain any
provisional order or Act of parliament for enabling the company to
carry any of its objects into effects or for effecting any
modification of the company’s constitution.

8. To establish and maintain any agencies in any part of the world for
the conduct of the business of the company or for the sale of any
materials or things for the time being at the disposal of the
company for sale; and to advertise and adopt means of making
known or promoting the use of all or any the services.

9. To undertake and execute any trusts, which may be considered

beneficial to the company either directly or indirectly.

10.To purchase, take on lease or license or in exchange, hire or

otherwise acquire any real and personal property and any right or
privileges, which may be necessary or convenient for the purpose
of the company and in may enhance the value of any other property
of its company and in particular any land, buildings, casements,
machineries, plant and stock in trade and on such lands.

11.To build, construct, maintain, enlarge, pull down, remove, replace,

improve, decorate, or develop and work, manage and control any
shops, buildings, offices, factories, godowns, ware houses, hotels,
theatres and machinery which may seem calculated directly or
indirectly to advance the interest of the company and to subsidise,

12
12.To Establish and maintain and conduct training schools, courses
and programmes in connection with services rendered by the
company or with the installation, use, maintenance, improvement
and repair of machines, apparatus, appliance products and of
articles required in the use of company.

13.To promote studies and research investigation and inventions by

providing, subsidising, endowing and assisting laboratories,
workshops, libraries, lectures, meetings and conferences and by
providing for remuneration of scientific or technical professors or
teachers and by providing for the award of exhibitions,
scholarships, prizes and grants to students or otherwise and
generally encourage, promote and reward studies of any kind that
may be considered likely to assist any of the business which the
company is authorised to carry on.

14.To establish or promote or concur or be interested in establishing

or in promoting any company or companies for the purpose of
acquiring all or any of the property, rights and liabilities of the
company and to transfer to any such company, any or all properties
of this company and to subscribe or otherwise assist any such other
company.

15.To pay for any rights, properties, purchase made, services received
or privileges acquired by the company and to remunerate any
person or company either by such payment to give shares or stocks
or debentures or other securities of any other company.

16.For attainment of the main objects of the company and subject to

the provisions of the companies act, to act as investors, guarantors
and to lend, invest with money either with or without interest or
security including in current or deposit account the company may
approve provided that the company shall not do any business as
defined under the banking regulation act, 1949.

13
17.Subject to the provisions of the companies act, to invest and deal
with moneys and funds belonging to our entrusted with or
borrowed by the company in lands, buildings, bullions,
commodities, articles goods, negotiable instruments, advance loans
against properties or goods or government, municipal and other
bonds and securities, provided that the investments are made out of
surplus funds or for advancing the objects of the company.

18.To open bank account subject to the banking regulation act and
similar relevant legislation, to draw, accept, make, discount,
execute, endorse, and issue promissory notes , Hundies, bills of
exchange, bills of lading, warrants, debentures, other than bank
notes, connected with the business of the company.

19.To borrow or raise money by itself or jointly with or otherwise, in

such manner as the company may think fit, without doing any
banking business as defined in banking regulation act and in
particular the issue of debenture perpetual or otherwise, including
debentures convertible in to shares of their company or perpetual
annuities and as security for any such money borrowed, raised or
received, to mortgage, pledge or charge the whole or a part of the
property, assets or revenue of the company, present or future
including its uncalled capital by special assignment or otherwise
and to transfer or convey the same absolutely or in trust and to give
the leaders powers of the sale and other powers as seem expedient
and to purchase, redeem or pay off such securities.

20.To accumulate funds and to lend, invest or otherwise employ

moneys belonging to or entrusted with the company upon such
securities and shares, with or without any securities upon such
terms and conditions as the company may deem fit and from time
to time vary such transactions as may be necessary but not to do
banking business within the meaning of the banking regulation
Act.

14
21.To create any depreciation fund, Reserve fund, sinking fund,
Insurance fund, or any other special fund whether for depreciation
or repairing, improving, extending or maintaining any of the
property of the company or for any other purpose conducive to the
interests of the company.

22.For attainment of the main objects of the company, to subscribe

for, acquire, hold, sell or otherwise deal in shares, stock,
debentures, debenture stock, bonds, mortgages, obligation and
securities of any kind, issued and guaranteed by any company
(body Corporate or undertaking) of whatever nature and where so
ever constituted or carrying on business in shares, stock,
debentures, debenture stock, bonds, mortgages, obligations and
other securities issued or guaranteed by any Government,
sovereign rules, commissioners, trust, municipal, local or other
authority or body of whatever nature, whether in India or
elsewhere.

23.To invest any monies of the company in such investments (other

than shares or stock in the company) as may seem proper and to
hold, sell, or otherwise deal with such investments.

24.To lend deposit monies belonging to or entrusted with or at the

disposal of the company to such persons or company and in
particular to customers and others having dealings with the
company with or without security upon such terms and conditions
as may be thought proper and to guarantee the performance of
contracts by such person or company.

25.To make advances upon or for the purchase of materials, goods,

machinery, stores and other articles and for such other purposes as
required for the purpose of the company.

15
 C. OTHER OBJECTIS NOT INCLUDED IN A AND B ABOVE
1. To carry on business as mercantile agents, manufacturers’
representative; agents for foreign or local firms or companies or
associations or other corporate or incorporate bodies.

2. To carry on the business of travel agency, foreign and inland

tour operators, including chartering of aircrafts and ships.

3. To render consultancy services on all aspects of Foreign Trade

including representations before the Government Authorities.

IV. The liability of the members is limited

V. The share capital of the company is Rs.10,00,000/- divided into

1,00,000 Equity shares of Rs.10/- each with power to increase or
reduce the capital of the company and to divide the share in the
capital for the time being into several classes and to attach there to
respectively any differential rights.

VI. The several persons, whose names and addresses are subscribed
herein are desirous of being formed into a company in pursuance of
this Memorandum of association.

16
 ARTICLES OF ASSOICATION
PRELIMINARY

1. The regulations contained in Table A of the first schedule to the

Companies Act, 1956, so far as may be applicable to a private limited
company as defined in the Act, shall apply to this company, subject such
modifications, exemptions as provided in the Articles, which shall be the
regulations for the management of the company.

INTERPRETATION

2. In these presents, unless excluded by the subject or context, words or

expression shall bear the same meaning as in the Act or any statutory
modifications thereof, excepting as detailed here in after:
a) “The Act” or “The Companies Act” means The Companies Act, 1956 and
its statutory modifications or the re-enactments thereof, for the time being
in force.
b) “This Company” or “The Company” When used with reference to this
article means ATHREYA BUSINESS SOLUTIONS PRIVATE
LIMITED
c) “The Common seal” shall mean the common seal of the company
approved by the Board of Directors from time to time.
d) “The Board” or “Board of directors” means the Directors of the company
referred to collectively or a meeting of the Directors duly called and
constituted or the Directors assembled at a Board or the requisite number
of Directors entitled to pass a circular / resolutions in accordance with
this articles.
e) “Dividend” includes bonus shares.
f) “The office” means the registered office for the time being of the
company.
g) “Member” means a duly registered shareholder of the company holding
one or more shares for any class of shares but does not include the bearer
of the share warrant.
h) “In Writing” or “written” means written or printed , partly printed and
partly written or lithographed, cyclostyled or typewritten or other modes
representing or reproducing words in a visible form.

17
18
 PRIVATE COMPANY
3. The company is a private company within the meaning of section 3(1)
(iii) of the Companies Act 1956, and accordingly;
a) The minimum paid up capital of the Company shall be
Rs.1,00,000/- or such higher amount as may be prescribed and
b) The right to transfer the shares of the Company shall be restricted
in the manner and to extent hereinafter appearing in these
regulations.
c) No invitation to the public to subscribe for any shares in or
debentures of the company.
d) No invitation shall be issued to public, other than its members,
Directors or their relatives, for acceptance of deposits.

COMMENCMENT OF BUSINESS
4. The business of the company shall be commenced immediately after
incorporation or as soon as the Directors think fit and not withstanding
that the whole of the capital may not have been subscribe or only part of
the shares may have been issued or allotted and although only part of the
capital may have been paid up.
5. Any branch or kind of business which by Memorandum of Associations
of the company or these presents is expressly or by implication authorised
to be undertaken by the company.

SHARE CAPITAL
6. The Authorised Share Capital of the Company is Rs.10,00,000/- divided
into 1,00,000 Equity Shares of Rs.10/- each.
7. The shares shall be under the control of the Board of Directors who may
allot or otherwise dispose of the same subject to the provisions of the Act.
8. Except as provided in section 77 of the Act, no part of the funds of the
company shall be employed in the purchase of the company’s own shares.

DEBENTURES
9. Subject to the provisions of the Act, the company shall have the power to
issue debentures as and when it thinks expedient.

19
 BORAD OF DIRECTORS
10. The company shall have not less than two and not more than 12 directors
including nominated and ex-office directors on the Board.
11. No share qualification shall be required of any director. Any person,
whether a shareholder or not, may be appointed and continued as a
Director without acquiring any share qualification.
12. a) The first Directors of the company shall be:
1. Mrs. NANDINI SIVASANKARAN
2. Mrs. YAMUNA VENKATRAMAN
13. The chairman of the first meeting will be elected at the meeting and will
continue as chairman of the Board till he resigns.

MANAGING DIRECTOR
14. The Directors may appoint one of the members of the Board as
Managing Director.
15. Subject to the provisions of the Act, the directors may from time to time
entrust to and confer upon the Managing Director for the time being, such
of the powers exercisable under these presents by the Directors as they
may think fit and may confer such powers for such time and be exercised
for such objects and purpose and expedient and they may conditions and
with such restrictions as they may think expedient.

CONTRACTS WITH DIRECTORS

16. No directors shall be disqualified from his office by contracting with the
company either as vendor, Purchaser, agent, broker, or otherwise nor
shall any such contract or arrangement entered in to by or on behalf of the
company in which any director shall be in any way interested, be avoided
or shall any directors so contracting or being so interested be liable to
account to the company.
17. The powers and responsibilities of the directors of the company shall be
as in “Table A” of the Act except in so far as they stand modified by the
provisions of these Articles.
18. Subject to Sections 292 of the Act, the Board may appoint any time and
from time to time by a power of attorney under Company’s seal any
person to be the attorney of the Company for such purposed and with
such power, authorities and discretions.

20
19. Subject to Sections 292 of the Act, the Board may delegate all or any of
the power to any Directors.

MEETINGS

20. The Board may whenever it thinks fit call an extra ordinary General
meeting which may be convened on any day including a public Holiday
at anytime and may held at any place.
21. The Chairman of the Board of Directors shall preside as Chairman at
every General Meeting of the Company. If there is no such Chairman, or
if at any meeting he is not present within 15 minutes after the time
appointed for holding the meeting, or is unwilling to act as Chairman.

VOTE OF THE MEMBERS

22. On a show of hands every members holding equity shares and present in
person and a Company or body corporate when present by a
representative duly authorized under sec 187 of the Companies Act.

COMMON SEAL

23. The company shall provide for the safe custody of the seal and except in
the case of certificate of title to shares or in the case of documents
required in connection with civil or criminal or fiscal proceedings in
which the seal may be affixed on the authority of Directors signing such
documents.

ARBITRATION

24.All questions of difference between the Company and its share holders, or
between shareholders interests as touching the affairs of the company
shall be decided by arbitration as provided by the Indian Arbitration Act.

WINDING UP
25. If the company shall be wound up whether voluntarily or otherwise the
Liquidator may with sanction of special regulation or another section
required by the Act, divide among the members in specie or kind any part
of the assets of the company and may with the like sanction vest any part
of the assets of the company in trustees upon such trust for the benefit of
the members or any of them as the liquidator shall think fit.

21
 INDEPENDENT AUDITOR’S REPORT

Opinion

We have audited the accompanying financial statements of Athreya Business

Solutions Private Limited (“the Company”), which comprise the balance sheet
as at March 31, 2020 and the statement of Profit and Loss for the year 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 according to the
explanations given to us, the aforesaid financial statements give the information
required by the Companies. Act, 2013(“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, 2020
and profit 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 (‘the Act’). 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 Act and the Rules there under, and 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.

Information Other than the Financial Statements and Auditor’s Report

Thereon:

The Company’s Board of Directors is responsible for the preparation of the

other information. The other information comprises the information included in
the Board’s Report including Annexure to Board’s Report but does not include
the financial statements and our auditor’s report thereon.

Our report on the financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.

22
In connection with our audit of financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materiality inconsistent with the financial statements of our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material
misstatement of other information; we are required to report that fact. We have
nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for

the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in

section 134(5) of the Act with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards
prescribed under section 133 of the Act read with the Companies (Accounting
Standards) Rules, 2006 as amended. 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 judgements 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 adequate the Company or to
cease operations, or has no realistic alternative but to do so.

That Board of Directors are also responsible for overseeing the Company’s
financial reporting process.

23
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 maternal 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 judgement

and maintain professional scepticism throughout the audit.

 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 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, but
not for the purpose of expressing an opinion on the operating
effectiveness of the entity’s internal controls.
 Evaluate the appropriation 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 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 on the
financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to

24
 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 presentation.

Materiality is the magnitude of misstatement in the financial statements that,

individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced.
We consider quantitative materiality and qualitative factors in (i) planning the
scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatement in the financial statements.

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
completed 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.

Report on Other Legal and Regulatory Requirements

1. The Companies (Auditor’s Report) Orders, 2016 (“the Order”), issued by

the Central Government of India in terms of sub section (11) of section
143 of the Act, is not applicable vide clause (v) of sub paragraph (2) of
paragraph 1 of the Order, for the year ended 31st March, 2020.
2. As required by Section 143(3) of the Act, we report that:
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.
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.
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 d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards prescribed under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2006 as amended.
e) On the basis of the written representations received from the directors as
on March 31, 2020 taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2020 from being appointed as a
director in terms of Section 164(2) of the Act.
f) The Company is a private limited company and it falls under the
exemption specified vide notification No. G.S.R 464(E) dated June 5,
2015 issued by the Ministry of Corporate Affairs. Hence, we have not
reported on the adequacy of operating effectiveness of internal financial
control over financial reporting as per the requirements of section 143(3)
(g) of the Act, and
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 to us:
i. The Company does not have any pending litigations which would impact
its financial position;
ii. The Company does not have any long term contracts including derivative
contracts for which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.

26
 BOARD’S REPORT

Your directors are working hard to adopt necessary cost control measures and
also to further increase the income in commensurate with the expenditure. By
maintaining a good relationship with the clients and by ensuring timely services
to them in various KPO activities, your company foresees a considerable growth
in the forthcoming years.

CHANGE IN NATUREOF BUSINESS, IF ANY

The company has not changed its nature of Business during the year under
review.

DIVIDEND

No Dividend was declared for the current financial year due to conservation of
profits.

TRANSFER TO RESERVES IN TERMS OF SECTION 134(3) (J) OF

THE COMPANIES ACT, 2013

The company has not transferred any amount to General Reserve.

CHANGES IN SHARE CAPITAL, IF ANY

There was no change in the Share Capital of the company during the year under
review.

INFORMATION ABOUT SUBSIDIARY/JV/ASSOCIATE COMPANY

Company does not have any Subsidiary, Joint venture or Associate Company.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR AND

PROTECTION FUND

Since there was no unpaid/unclaimed Dividend declared and paid last year, the
provision of Section 125 of the Companies Act, 2013 do not apply.

MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments affecting the financial position of the

Company occurred between the end of the financial year to which financial
statement relate on the date of this report.

EXTRACT OF ANNUAL RETURN

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The Extract of Annual Return as required under section 92(3) of the Companies

Act, 2013 and rule 12(1) of the Companies (Management and Administration)

Rules, 2014, in Form MGT-9 are annexed herewith for your kind perusal and
information.

MEETINGS OF THE BOARD OF DIRECTORS

During the Financial Year 2019-20, the Company held FIVE board meetings of
the Board of Directors as per Section 173 of Companies Act, 2013. The
provisions of Companies Act, 2013 and listing agreement were adhered to while
considering the time gap between two meetings.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors
of the company confirms that

a) In the preparation of the annual accounts, the applicable accounting

standards had been followed along with proper explanation relating to
material departures;
b) The directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
company at the end of the financial year and of the profit and loss of the
company for that period;
c) The directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities;
d) The directors had prepared the annual accounts on a going concern basis;
and
e) Company being unlisted sub clause (e) of section 134(3) is not
applicable;
f) The directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and
operating effectively.

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AUDITORS AND REPORT THEREON

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the
Companies (Audit and Auditors) Rules, 2014, M/s V.V.S KUMAR & CO,
Chartered Accountants, Chennai, the Statutory Auditors of the company have
been appointed for a term of 5 years. However, their appointment as Statutory
Auditors of the company shall be required to be ratified by the members at the
ensuring Annual General Meeting. The company has received a confirmation
from the said Auditors that they are not disqualified to act as the Auditors and
are eligible to hold the office as Auditors of the company.

There are no qualifications or adverse remarks in the Auditors’ Report which

require any clarification/explanation. The Notes on financial statements are self-
explanatory, and needs no further explanation.

The Statutory Auditor of the company has not reported any fraud under section
143 of the Act.

Further the Auditors’ Report for the financial year ended, 31st March, 2020 is
annexed herewith for your kind perusal and information.

LOANS, GUARANTEES AND INVESTMENTS

There were no loans, guarantees or investments made by the company under

section 186 of the Companies Act, 2013 during the year under review and hence
the said provision is not applicable.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND

FOREIGN EXCHANGE OUTGO:

A. Conservation of Energy, Technology Absorption

The particulars as required under the provisions of Section 134(3) (m) of the
Companies Act, 2013 in respect of conservation of energy and technology
absorption have not been furnished considering the nature of activities
undertaken by the company being less power intensive in nature during the year
under review.

B. Foreign Exchange Earnings and Outgo

There were no foreign exchange earnings and outgo during the year under
review.

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RISK MANAGEMENT

The Board of Directors is overall responsible for identifying, evaluating and

managing all significant risks faced by the company. The Board monitors and
reviews the implementation of various aspects of risk management policy. The
key risks are properly managed across the organization.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT

WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013

There are no cases reported under Sexual Harassment of Women at Workplace

(Prevention, Prohibition and Redresser) Act, 2013 during the year.

DIRECTORS AND KMP

There has been no change in the constitution of Board during the year.

STATEMENT SHOWING DETAILS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 in respect of employees of the company is not applicable to the company.

DEPOSITS

The company has not accepted any deposits during the year.

SHARES

a. Buy back of Securities

The company has not bought back any of its securities during the year under
review.

b. Sweat Equity

The company has not issued any Sweat Equity Shares during the year under
review.

c. Bonus Shares

No Bonus Shares were issued during the year under review.

d. Employees Stock Option Plan

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 The company has not provided any Stock Option Scheme to the employees.

e. Shares with Differential Rights

The company has not issued shares with differential rights during the year under
review.

CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135(5) of the Companies Act, 2013 and Rule 8 of the
Companies (Corporate Social Responsibility Policy) Rules, 2014 and schedule
VII of the Companies Act, 2013, does not apply to the company.

VIGIL MECHANISM

As per Section 177(9) and (10) of the Companies Act, 2013, establishment of
Vigil Mechanism is not applicable to the company.

ORDER OF COURT

There are no significant and material orders passed by the regulators or courts
or Tribunals impacting the going concern status and company’s operation in
future.

INDUSTRIAL REGULATIONS

Your company has complied with all the applicable laws, regulation & Acts
including Labour Laws & Factories Act 1948, as the case may be.

ACKNOWLEDGEMENT

Your Directors wish to express their grateful appreciation to the continued co-
operation received from the Banks, Government Authorities, Customers,
Vendors and Shareholders during the year under review. Your Directors also
wish to place on record their deep sense of appreciation for the committed
service of the Executives, staff and Workers of the company.

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 Conclusion
This institution training gave me the practical experience. It helps me to
know how the management terms are used and where it is applicable in the
organization. It gave me an experience of knowing about how to deal with
customers Also I have learned from my company that handling with the
service is not important but in what way it has the social responsibilities and
how to do the credit society member to attain benefit satisfaction on their
services. The motivation of the Athreya Business solution private limited is
only service to the customer. They are not aiming for the huge profits.

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