We have audited the accompanying financial statements of ARTIFICIAL ELECTRONICS
INTELLIGENT MATERIAL LIMITED (Formally known Datasoft Application Software (India),
which comprise the Balance Sheet as at 31st March, 2025, and the Statement of Profit and Loss
(Including Other Comprehensive Income) and Cash Flow Statement and the statement of Changes in
Equity for the period ended, and a summary of significant accounting policies and other explanatory
information. (Hereinafter referred to as the “financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 (“the Act”)
in the manner so required and give a true and fair view inconformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2025, the loss and total comprehensive
income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described
in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and
we have fulfilled our other ethical 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.
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 Management Discussion and Analysis,
Board’s Report including Annexures to Board’s Report, but does not include the financial statements
and our auditor's report thereon. These reports are expected to be made available to us after the date
of our auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.
When we read the other information included in the above reports, if we conclude that there is
material misstatement therein, we are required to communicate the matter to those charged with
governance and determine the actions under the applicable laws and regulations.
Management's Responsibility 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, total comprehensive income, changes in equity and cash
flows of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting
process.
Auditor's Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting 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. Under section 143 (3) (i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements, or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements 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 misstatements 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 complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of section 143(11) of the Act, we give in “Annexure A”,
a statement on the matter specified in the paragraph 3 and 4 of the Order.
2. As required under provisions of section 143(3) of the Companies Act, 2013, we report that:
a. We have obtained all the information and explanations which to the best of our
knowledge and belief where necessary for the purposes of our audit;
b. In our opinion, proper books of account as required by law have been kept by the
Company so far as appears from our examination of those books;
c. The Balance Sheet and Statement of Profit and Loss including Other Comprehensive
Income Statement of Cash Flow and Statement of Changes of Equity dealt with this
report are in agreement with the books of account;
d. In our opinion, the aforesaid Financial Statement comply with the Accounting
Standards specified under Section 133 of Act, read with relevant rule issued
thereunder.
e. On the basis of written representations received from the directors as on March 31,
2025, taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2025, from being appointed as a director in terms of section 164(2) of the
Act.
f. With respect to the adequacy of the internal financial controls over financial reporting
of the company and operating effectiveness of such controls, referred to our separate
report in “Annexure B".
g. The Company has not paid or provided for any managerial remuneration during the
year. Accordingly, reporting under Section 197(16) of the Act is not applicable.
h. With respect to other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditor) Rules, 2014, in our opinion and to the
best of our knowledge and belief and according to the information and explanations
given to us:
(a) The Company has disclosed the impact of pending litigations as at 31 March 2025
on its financial position in its financial statements - Refer Note (vii) of Annexure -
A to the financial statements
(b) The Company did not have any long-term and derivative contracts as at March 31,
2025.
(c) There has been no delay in transferring amounts, required to be transferred, the
Investor Education and Protection Fund by the Company during the year ended
March 31, 2025.
(d) The management has;
(i) represented that, to the best of its knowledge and belief as disclosed in the Note
No. 21 to the financial statements, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other persons or entities,
including foreign entities (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall:
• directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of
the Company or
• Provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
(ii) represented, that, to the best of its knowledge and belief as disclosed in the Note
No. 22 to the financial statements, no funds have been received by the Company
from any persons or entities, including foreign entities (“Funding Parties”), with
the understanding, whether recorded in writing or otherwise, that the Company
shall:
• directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on
behalf of the Funding Party or
• provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries;
(e) The company has not neither declared nor paid any dividend during the year under
Section 123 of the Act.
(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining
books of account using accounting software which has a feature of recording
audit trail (edit log) facility is applicable with effect from April 1, 2023 to the
Company and its subsidiaries, which are companies incorporated in India, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors)
Rules, 2014 is not applicable for the financial year ended March 31, 2025.
FOR D G M S & CO.
Chartered Accountants
Firm Regn. No. 0112187W
Sd/-
Jyoti J Kataria
Partner
Membership No. 116861 UDIN:
25116861BMHVWQ5783
Date: 30-05-2025
Place: Jamnagar
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