We have audited the accompanying standalone Financial Statements of EQUIPPP SOCIAL
IMPACT TECHNOLOGIES LIMITED (Formerly Proseed India Limited) (“the Company”),
which comprise of the Balance Sheet as at 31st March 2025, the Profit and Loss, including the
statement of Other Comprehensive Income, the Cash Flow Statement and the statements of
changes in equity for year then ended and a summary of the 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 standalone financial statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India including the state of affairs (financial position) of the Company as
at March 31, 2025 and its loss (financial performance including other comprehensive income),
its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with the
Standards on Auditing (SAs) as specified under Section 143(10) of the Companies Act 2013.
Our responsibilities under those standards are further described in the Auditors
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
there under, and we have fulfilled our ethical responsibilities in accordance with those
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 audit opinion on the Standalone Ind AS
Financial Statements.
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.
We have determined that there are no key audit matters to communicate in our report.
Emphasis of Matter
Trade receivables include an amount of Rs.91.05 Lakhs which is overdue as on 31.03.2025.
Based on information received, the management has initiated necessary action towards its
recovery and compliances thereon. The matter needs to be expedited.
Our conclusion is not modified in respect of this matter.
Other Information
The Company’s management and board of directors are responsible for the preparation of
the other information. The other information comprises the information included in the
company’s annual report but does not include the financial statements and our auditor’s
report thereon.
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 and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or 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 this other information; we
are required to report that fact. We have nothing to report in this regard.
Management’s Responsibility for the Standalone Financial Statements
The Company’s Board of Directors are responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial
statements that give a true and fair view of the state of affairs (financial position), profit or
loss (financial performance including other comprehensive income) cash flows and changes in
equity of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of
the Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding 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 misstatements, whether due to fraud
or error.
In preparing the financial statements, management and Board of Directors are 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.
The Board of Directors are also responsible for overseeing the company’s financial Reporting
process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional 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.
• Obtain sufficient appropriate audit evidence regarding the financial information of the
business activities of the Company to express an opinion on the standalone financial
statements. We are responsible for the direction, supervision and performance of the
audit of the standalone financial statements of such entity included in.
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 (Auditors Report) Order, 2020 (“the order”) issued by the
Central Government in terms of Section 143(11) of the Act, we give in the “Annexure A”
a statement on the matters specified in paragraph 3 and 4 of the said order.
2. As required by Section 143(3) of the Act, we report that:
(i) We havesought and obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our audit;
(ii) In our opinion, proper books of accounts as required by law been kept by the
Company so far as it appears from our examination of those books;
(iii) The Balance Sheet, Profit and Loss Account including other comprehensive
income the Cash flow Statement and statement of Changes in Equity dealt with by
this Report are in agreement with the books of account;
(iv) In our opinion, the aforesaid financial statements comply with Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.
(v) On the basis of written representations received from the directors, as on 31st
March, 2025 and taken on record by the Board of Directors, we report that none of
the directors are disqualified as on 31st March, 2025 from being appointed as a
director in terms of section 164(2) of the Act.
(vi) With respect to the adequacy of the internal financial controls over financial
reporting of the company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure B”.
(vii) In our opinion, Section 197 of the companies Act, 2013 is in complied by the
Company.
(viii) With respect to the other matters to be included in the Auditors’ 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 did not have any long term contracts including derivative
contracts for which there were any material foreseeable losses; and
iii. There were no pending amounts which were, required to be transferred to
the Investor Education and Protection Fund by the Company.
iv.
a) The management has represented that, to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts, 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
person(s) or entity(ies), including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the
intermediary shall, whether, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the
company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
b) The management has represented, that, to the best of its’ knowledge and
belief, other than as disclosed in the notes to the accounts, no funds have been
received by the company from any person(s) or entity(ies), including foreign
entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
V. The company has not declared nor proposed or paid any dividends during
the year and therefore compliance under section 123 of the act is not
applicable to the company.
VI. The Company has obtained audit trail feature for the books of accounts
maintained by them using accounting software by providing ‘Edit/Log Option’.
For ANJANEYULU& CO.,
Chartered Accountants
FRN: 000180S
Place: Hyderabad CA K Narayana Murthy
Date: 30.05.2025 Partner- M No: 026012
UDIN: 25026012BMICMQ5066
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