To
The Members
Arihant Superstructures Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Arihant Superstructures Limited ("the Company"), which comprise the Balance Sheet as at March 31st, 2026, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone 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 standalone financial statements give the information required by the Companies Act, 2013, as amended ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015 as amended and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31st, 2026, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We have conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone 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 (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act 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 on the standalone financial statements.
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements for the financial year ended March 31st, 2026. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
| Key audit matters | How our audit addressed the key audit matters |
| Assessment of the realisability of investments made in subsidiaries: | Our audit procedures included, but were not limited to, the following procedures: |
| Refer material accounting policy information in note 2.8 to the standalone financial statements. | a) Obtained an understanding from the management with respect to process and controls followed by the Company for identification of impairment indicators to determine recoverability of the investments in subsidiary companies. |
| The Company carries its investments in subsidiaries, at cost at an aggregate amount of Rs. 5,761.78 million as at 31 March 2026. | b) Tested the design and operating effectiveness of internal controls of the Company in relation to the aforesaid process. |
| The amount is significant to the standalone financial statements and involves determination whether impairment indicators exist during the reporting period, corresponding impairment charge required to be accounted as per the requirements in Ind AS 36, Impairment of Assets which inherently involves application of significant judgments by management in particular with respect to determination of recoverable/fair value amount of these investments. The recoverability of these investments is significantly dependent on operational performance of the respective subsidiaries and therefore there is a risk that the subsidiaries may not achieve the anticipated business growth which may lead to an impairment charge being recognised. | c) Obtained the valuation model from the management and reviewed their conclusions, including reading the report provided by an independent valuation expert for investments engaged by the management. |
| Management has assessed the realisability of the aforesaid amounts by carrying out a valuation of the subsidiaryRs.s business using the discounted cashflow method ("the Model"). | d) Assessed the professional competence, objectivity and capabilities of the third party expert used by the management for performing the required valuations to estimate the recoverable value of the investments in the subsidiary; |
| The Model involves estimates pertaining to expected business and earnings forecasts and key assumptions including those related to discount and long-term growth rates. These estimates require high degree of management judgement and is inherently subjective. | e) Reconciled the cash flows to the business plans approved by the respective Board of Directors of the subsidiaries; |
| Considering the significance of the above matter to the standalone financial statements, complexities and judgement involved, and the significant auditor attention required to test such managementRs.s judgement, we have identified this as a key audit matter for current year audit. | f) Tested the inputs used in the Model by examining the underlying data and validating the future projections by comparing past projections with actual results, including discussions with management relating to these projections. |
| g) A ssessed the reasonableness of the key assumptions used and appropriateness of the valuation methodology applied by engaging auditorRs.s valuation experts. Tested the discount rate and terminal growth rates used in the forecast including comparison to economic and industry forecasts, where appropriate; | |
| h) Evaluated sensitivity analysis performed by the management and performed independent sensitivity analysis on these key assumptions to assess potential impact of downside in the underlying cash flow forecasts and assessed the possible mitigating actions identified by management. | |
| i) Evaluated the appropriateness and adequacy of disclosures made in the standalone financial statements in accordance with the applicable accounting standards. |
Information other than the Standalone Financial Statements and Auditors Report thereon
The Companys Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys annual report, but does not include the standalone financial statements and our auditors report thereon.
Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether such other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the 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.
Responsibilities of Management and Those Charged with Governance
The accompanying standalone financial statements have been approved by the companys Board of Directors. The Companys Board of directors are responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible for assessing the Companys 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 Companys financial reporting process.
Auditors Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 Standalone Financial statements.
As part of an audit in accordance with SAs, specified under section 143(10) of the Act, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
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 standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors 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
As required by the Companies (Auditors Report) Order, 2020 ("the order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act, 2013 (As amended), we give in the Annexure-A, a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
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 purposes of our
audit.
b) In our opinion proper books of account as required by law have been kept by company, so
far as appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, (including other comprehensive
income), statement of changes in equity and Cash Flow Statement dealt with by this Report
are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone Financial statements comply with the Ind AS
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.
e) On the basis of written representations received from the directors as on March 31st,
2026 taken on record by the Board of Directors, none of the directors is disqualified as
on March 31st, 2026 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 the operating effectiveness of such controls, refer to our
separate report in Annexure-B;
g) With respect to the other matters included in the Auditors Report and to our best of
our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position
in its Standalone Financial statements - Refer Note 39 to the Standalone Financial
statements.
ii. The Company did not have any long-term contracts including derivatives 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.
iv. (a) The management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been advanced or
loaned or invested by the company to or in any other person(s) or entities, including
foreign entities ("Intermediaries"), with the understanding that the
intermediary shall whether directly or indirectly lend or invest in other persons or
entities identified in any manner by or on behalf of the company (Ultimate Beneficiaries)
or provide any guarantee, security or the like on behalf of ultimate beneficiaries;
(b) The management has represented that, to the best of its knowledge and belief, no funds
have been received by the company from any person(s) or entities including foreign
entities ("Funding Parties") with the understanding that such 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 guarantee, security or the like on behalf of the Ultimate beneficiaries.
(c) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representation under sub-clause (a) and (b) above contain any material misstatement.
v. (a) The final dividend proposed in the previous year, declared and
paid by the Company during the year is in accordance with section 123 of the Act, as
applicable.
(b) The Board of Directors of the Company have proposed a final dividend for the year
which is subject to the approval of the members at the ensuing Annual General Meeting. The
amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
vi. Based on our examination which included test checks and information given to us, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility throughout the year for all relevant transactions recorded in the respective software.
Further during the course of our audit, we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retention.
h) With respect to the matters to be included in the Auditors Report under Section 197(16) of the Act, as amended: In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the company to its directors during the year is in accordance with the provisions of section 197 of the Act.
For K J K & Associates Chartered Accountants |
| Firm Reg. No: 112159W |
Jwala Partner Membership |
| Reg. No: 514655 |
| Date: May 15, 2026 |
| Place: Navi Mumbai |
| UDIN: 26514655PGVQTX8831 |
Annexure-A to the Independent Auditors Report
(Referred to in paragraph-1 on Other Legal and Regulatory Requirements of our Report of even date to the members of Arihant Superstructures Limited on the Standalone Financial Statements for the year ended March 31, 2026)
To the best of information and according to the explanation provided to us by the company and the books of accounts and records examined by us in the normal course of audit, we state that:
i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment and Investment Properties. The Company has also maintained proper records showing full particulars of intangible assets.
(b) The Property, Plant and Equipment of the Company have been physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and the nature of its assets.
(c) According to the information and explanations given to us and based on our examination of the records of the Company, the title deeds of all immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements are held in the name of the Company.
(d) The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use assets) or intangible assets during the year. Accordingly, the provisions of clause 3(i)(d) of the Order are not applicable to the Company.
(e) According to the information and explanations given to us, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended) and the rules made thereunder. Accordingly, the provisions of clause 3(i)(e) of the Order are not applicable to the Company.
ii. (a) The companys inventory includes construction work in progress accordingly the requirement under paragraph 3(ii)(a) of the Order is not applicable for construction work in progress. The inventory comprising of finished goods have been physically verified during the year at reasonable intervals by the Management and no discrepancies were noticed on such physical verification. In our opinion, the frequency of verification by the management is reasonable and the coverage and procedure for such verification is appropriate.
(b) During the year, the company has not drawn down working capital loan excess of 5 Crores, in aggregate from its sanctioned working capital limits, from banks on the basis of security of current assets. Therefore, requirement under paragraph 3(ii)(b) of the Order is not applicable.
iii. (a) During the year, the Company has provided guarantees in respect of borrowings availed by its subsidiary companies. The details of such guarantees are as follows:
| Particulars | Guarantees (in Lakhs) |
| Aggregate amount provided during the year | 82.89 |
| Balance outstanding as at the balance sheet date | 82.89 |
The Company has not granted any loans or advances in the nature of loans or provided security to companies, firms, limited liability partnerships or other parties during the year.
(b) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees provided are not prejudicial to the interest of the Company.
(c) Since the Company has not granted any loans or advances in the nature of loans during the year, the reporting requirements under clause 3(iii)(c) of the Order are not applicable to the Company.
(d) Since the Company has not granted any loans or advances in the nature of loans during the year, the reporting requirements under clause 3(iii)(d) of the Order are not applicable to the Company.
(e) Since the Company has not granted any loans or advances in the nature of loans falling due during the year, the reporting requirements under clause 3(iii)(e) of the Order are not applicable to the Company.
(f) Since the Company has not granted any loans or advances in the nature of loans which are repayable on demand or without specifying any terms or period of repayment, the reporting requirements under clause 3(iii)(f) of the Order are not applicable to the Company.
iv. According to the information and explanations given to us and on the basis of our examination of records of the Company, the Company has not made any investments, granted loans or provided any guarantee or security as specified under Sections 185 and 186 of the Act. Accordingly, clause (iv) of the Order is not applicable to the Company.
v. According to the information and explanations given to us, the Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made there under to the extent applicable. Accordingly, reporting under clause 3(v) of the Order is not applicable.
vi. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules prescribed by the Central Government for the maintenance of cost records under Section 148(1) of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records.
vii. According to the information and explanations given to us and records of the Company examined by us, the Company is regular in depositing undisputed statutory dues including Goods and Services Tax, Provident Fund, Income-Tax, Sales Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it, though there has been a slight delay in a few cases with the appropriate authorities.
(a) There were no undisputed amount payable in respect of Goods and Service tax, Provident fund, Employees State Insurance, income-tax, Sales Tax, duty of Customs, duty of Excise, Value Added Tax, Cess and other material statutory dues were in arrears as at March 31, 2026, for a period of more than six month from the date they become payable.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the company, there are no disputed material dues on account of Goods and Service tax, Provident fund, Employees State Insurance, income-tax, Sales Tax, duty of Customs, duty of Excise, Value Added Tax, Cess and other material statutory dues as at March 31, 2026, which have not been deposited with the appropriate authorities on account of any dispute.
| Name of the Statute | Nature of dues | Amount Demanded | Amount paid under protest | Period to which the amount relates | Forum where dispute is pending |
| Income Tax Act, 1961 | Income Tax | 470.10 | - | 01.04.2018 to 05.03.2025 | The Commissioner of Income-tax (Appeals) |
Total |
470.10 |
- |
According to the information and explanations given to us, no unrecorded transactions in books of accounts, have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
ix. (a) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings or in the payment of interest thereon to any lender.
(b) According to the information and explanations given to us and based on our audit procedures, we report that the Company has not been declared a wilful defaulter by any bank or financial institution or government or any government authority.
(c) In our opinion and according to the information and explanations given to us, the term loans obtained by the Company during the year were applied for the purposes for which such loans were obtained.
(d) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, we report that no funds raised on a short-term basis have been utilised for long-term purposes by the Company.
(e) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.
(f) According to the information and explanations given to us and based on the audit procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.
x. (a) The Company has not raised any money by way of initial public offer of further public offer (including debt instruments) during the year. Accordingly, reporting under clause 3(x)(a) of the order is not applicable.
(b) During the year, the Company has allotted equity shares pursuant to the conversion of share warrants issued in earlier years. In our opinion and according to the information and explanations given to us, such conversion has been made in accordance with the terms of issue of the warrants and the requirements of Sections 42 and 62 of the Companies Act, 2013, as applicable. Accordingly, no fresh preferential allotment or private placement of shares or fully, partially or optionally convertible debentures was made during the year.
xi. (a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.
(b) According to the information and explanations given to us, no report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.
(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.
xii. The Company is not a Nidhi company. Accordingly, 3(xii)(a) (b) & (c) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the standalone financial statements, as required by the applicable accounting standards.
xiv (a) In our opinion and based on our examination, the Company has an internal audit system commensurate with the size and nature of its business.
(b) We have considered the Reports of the Internal Auditors for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly, reporting under clause 3(xvi)(a) of the Order is not applicable.
(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities without obtaining a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.
(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, reporting under clause 3(xvi)(c) of the Order is not applicable.
(d) In our opinion and according to the information and explanations given to us, there is no Core Investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016).
xvii. In our opinion the Company has not incurred cash losses in the financial year and in the immediately preceding financial year.
xviii. There has been resignation of the statutory auditors during the year and we have taken into consideration the issues, objections or concerns, raised by outgoing auditor.
xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.
xx. With regard to compliance with the provisions of Section 135 of the Companies Act, 2013, it is observed that Form CSR-2 for the financial year ended 31 March 2026 has not been filed and remains pending as at the date of reporting.
xxi. The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.
For K J K & Associates |
| Chartered Accountants |
| Firm Reg. No: 112159W |
Jwala |
| Partner |
| Membership Reg. No: 514655 |
| Date: May 15, 2026 |
| Place: Navi Mumbai |
| UDIN: 26514655PGVQTX8831 |
Annexure-B to the Independent Auditors Report
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/s Arihant Superstructures Limited ("the Company") as of March 31, 2026 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For K J K & Associates |
| Chartered Accountants |
| Firm Reg. No: 112159W |
Jwala |
| Partner |
| Membership Reg. No: 514655 |
| Date: May 15, 2026 |
| Place: Navi Mumbai |
| UDIN: 26514655PGVQTX8831 |
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