To The Members of 360 ONE WAM Limited Report on the Audit of the Standalone Financial Statements our other ethical responsibilities in accordance
Opinion
We have audited the accompanying standalone andfinancial statements of 360 ONE WAM Limited (the Company), which comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that date, and notes to the financialstatements, including a summary of material 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 by the Companies Act, 2013 (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, (Ind AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its profit, total 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 financial in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibility 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 made thereunder, and we have fulfilled with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient appropriate to provide a basis for our audit opinion on the standalone financial statements.
Emphasis of Matter
We draw attention to Note 44 of the Standalone financial statements, in respect of a Search carried out by the Income Tax Department (the Department) during the year ended March 31, 2025, wherein the Company has stated that it is in the process of providing the details, clarifications and documents sought by the Department in respect of claims required for certain deductions made by the Company in earlier assessment years. Pending resolution of the proceeding as at the date of this Report, there is uncertainty on its ultimate outcome. The Company based on available information, as of the date of approval of these financial identified any adjustments, disclosures or any effectto the current or prior period financialstatements. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of moststatements standalone financial statements of the current period. 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. We have determined the matters described below to be the key audit matters to be communicated in our report.
Sr. No. Key Audit Matter |
Auditor s Response |
1 Information technology and general controls: |
Our procedures, in relation to the key audit matter described, included the |
following among others. |
|
reporting The Company s key financial |
|
processes are highly dependent on the automated |
We involved our IT specialists to perform audit procedures to assess IT |
controls in its information reporting, which included the following: technology ( IT) systems systems and controls over financial |
|
due to the significant number of transactions that are |
|
processed daily across such multiple and discrete IT |
Obtained an understanding of the Company s IT applications, |
systems. reporting and |
databases and operating systems relevant to financial |
the related control environment and key changes during the audit |
|
Also, IT application controls are critical to ensure |
period. |
that changes to applications and underlying data are |
|
made in an appropriate manner and under controlled |
In this regard, the areas of focus included access security (including |
environment. Appropriate controls contribute to |
controls over privileged access), program change controls, database |
mitigating the risk of potential fraud or errors as |
management and network operations. |
a result of changes to applications and data. As |
Tested the design,implementation,andoperatingeffectiveness of the |
such there exists a risk that gaps in the IT control |
Company s general IT controls over the above referred IT systems. |
environment could result in the financial |
This included evaluation of Company s controls accounting over segregation of |
and reporting records being materially misstated. Our |
duties and access rights being provisioned/modified based on duly |
audit approach could significantlydifferdepending on |
approved requests, access for exit cases being revoked in a timely |
the effective operation of the Company s IT controls. |
manner and access of all users being recertified during the period of |
On account of the pervasive use of its IT systems, |
audit. |
the testing of the general computer controls of the IT |
Tested key automated business cycle controls and logic for the |
systems used in financial |
reports generated through the IT infrastructure that were relevant for reporting was consideredto |
be a key audit matter. |
financial reporting |
controls with reference to standalone financial |
|
Key Audit Matter |
Auditor s Response |
Tested the compensating controls or alternate procedures to assess |
|
whether there were any unaddressed IT risks that would materially |
|
impact the standalone financial statements. |
|
Tested the controls to determine whether the controls remained |
|
unchanged during the audit period or were changed following the |
|
standard change management process. |
Information Other than the Financial Statements and Auditors Report Thereon
T he Companys Board of Directors is responsible the other information. The other information comprises the information included in the Directors report, but does not include the consolidated financial statements, standalone financial thereon. The Directors report is expected to be made available to us after the date of this auditors report. does Our opinion on the standalone financial not cover the other information and will 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 the other information is materially inconsistent with the standalone financial statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
When we read the Directors report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance as required under SA 720 The Auditors responsibilities Relating to Other Information.Responsibilities of Management and Board of Directors for the Standalone 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 standalone financial give a true and fair view of the financial position, 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 Ind AS specifiedunder 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 controls, that were operating adequate internal financial accuracy and completeness of the accounting records, relevant to the preparation and statements that give a true and presentationofthefinancial fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management and Board of Directors are responsible for assessing the Company
s ability to continue as a going concern, disclosing, foras applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. statements and our auditors reportThe Company
s Board of Directors is also responsible for overseeing the Companys financialreporting 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 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 standalone 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 standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence statements that 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 financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements 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 the management.
C onclude on the appropriateness of managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone 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 auditors 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 standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone 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 the standalone 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 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 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 of Requirements
1. As required by Section 143(3) of the Act, based on our audit 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 the Company so far as it appears from our examination of those books. c) The Balance Sheet, the Statement of Profit
Loss including Other Comprehensive Income, the Statement of Cash Flows and Statement of Changes in Equity 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. e) On the basis of the 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 of anyidentifiedmisstatementsin 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 with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate internalfinancialcontrolsthatwe
Report in
Annexure A. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to standalone financial statements. g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of 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. h) 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, as amended in our opinion and to the best of our information and according to the explanations given to us: i. T he Company has disclosed the impact pending litigations on its financial position in its standalone financial statements Refer Note 34 to the standalone financial statements; ii. The Company did not have any longterm 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. iv. (a) The Management has represented that, to the best of its knowledge and belief, 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, directly or indirectly lend or invest in other persons or entities identifiedin 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, 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, directly or indirectly, lend or invest in in any other persons or entities identified manner whatsoever by or on behalf of theFunding Party (
Ultimate Beneficiaries) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.of (c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement v. The interim dividend declared and paid by the
Company during the year and until the date of this report is in accordance with section 123 of the Companies Act 2013. vi. Based on our examination, which included test checks, the Company has used accounting software systems for maintaining its books of account for the financial year ended March
31, 2025 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software systems. 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.
2. As required by the Companies (Auditor
s Report) Order, 2020 (the Order) issued by the Central Government in terms of Section 143(11) of the Act, we give in AnnexureB
a statement on the matters specifiedin paragraphs 3 and 4 of the Order.For Deloitte Haskins & Sells LLP
Chartered Accountants (Firm
s Registration No. 117366W/W100018)Anjum A. Qazi
(Partner) (Membership No. 104968) or (UDIN: 25104968BMMLEK4956)
Place: Mumbai Date: April 23, 2025
Annexure "A" to the Independent Auditors Report
(Referred to in paragraph 1(f) under Report on Other Legal and Regulatory Requirements section of our report of even date) Report on the Internal Financial Controls with reference to standalone financial statements under Clause (i) of Subsection 3 ofSection143 statements, whether of the Companies Act, 2013 (the "Act")
We have audited the internal financial controls with reference to standalone financial statements of 360 ONE WAM Limited (the
Company) as at March 31, 2025 in conjunction with our audit of the standalone Ind AS financial statements of theCompany for the year ended on that date.
Managements and Board of Directors Responsibilities for Internal Financial Controls
The Company
s management and Board of Directors are responsible for establishing and maintaining internal financial controls with reference to standalone financial statements based on, tesk,MS Mincho SIZE=2>the internal control with reference to standalone the Company financial considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the 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 the 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 under the Companies Act, 2013.Auditors Responsibility
Our responsibility is to express an opinion on the Company
s internal financial controls with reference to standalone financial of the Companystatements 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) issued by the ICAI and the SAs prescribed under Section 143(10) of the Companies Act,2013, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements.
Those Standards and the Guidance Note require that we comply with ethical requirements and plan and statements perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial was established and maintained and if such controls operated
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financialstatements standalone included obtaining an understanding of internal financial controls with reference to standalone financial statements, 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 auditor
s judgement, including the assessment of the risks of material misstatement of the financial 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 Company
s internal financial controls with reference to standalone financial statements.Meaning of Internal Financial Controls with reference to standalone financial statements
A company
s internal financial control with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to standalone financialstatements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflectthe 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 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; required 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 with reference to standalone financial statements, 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 standalone financial to future periods are subject to the risk that the internal financial control with reference to standalone financial may become inadequatestatements because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. inallmaterialrespects.
Opinion
In our opinion, to the best of our information and accordingcontrols to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls with reference to standalone financialstatements and such internal financialcontrols with reference to standalone financial statements were operating effectively as at March 31, 2025, based on,
the criteria for internal financial control with reference to standalone financial statements 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 ICAI For Deloitte Haskins & Sells LLPChartered Accountants (Firm
s Registration No. 117366W/W100018)Anjum A. Qazi
(Partner) (Membership No. 104968) (UDIN: 25104968BMMLEK4956)
Place: Mumbai Date: April 23, 2025
Annexure "B" to the Independent Auditors Report
(Referred to in paragraph 2 under
Report on Other Legal and Regulatory Requirements section of our report of even date)In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:
(i) (a) A. The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.
(i) (a) B. The Company has maintained proper records showing full particulars of intangible assets.
(b) The Company has a program of verification of property, plant and equipment, so to cover all the items once every three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, no such assets were due for physical verification during the year. Since no physical verification of property, plant and equipment was due during the year the question of reporting on material discrepancies noted on verification does not arise.
(c) Based on our examination of the registered conveyance cum assignment deed provided to us, we report that, the title deeds of all the immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment are held in the name of the Company as at the balance sheet date.
(d) The Company has not revalued its Property, Plant and Equipment and intangible assets during the year.
(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
(ii) (a) The Company does not have any inventory and hence reporting under clause (ii)(a) of the Order is not applicable.
(ii) (b) According to the information and explanations given to us, at any point of time of the year, the Company has not been sanctioned any working capital facility from banks or financial institutions and hence reporting under clause (ii)(b) of the Order is not applicable.
(iii) The Company has made investments in, provided guarantee or security to and granted loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties during the year, in respect of which:
(a) The Company has provided loans or advances in the nature of loans, stood guarantee, during the year and details of which are given below:
Loans (Rs. in crore) |
Guarantees Given (Rs. in Crore) |
|
A) Aggregate amount granted / provided during the year |
||
Subsidiaries |
10,168.63 |
Nil |
Joint Ventures |
Nil |
Nil |
Associates |
Nil |
Nil |
Others |
Nil |
Nil |
Loans (Including Interest) (Rs. in crore) |
Guarantees Given (Rs. in Crore) |
|
B) Balance Outstanding as at balance sheet date in respect of above cases: |
||
Subsidiaries |
1,333.82 |
1,359.50 |
Joint Ventures |
Nil |
Nil |
Associates |
Nil |
Nil |
Others |
0.02 |
Nil |
T he Company has not provided any security other entity during the year.
(b) The investments made, guarantees provided and the terms and conditions of the grant of all the abovementioned loans and advances in the nature of loans and guarantees provided, during the year are, in our opinion, prima facie, not prejudicial to the Company
s interest.(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts of interest are regular as per stipulation.
(d) According to information and explanations given to us and based on the audit procedures performed, in respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet date.
(e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties. (f) According to information and explanations given to us and based on the audit procedures performed, the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment any during the year. Hence, reporting under clause (iii)(f) is not applicable. (iv) The Company has complied with the provisions of
Sections 185 and 186 of the Act in respect of loans granted, investments made and guarantees, and securities provided, as applicable.
(v) The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause (v) of the Order is not applicable.
(vi) Having regard to the nature of the Company
s business / activities, reporting under clause (vi) of the Order is not applicable.(vii) In respect of statutory dues:
(a) Undisputed statutory dues, including Goods and
Services Tax, Provident Fund, Income Tax, Cess, and other material statutory dues applicable to the Company have generally been regularly deposited by it with the appropriate authorities. We have been informed that Employee State Insurance, sales tax, service tax, duty of customs, duty of excise, value added tax are not applicable to the Company.
There were no undisputed amounts payable in respect of Goods and Services Tax, Provident Fund, Income Tax, Cess and other material statutory dues in arrears as at March 31, 2025, for a period of more than six months from the date they became payable.
(b) Details of statutory dues referred to in subclause (a) above which have not been deposited as on March 31, 2025 on account of disputes are given below:
Name of Statute |
Nature of Dues |
Forum where dispute is |
Period to which the |
Amount |
Amount Unpaid |
Pending |
amount relates |
(Rs. in Crore) |
(Rs. in Crore) |
||
Income Tax Act, 1961 |
Demands arising out of |
ITAT |
FY 201314 |
0.51 |
0.51 |
Regular Assessment/ |
|||||
Reassessment |
|||||
Income Tax Act, 1961 |
Demands arising out of |
ITAT |
FY 201516 |
2.03 |
1.62 |
Regular Assessment/ |
|||||
Reassessment |
|||||
Income Tax Act, 1961 |
Demands arising out of |
ITAT |
FY 201617 |
5.60 |
4.40 |
Regular Assessment/ |
|||||
Reassessment |
|||||
Income Tax Act, 1961 |
Demands arising out of |
ITAT |
FY 201718 |
5.45 |
|
Regular Assessment/ |
|||||
Reassessment |
|||||
Income Tax Act, 1961 |
Demands arising out of |
ITAT |
FY 201920 |
0.52 |
0.52 |
Regular Assessment/ |
|||||
Reassessment |
|||||
Goods and Services Tax |
Excess availment of Input |
Appellate Authority |
FY 201718 |
0.08 |
0.08 |
Act, 2017 |
Tax Credit |
||||
Goods and Services Tax |
Excess availment of Input |
Appellate Authority |
FY 201819 |
0.36 |
0.36 |
Act, 2017 |
Tax Credit |
||||
Goods and Services Tax |
Excess availment of Input |
Appellate Authority |
FY 201920 |
3.88 |
3.53 |
Act, 2017 |
Tax Credit |
||||
Goods and Services Tax |
Excess availment of Input |
Appellate Authority |
FY 201920 |
1.34 |
1.27 |
Act, 2017 |
Tax Credit |
||||
Goods and Services Tax |
Excess availment of Input |
Assessment Order |
FY 202021 |
0.91 |
0.91 |
Act, 2017 |
Tax Credit |
received, Company is in the |
|||
process of filing appeal |
(viii) T here were no transactions relating to unrecorded income that were surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year.
(ix) (a) In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.
(b) The Company has not been declared wilful defaulter or by any bank or financial any government authority.
(c) The Company has not taken any term loan during the year and there are no unutilised term loans at the beginning of the year and hence, reporting under clause (ix)(c) of the Order is not applicable.
(d) On an overall examination of the financialstatements of the Company, funds raised on shortterm basis have, prima facie, not been used during the year for longterm purposes by the Company.
(e) On an overall examination of the financialstatements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries. The
Company does not have joint ventures or associate
Companies.
(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries.
The Company does not have joint ventures or associate Companies.
(x) (a) The Company has not issued any of its securities
(including debt instruments) during the year and hence reporting under clause (x)(a) of the Order is not applicable.
(b ) The Company has made private placement of shares during the year. For such allotment of shares, the Company has complied with the requirements of Section 42 and 62 of the Companies Act, 2013, and the funds raised have been, prima facie, applied by the Company during the year for the purposes for which the funds ear. were raised, other than temporary deployment pending application. The Company has not made any preferential allotment or private placement of (fully or partly or optionally) convertible debentures during the ratios, ageing andyear.
(xi) (a) To the best of our knowledge, no fraud by the liabilities, other information
Company and no material fraud on the Company has been noticed or reported during the year.
(b ) To the best of our knowledge, no report under subsection (12) of section 143 of the Act has been filedin Form ADT4 as prescribed under rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.
(c) As represented to us by the Management, there were no whistle blower complaints received by the Company during the year and upto the date of this report.
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable. (xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial accounting standards.
(xiv) (a) In our opinion the Company has an internal audit system commensurate with the size and nature of its business.
(b ) We have considered, the internal audit reports issued to the Company during the year and covering the period from April 1, 2024 to February 28, 2025.
(xv) In our opinion during the year the Company has not entered into any noncash transactions with any of its directors or directors of its subsidiary companies or persons connected with such directors and hence provisions of section 192 of the Act are not applicable to the Company.
(xvi) (a) Based on legal opinion provided by the management, the Company is not required to be registered under section 45IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause (xvi)(a), (b) and (c) of the Order is not applicable.
(b ) The Group does not have any Core Investment
Company (CIC) as part of the group and accordingly reporting under clause (xvi)(d) of the Order is not applicable.
(xvii) The Company has not incurred cash losses during the financial year covered by our audit and in the immediately precedingfinancial
(xviii) There has been no resignation of the statutory auditors of the Company during the year.
(xix) On thebasisofthe dates of realisation of financial accompanying the financial financial statements and 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 indicating 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) The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there are no unspent CSR amount for the year requiring a transfertoafundspecifiedin the Schedule VII to the
Act or special account in compliance with the provision of subsection (6) of section 135 of the Act. Accordingly, reporting under clause (xx) of the Order is not applicable for the year.
For Deloitte Haskins & Sells LLP
Chartered Accountants (Firm
s Registration No. 117366W/W100018)Anjum A. Qazi
(Partner) (Membership No. 104968) (UDIN: 25104968BMMLEK4956)
Place: Mumbai Date: April 23, 2025
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