To the Members of
AFFORDABLE ROBOTIC AND AUTOMATION LTD.
Gat No.1209, Village Wadki, Taluka Haveli, Dist. Pune, Pune 412308.
Report on the Audit of the Standalone Financial Statements
OPINION
We have audited the accompanying Standalone financial statements of Affordable Robotic And Automation Ltd. (the "Company"), which comprise the Standalone Balance Sheet as at March 31, 2026, standalone Statement of Profit and Loss (including Standalone Other Comprehensive Income), Standalone Statement of Cash Flows and Standalone Statement of Changes in Equity for the year ended, and a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Standalone financial statements").
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 (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 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, 2026, its profit and total comprehensive income (including other comprehensive income), the changes in equity and its cash flows for the year ended on that date.
We have audited the Standalone Financial Statements of Affordable Robotic and Automation Ltd. ("the Company"), which comprise the balance sheet as of 31st March 2026, and the Statement of Profit and Loss, Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as Standalone Financial Statements).
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 in the manner so required and give a true and fair view in conformity with Ind AS, of the state of affairs of the Company as of March 31, 2026, and its profit, and its cash flows for the year ended on that date.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the 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 | Auditors Verification | Reference in Notes to accounts |
| 1 Accuracy of recognition, measurement, presentation and disclosures of revenues and other related balances in view of adoption of IND AS 18 | We have evaluated the process of recognition of revenue as per custom of the industry and internal control associated with it. Sales are accounted for on the basis of dispatch to customers, which excludes Goods and Service Tax, TCS and other income is recognized on accrual basis. | Note no. 55.06 |
| 2 Inventory Valuation in view of Ind AS 2 | Inventory consists of Raw Material, Stores, Spares and Work in Progress for Automation and Car Parking Solutions, verified and valued by the management at Net realisable value or cost whichever is lower. We have verified the related valuation statements and management explanation. | Note no 55.07 |
| Sr. No. Key Audit Matter | Auditors Verification | Reference in Notes to accounts |
| 3 Sundry Balances Written Off | There are old outstanding balances of receivables as well as payables which were written off during the year, transferring to Sundry Balances Written off ledger and net balance of Rs. 0.55 Lacs transferred to Profit and Loss Account. We have verified the related ledgers and management explanation. | Note no 42 (b) |
| 4 Service Tax Assessment Order for Rs. 1.23 Cr has been received during the earlier years and appeal has been preferred against the Order in FY 20-21. The Order is under adjudication hence provision along with interest has not been done in books as final appellate order from CESTAT not received. | We have verified the Order and Appeal and management explanation regarding expectation of NIL liability | - |
| 5 Gratuity and Leave encashment Liability — provision not done but disclosure given in notes to accounts. As per the actuarial valuation report, liability for gratuity comes to Rs. 253.69 Lakhs and estimation for leave encashment could not be done. Provision of FY 2025-26 comes to Rs.54.06 Lakhs for Gratuity. | We have verified the actuarial valuation report and management explanation that the provision is not done due to consistent accounting policy and verified the disclosure in notes to accounts. | Note No. 55.09 |
| 6 As per Management, provision for interest is not required as this liability will be nullified at the time of departmental GST Audit, also similar issues are pending in various courts as per which the companies liability will not arise. GST Liability of FY 2020-21 of Rs.28.10 Lakhs, FY 2021-22 of Rs.23.30 Lakhs FY 2022-23 Rs 8.57 and FY 2023-24 Rs.5.26 Lakhs has been provided on 31.03.2025 as per GSTR9 Report, Interest on the same from the date of GSTR9 Report till 31.03.2025 is not provided for the reason stated above. Interest @18% on the above from date of GSTR 9 Report till 31.03.2026 comes to as below, FY 20-21- Rs.20.23 Lakh FY 23-24- Rs.1.89 Lakhs FY 21-22, FY 22-23 FY 24-25 is NIL (As liability only for Interest) | We have verified the GSTR 9 Reports and interest working for the same. | Note No. 34 |
EMPHASIS OF MATTERS
Our opinion is not qualified in respect of above matters reported in Key Audit Matters as per the documents verified and management explanation received.
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 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 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.
RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS
The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with Ind AS 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 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, the Board of Directors 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 the Board of Directors 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 companys financial reporting process.
AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism 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.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
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 and Loss, notes to accounts and the 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
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st
March 2026 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March 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 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 information and according to the explanations given to us:
i. The Company does not have any pending litigations on its financial position in its
Standalone Financial Statements, except as stated above and reported in Caro.
ii. The Company did not have any long-term contracts, including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.
h) As required by Section 143(3) of the Act, we report that:
The management has represented that other than those disclosed in the notes to accounts,
i. no funds 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.
ii. 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.
Based on the audit procedures performed which we considered reasonable and appropriate, we report that nothing has come to our notice that has caused us to believe that the above representations given by the management contain any material mis-statement.
i) No Dividend has been declared or paid during the year, hence
reporting on compliance of section 123 of the Act is not applicable.
j) Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit we did not
come across any instance of audit trail feature being tampered with.
| For, Vijay Moondra & Co. |
| Chartered Accountants (FRN: 112308W) |
| CA Vinit Moondra, Partner, M No. 119398 |
| Place: Ahmedabad |
| Date: 30/05/2026 |
| UDIN: 26119398AIEHOW6266 |
"ANNEXURE A" TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF AFFORDABLE ROBOTIC AND AUTOMATION LTD.
Referred to in paragraph 1 under the heading Report on Other Legal & Regulatory Requirement of our report of even date to the financial statements of the Company for the year ended March 31, 2026:
(i) (a) (A) whether the company is maintaining proper records showing
full particulars, including quantitative details and situation of Property, Plant and
Equipment; (B) whether the company is maintaining proper records showing full particulars
of intangible assets;
(b) whether these Property, Plant and Equipment have been physically verified by the
management at reasonable intervals; whether any material discrepancies were noticed on
such verification and if so, whether the same have been properly dealt with in the books
of account;
(c) whether the title deeds of all the immovable properties (other than properties where
the company is the lessee and the lease agreements are duly executed in favour of the
lessee) disclosed in the financial statements held in the name of the company, if not,
provide the details thereof in the format below:
| Description of property | Gross carrying value | Held In name of | Whether promoter, director, other relative or employee | Period held indicate range, where appropriate | Reason format being held in name of company* |
| NIL |
*also indicate if in dispute
(d) whether the company has revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets or both during the year and, if so,
whether the revaluation is based on the valuation by a Registered Valuer; specify the
amount of change, if change is 10% or more in the aggregate of the net carrying value of
each class of Property, Plant and Equipment or intangible assets;
(e) whether any proceedings have been initiated or are pending against the company for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and rules made thereunder, if so, whether the company has appropriately disclosed
the details in its financial statements;
Proper records maintained, physical verification done, no major discrepancies, all properties held in the name of the company, no revaluation done, no matter pending under Benami Transactions Prohibition Act 1988.
(ii) (a) whether physical verification of inventory has been conducted
at reasonable intervals by the management and whether, in the opinion of the auditor, the
coverage and procedure of such verification by the management is appropriate; whether any
discrepancies of 10% or more in the aggregate of each class of inventory were noticed and
if so, whether they have been properly dealt with in the books of account;
(b) whether during any point of time of the year, the company has been sanctioned working
capital limits in excess of five crore rupees, in aggregate, from banks or financial
institutions on the basis of security of current assets; whether the quarterly returns or
statements filed by the company with such banks or financial institutions are in agreement
with the books of account of the Company, if not, give details;
Proper records maintained, physical verification done, provisional statements submitted for March 26, Other Quarterly statements are in agreement with books. No Major discrepancies observed in Physical verification.
(iii) whether during the year the company has made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties, if so —
(a) whether during the year the company has provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to any other entity [not applicable to companies whose principal business is to give loans], if so, indicate
(A) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such Investments, loans or advances and guarantees or security to subsidiaries, joint ventures and associates;
| Name of the Investee | Amount Invested During the year in Lakhs | Balance as on 31/03/2026 in Lakhs | % to Total Investments (? 3841.98 Lacs) |
| Masterji.Al Private Limited | 0 | 0.67 | 0.02% |
| ARAPL RaaS Pvt Ltd-Investment | 0 | 3801.26 | 98.94% |
| Name of Borrower | Advanced During the year in Lakhs | Balance as on 31/03/2026 in Lakhs | % to Total Advances (? 2983.56) |
| Masterji.Al Private Limited | (30.05) | 208.23 | 6.98% |
| ARAPL RaaS Pvt Ltd | 2775.32 | 2775.32 | 93.02% |
(B) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such investments, loans or advances and guarantees or security to parties other than subsidiaries, joint ventures and associates;
| Name of Borrower | Advanced During the year in Lakhs | Balance as on 31/03/2026 in Lakhs | % to Total Advances (? 40.00) |
| Raj Raney — Other Non-Current Assets | NIL | 40.00 | 100.00% |
Name of the Investee
| Name of the Investee | Amount Invested During the year in Lakhs | Balance as on 31/03/2026 in Lakhs | % to Total Investments (? 3841.98) |
| Dheeyantra Research Labs Pvt Ltd | 0 | 40.04 | 1.04% |
(b) whether the investments made, guarantees provided, security given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are not prejudicial to the companys interest;
Not prejudicial to the interest of the company.
(c) in respect of loans and advances in the nature of loans, whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular;
No schedule of repayment stipulated
(d) if the amount is overdue, state the total amount overdue for more than ninety days, and whether reasonable steps have been taken by the company for recovery of the principal and interest;
Not Applicable
(e) whether any loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties, if so, specify the aggregate amount of such dues renewed or extended or settled by fresh loans and the percentage of the aggregate to the total loans or advances in the nature of loans granted during the year [not applicable to companies whose principal business is to give loans];
Not Applicable
(f) whether the company has granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment, if so, specify the aggregate amount, percentage thereof to the total loans granted, aggregate amount of loans granted to Promoters, related parties as defined in clause (76) of section 2 of the Companies Act, 2013;
As per Point No III (a) (A) above
(iv) in respect of loans, investments, guarantees, and security, whether provisions of sections 185 and 186 of the Companies Act have been complied with, if not, provide the details thereof;
Complied to the extent applicable
(v) in respect of deposits accepted by the company or amounts which are deemed to be deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules made thereunder, where applicable, have been complied with, if not, the nature of such contraventions be stated; if an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not;
No such transactions done during the year.
(vi) whether maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act and whether such accounts and records have been so made and maintained;
Accounts and records have been maintained.
(vii) (a) whether the company is regular in depositing undisputed statutory dues including Goods and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated;
| Sr No Description | Arrears as on 31-03-2026 for more than Six Months — INR in Lakhs |
| 1 GST Liability as per GST Audit for FY 2020-21 (Provision done in Books) | 28.10 |
| 2 GST Liability as per GST Audit for FY 2021-22 (Provision done in Books) | 23.30 |
| 3 GST Liability as per GST Audit for FY 2022-23 (Provision done in Books) | 8.57 |
| 4 GST Liability as per GST Audit for FY 2023-24 (Provision done in Books) | 5.26 |
| 5 For FY 2013-14 (AY 2014-15): Income tax demand as per processing at CPC. 154 to be filed for Challans Already Paid but not linked by IT Department. Principal Amount — Rs.26.56 Lakh; Interest Amount — Rs.25.50 Lakh (Provision not done in Books) | 52.06 |
| 6 For FY 2017-18 (AY 2018-19): Income tax demand as per processing at CPC. 154 to be filed for Challans Already Paid but not linked by IT Department. Principal Amount — Rs.42.21 Lakh; Interest Amount — Rs.27.86 Lakh (Provision not done in Books) | 70.07 |
| 7 For FY 2018-19 (AY 2019-20): Income tax demand as per processing at CPC. Principal Amount — Rs.51.30 Lakh; Interest Amount — Rs.29.75 Lakh (Provision not done in Books) | 81.05 |
| 8 Interest on Income tax demand as per processing at CPC. FY 2016-17 [AY 17-18] (Provision not done in Books) | — |
| 9 For FY 2022-23 (AY 2023-24): Income tax demand as per processing at CPC. Principal Amount — Rs.8.04 Lakh; Interest Amount — Rs.11.65 Lakh (Provision not done in Books) | 19.69 |
| 10 Interest on Income tax demand as per processing at CPC. FY 2023-24 [AY 24-25] (Provision not done in Books) | 1.26 |
(b) where statutory dues referred to in sub-clause (a) have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned (a mere representation to the concerned Department shall not be treated as a dispute);
| Sr No AY / FY | Demand Rs In Lakhs | Nature of Demand and Status | Forum where case is pending |
| 1 FY 2014-15 to June 2017 | 122.73 | Service Tax Assessment (Provision not done in Books) | CESTAT |
| Total | 303.08 |
(viii) whether any transactions not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961), if so, whether the previously unrecorded income has been properly recorded in the books of account during the year;
Not applicable
(ix) (a) whether the company has defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender, if yes, the period and the amount of default to be reported as per the format below:
| Nature of borrowing, including debt securities | Name of lender* | Amount not paid on due date | Whether principal or interest | No. of days delay on unpaid | Remarks, if any |
No any such defaults during the year under audit
(b) whether the company is a declared willful defaulter by any bank or
financial institution or other lender;
(c) whether term loans were applied for the purpose for which the loans were obtained; if
not, the amount of loan so diverted and the purpose for which it is used may be reported;
(d) whether funds raised on short term basis have been utilised for long-term purposes, if
yes, the nature and amount to be indicated;
(e) whether the company has taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries, associates or joint ventures, if so, details
thereof with nature of such transactions and the amount in each case;
(f) whether the company has raised loans during the year on the pledge of securities held
in its subsidiaries, joint ventures or associate companies, if so, give details thereof
and also report if the company has defaulted in repayment of such loans raised;
| Current Financial Year | Nil |
| Previous Financial Year | Nil |
(xvii) whether there has been any resignation of the statutory auditors during the year, if so, whether the auditor has taken into consideration the issues, objections or concerns raised by the outgoing auditors;
Not applicable
(xviii) on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans, whether the auditor is of the opinion that no material uncertainty exists as on the date of the audit report that company is 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;
No adverse comments. 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.
(xix)(a) whether, in respect of other than ongoing projects, the
company has transferred unspent amount to a Fund specified in Schedule VII to the
Companies Act within a period of six months of the expiry of the financial year in
compliance with second proviso to sub-section (5) of section 135 of the said Act;
(b) whether any amount remaining unspent under sub-section (5) of section 135 of the
Companies Act, pursuant to any ongoing project, has been transferred to special account in
compliance with the provision of sub-section (6) of section 135 of the said Act;
Not applicable
(xix) whether there have been any qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of the companies included in the consolidated financial statements, if yes, indicate the details of the companies and the paragraph numbers of the CARO report containing the qualifications or adverse remarks.
| Not applicable |
| For, Vijay Moondra & Co. |
| Chartered Accountants (FRN: 112308W) |
| CA Vinit Moondra, Partner, M No. 119398 |
| Place: Ahmedabad |
| Date: 30/05/2026 |
| UDIN: 26119398AIEHOW6266 |
"ANNEXURE B" TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF AFFORDABLE ROBOTIC AND AUTOMATION LTD.
Report on the Internal Financial Controls 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 AFFORDABLE ROBOTIC AND AUTOMATION LTD. ("the Company") as of March 31, 2026 in conjunction with our audit of the standalone 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. 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 judgment, 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 Ind AS. 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 Ind AS, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the companys assets that could have a material effect
on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
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, Vijay Moondra & Co. |
| Chartered Accountants (FRN: 112308W) |
| CA Vinit Moondra, Partner, M No. 119398 |
| Place: Ahmedabad |
| Date: 30/05/2026 |
| UDIN: 26119398AIEHOW6266 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
