To the Members of ELANTAS Beck India Limited
Report on the Audit of the Financial Statements
Opini?n
1. We have audited the accompanying financial statements of Elantas Beck India Limited (the "Company"), which comprise the Balance Sheet as at December 31, 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including material accounrng policy informaron and other explanatory informaron.
2. In our opinion and to the best of our informaron and according to the explanaflons given to us, the aforesaid financial statements give the informaron required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the accounrng principles generally accepted in India, of the state of affairs of the Company as at December 31, 2024, and total comprehensive income (comprising of profit and other comprehensive income), changes in equity and its cash flows for the year then ended.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Audiflng (SAs) specified under Secron 143(10) of the Act. Our responsibilires under those Standards are further described in the "Auditors Responsibilires for the Audit of the Financial Statements" secron of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Insfltute 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 Act and the Rules thereunder, and we have fulfilled our other ethical responsibilires in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
4. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
| Key audit matter | How our audit addressed the key audit matter |
| Recognition of Revenue: | Our audit procedures included : |
| (Refer Note 1 and 24 to the Financial Statements). | • Obtaining an understanding, evaluaflng the design and tesrng the operaflng effecflveness of key controls over revenue recogniron process including contract monitoring, billings and approvals; |
| The Company recognizes revenue in accordance with Ind AS 115 "Revenue from Contracts with Customers". | • Tesrng whether recogniron of revenue is in line with the terms of customer contracts and in accordance with the Companys accounrng policy for recogniron of revenue; |
| The Companys revenue from sale of goods is recognized when control of the goods is transferred to the customer and there remains no unfulfilled performance obligaron. Revenue is measured at transacflon price received or receivable, after deducron of any discounts, volume rebates and any taxes or dures collected on behalf of the government such as goods and services tax etc. | • Assessing whether transacflon price received or receivable has been determined appropriately in terms of the customer contracts, reviewing customer correspondence and ensuring that the revenue is recognised in the correct period; |
| We have considered recogniron of revenue as a key audit matter as there exists a risk of material misstatement considering significance of the amounts | • Performing risk based tesrng of journal entries in revenue; and |
| involved and exercise of judgement in recognit?on of revenue in accordance with the terms of customer contracts and detailed disclosures required to be made in accordance with the applicable accounrng standards. | • Evaluarng adequacy of the presentaron and disclosures. |
| Based on the above stated procedures, we did not idenrfy any significant exceprons in recogniron of revenue and its presentaron and disclosure as per the applicable accounrng standards. |
Other Information
5. The Companys Board of Directors is responsible for the other informaron. The other informaron comprises the informaron included in the annual report, but does not include the financial statements and our auditors report thereon.
Our opinion on the financial statements does not cover the other informaron and we do not express any form of assurance conclusion thereon.
In connecron with our audit of the financial statements, our responsibility is to read the other informaron and, in doing so, consider whether the other informaron is materially inconsistent with the 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 informaron, we are required to report that fact.
We have nothing to report in this regard.
Responsibilit?es of Management and those charged with governance for the Financial Statements
6. The Companys Board of Directors is responsible for the matters stated in Secron 134(5) of the Act with respect to the prepararon of these financial statements that give a true and fair view of the financial posiron, financial performance, changes in equity and cash flows of the Company in accordance with the accounrng principles generally accepted in India, including the Accounrng Standards specified under Secron 133 of the Act. This responsibility also includes maintenance of adequate accounrng records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for prevenrng and detecrng frauds and other irregularires; selecron and applicaron of appropriate accounrng policies; making judgements and esrmates that are reasonable and prudent; and design, implementaron and maintenance of adequate internal financial controls, that were operarng effecrvely for ensuring the accuracy and completeness of the accounrng records, relevant to the prepararon and presentaron of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
7. In preparing the financial statements, management is responsible for assessing the Companys ability to conrnue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounrng unless management either intends to liquidate the Company or to cease operarons, or has no realisrc alternarve but to do so. Those Board of Directors are also responsible for overseeing the Companys financial report?ng process.
Auditors Responsibilities for the audit of the Financial Statements
8. 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.
9. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Ident?fy and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(I) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to 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 management.
• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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 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 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
10. 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.
11. 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.
12. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regularon 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 communicaron.
Report on other legal and regulatory requirements
13. 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 Secron 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
14. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the informaron 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 relating to prepararon of the aforesaid financial statements have been kept by the Company so far as it appears from our examinaron of those books, except that the backup of certain books of account and other books and papers maintained in electronic mode has not been maintained on a daily basis on servers physically located in India during the year and the matters stated in paragraph 14(h)(vi) below on reporrng under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended) ("the Rules"). (Also, refer note 42 to the financial statements).
(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounrng Standards specified under Secron 133 of the Act.
(e) On the basis of the written representarons received from the directors as on December 31, 2024, taken on record by the Board of Directors, none of the directors is disqualified as on December 31, 2024, from being appointed as a director in terms of Secron 164(2) of the Act.
(f) With respect to the maintenance of accounts and other matters connected therewith, reference is made to our remarks in paragraph 14(b) above on reporrng under Secron 143(3)(b) of the Act.
(g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operarng effecrveness of such controls, refer to our separate Report in "Annexure A".
(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, in our opinion and to the best of our informaron and according to the explanarons given to us:
i. The Company has disclosed the impact of pending lit?gat?ons on its financial posit?on in its financial statements - Refer note 34(a) to the financial statements.
ii. The Company was not required to recognise a provision as at December 31, 2024 under the applicable law or accounting standards, as it does not have any material foreseeable losses on long-term contract. The Company did not have any derivat?ve contracts as at December 31, 2024.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Educat?on and Protect?on Fund by the Company during the year.
iv. (a) The management has represented that, to the best of its knowledge and belief, as
disclosed in note 43(vi) to the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or ent?ty(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ult?mate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ult?mate Beneficiaries;
(b) The management has represented that, to the best of its knowledge and belief, as disclosed in the note 43(vi) to the financial statements, no funds have been received by the Company from any person(s) or ent?ty(ies), including foreign entities ("Funding Part?es"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ult?mate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ult?mate Beneficiaries; and
(c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has come to our not?ce that has caused us to believe that the representat?ons under sub-clause (a) and (b) contain any material misstatement.
v. The dividend declared and paid during the year by the Company is in compliance with Sect?on 123 of the Act.
vi. Based on our examinat?on, which included test checks, the Company has used two accounting software for maintaining its books of account:
a) In respect of the core accounting software used by the Company, which has a feature of recording audit trail (edit log) facility has operated throughout the year for all relevant transact?ons recorded in the software, except for certain informat?on or data recorded in the software and modificat?on by certain users with specific access, for the period January 01, 2024 to September 27, 2024.
The audit trail feature was not enabled at the database level to log any direct data changes for the period January 01, 2024 to October 08, 2024 and for the remaining
period of the year while this was enabled, the audit log of modificaron does not contain pre-modified val?es. However, based on our audit procedures, we did not norce any modificaron in the audit logs.
Further, during the course of performing our procedures, we did not norce any instance of audit trail feature being tampered with. (Also, refer note 42 to the financial statements).
b) The other accounrng software (MS Excel) used by the Company did not have a feature of audit trail (edit log) facility and, therefore, the question of our commenrng on whether the audit trail had operated during the year or was tampered with, does not arise. (Also, refer note 42 to the financial statements).
15. The Company has paid/ provided for managerial remuneraron in accordance with the requisite approvals mandated by the provisions of Secron 197 read with Schedule V to the Act.
Annexure A to Independent Auditors Report
Referred to in paragraph 14(g) of the Independent Auditors Report of even date to the Members of
ELANTAS Beck India Limited on the financial statements for the year ended December 31, 2024.
Report on the Internal Financial Controls with reference to Financial Statements under clause (i) of
sub-Section 3 of Section 143 of the Act
1. We have audited the internal financial controls with reference to financial statements of Elantas Beck India Limited (the "Company") as of December 31, 2024 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
2. 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 (the "Guidance Note") issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementat?on 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 account?ng records, and the timely preparation of reliable financial information, as required under the Act.
Auditors Responsibility
3. Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing deemed to be prescribed under Section 143(10) of the Act 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 ICAI. 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 with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to 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 auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. 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 with reference to financial statements.
Meaning of Internal Financial Controls with reference to financial statements
6. A Companys internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
prepararon of financial statements for external purposes in accordance with generally accepted account?ng principles. A Companys internal financial controls with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detall, accurately and fairly reflect the transact?ons and disposit?ons of the assets of the Company; (2) provide reasonable assurance that transact?ons are recorded as necessary to permit prepararon of financial statements in accordance with generally accepted account?ng principles, and that receipts and expenditures of the Company are being made only in accordance with authorisat?ons of management and directors of the Company; and (3) provide reasonable assurance regarding prevent?on or t?mely detect?on of unauthorised acquisit?on, use, or disposit?on of the Companys assets that could have a material effect on the financial statements.
Inherent Limitat?ons of Internal Financial Controls with reference to financial statements
7. Because of the inherent limitat?ons of internal financial controls with reference to 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, project?ons of any evaluaron of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in condit?ons, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operat?ng effect?vely as at December 31, 2024, based on the internal control over financial report?ng criteria established by the Company considering the essent?al components of internal control stated in the Guidance Note issued by ICAI.
Annexure B to Independent Auditors Report
Referred to in paragraph 13 of the Independent Auditors Report of even date to the Members of ELANTAS Beck India Limited on the financial statements as of and for the year ended December 31, 2024.
In terms of the informaron and explanarons sought by us and furnished by the Company, and the books of account and records examined by us during the course of our audit, and to the best of our knowledge and belief, we report that:
i. (a) (A) The Company is maintaining proper records showing full parrculars, including
quanrtarve details and situaron, of Property, Plant and Equipment.
(B) The Company is maintaining proper records showing full parrculars of Intangible Assets.
(b) The Property, Plant and Equipment are physically verified by the Management according to a phased programme designed to cover all the items over a period of 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 programme, a port?on of the Property, Plant and Equipment has been physically verified by the Management during the year and no material discrepancies have been norced on such verificaron.
(c) The rtle deeds of all the immovable properres (other than propert?es where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in Note 3, 4 and 14 to the financial statements, are held in the name of the Company.
(d) The Company has chosen cost model for its Property, Plant and Equipment (including Right of Use assets) and intangible assets. Consequently, the quesron of our commenrng on whether the revaluaron is based on the valuaron by a Registered Valuer, or specifying the amount of change, if the change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment (including Right of Use assets) or intangible assets does not arise.
(e) Based on the informaron and explanarons furnished to us, no proceedings have been inirated on or are pending against the Company for holding benami property under the Prohibiron of Benami Property Transacrons Act, 1988 (as amended in 2016) (formerly the Benami Transacrons (Prohibiron) Act, 1988 (45 of 1988)) and Rules made thereunder, and therefore the quesron of our commenrng on whether the Company has appropriately disclosed the details in the financial statements does not arise. (Also, refer note 43(i) to the financial statements).
ii. (a) The physical verificaron of inventory has been conducted at reasonable intervals by the
Management during the year and, in our opinion, the coverage and procedure of such verificaron by Management is appropriate. The discrepancies norced on physical verificaron of inventory as compared to book records were not 10% or more in aggregate for each class of inventory.
(b) During the year, the Company has not been sancroned working capital limits in excess of INR 5 crores, in aggregate from banks and financial insrturons on the basis of security of current assets and accordingly, the quesron of our commenrng on whether the quarterly returns or statements are in agreement with the unaudited books of account of the Company does not arise.
iii. (a) The Company has made investments in 13 mutual fund companies. (Also, refer note 6 to the
financial statements).
(b) In respect of the aforesaid investments, the terms and conditons under which investments were made are not prejudicial to the Companys interest.
(c) The Company has not granted secured/ unsecured loans/advances in nature of loans, or stood guarantee, or provided security to any partes. Therefore, the reportng under clause 3(iii)(c), (iii)(d), (iii)(e) and (iii)(f) of the Order are not applicable to the Company.
iv. The Company has not granted any loans or made any investments or provided any guarantees or security to the partes covered under Sectons 185 and 186. Therefore, the reportng under clause 3(iv) of the Order are not applicable to the Company.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits referred in Sectons 73, 74, 75 and 76 of the Act and the Rules framed there under.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Secton 148(1) of the Act in respect of its products. We have broadly reviewed the same and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examinaton of the records with a view to determine whether they are accurate or complete.
vii. (a) In our opinion, the Company is regular in depositng the undisputed statutory dues, including
goods and services tax, provident fund, professional tax, employees state insurance, income tax, service tax, duty of customs, cess and other material statutory dues, as applicable, with the appropriate authorites. Also, refer note 34(a) to the financial statements regarding managements assessment on certain matters relatng to provident fund.
(b) The partculars of statutory dues referred to in sub-clause (a) as at December 31, 2024 which have not been deposited on account of a dispute, are as follows:
| Name of statute | Nature of dues | Gross amount (INR in Lakhs) | Paid under protest (INR in Lakhs) | Net amount (INR in Lakhs) | Period to which the amount relates | Forum where the dispute is pending |
| Finance Act, 1994 | Service Tax | 117.26 | - | 117.26 | FY 2005-2008 | Dy Commissioner, Mumbai |
| Income Tax Act, 1961 | Income Tax | 43.42 | 8.69 | 34.73 | AY 2018-2019 | Commissioner of Income Tax (Appeals), Pune |
| 25.89 | 5.19 | 20.70 | AY 2019-2020 | Commissioner of Income Tax (Appeals), Pune | ||
| 18.76 | 3.76 | 15.00 | AY 2020-2021 | Commissioner of Income Tax (Appeals), Pune |
viii. There are no transactons previously unrecorded in the books of account that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
ix. (a) As the Company did not have any loans or other borrowings from any lender during the year,
the reportng under clause 3(ix)(a) of the Order is not applicable to the Company.
(b) On the basis of our audit procedures, we report that the Company has not been declared Wilful Defaulter by any bank or financial insttuton or government or any government authority.
(c) The Company has not obtained any term loans. Accordingly, reportng under clause 3(ix)( c ) of the Order is not applicable to the Company.
(d) According to the informaron and explanarons given to us, and the procedures performed by us, and on an overall examinaron of the financial statements of the Company, the Company has not raised funds on short-term basis. Accordingly, reporrng under clause 3(ix)(d) of the Order is not applicable to the Company.
(e) According to the informaron and explanarons given to us and procedures performed by us, we report that the Company did not have any subsidiaries, joint ventures or associate companies during the year. Accordingly, reporrng under clause 3(ix)(e) of the Order is not applicable to the Company.
(f) According to the informaron and explanarons given to us and procedures performed by us, we report that the Company did not have any subsidiaries, joint ventures or associate companies during the year. Accordingly, reporrng under clause 3(ix)(f) of the Order is not applicable to the Company.
x. (a) The Company has not raised any money by way of iniral public offer or further public offer
(including debt instruments) during the year. Accordingly, the reporrng under clause 3(x)(a) of the Order is not applicable to the Company.
(b) The Company has not made any preferenral allotment or private placement of shares or fully or part?ally or opronally converrble debentures during the year. Accordingly, the reporrng under clause 3(x)(b) of the Order is not applicable to the Company.
xi. (a) During the course of our examinaron of the books and records of the Company, carried out in
accordance with the generally accepted audirng pracrces in India, we have neither come across any instance of material fraud by the Company or on the Company, norced or reported during the year, nor have we been informed of any such case by the Management.
(b) During the course of our examinaron of the books and records of the Company, carried out in accordance with the generally accepted audirng pracrces in India, a report under Secron 143(12) of the Act, in Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the Central Government. Accordingly, the reporrng under clause 3(xi)(b) of the Order is not applicable to the Company.
(c) During the course of our examinaron of the books and records of the Company carried out in accordance with the generally accepted audirng pracrces in India, and as represented to us by the management, no whistle-blower complaints have been received during the year by the Company. Accordingly, the reporrng under clause 3(xi)( c ) of the Order is not applicable to the Company.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the reporrng under clause 3(xii) of the Order is not applicable to the Company.
xiii. The Company has entered into transacrons with related parres in compliance with the provisions of Secrons 177 and 188 of the Act. The details of related party transacrons have been disclosed in the financial statements as required under Indian Accounrng Standard 24 "Related Party Disclosures" specified under Secron 133 of the Act.
xiv. (a) In our opinion, the Company has an internal audit system commensurate with the size and
nature of its business
(b) The reports of the Internal Auditor for the period under audit have been considered by us
xv. In our opinion, the Company has not entered into any non-cash transacrons with its directors or persons connected with him. Accordingly, the reporrng on compliance with the provisions of Secron 192 of the Act under clause 3(xv) of the Order is not applicable to the Company.
xvi. (a) The Company is not required to be registered under Secron 45-IA of the Reserve Bank of India
Act, 1934. Accordingly, the reporrng under clause 3(xvi)(a) of the Order is not applicable to the Company.
(b) The Company has not conducted non-banking financial or housing finance acrvires during the year. Accordingly, the reporrng under clause 3(xvi)(b) of the Order is not applicable to the Company.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulat?ons made by the Reserve Bank of India. Accordingly, the reporrng under clause 3(xvi)( c ) of the Order is not applicable to the Company.
(d) Based on the informaron and explanarons provided by the management of the Company, the Group (as defined in the Core Investment Companies (Reserve Bank) Direcrons, 2016) does not have any CICs, which are part of the Group. We have not, however, separately evaluated whether the informaron provided by the management is accurate and complete. Accordingly, the reporrng under clause 3(xvi)(d) of the Order is not applicable to the Company.
xvii. The Company has not incurred any cash losses in the financial year or in the immediately preceding financial year.
xviii. There has been no resignaron of the statutory auditors during the year and accordingly the reporrng under clause 3(xviii) of the Order is not applicable.
xix. On the basis of the financial raros (Also, refer note 41 to the financial statements), ageing and expected dates of realisaron of financial assets and payment of financial liabilires, other informaron accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examinaron of the evidence supporrng the assumprons, nothing has come to our attenron, which causes us to believe that any material uncertainty exists as on the date of the audit report that the Company is not capable of meerng its liabilires exisrng 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 reporrng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilires 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. As at balance sheet date, the Company does not have any amount remaining unspent under Secron 135(5) of the Act. Accordingly, reporrng under clause 3(xx) of the Order is not applicable.
xxi. The reporrng under clause 3(xxi) of the Order is not applicable in respect of audit of Standalone Financial Statements. Accordingly, no comment in respect of the said clause has been included in this report.
| For Price Waterhouse Chartered Accountants LLP |
| Firm Registraron Number: 012754N/N500016 |
| Sarah George |
| Partner |
| Membership Number: 045255 |
| UDIN: 25045255BMPQPA4997 |
| Place: Mumbai |
| Date: February 18, 2025 |
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