To The Members of Pushpa Jewellers Limited
(Formerly known as Pushpa Jewellers Private Limited)
REPORT ON THE AUDIT OF FINANCIAL STATEMENTS
OPINION
We have audited the financial statements of Pushpa Jewellers Limited (Formerly known as Pushpa Jewellers Private Limited) ("the Company"), which comprise the Balance Sheet as at 31st March 2026, and the Statement of Profit and Loss and Statement of Cash flows for the year then ended, and notes to the financial statements including 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 financial statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2026, and its profit and its cash flows for the year ended on that date.
BASIS FOR OPINION
We conducted our audit 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 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 Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the 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.
| The Key Audit Matters | How the matter was addressed in our audit |
| Revenue from Sale of Goods Revenue from the sale of goods (hereinafter referred to as "Revenue") is recognized when the Company performs its obligation to its customers and the amount of revenue can be measured reliably and recovery of the consideration is probable. The timing of such revenue recognition in case of sale of goods is when the control over the same is transferred to the customer, which is mainly upon delivery. The timing of revenue recognition is relevant to the reported performance of the Company. The management considers revenue as a key measure for evaluation of performance. There is a risk of revenue being recorded before control is transferred. |
Our audit procedures included the following: • Assessed the Companys revenue recognition accounting policies in line with AS 9 ("Revenue Recognition") and tested thereof. • Evaluated the integrity of the general information and technology control environment and testing the operating effectiveness of key IT application controls over recognition of revenue. • Evaluated the design, implementation and operating effectiveness of Companys controls in respect of revenue recognition. • Tested the effectiveness of such controls over revenue cut off at year-end. • On a sample basis, tested supporting documentation for sales transactions recorded during the year. • Performed an increased level of substantive testing in respect of sales transactions recorded during the period closer to the year end and subsequent to the year end. • Compared revenue with historical trends and where appropriate, conducted further enquiries and testing. • Assessed disclosures in financial statements in respect of revenue, as specified in AS 9. |
Information Other than the Financial Statements and Auditors Report thereon
The Companys Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys Directors Report but does not include the financial statements and auditors report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Managements and Board of Directors Responsibilities for the Financial Statements
The Companys Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards (AS) specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements 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 Management and Board of Directors are 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.
The Board of Directors is also responsible for overseeing the Companys financial reporting process.
Auditors Responsibility 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 judgement 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.
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 regulation precludes public disclosure without 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.
OTHER MATTER
The Financial Statements for the year ended March 31, 2025, included in these financial statements have been audited by erstwhile auditor who expressed an unmodified opinion on those statements vide their report dated May 21, 2025.
Our Opinion is not modified in respect of above matters.
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 except for the matter
stated in the paragraph 2B[vi] below on reporting under Rule 11(g) of the Companies [Audit
and Auditors] Rules, 2014.
(c) The Balance Sheet, the Statement of Profit and Loss, 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 AS specified under
Section 133 of the Act.
(e) Based on the written representations received from the directors as on 31 March 2026
and 1 April 2026 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March 2026 from being appointed as a director in terms of Section
164 (2) of the Act.
(f) The modification relating to the maintenance of accounts and other matters connected
therewith are as stated in the paragraph 2A(b) above on reporting under Section 143(3) (b)
of the Act and paragraph 2B[vi] below on reporting under Rule 11(g) of the Companies
[Audit and Auditors] Rules, 2014.
(g) With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B".
B. With respect to the others matters to be included in the Auditors Report in accordance with Rule 11 of the Companies [Audit and Auditors] Rules 2014, in our opinion and to the best of our information and according to explanations given to us;
i. The Company does not have any pending litigations hence there is no impact of the same on its financial position in the financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses if any, on long-term contracts including derivative contracts.
iii. There has been no delay in transferring the amounts 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 identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
b) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts, no funds have been received by the company from any person (s) or entity (ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
c) Based on the audit procedures 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 sub-clause (i) and (ii) of Rule 11 (e) as provided under (a) and (b) above, contain any material misstatement.
v. The company has not declared or paid dividend during the year.
vi. Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of accounts which has a feature of recording audit trail (audit log) facility. However, due to limitations in the system configuration, we are unable to comment whether the audit trail feature operated throughout the year for all relevant transactions recorded in the software or whether there were any instances of the audit trail feature being tampered with. Additionally, where audit trail (edit log) facility was enabled and operated in previous year. The audit trail has preserved by the Company as per the statutory requirements for record retention.
C. With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act;
In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under section 197 (16) which are required to be commented upon by us.
| For S K Agrawal and Co |
| Chartered Accountants LLP |
| Chartered Accountants |
| Firm Reg. No.: 306033E/E300272 |
| Sd/- |
| Rahul Agarwal Partner |
| Membership No. 311830 |
| UDIN - 26311830LURMJV3128 |
(a) (A) The Company has maintained proper records showing full particulars, and situation of Property, Plant and Equipment except quantitative details. As represented to us by the management, the Company is in the process of updating its Property, Plant and Equipment register to reflect these details.
(B) The Company has maintained proper records showing full particulars of Intangible assets.
(b) According to the information and explanations given to us, the property, plant and equipment were not physically verified by the management, during the year due to unavailability of quantitative details. Hence, we are unable to comment on the discrepancies, if any. The management has represented to us that the relevant assets would be additionally covered in the physical verification programme for the subsequent years.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties (other than immovable properties where the Company is the lessee and the leases agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the Company.
(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment (including lease assets) or intangible assets or both during the year.
(e) According to information and explanations given to us and on the basis of our examination of the records of the Company, there are no proceedings initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
ii. (a) The inventories were physically verified during the year by the management at reasonable intervals. In our opinion and according to the information and explanations given to us, the coverage and procedure of such verification by the Management is appropriate having regard to the size of the Company and the nature of its operations. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories when compared with books of accounts.
(b) According to information and explanation given to us and on the basis of our examination of the records of the company, the company has sanctioned working capital limits in excess of five crore in aggregate from banks or financial institutions on security of current asset. In our opinion, the quarterly returns or statements filed by the Company with such banks or financial institutions are not in agreement with the books of account of the Company. Details of annexure are as below:
| Quarter | Name of bank | Aggregate working capital limits sanctioned (Rs in Lakh) | Particulars | Amount as per BOA (Rs in Lakh) | Amount as per Quarterly Return (Rs in Lakh) | Differences (Rs in Lakh) | Reason for differences |
| 30-Jun-25 | ICICI Bank Ltd | 1354 | Inventory | 3,375 | 3,331 | 43.67 | The differences are on account of statement filed with banks prepared based on provisional financial statements. |
| Sundry Debtors | 1,684 | 1,681 | 2.75 | ||||
| 30-Sep-25 | Sundry Creditors | 200 | 188 | 11.79 | |||
| Inventory | 7,072 | 7,061 | 11.76 | ||||
| 31-Dec-25 | Sundry Debtors | 3,057 | 2,920 | 137.04 | |||
| Sundry Creditors | 159 | 131 | 27.73 | ||||
| 31-Mar-26 | Inventory | 7,509 | 9,060 | -1.55 | |||
| Sundry Debtors | 4,119 | 4,136 | -16.35 | ||||
| Sundry Creditors | 212 | 206 | 5.18 | ||||
| Inventory | 9,061 | 11,230 | -2,169.40 | ||||
| Sundry Debtors | 3,551 | 3,428 | 123.31 | ||||
| Sundry Creditors | 109 | 97 | 12.40 |
(B) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not provided 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 during the year except for a Letter of Comfort for Rs 1400 lakh in favour of a related party (other company).
b. According to the information and explanations given to us and based on the audit procedures conducted by us, we are of the opinion that the letter of Comfort given and Investment made prima facie, not prejudicial to the interest of the company.
iv. According to the information and explanations given to us and on the basis of our examination of records of the Company, the Company has neither made any investments nor has it given loans or provided guarantee or security and therefore the relevant provisions of Sections 185 and 186 of the Companies Act, 2013 are not applicable to the Company. Accordingly, clause 3(iv) of the Order is not applicable.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, clause 3(v) of the Order is not applicable.
vi. According to information and explanation given by the management, the maintenance of cost records have not been prescribed by the Central Government under section 148(1) of the Act, for any of the activities carried on by the company and hence para 3(vi) of the Order is not applicable to the company
vii. (a) According to the information and explanation given to us and on the basis of our examination of the record of the company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Goods and Services Tax (GST), provident fund, Employees state insurance, income tax, Duty of customs, cess and other statutory dues have generally been regularly deposited with the appropriate authorities, though there have been slight delays in a few cases of TDS and other statutory dues.
According to information and explanation given to us, no undisputed amounts payable in respect of GST, provident fund, Employees state insurance, income tax, Duty of custom, cess and other material statutory dues were in arrear as at 31st March 2026 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of GST, Provident Fund, Employees state Insurance, Income-tax, sales tax, service tax, duty of customs, Value added tax, cess or other statutory dues which have not been deposited by the company on accounts of disputes.
viii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
ix. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of interest thereon to banks or financial institutions during the year.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been declared a wilful defaulter by any bank or financial institution or government or government authority.
(c) In our opinion and according to the information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained.
(d) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term purposes by the company.
(e) According to the information and explanations given to us and on an overall examination of the financial statements of the company, we report that the company has not taken any funds from any entity or person on account of or to meet the liabilities of its subsidiaries as defined under the companies Act, 2013. Accordingly, clause 3(ix)(e) of the order is not applicable.
(f) According to the information and explanations given to us and procedures performed by us, we report that the company has not raised loans during the year on the pledge of securities held in its subsidiaries as defined under the companies Act, 2013. Accordingly, clause 3(ix)(f) of the order is not applicable.
x. (a) In our opinion and according to the information and explanations given to us, the Company has utilised the money raised by way of initial public offer for the purposes for which they were raised. However, same portion of the amount raised, which remain unutilised during the year, have been temporary invested in banks deposits and placed in current accounts as on 31 March 2026. These unutilised monies are in the books of the Company.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.
xi. (a) During the course of our examination of the books and records of the Company and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the year except a case of theft of confidential data and information by an employee of the Company.
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Companies Act, 2013 has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.
xii. According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable.
xiii. In our opinion and according to the information and explanations given to us, the transactions with related parties are in compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, and the details of the related party transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Companys internal audit system is not commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the Company issued till date for the period under audit.
xv. In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvii)(a) of the Order is not applicable.
(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvii)(b) of the Order is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvii)(c) of the Order is not applicable.
(d) According to the information and explanations provided to us during the course of audit, the Group does not have any CIC. Accordingly, the requirements of clause 3(xvii)(d) are not applicable
xvii. The Company has not incurred cash losses in the current and in the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year, and accordingly requirement to remit on clause 3(xviii) of the Order is not applicable to the Company.
xix. According to the information and explanations given to us and 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, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.
xx. (a) The company has not transferred the amount remaining unspent in respect of other than ongoing projects, to a Fund specified in Schedule VII to the Companies Act, 2013 till the date of our report in respect of the following:
| Financial Year | Amount unspent on corporate social responsibility activities "other than ongoing projects" | Amount transferred to Fund specified in Schedule VII within 6 months from the end of the Financial Year | Amount transferred after the due date (specify the date of deposit) |
| 2023-24 | 6.50 Lakh | NIL | NA |
| 2024-25 | 17.87 Lakh | NIL | NA |
| 2025-26 | 0.04 Lakh | NIL (Time period under section 135(5) has not elapsed) | NA |
(b) In our opinion and according to the information and explanations given to us, there is no unspent amount under sub-section (5) of section 135 of the Companies Act, 2013 pursuant to any ongoing project. Accordingly, clause 3(xx)(b) of the Order is not applicable.
| For S K Agrawal and Co |
| Chartered Accountants LLP |
| Chartered Accountants |
| Firm Reg. No.: 306033E/E300272 |
| Sd/- |
| Rahul Agarwal |
| Partner |
| Membership No. 311830 |
| UDIN - 26311830LURMJV3128 |
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS OF PUSHPA JEWELLERS LIMITED (FORMERLY KNOWN AS PUSHPA JEWELLERS PRIVATE LIMITED) FOR THE YEAR ENDED 31 MARCH 2026
Report on the Internal Financial Controls with Reference to aforesaid financial statements under Clause (i) of Subsection 3 of Section 143 of the Act
[Referred to in paragraph 2 [Al(g) under Report on Other Legal and Regulatory Requirements section of our report of even date]
We were engaged to audit the internal financial controls with reference to financial statements of Pushpa Jewellers Limited (Formerly known as Pushpa Jewellers Private Limited [the Company] as of March 31, 2026, in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managements and Board of Directors Responsibility for Internal Financial Controls
The Companys management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with Reference to Financial Statements criteria established by the Company considering the essential components of internal financial control stated in the Guidance Note. 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 Act.
Auditors Responsibility
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, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements. 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.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls 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.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our qualified audit opinion on the Companys internal financial controls system with reference to financial statements.
Meaning of Internal Financial Controls with Reference to Financial Statements
A Companys internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control with reference to financial Statements includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the Financial Statements.
Inherent limitations of Internal Financial Controls with Reference to Financial Statements
Because of the inherent limitations 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, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Qualified Opinion
According to the information and explanations given to us and based on our audit, the following material weaknesses have been identified as at March 31, 2026:
(a) The Companys internal financial controls over timely issuance of purchase orders and their approval were not operating effectively which could potentially result in the Company recording unapproved purchases (both revenue and capital).
A material weakness is a deficiency, or a combination of deficiencies, in internal financial control with reference to financial statements, such that there is a reasonable possibility that a material misstatement of the companys annual or interim financial statements will not be prevented or detected on a timely basis.
In our opinion, the Company has, in all material respects, maintained adequate internal financial controls over financial reporting as of March 31, 2026, based on the internal control with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls with reference to Financial Statements issued by the Institute of Chartered Accountants of India, and except for the effects/possible effects of the material weaknesses described above on the achievement of the objectives of the control criteria, the Companys internal financial controls with reference to Financial statements were operating effectively as of March 31, 2026.
Explanatory paragraph
We also have audited, in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act, the Financial Statements of the Company, which comprise the Balance Sheet as at March 31, 2026, and the related Statement of Profit and Loss including the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the March 31, 2026, Financial Statements of the Company and this report does not affect our report dated May 30, 2026, which expressed an unqualified opinion on those financial statements.
| For S K Agrawal and Co |
| Chartered Accountants LLP |
| Chartered Accountants |
| Firm Reg. No.: 306033E/E300272 |
| Place - Kolkata |
| Dated - 30th May 2026 |
| Membership No. 311830 |
| UDIN - 26311830LURMJV3128 |
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