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R K Swamy Ltd Auditor Reports

150.05
(-0.57%)
Aug 29, 2025|12:00:00 AM

R K Swamy Ltd Share Price Auditors Report

To the members of R K SWAMY Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

OPINION

We have audited the accompanying standalone financial statements of R K SWAMY Limited ("the Company"), which comprise the Standalone Balance sheet as at 31st March, 2025, the Standalone Statement of Profit and Loss including the statement of Other Comprehensive Income, the Standalone Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements,including a summary of material accounting policy information 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, as amended ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and accounting principles generally accepted in India, of the state of affairs of the Company (financial position) as at 31st March, 2025, its profit including other comprehensive income (financial performance), its cash flows and the changes in equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the ‘Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

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 matter described below to be the key audit matters to be communicated in our report.

Key Audit Matters

How the matter was addressed in our audit
1. Revenue Recognition 1)Our audit procedures over the recognition of revenue included the following:
1)The Company is primarily engaged in the business of providing Integrated Marketing Services. identified revenue recognition from contracts with customers as a Key Audit Matter since: a) We Obtained an understanding of the Companys Revenue recognition process including design and implementation of controls, tested the operating like effectiveness, for selected sample transactions, as of key controls over revenue recognized over the period of time / at a point in time and material fixed price contracts;
i) Company provides various services advertisement in various media such television, newspaper, radio, outdoor, strategic media planning and buying, developing and managing campaigns in the space of creative services, promotions through appropriate media etc; b) Assessed the appropriateness of the Companys revenue recognition accounting policies with reference to the relevant accounting standards;
ii) Revenue from rendering of these services is recognised when control is transferred to the customers and there are no other unfulfilled obligations; c) Performed test of details on selected statistical samples of revenue transactions recorded during the year.
d) Verified the underlying documents such as Invoices, Statement of works / Purchase Order, Agreements and customer acknowledgements, related correspondence for disagreements, if any where applicable;
iii) Due to diverse nature of contracts with customers and the subjectivity and manual analysis involved in revenue recognition, it requires detailed analysis of each contract regarding timing of revenue recognition and an inappropriate assessment could lead to risk of revenue getting recognised inaccurately; e) On a sample basis, we tested the invoices and other relevant documents for revenue transactions recorded during the period closer to the year end and subsequent to the year end to verify recognition of revenue in the correct period;
iv) An analysis of past trends of the Company shows that revenue is not evenly distributed across the year f) Inspected the credit notes/reversals of revenue, if any in the subsequent period to assess revenue is appropriately recognised in the period in which related service is rendered
g) Tested journal entries regarding revenue recognition based on specified risk-based criteria to identify unusual items;
h) Assessed the adequacy of disclosures made in the standalone financial statements with respect to revenue recognized during the year as required by applicable Indian Accounting Standards.

OTHER MATTER

The standalone financial statements of the Company for the year 31st March, 2024 were audited by the predecessor auditor who expressed an unmodified opinion on those standalone financial statements on 24th May, 2024; We have relied upon the said report for the purpose of our report on these standalone financial statements and do not express any opinion, as the case maybe, on the figures reported in the audited standalone financial statements for the year ended 31st March. 2024.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON

The Companys Management and Board of Directors is responsible for the other information. The other information comprises the information included in the Directors Report, Corporate Governance Report and Management Analysis and Discussion report, but does not include the standalone and consolidated financial statements and our auditors report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the standalone financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Ind 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 judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error; In preparing the standalone financial statements, Management 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 Management and 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 STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these standalone financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence 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 standalone financial statements in place and the operating effectiveness of such controls;

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;

• Conclude on the appropriateness of Management and Board of Directors 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 standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern;

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that: (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; (c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Standalone Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account; (d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act; (e) Based on the written representations received from the directors as on 31st March, 2025 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 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 with reference to standalone financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this Report. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the companys internal financial controls with reference to standalone financial statements; (g) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial positions in its standalone financial statements – Refer Note 37.1 to the standalone financial statements; 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; iv.a) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, 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, whether, 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, other than 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, 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 any guarantee, security or the like on behalf of the Ultimate Beneficiaries; c) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances; nothing has come to our notice that has caused us to believe that the representations under clause (i) and (ii) of Rule 11(e), as provided under a) and b) above, contain any material misstatement; d) The final dividend paid by the Company during the year in respect of the same declared in the previous year is in accordance with section 123 of the Act, as applicable; e) As stated in note no 43 to the standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act, as applicable; v. 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 was enabled throughout the year. Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention.

3. With respect to the matter to be included in the Auditors Report under section 197(16) of the Act: In our opinion and to the best of our information and accordingtotheexplanationsgiventous,theremuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

For C N K & Associates LLP

Chartered Accountants

Firm Registration No: 101961W/W – 100036

Sd/-

Himanshu Kishnadwala

Partner

Membership No. 037391

Place: Mumbai

Date: May 21, 2025

UDIN: 25037391BMLFUP4985

ANNEXURE 1 TO INDEPENDENT AUDITORS REPORT

[Referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory requirements in the Independent Auditors Report of even date to the members of RK SWAMY Limited ("the Company") on the standalone financial statements for the year ended 31st March, 2025] To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that; i. (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment and relevant details of right-of-use assets; (B) The Company has maintained proper records showing full particulars of intangible assets; (b) Property, Plant and Equipment and right of use assets have been physically verified by the management during the year and no material discrepancies were identified on such verification; (c) The Company does not have any immovable properties (other than properties included in Right of use assets in the standalone financial statements where the Company is the lessee and the lease agreements are duly executed in favour of the Company except for four leases for which lease agreement renewals are under process) (d) The Company has not revalued any Property, Plant and Equipment including Right of Use Assets and intangible assets during the year; (e) As disclosed in note 46(iv) of the standalone financial statements, no proceedings have been initiated during the year or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder. ii. (a) The Company is a service company primarily in the business of integrated marketing services and hence does not have any inventory. Accordingly reporting under clause 3(ii)(a) of the Order is not applicable; (b) During the year Company has been sanctioned a working capital facility in excess of Rs. 5 crores, in aggregate, from bank on the basis of security of current assets; based on our verification of quarterly statements filed by the Company with such bank are in agreement with the books of account of the Company . The Company has not been sanctioned working capital limits from any financial institution. iii During the year the Company has not made investment in, provided any security or granted loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnership or any other parties. The Company has granted loans to employees and provided guarantees to companies, in respect of which the requisite information is as below.

(a)

Particulars

Guarantees Loans Amount
Amount (Rs. in Lakhs)
(Rs. in Lakhs)

A) Aggregate amount

during the year

- Subsidiaries 1,000 -
- Employees - 6.96
B) Balance outstanding

as at the Balance

sheet date

- Subsidiaries 1,300 -
- Employees - 3.88

(b) In our opinion, terms and condition of loans given during the year and providing of guarantees to subsidiaries during the year are, prima facie, not prejudicial to the interest of the Company. The Company has not provided any security or granted any advances in the nature of loans during the year. (c) In respect of loans given by the Company, schedule of repayment of principal and payment of interest has been stipulated and the repayment and receipts of principal amounts and interest have been regular as per stipulation except for the following:

Name of the

Principal Interest Due Extent

Entity

Amount Amount Date of
(Rs. In (Rs. In Delay
Lakhs) Lakhs)
0.33
El Tech Appliance 7 March, 1,486
100.00 (not
Private Limited 2021 Days
accrued)

(d) In respect of following loans granted by the Company, which have been overdue for more than ninety days at the balance sheet date, as explained to us, the management has taken reasonable steps for recovery of such principal and interest (Refer Note no. 8 to the standalone financial statements):

No. of

Principal Interest Total

cases

Amount Overdue Overdue (Rs. Overdue
(Rs. In Lakhs) In Lakhs)
1 100.00 0.33 100.33

(e) No loans and advances in the nature of loans granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties; (f) The Company has not granted any loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is not applicable; iv. The Company has complied with the provisions of section 185 and 186 of the Act, with respect to grant of loans, making investments, providing guarantees and securities, as applicable; v. The Company has not accepted any deposits or amounts which are deemed to be deposits. Hence, reporting under clause 3(v) of the Order is not applicable to the Company; vi. The Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Act for any of the services rendered by the Company. Accordingly, the provision of clause 3(vi) of the Order is not applicable to the Company; vii.The Company is regular in depositing with appropriate authorities undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income-tax, cess and other statutory dues applicable to it. As informed, the provisions of sales-tax, duty of custom, duty of excise and value added taxes are not applicable to the Company; a. According to the information and explanations given to us, no undisputed amounts payable in respect of goods and services tax, provident fund, employees state insurance, income-tax, cess and other statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. As informed, the provisions of sales-tax, duty of custom, duty of excise and value added taxes are not applicable to the Company; b. Details of the statutory dues referred to in clause (a) above which have not been deposited as on 31st March 2025 on account of any dispute are given below;

sName of the Statute

Nature of the Dues Amount involved (Rs. In Lakhs) Amount unpaid (after refund adjusted / taxes paid /adjusted under protest) Period to which the amount relates Forum where the dispute is pending
Goods
Goods
and
and
Service 60.73 57.12 FY 2017-18

Commissioner

Service of Appeals
Tax Act,
Tax
2017
Custom Excise
Service FY 2012-13
Service and Service
Tax Act,. 24.86 20.73 and FY
Tax Tax Appellate
1994 2013-14
Tribunal
Custom Excise
Service
Service and Service
Tax Act,. 96.54 94.39 FY 2016-17
Tax Tax Appellate
1994
Tribunal
Income Income Tax
Income
Tax Act, 94.70 - FY 2017-18 Appellate
Tax
1961 Tribunal
Income Commissioner
Income
Tax Act, 57.97 - FY 2018-19 of Income Tax
Tax
1961 (Appeals)
Income Commissioner
Income
Tax Act, 17.17 - FY 2019-20 of Income Tax
Tax
1961 (Appeals)
Income Commissioner
Income
Tax Act, 25.44 - FY 2020-21 of Income Tax
Tax
1961 (Appeals)

viii. There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year; ix. (a) During the year, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender; (b) As disclosed in note 38 of the standalone financial statements, the Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority; (c) During the year Company has not availed any term loans and hence reporting under the clause 3(ix) (c) of the Order is not applicable; (d) On an overall examination of the standalone financial statements of the Company, we report that funds raised on short term basis have prima facie not been used for long term purposes; (e) On an overall examination of the standalone financial statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries. The Company does not have any Associate or Joint Ventures; (f) The company has not raised loans during the year on the pledge of securities held in its subsidiaries. x. (a) In our opinion, moneys raised by way of initial public offer by the Company during the previous year, have been partly utilised by the Company in the current year for the purpose for which they were raised, and balance unutilised amounts are temporarily deployed in a separate Bank account and short-term deposits with Bank. Refer note 45 of the standalone financial statements; (b) During the year Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) and hence clause 3(x)(b) of the Order is not applicable; xi. (a) We report that no fraud by the Company or no fraud on the Company has been noticed or reported during the year;

(b) No report under sub section (12) of section 143 of the Act has been filed in the form ADT – 4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with central government during the year; (c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year; xii. The Company is not a Nidhi company. Therefore, the reporting under clause 3(xii) (a) to (c) of the Order is not applicable to the Company; xiii. In our opinion, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the standalone financial statements, as required by the applicable accounting standards; xiv. (a) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business; (b) We have considered the internal audit reports of the company issued till date, for the period under audit. xv. During the year, the Company has not entered any non-cash transactions with directors or persons connected with him as referred to in section 192 of the Act; xvi. (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause (xvi)(a) and (b) are not applicable to the Company; (b) The Company is not a Core Investment Company("CIC") as defined in the regulations made by the Reserve Bank of India and accordingly requirements of clause 3(xvi)(c) of the Order is not applicable; (c) There are no CICs as a part of the Group; xvii.The Company has not incurred any cash losses in the Current year and in the immediately preceding financial year and hence the reporting under clause 3(xvii) of the Order are not applicable to the Company; xviii. There has been no resignation of statutory auditors of the Company during the year; xix. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the standalone 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. The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there are no unspent CSR amount for the year requiring a transfer to a fund specified in a Schedule VII to the Act or special account in compliance with the provision of sub-section (6)of section 135 of the said Act. Accordingly, reporting under clause 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

For C N K & Associates LLP

Chartered Accountants

Firm Registration No: 101961W/W – 100036

Sd/-

Himanshu Kishnadwala

Partner

Membership No. 037391

Place: Mumbai

Date: May 21, 2025

UDIN: 25037391BMLFUP4985

ANNEXURE 2 TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON STANDALONE FINANCIAL STATEMENTS OF R K SWAMY LIMITED

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE I OF SUBSECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT") OPINION

We have audited the internal financial controls with reference to standalone financial statements of R K SWAMY Limited ("the Company") as of 31st March, 2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date. In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to these standalone financial statements and such internal financial controls with reference to these standalone financial statements were operating effectively as at

31st March, 2025, 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 Over Financial Reporting issued by the Institute of Chartered Accountants of India.

MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control with reference to standalone 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 Over Financial Reporting issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements 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 as specified under section 143(10) of the Act, to the extent 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 these standalone financial statements were 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 these standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to these standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to these standalone financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

A Companys internal financial control with reference to these standalone 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 these standalone 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 standalone 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 standalone financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THESE STANDALONE FINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls with reference to these standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to these standalone financial statements to future periods are subject to the risk that the internal financial control with reference to these standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For C N K & Associates LLP

Chartered Accountants

Firm Registration No: 101961W/W – 100036

Sd/-

Himanshu Kishnadwala

Partner

Membership No. 037391

Place: Mumbai

Date: May 21, 2025

UDIN: 25037391BMLFUP4985

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This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.