To the Members of M/S REAL GROWTH CORPORATION LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the standalone financial statements of M/S REAL GROWTH CORPORATION
LIMITED ("the Company"), which comprise the standalone balance sheet as at 31
March 2025, the
standalone statement of profit & Loss Account, , the Statement of Changes in Equity
and standalone
statement of cash flows for the year then ended, and notes to the standalone financial
statements,
including a summary of the significant accounting policies and other explanatory
information
(hereinafter referred to as "the standalone financial statements").
In our opinion and to the best of our information and according to the explanations
given to us, the
aforesaid standalone financial statements give the information required by the Companies
Act, 2013
(the "Act") in the manner so required and give a true and fair view in
conformity with the Indian
Accounting Standards prescribed under section 133 of the Act read with the Companies
(Indian
Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting
principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2025 and its
loss, total
comprehensive income, changes in equity 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 SAs 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 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
Code of Ethics.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide
a basis for
our 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 there is no other key matters except Note No. 6 to Financial Statements
regarding Refund
receivable towards bookings in immovable property in the project under development by a
group
company M/s Rajesh Projects (India) Pvt. Ltd. (Presently operating under the supervision
of Interim
Resolution professional (IRP).
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 annual report, but
does not
include the financial statements and our auditors report thereon. The annual report is
expected to be
made available to us after the date of this auditors report.
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 identified above when it becomes available and, in doing so, consider
whether the
other information is materially inconsistent with the standalone financial statements or
our knowledge
obtained in the audit or otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement
therein, we are
required to communicate the matter to those charged with governance and take necessary
actions, as
applicable under the relevant laws and regulations.
Managements and Board of Directors Responsibilities for the Standalone 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 standalone financial statements
that give a
true and fair view of the state of affairs, profit/loss and cash flows of the Company in
accordance with
the accounting principles generally accepted in India, including the Accounting Standards
specified
under section 133 of the Act. Read with rule 7 of the companies (Accounts) Rules, 2014.
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 the Board
of Directors
either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do
so.
The Board of Directors is 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 on the
basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain
professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone
financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit
evidence 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 and Board of Directors.
Conclude on the appropriateness of managements and Board of Directors use of
the going concern
basis of accounting in preparation of standalone financial statements 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.
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 section 143(11) of the Act, we give in the "Annexure
A" a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2A. 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,
Statement of Changes
in Equity and the standalone statement of cash flows dealt with by this Report are in
agreement
with the books of account.
(d) In our opinion, the aforesaid standalone Ind AS Financial Statements comply with
the Indian
Accounting Standards specified under section 133 of the Act, read with Rules 7 of the
Companies
(Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31
March 2025,
taken on record by the Board of Directors, none of the directors is disqualified as on 31
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 over financial
reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in
"Annexure B"; and
2B. 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
information and according to the explanations given to us:
a) The Company has disclosed the impact of pending litigations as at 31 March 2025 on
its financial
position in its standalone financial statements.
b) The Company did not have any long-term contracts including derivative contracts for
which
there were any material foreseeable losses.
c) There has been no delay in transferring amounts required to be transferred to the
Investor
Education and Protection Fund by the Company.
d) (i) The Management has represented that, to the best of its knowledge and belief, other than
as disclosed in financial statement, 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 persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf
of the
Company or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.
(ii) The Management has represented that, to the best of its knowledge and belief, as
disclosed
in financial statement, no funds have been received by the Company from any persons or
entities, 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 ("Ultimate
Beneficiaries") by or on behalf of the Funding Parties or provide any guarantee,
security
or the like on behalf of the Ultimate Beneficiaries.
(iii) Based on the audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(e) contain any
material mis-statement.
e) The company did neither proposed/declared nor paid final dividend in the company
annual
general meeting during the financial year 2024-25. If any dividend declared will be
subject to
the approval of the members at the ensuing Annual General Meeting. The dividend so
declared
will be in accordance with section 123 of the Act to the extent it applies to declaration
of
dividend.
f) Based on our examination, which included test checks, the company has used
accounting
software for maintaining its books of Account for the financial year March 31, 2025 which
did
not have feature of recording audit trial (Edit log) Facility, accordingly we could not
make any
comment on effective operation and tempered feature throughout the year.
2C. 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 limits laid down under section 197 of the Act. The Ministry of Corporate Affairs
has not
prescribed other details under section 197(16) of the Act which are required to be
commented
upon by us.
Annexure A to the Independent Auditors Report
(Referred to in paragraph 1 under Report on Other Legal and Regulatory
Requirements section of our
report of even date) With reference to Annexure A referred to in the Independent Auditors
Report to
the members of the Company on the standalone financial statements for the year ended 31
March 2025,
we report the following:
(i) (a) The Company has maintained requisite records of fixed assets, however as explained the fixed
assets register shall be updated and maintained properly such that all the necessary
details
including their location are clearly indicated and the Company has maintained proper
records
showing full particulars of intangible assets.
(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 a regular program of physical verification
of its property, plant and equipment by which all property, plant and equipment are
verified
in a phased manner over a period of three years. In accordance with this program, certain
property, plant and equipment were verified during the year. In our opinion, this
periodicity
of physical verification is reasonable having regard to the size of the Company and the
nature
of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our
examination
of the records of the Company, Immovable properties of the company as stock in trade and
title deed of immovable properties 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 right of use assets) or intangible assets or both during the year.
(e) According to the 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 inventory has been physically verified by the management during the year. In our opinion,
frequency of verification is reasonable.
(b) According to the information and explanations given to us and on the basis of our
examination
of the records of the Company, there is no outstanding working capital limits in excess of
five
crore rupees, in aggregate, from banks or financial institutions on the basis of the
security of
current assets at any point of time during the year.
(c) On the basis of our examination of the inventory records. In our opinion, the
company is
maintaining proper records of inventory. The material effect of discrepancy noticed on
physical verification as compared to books records is duly accounted for.
(iii) 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 guarantees or granted loans
and advances loans during the year to companies and other parties. Further there is
Refund
Receivable against flats booked (Refer Note No. 6 to financial statement) to Group Company
which has been admitted under the provisions of Insolvency and Bankruptcy Code, 2016.
(iv) 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 complied with the provisions of section 185
and 186 of the Act.
(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 the information and explanations given to us, the Central
Government has not
prescribed the maintenance of cost records under Section 148(1) of the Act for the
services
provided by it. Accordingly, clause 3(vi) of the Order is not applicable.
(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and
Value added tax during the year since effective 1 July 2017, these statutory dues has
been
subsumed into Goods and Services Tax ("GST") According to the information and
explanations given to us and on the basis of our examination of the records of the
Company,
in our opinion the company is not regular in depositing amounts deducted / accrued in the
books of account in respect of undisputed statutory dues including GST, Provident fund,
Employees State Insurance, Income-Tax, Duty of Customs, Cess and other statutory dues.;
According to the information and explanations given to us and on the basis of our
examination
of the records of the Company, no undisputed amounts payable in respect of GST, Provident
fund, Employees State Insurance, Income-Tax, Duty of Customs, Cess and other statutory
dues were in arrears as at 31 March 2025 for a period of more than six months from the
date
they became payable except details below.
Account Head |
Amount (Rs.) |
GST Payable |
55,57,918/- |
TDS Payable |
30,75,000/- |
Total |
86,32,918/- |
Taxes Rs. 29.47 Lacs has been reversed during the year.
(vii) (b) According to the information and explanations given to us and on the basis of
our examination
of the records of the Company, there are no statutory dues relating to GST, Provident
Fund,
Employees State Insurance, Income-Tax, Sales Tax, Service Tax, Duty of Customs, Value
Added Tax or Cess or other Statutory dues which have not been deposited on account of any
dispute, except details below.
S Liability |
A.Y. | SECTION | TAX | Accrued Interest |
Total |
1 Income Tax |
2002-03 | 143(3) | 2,33,525 | 6,06,816 | 8,40,341 |
2 Income Tax |
2005-06 | 143(3) | 63,063 | 63,063 | |
3 Income Tax |
2006-07 | 143(3) | 1,37,064 | 2,29,989 | 3,67,053 |
4 Income Tax |
2012-13 | 147 | 40,54,140 | 19,05,427 | 59,59,567 |
5 Income Tax |
2016-17 | 143(1)(a) | 59,77,226 | 35,26,548 | 95,03,774 |
6 Income Tax |
2017-18 | 143(1)(a) | 77,00,440 | 44,66,232 | 1,21,66,672 |
7 Income Tax |
2018-19 | 143(3)- Pending CIT Appeal |
77,62,330 | 25,61,559 | 1,03,23,889 |
8 Income Tax |
2019-20 | 143(1)(a) | 16,81,890 | 6,05,448 | 22,87,338 |
9 Income Tax |
2020-21 | 143(3)- Pending CIT |
11,80,98,758 | 5,07,82,441 | 16,88,81,199 |
10 TDS |
2023-24 | Interest on Late Filing |
51,020 | 51,020 | |
11 TDS |
2025-26 | Interest on Late Filing |
8,550 | 8,550 | |
12 TDS |
Prior Years |
Interest on Late Filing |
64,660 | 64,660 | |
13 GST |
2019-20 | Sec-74, (Rectification filed) |
1,78,14,002 | 1,99,51,682 | 3,77,65,684 |
14 GST |
2017-18 | Sec-73, (Rectification filed) |
1,91,016 | 2,11,016 | 4,02,032 |
15 GST |
2017-18 | Sec-74, (Appeal Filled) |
2,70,23,35,368 | 2,70,23,35,368 | |
TOTAL | 16,37,74,621 | 2,78,72,45,589 | 2,95,10,20,210 |
(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 settled full and final the loan
obligations
from Punjab National Bank 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 willful 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, there is no term loan outstanding at the end of the year.
(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 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,
as defined in the Act. The Company does not hold any investment in any associate or joint
venture (as defined in the Act) during the year ended 31 March 2025.
(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 Act).
(x) (a) The Company has not raised any money by way of initial public offer or further public offer
(including debt instruments) Accordingly, clause 3(x)(a) of the Order is not applicable.
(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) Based on examination of the books and records of the Company and according to the
information and explanations given to us, considering the principles of materiality
outlined in
the Standards on Auditing, we report that no fraud by the Company or on the Company has
been noticed or reported during the audit.
(b) According to the information and explanations given to us, report under sub-section
(12) of
Section 143 of the Act by the auditors in Form ADT-4 as prescribed under Rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government is not applicable.
(c) We have taken into consideration the company did not receive any whistle blower
complaints
during the year while determining the nature, timing and extent of our audit procedures.
(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 Act, where
applicable,
and the details of the related party transactions have been disclosed in the standalone
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 Company has an internal audit system commensurate with the size and nature
of
its business.
(b) We have reviewed internal audit reports of the Company 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 Act are not applicable to the
Company.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve
Bank of
India Act, 1934. Accordingly, clauses 3(xvi)(a) to (d) of the Order is not applicable.
(xvii) The Company has not incurred cash losses in the current financial year (Previous
Year Cash
Loss incurred Rs.131.70 Lacs).
(xviii) There has been no resignation of the statutory auditors during the year.
Accordingly, clause
3(xviii) of the Order is not applicable.
(xix) According to the information and explanations given to us and 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
the
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) 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 Act pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.
ANNEXURE - B TO THE AUDITORS REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the
Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/s REAL
GROWTH
CORPORATION LIMITED ("the Company") as of 31 March 2025 in conjunction with our
audit of
the Ind AS Financial Statements of the Company for the year ended on that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companys management is responsible for establishing and maintaining internal
financial controls
based on the internal control over financial reporting criteria established by the Company
considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial
Controls over Financial Reporting issued by the Institute of Chartered Accountants of
India (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 companys policies, the safeguarding of its assets, the
prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on the Companys internal financial
controls over financial
reporting of the company based on our audit. We conducted our audit in accordance with the
Guidance
Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance
Note") issued
by Institute of Chartered Accountants of India and the Standards on Auditing prescribed
under section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls,
both applicable to an audit of Internal Financial Controls and, both issued by the
Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with
ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate
internal financial controls over financial reporting was established and maintained and if
such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal
financial controls system over financial reporting and their operating effectiveness. Our
audit of internal
financial controls over financial reporting included obtaining an understanding of
internal financial
controls over financial reporting, assessing the risk that a material weakness exists, and
testing and
evaluating the design and operating effectiveness of internal control based on the
assessed risk. The
procedures selected depend on the auditors judgment, including the assessment of the
risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for
our audit opinion on the Companys internal financial controls system over financial
reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A companys internal financial control over financial reporting is a process designed
to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial
statements for external purposes in accordance with generally accepted accounting
principles. A
companys internal financial control over financial reporting includes those policies and
procedures that
pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the
transactions and dispositions of the assets of the company; 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 authorizations of management and directors of the company;
and provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or
disposition of the companys assets that could have a material effect on the financial
statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL
REPORTING
Because of the inherent limitations of internal financial controls over financial
reporting, including the
possibility of collusion or improper management override of controls, material
misstatements due to
error or fraud may occur and not be detected. Also, proj ections of any evaluation of the
internal financial
controls over financial reporting to future periods are subj ect to the risk that the
internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree
of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system
over financial reporting and such internal financial controls over financial reporting
were operating
effectively as at 31 March 2025, based on the internal control over financial reporting
criteria
established by the Company considering the essential components of internal control stated
in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the Institute
of Chartered Accountants of India.
FOR A D GUPTA AND ASSOCIATES CHARTERED ACCOUNTANTS |
(Firm Registration No. 018763N) |
(Amit Kumar Gupta) |
PARTNER (M.No.500134) |
Place: Greater Noida |
Dated: 26.05.2025 |
UDIN: 25500134BMIBRN3367 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.