I have audited the standalone financial statements of Ace Software Exports Limited ("the Company") which comprise the
Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss (including Other Comprehensive Income/(Loss)),
Statement of Changes in Equity, Statement of Cash Flows for the year then ended and notes to the standalone financial
statements, including a summary of material accounting policies and other explanatory information for the year ended on
that date (hereinafter referred to as "Standalone Financial Statements").
In my opinion and to the best of my information and according to the explanations given to me, 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, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2025, its Profit including other comprehensive income/(Loss), changes in equity and its cash flows for the year
ended on that date.
BASIS FOR OPINION
I conducted my audit of Standalone Financial Statement in accordance with the Standards on Auditing (SAs) specified
under Section 143(10) of the Act. My responsibilities under those Standards are further described in the 'Auditor's
Responsibilities for the Audit of the Standalone Financial Statements' section of my report. I am 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 my audit of the standalone financial statements under the provisions
of the Act and the Rules thereunder, and I have fulfilled my other ethical responsibilities in accordance with these
requirements and the Code of Ethics. I believe that the audit evidences I have obtained are sufficient and appropriate to
provide a basis for my opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in my professional judgment, were of most significance in my audit of the standalone
financial statements of the current period. These matters were addressed in the context of my audit of the standalone financial
statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.
I have determined that there are no key audit matters to communicate in my report.
INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENT AND AUDITOR'S
REPORT THEREON
Management is responsible for the other information. The other information comprises the information included in the
Annual Report, but does not include the standalone financial statements and my auditor's report thereon.
My opinion on the standalone financial statements does not cover the other information and I do not express any form of
assurance conclusion thereon.
In connection with my audit of the standalone financial statements, my responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the standalone financial statements or my
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work I have performed, I conclude that there is a material misstatement of this other information; I am
required to report that fact. I have nothing to report in this regard.
MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Company's 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, total comprehensive income, changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133
of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate implementation and maintenance of 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 statement 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 is responsible for assessing the Company's 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 either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so. The Board of Directors are also responsible for overseeing the Company's financial reporting
process.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS
My 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 auditor's report that includes my 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, I exercise professional judgment and maintain professional skepticism throughout
the audit. I 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 my 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, I am also responsible for expressing my opinion
on whether the company has adequate internal financial controls system 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's 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 Company's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am
required to draw attention in my auditor's report to the related disclosures in the standalone financial statements or, if
such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to
the date of my auditor's 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.
I 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 I identify during my audit.
I also provide those charged with governance with a statement that I 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 my independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, I 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. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my 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 (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India
in terms of sub-section (11) of section 143 of the Act, I give in the "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, I report that:
a) I have sought and obtained all the information and explanations which to the best of my knowledge and belief were
necessary for the purposes of my audit.
b) In my opinion, proper books of account as required by law have been kept by the Company so far as it appears from
my examination of those books.
c) The standalone Balance Sheet, the standalone Statement of Profit and Loss (including other Comprehensive Income/
(Loss)), the Statement standalone of Changes in Equity and the standalone Cash Flow Statement dealt with by this Report
are in agreement with the books of account.
d) In my opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31, 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 my separate Report in "Annexure B".
g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in my opinion and to the best of my information and according to the explanations
given to me:
i. The Company does not have any pending litigations which would impact its financial position.
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 during the year ended on March 31, 2025.
iv. a) The management has represented that, to the best of it's 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 or entity, 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 person or entity 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 it's knowledge and belief, no funds have been
received by the company from any person or entity, 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 person or entity 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; and
c) Based on such audit procedures that were considered reasonable and appropriate in the circumstances,
nothing has come to my notice that has caused me to believe that the representations under sub-clause (a)
and (b) contain any material misstatement.
v. The Company has not declared or paid dividend during the year.
vi. The Company uses accounting software Tally for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and as represented by the management the same has operated throughout the year
for all relevant transactions recorded in the accounting software. However, there are some inherent limitations of
this accounting software.
3. With Respect to the other matters to be included in Auditors' Report in accordance with the requirements of Section
197(16) of the Act, as amended:
In my opinion and according to the information and explanation given to me, the remuneration paid during the current
year by the Company to its directors is in accordance with the provisions of Section 197 of the Act.
For J. A. Sheth & Associates,
Chartered Accountants
(Firm Registration Number - 119980W)
Jingal A. Sheth
Proprietor
(Membership No.107067)
UDIN : 25107067BMLFCH9863
Rajkot, Dated May 30, 2025
|