We have audited the standalone financial statements of Gujarat Inject (Kerala) Limited (“the Company”),
which comprise the Standalone Balance Sheet as at March 31, 2025, the Standalone Statement of Profit and
Loss (Including Other Comprehensive Income), the Standalone Statement of Changes In Equity and the
Standalone Statement of Cash Flows for the year then ended and notes to the standalone financial statements,
including a summary of significant accounting policies 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 (“Act”) in the
manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India including Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Act, of
the state of affairs of the Company as at March 31, 2025, and its profit and other comprehensive income,
changes in equity and its cash flows for the year ended on that date.
BASIS OF 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 Auditor’s 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 we have obtained is sufficient and appropriate to provide a basis for our
opinion.
EMPHASIS OF MATTERS
We draw attention to the fact that the Company had closed its manufacturing operations and
sold/disposed off land, plant & machinery and other fixed assets in earlier years and since then the
company has not resumed the manufacturing activities. These events or conditions, along with other
matters as set forth in Notes to the financial statements. However, from the last year, company has
started business operation by way of trading of goods. This does not crystalize the opinion of auditor
on companies’ ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
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.
On the basis of audit procedures carried out and discussion with the management, we determined that there
are no matters which are to be classified as Key Audit Matters for current financial year.
INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND
AUDITORS’ REPORT THEREON
The Company’s management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Annual Report but does not include the financial
statements and our auditor’s 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 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.
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.
MANAGEMENT’S AND BOARD OF DIRECTOR’S RESPONSIBILITY FOR THE STANDALONE
FINANCIAL STATEMENTS:
The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5)
of the Companies Act, 2013 (“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 Indian
Accounting Standards (Ind AS), accounting principles generally accepted in India, including the Indian
Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting
Standard) Rules, 2015 as amended.
This responsibility also includes the maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, 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 standalone financial statements, management and Board of Directors are 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 is also responsible for overseeing the Company’s financial reporting process.
AUDITOR’S 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 auditor’s 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 are 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 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’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
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
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 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.
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 (Auditor's Report) Order, 2020 issued by The Central Government of
India in term of section 143 (11) of The Companies Act, 2013, we enclose in the Annexure-A hereto a
statement on the matters specified in paragraphs 3 and 4 of the said order, to the extent applicable to the
company.
2. As required by section 143(3) of the Act, based on our audit 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
appears from our examination of those books;
c) The Standalone Balance Sheet, Standalone the Statement of Profit and Loss including Other
Comprehensive Income, the Standalone Statement of Changes in Equity & the Standalone Statement of
Cash Flows dealt with by this Report are in agreement with the books of account;
d) In our opinion, aforesaid Standalone Balance Sheet, the Standalone Statement of Profit and Loss including
Other Comprehensive Income, the Standalone Statement of Changes in Equity & the Standalone
Statement of Cash Flows, comply with the Indian Accounting Standards prescribed under section 133 of
the Act;
e) On the basis of written representations received from the directors of the Company as on March 31, 2025,
and 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 sub-section (2) of section 164 of Act;
f) With respect to the adequacy of internal financial control over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate report in Annexure-B;
g) With respect to the other matters included in the Auditor’s 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 had no litigations pending as at the end of the financial year which may impact its
financial position on final disposal of the respective matters.
ii. The Company did not have any long-term contracts including derivatives contracts for which there were
any material foreseeable losses.
iii. As at 31st March, 2025 there were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. Management Representation:
a. The Management of the Company has represented to us that to the best of it’s knowledge and belief,
no funds (which are material either individually or in the aggregate) 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 of the Company has represented, that, to the best of it’s knowledge and belief no
funds (which are material either individually or in the aggregate) 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 audit procedures which we 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) Companies (Audit and Auditors) Rules, 2014 (as amended) and provided in
clauses (a) and (b) above contain any material mis-statement.
v. The company has not declared or paid any dividend during the year.
vi. Based on our examination which included test checks, the Company has used accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the software. Further,
during the course of our audit we did not come across any instance of audit trail feature being tampered
with.
3. 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) of the Act which are required to be commented upon by us.
For And On Behalf Of
S. Mandawat & Co.
Chartered Accountants,
Firm reg. No. 118330W
Place: Ahmedabad Subhash Chandra Mandawat
Dated: 20-05-2025 Partner
UDIN: 25102708BMMBT02074 M. No. 102708
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