We have audited the accompanying financial statements of
Gujarat Poly Electronics Limited ("the Company"), which
comprise the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equity and statement of
Cash Flow for the year then ended and notes to the financial
statements including a summary of material accounting policies
and other explanatory information (hereinafter referred to as
"the financial statements").
In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements
give the information required by the Companies Act, 2013 ("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, 2026, and its
profit, total comprehensive income, its changes in equity and its
cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of financial statements 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 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 financial statements under the provisions
of the Act and the Rules made thereunder, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics issued by ICAI. We
believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
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 financial
statements of the current period. These matters were addressed
in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
We have determined that there are no key audit matters to
communicate in our report.
Information Other than the Financial Statements and Auditor's
Report Thereon
The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in Annual report but does not include the financial
statements and our auditor's report thereon. Our opinion on the
financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained during
the course of our 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 to those charged with Governance.
We have nothing to report in this regard.
Responsibilities of Management and Those Charged with
Governance for the 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 financial statements that give a true
and fair view of the financial position, financial performance
(including other comprehensive Income), changes in equity
and cash flows of the Company in accordance with the Ind AS
and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act
for safeguarding 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 financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, 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 are also responsible for overseeing the
Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial
Statements: -
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an 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 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
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 systems
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 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 financial statements, including the disclosures, and
whether the 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 financial statements of the
current period and are therefore the key audit matters. We
describe these matters in our auditor's 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.
Other Matter
The financial statements of the Company for the year ended
March 31, 2025 were audited by predecessor auditor Mahendra
N. Shah & Co. whose report dated May 05, 2025 had expressed
an unmodified opinion on those statements. The above report
has been furnished to us by the management and has been
relied upon by us for the purpose of our audit of the financial
statements.
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 Section 143 (11) of the Act, we give in the
"Annexure A", a statement on the matters specified in the
paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, based on our
audit we report that:
i. 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;
ii. In our opinion, proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books except
for the matters stated in the paragraph (2)(ix)(f) below
on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended)
iii. The Balance Sheet, the Statement of Profit and
Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Cash Flow
Statement dealt with by this Report are in agreement
with the relevant books of account;
iv. In our opinion, the aforesaid financial statements
comply with the Ind AS specified under Section 133
of the Act, read with relevant rules issued thereunder
and relevant provisions of the Act;
v. On the basis of the written representations received
from the directors as on March 31, 2026 taken on
record by the Board of Directors, none of the directors
is disqualified as on March 31, 2026 from being
appointed as a director in terms of Section 164(2) of
the Act;
vi. The observations relating to the maintenance of
accounts and other matters connected therewith, are
as stated in paragraph (ii) above,
vii. 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". Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's
internal financial controls with reference to financial
statements;
viii. With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of section 197(16) of the Act, as amended:
In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions of
section 197 of the Act;
ix. 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,
as amended, 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 March 31, 2026 on its financial
position in its financial statements - Refer Note 38
to the financial statements;
b) The Company has made adequate provision, as
required under the applicable law or accounting
standards, for material foreseeable losses. The
Company did not have any long-term derivative
contracts;
c) There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company.Hence the
question of reporting delay in depositing dues
does not arise ;
d) (i) The Management has represented that, to
the best of its knowledge and belief, as stated
in the Note no.47 to the accounts 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 or entity, including foreign entity
("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
(ii) The Management has represented, that,
to the best of its knowledge and belief, as
stated in the Note no.47 to the accounts no
funds (which are material either individually
or in the aggregate) have been received by
the Company from any person or entity,
including foreign entity ("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;
(iii) Based on the audit procedures performed by
us that has been considered reasonable and
appropriate in the circumstances, nothing
has come to our notice that has caused us to
believe that the representations under sub¬
clause (i) and (ii) of Rule 11 (e), as provided
under (i) and (ii) above, contain any material
mis-statement;
e) The company had not proposed any final dividend
in the previous year, which was declared and paid
by the Company during the year.
As stated in Note no 41 to the financial statements
the Board of director's of the Company has
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The dividend
proposed is in accordance with section 123 of
the Act as applicable to the extent it applies to
declaration of dividend.
f) f) 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 such audit trail feature was
enabled and operated effectively throughout
the year for all relevant transactions recorded
in the software except that audit trail feature is
not enabled for direct changes to database level.
Further, during the course of our audit we did not
come across any instance of audit trail feature
being tampered with in respect to accounting
software. Additionally, the audit trail has been
preserved, wherever enabled, by the Company
as per the statutory requirements for record
retention.
For, G.M. Kapadia & Co.,
Chartered Accountants
ICAI Firm Registration No.: 104767W
Hitesh Jain
Partner
Place: Mumbai Membership No.: 410215
Date: May 12, 2026 UDIN: 26410215OTXRSX4820
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