We have audited the standalone Ind AS financial statements of India Nivesh Limited (‘the Company'),
which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows
for the year then ended, and a summary of the material 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 ("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 31 st March, 2025, its loss, changes in
equity and its cash flows for the year ended on that date
Basis for Qualified Opinion
A. As required by section 138 of the companies Act 2013 internal audit was not done during the
year.
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under
section 143(10) of the Companies Act, 2013 ("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 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 that there are no key audit matters to be communicated in our report.
Information Other than the Standalone 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 the Annual Report but does not include the standalone Financial
Statements and our auditor's report thereon.
Our opinion on the standalone Ind AS 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 Ind AS 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. We have nothing to report in this regard.
Management's Responsibility for the Standalone Financial Statements
The accompanying standalone Financial Statements have been approved by the Company's
Board of Directors. The Company's Board of Directors are responsible for the matters stated in section
134(5) of the Act with respect to the preparation and presentation of these standalone 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 specified under section 133 of the Act 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 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 the design, implementation
and maintenance of adequate internal financial controls, that were operating effectively for ensuring
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, the Management and the 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
the Board of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors is 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 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 through a separate report on the complete set
of Financial Statements 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 in the standalone Financial Statements made by the
Management and Board of Directors.
• Conclude on the appropriateness of the 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
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 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.
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 Companies Act, 2013, we
give in the Annexure 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, 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 Except for the possible effect of the
matters described in Basis for Qualified opinion paragraph above and the matters stated
in paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.
c) Except for the possible effect of the matters described in Basis for Qualified opinion paragraph
above, The financial statements dealt with by this Report are in agreement with the books of
account.
d) Except for the possible effect of the matters described in Basis for Qualified opinion paragraph
above, in our opinion, the aforesaid financial statements comply with the Ind AS specified
under section 133 of the Act.
e) The matter described in the "Basis for Qualified Opinion" paragraph above, in our opinion,
may not have an adverse effect on the functioning of the Company.
f) The modifications relating to the maintenance of accounts and other matters connected
therewith are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) of
the Act and paragraph 2(i) (vi) below on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014
g) On the basis of the written representations received from the directors as on 31st March 2025
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.
h) 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.
i) 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 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 position in
the standalone Financial Statements (Refer Note 24) of the standalone Ind AS 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 has been no delay in transferring amounts 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 Note 36(e)(i) to the standalone financial statements,
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;
(b) The Management has represented, that, to the best of its knowledge and belief,
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;
(c) Based on the audit procedures 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), as
provided under (a) and (b) above, contain any material misstatement.
v. The company has not declared a dividend during the year hence provisions of Section
123 of the Act, is not applicable.
vi. Based on our examination, which included test checks, the Company has used
Accounting Software for maintaining its books of accounts which has a feature of
recording Audit Trail (Edit Log) facility which operated throughout the year. However, for
the database level we are unable to comment as the necessary information required
for Reporting under this section was not available.
Further, during the course of audit, we have not come across any instance of the audit
trail feature being tampered with.
Additionally, except where the audit trail (edit log) facility was not enabled in the
previous year, the audit trail has been preserved by the Company as per the statutory
requirements for record retention.
For C A S & Co.
Chartered Accountants
FRN. 111075W
Sajjan Kanodia
Partner
Mem.No.048047
UDIN: 25048047BMKRBT9064
Place: Mumbai
Date : 28th May 2025
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