We have audited the accompanying standalone Ind AS financial
statements of Inditrade Capital Limited ("the Company”), which comprise
the Balance Sheet as at March 31,2024, 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
notes to the standalone Ind AS financial statements including a summary
of significant accounting policies and other explanatory information
(hereinafter referred to as "standalone Ind AS financial statements”)
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone Ind AS 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 accounting principles generally accepted in India
including the Indian Accounting Standards ("Ind AS”) prescribed under
section 133 of the Act, read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, of the state of affairs of the
Company as at March 31,2024, its profit(including other comprehensive
income), its changes in equity and its cash flows for the year ended on
that date.
Basis for Opinion
We conducted our audit in accordance with Standards on Auditing (SAs)
specified under section 143 (10) of the Act. Our responsibilities under
those Standards are further described in the Auditor's Responsibilities
for the Audit of the StandaloneInd AS 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 standalone Ind AS financial statements under the provisions
of the Act and 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 Ind
AS financial statements.
Key Audit Matters
We have determined that there are no key audit matters to communicate
in our report.
Other Information
The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Chairman's statement, Director's report, Management
Discussion and Analysis Report, Report on corporate governance and
annexures thereto, but does not include the standalone IndAS financial
statements, consolidated Ind AS financial statementsand our auditor's
report thereon. The above mentioned other information are expected to
be made available to us after the date of this auditor's report.
Our opinion on the standalone IndAS 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 Ind AS 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 IndAS financial statements or our
knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we performed, and if we conclude that there is
a material misstatement therein we are required to communicate the
matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance
for the standalone ind As 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 Ind AS 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 accounting principles generally
accepted in India, including Ind AS prescribed under section 133 of the
Act, read with the Companies (Indian Accounting Standards) Rules,
2015, as amended. 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
Ind AS 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 Ind AS 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.
Those Board of Directors are also responsible for overseeing the
Company's financial reporting process.
auditor's Responsibilities for the audit of the standalone ind As
Financial statements
Our objectives are to obtain reasonable assurance about whether the
standalone Ind AS 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 this
standalone Ind AS 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 Ind AS 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 Ind AS 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 Ind AS financial statements, including the disclosures,
and whether the standalone Ind AS 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.
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 report in "Annexure 1”, 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 it appears from our
examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes in
Equity and the 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 Ind As prescribed under section
133 of the act read withthe Companies (Indian accounting
Standards) Rules, 2015, as amended;
e. On the basis of the written representations received from the
directors as on march 31, 2024, and taken on record by the
Board of Directors, none of the directors is disqualified as on
march 31, 2024 from being appointed as a director in terms of
section 164(2) of the Act;
i. With respect to the adequacy of the internal financial controls
with reference to financial statements of the Company and the
operating effectiveness of such controls, refer to our separate
report in "annexure 2”;
j. With respect to the other matter 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/ provided
by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act;
k. 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:
(i) The Company has disclosed the impact of pending
litigations on its financial position in its standaloneInd
AS financial statements - Refer Note 32on Contingent
Liabilities to the standaloneInd AS financial statements;
(ii) the Company did not have any long term contracts including
derivative contracts. Hence, the question of any material
foreseeable losses does not arises.
(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
notes to the accounts, no fundshave 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, 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;
(iv) (b) The management has represented that, to the best of
its knowledge and belief, other than as disclosed in the
notes to the accounts, no funds 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;
(iv) (c) Based on the audit procedures that are 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 nor paid any dividend during
the year. Hence, reporting the compliance with section 123
of the Act is not applicable.
(vi) As proviso to rule 3(1) of the Companies (Accounts) Rules,
2014 is applicable for the company only w.e.f. April 1,2023,
reporting under this clause is not applicable.
For Kirtane & Pandit LLP
Chartered Accountants
Firm Registration No. 105215W/W100057
Mittal Shah
Partner
Place: Mumbai Membership No.147370
Date: May 30, 2024 UDIN: 24147370BKANTH6443
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