We have audited the standalone Ind AS financial statements of Indo Thai Securities 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 Flows
for the year ended and a summary of significant accounting policies and other explanatory information
(hereinafter referred to as “the financial statements”).
ln 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 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, profit, total comprehensive income, changes in equity and
cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under
those Standards 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 thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s 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 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. There is no key audit matter to be communicated in our
report.
The Company’s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Management’s Discussion and Analysis
and Board’s Report including Annexures to Board’s Report, Corporate Governance and Shareholder’s
Information, 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.
ln 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 in the audit, or otherwise appears to be materially misstated.
If based on the work we have performed on the other information obtained prior to the date of this auditor’s
report, 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.
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, total 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 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 financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud
or error.
ln preparing the financial statements, the 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 the 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.
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 judgement 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 financial controls 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 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 ability of the Company 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 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 standalone 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
i. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central
Government in terms of Section 143(11) of the Act, we give in Annexure A, a statement on the matters
specified in paragraphs 3 and 4 of the Order.
ii. 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 of the financial statements.
b. ln our opinion, proper books of accounts 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 accounts maintained for the purpose or preparation of the
financial statements.
d. ln our opinion, the aforesaid financial statements comply with the Ind AS specified under section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e. The company has not informed about the presence of any operational Branch which requires
Audit u/s 143(8) of the Act.
f. 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.
g. On the basis of the examination if the Books of accounts and other records shown to us
for the purpose of the Audit and other such documents asked during the course of the Audit,
The Auditor has no observation or adverse comment, apart from those mentioned in the relevant
paras if any, on the financial transactions or matters which may have any adverse effect on the
functioning of the company.
h. On the basis of the examination of the Books of Account and other records shown to us
for the purpose of the Audit and other such documents asked during the course of the
Audit, we found no material reason to report any qualification, reservation or adverse
remark relating to the maintenance of accounts and other matters connected therewith,
apart from the matters already mentioned in the relevant paras, if any.
i. 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”.
j. With respect to the matter to be included in the Auditors’ Report under section 197(16) of the Act,
as amended:
In our opinion and according to the information and explanations given to us, the remuneration paid
by the Company to its managing director 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, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has pending litigations on its financial position in its Standalone Financial
Statements, Please refer note no. 35 ;
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, on long-term contracts including derivative
contracts;
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 noted of the accounts, no funds have been
advanced or loans 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 entities, 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 ultimate beneficiaries;
b. The management has represented that, to the best of its knowledge and belief,
no funds have been received by the company from any person(s) or entities,
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
by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of ultimate beneficiaries; and
c. Based on audit procedures as 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) contain any material
misstatement.
v. As stated in the financial statements:
i. The company had not proposed any final dividend in the previous year;
accordingly, no final dividend was declared and paid by the Company during
the year is in accordance with section 123 of the Companies Act, 2013.
ii. Interim dividend was declared and paid by the company during the year. (Refer
note no. 19(G))
iii. The Board of Directors of the Company has proposed dividend for the current
year.
vi. Based on our examination which included test checks and in accordance with
requirements of the Implementation Guide on Reporting on Audit Trail under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014, the Company has used
accounting software for maintaining its books of account, which have 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.
The audit trail (edit log) feature is duly enabled at the database level to
comprehensively log all direct data changes within the accounting software used
for maintaining the books of account.
Unique Document Identification Number (UDIN) for this document is 26419631XGHYJP8775For SPARK & Associates Chartered Accountants LLP
Chartered Accountants
Firm Reg No. 005313C / C400311
CA Sunil Kukreja
Partner
Membership No. 419631
Place: Indore
Date: 7th May 2026
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