We have audited the Financial Statements of KODY TECHNOLAB
LIMITED ("the Company"), which comprise the balance sheet as
at 31st March 2025, and the statement of profit and loss, statement
of changes in equity and statement of cash flows for the year
then ended, and notes to the Financial Statements, including a
summary of significant 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 in the
manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, and its profit/
loss, (changes in equity) and its cash flows for the year ended on
that date.
Basis for Opinion
We conducted our audit of the 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 together with the ethical requirements that
are relevant to our audit of the Financial Statements under the
provisions of the Companies Act, 2013 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.
"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 the 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 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 Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters
stated in section 134(5) of the Companies Act, 2013 ("the Act")
with respect to the preparation of these Financial Statements that
give a true and fair view of the financial position, financial
performance (changes in equity) and cash flows of the company
n accordance with the accounting principles generally accepted
in India, including the accounting Standards specified under
section 133 of the Act. 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.
In preparing the Financial Statements, the Board of Directors 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 Board of Directors 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 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:
a. 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.
b. 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 Companies
Act, 2013, 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
c. Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related
disclosures made by management.
d. 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
e. 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.
Materiality is the magnitude of misstatements in the Financial
Statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user
of the Financial Statements may be influenced. We consider
quantitative materiality and qualitative factors in
i. Planning the scope of our audit work and in evaluating the
results of our work; and
ii. to evaluate the effect of any identified misstatements in the
Financial Statements.
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 it appears from
our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss, (the
Statement of Changes in Equity) and the Cash Flow
Statement dealt with by this Report are in agreement with
the books of account.
d. In our opinion, the aforesaid Financial Statements comply
with the Accounting Standards specified under Section 133
of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.
e. 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.
f. 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 A".
g. 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:
a. The Company does not have any pending litigations
which would impact its financial position.
b. The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses.
c. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company
d. i. The management has represented that, to the best of
it's knowledge and belief, other than as disclosed in
the notes to the accounts, no funds 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, 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 it's 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;
iii. Based on such audit procedures which we have 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 mis-statement.
e. The company has not declared or paid any dividend during the year is in accordance with section 123 of the Companies Act 2013",
Hence clause not applicable.
f. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of
account which have a feature of recording audit trail facility and the audit trail feature has been operating throughout the year for all
relevant transactions recorded in the software.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1,2023, reporting under Rule 11 (g) of the
Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not
applicable for the year ended March 31,2025.
For KHANDHAR &
ASSOCIATES
(Chartered Accountants)
FRN.: 118940W
CA. VIPUL B. KHANDHAR
(Partner)
Membership No.105986
UDIN: 25105986BMIJWQ1078
Date: 30.05.2025
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