We have audited the accompanying Standalone Financial Statements of Lucent Industries Limited (Formerly Known as Sylph
Education Solutions Limited) (“the Company"), which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit
and Loss (including Other Comprehensive Income), Statement of Changes in Equity, Statement of Cash Flows for the year then
ended on that date, and notes to Standalone Financial Statement including a summary of material accounting policies and other
explanatory information (hereinafter referred to as the “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 accounting principles generally accepted in India including the Indian Accounting Standards
(“Ind AS") prescribed under section 133 of the Act, of the state of affairs of the Company as at March 31, 2025, its profit including
other comprehensive income, statement of changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the 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 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 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 year. 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 namely Directors' Report, Annexures to Directors' Report, Management Discussion and Analysis,
Corporate Governance Report, Business Responsibility Statement and shareholder's information, but does not include the
Standalone Financial Statements and our auditor's report thereon. The said reports are expected to be made available to us after
the issue of our auditors' report.
Our opinion on the Standalone 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 identified
above when it becomes available 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 auditors' 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.
Responsibility of Management and Board of Directors for the Standalone 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 Financial Statements that give a true and fair view of the financial position, financial performance including
Other Comprehensive Income, cash flows and statement of changes of equity of the Company in accordance with the accounting
principles generally accepted in India, including the Indian Accounting Standards (lnd AS) referred to in Section 133 of the Act
read with Companies (Indian Accounting Standards) Rules 2015 as amended from time to time.
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 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, 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.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of 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 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
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 auditors'
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.
Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable user of the Standalone 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 Standalone 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 safeguard.
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 auditors' 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
N. A. Shah Associates LLP has been appointed as joint auditor on April 15, 2025 for F.Y. 2024-25. The audit of financial statements
for the year ended March, 31 2024 have been carried out by M/s. Goenka Mehta & Associates (one of the joint auditor).
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 Act, 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 purpose 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 except for the matters stated in the paragraph 2(i)(vi) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014.
c) The Standalone Balance Sheet, the Standalone Statement of Profit and loss Account including Other Comprehensive
Income, the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flow dealt with the
relevant books of account maintained for the purpose of preparation of the Standalone Financial Statements.
d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified
under Section 133 of the Act.
e) On the basis of written representations received from the Directors as on March 31, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in
terms of Section 164 (2) of the Act;
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) With respect to the adequacy of the internal financial controls with respect to Standalone Financial Statements 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 respect to Standalone Financial Statements.
h) 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
explanation given to us, the remuneration paid / provided by the Company to it's directors for the year except sitting
fees to independent directors and non-executive directors is in accordance with the provisions of section 197(5) of
the Act; and
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 does not have any pending litigations for which provisions have not been made which would
impact on its financial position.
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 the amounts required to be transferred to the Investor Education and
Protection Fund by the Company.
iv) As per the management representation provided, we report,
• 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, directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company.
• 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, 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.
Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused me 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 Board of Directors during their meeting dated June 3, 2025 have not declared dividend
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 and the same has
operated from March 27, 2025 to March 31, 2025, for all relevant transactions recorded in the software. Further,
during the course of our audit, we did not come across any instance of audit trail features being tampered
with. Additionally, audit trail has been preserved by the Company w.e.f. March 27, 2025 as per the statutory
requirements for record retention.
For M/s. Goenka Mehta & Associates For N. A. Shah Associates LLP
Chartered Accountants Chartered Accountants
Firm Registration No. 129445W Firm Registration No. 116560W/W100149
Gaurav Mehta Prashant Daftary
Partner Partner
Membership No.: 130401 Membership No.: 117080
UDIN: 25130401BMMICJ4677 UDIN: 25117080BMJBFB6513
Place: Rajkot Place: Mumbai
Date: June 3, 2025 Date: June 3, 2025
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