We have audited the accompanying Ind AS financial statements of M/s Panabyte Technologies Limited, (the
"Company”), which comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity
for the year then ended, and a summary of significant accounting policies and other explanatory information
(Hereinafter referred to as the "Financial Statements”).
Opinion
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 (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
March 31, 2025 and its profit, total comprehensive income, 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 Ind 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 Ind AS
Financial Statements under the provisions of the Companies Act, 2013 and the Rules made 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 obtained by us is sufficient and appropriate to provide a basis for our
audit opinion on the financial statements.
Key Audit Matters
Key audit matters (KAM) 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.
Information Other than the Financial Statements and Auditor's Report
The Board of Directors of the Company is responsible for the preparation of other information. The other
information comprise the information included in the Management Discussion and Analysis, Board’s Report
including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance and
Shareholder’s Information, but does not include the financial statements and our auditor’s report.
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 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 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 are 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, total comprehensive income, cash flows and changes in equity of the
Company including its joint operation companies in accordance with the Ind AS and 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 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, 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 is also responsible for overseeing the Company’s financial reporting process.
Auditor's Responsibility 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:
• 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 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 systems 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 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.
• 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.
• Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its joint
operations to express an opinion on the financial statements. We are responsible for the direction, supervision
and performance of the audit of the financial statements of such entities included in the financial statements.
Materiality
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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020 issued by the Central Government of India in
terms of Section 143(11) of the Companies Act, 2013, we enclose herewith; 'Annexure- A’, a statement on the
matters specified in paragraphs 3 and 4 of the said Order.
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;
c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, 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 written representations received from the directors as on 31st March 2025, and 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 Companies Act, 2013; and
f. Our Opinion on the adequacy of the Internal Financial Controls of the company over the financial
reporting and the operating effectiveness of such controls has been given by us in a separate report in
‘Annexure-B’.
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 explanations given to us:
(i) The Company has disclosed that there are no pending litigations which would impact its
financial statements.
(ii) The Company did not have any long term contracts for which there were any material
foreseeable losses;
(iii) The Company is not required to transfer any amount to the Investor Education and Protection
Fund by the Company.
(iv) Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended 31st March 2025
which has 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. Further, during the
course of our audit we did not come across any instance of the audit trail feature being
tampered with and we did not observe any instance of noncompliance in this regard.
For KPB & Associates
Chartered Accountants
[FRNo. 114841W]
(Partner)
(CA Ketan N. Gada)
(Membership No 106451)
UDIN: 25106451BMONOP5918
Place: Mumbai
Date: 22.05.2025
|