We have audited the accompanying financial statements of Radhika Jeweltech Limited
("the Company”), which comprise the Balance Sheet as at March 31, 2025; the Statement of
Profit and Loss (including Other Comprehensive Income); the Statement of Changes in
Equity; the 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 (referred as "financial statements” hereinafter).
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 (financial position)
of the Company as at March 31, 2025; its profit (financial performance including other
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 specified under section 143(10) of the Act ("SAs”). Our responsibilities under those
Standards are further described in the section "Auditor's Responsibility for the Audit of
the Financial Statements” 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 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 are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. We have
determined that there are no key audit matters to communicate in our report.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS & AUDITORS REPORT THEREON
The Company's management and Board of Directors are responsible for the other
information. The other information comprises the information included in the Management
Discussion and Analysis, Board's Report including annexure thereof and Corporate
Governance including annexures which shall form part of Annual Report of the company
but does not include the financial statements and our auditor's report thereon. The said
reports are expected to be made available to us after the date of this 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 identified above 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.
When we read the said reports, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance as
required under SA 720 'The Auditor's responsibilities Relating to Other Information'.
MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's management and Board of Directors are 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
(including other comprehensive income), changes in equity and cash flows of the Company
in accordance with the Indian Accounting Standards 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 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 are also responsible for overseeing the Company's financial
reporting process.
AUDITORS 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 scepticism 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 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 the management and Board of
Directors.
• Conclude on the appropriateness of management's and Board of Directors' 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.
• 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 Act,
we give in the Annexure-A, 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 financial statements comply with all the Indian Accounting
Standards specified under Section 133 of the Act.
e) On the basis of the 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) 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”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company's internal financial controls over
financial reporting
g) With respect to the 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 according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under Section 197(16) of the Act which
are required to be commented upon by us,
h) 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
financial statements - refer note 32.
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 amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.
iv. Reporting in respect of following:
a. The Company's Management and the Board of Directors have represented that, to the
best of their knowledge and belief, 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 or entity, including foreign entity
("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,
b. The Company's Management and the Board of Directors have represented, that, to the
best of their knowledge and belief, no funds have been received by the Company from
any person or entity, including foreign entity ("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; and,
c. Based on the audit procedures that have been 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 interim dividend declared or paid during the year by the Company is in compliance
with section 123 of the Companies Act, 2013,
vi. Reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is applicable
from 1st April, 2024:
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
(edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the respective software. We did not come across any instance
of the audit trail feature being tampered with.
Place: Ahmedabad For Panchal S K & Associates,
Date: 24.05.2025 Chartered Accountants,
FRN: 145989W
Swati Panchal
Partner
Mem. No.: 149279
UDIN: 25149279BMKTSY3339
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