We have audited the standalone financial statements of SUNREST LIFESCIENCE
LIMITED, (Formerly known as Sunrest Lifescience Private Limited) (“the Company”), which
comprise the Balance Sheet as at 31st March 2025 and the Statement of Profit and Loss for the
and a statement of cash flows for the period then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information.
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 Act 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 31st March 2025 of its
profit and 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 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.
Responsibility of Management for Standalone 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 standalone
financial statements that give a true and fair view of the financial position, financial
performance, of the Company in 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 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; design,
implementation and maintenance of adequate internal financial controls, that are 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.
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. Misstatement 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 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.
• 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 r eport 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.
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
Report on Other Legal and Regulatory Requirements
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” a statement on statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
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.
(a) 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.
(b) The Balance Sheet, and the Statement of Profit and Loss, and the cash flow Statement
dealt with by this Report are in agreement with the books of account.
(c) In our opinion, the aforesaid standalone financial statements comply with Accounting
Standards specified under Section 133 of the act, read with Rule 7 of the Companies
(ACCOUNTS) RULES, 2014, except for AS-15.
(d) 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 are disqualified as
on 31st March 2025 from being appointed as a director in terms of Section 164(2) of the
Act.
(e) 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.
(f) 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 which would impact 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 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, as disclosed in the notes of accounts, no funds (which are material either
individually or in aggregate) have been advanced or loaned or invested (either
from the borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other persons(s) or entities, including
foreign entities (“Intermediates”), with understanding, whether recorded in
writing or otherwise, that 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 (“ultimate beneficiaries”) or provide guarantee, security or the
like on behalf of the Ultimate beneficiaries.
(b) The management has represented to the best of its knowledge and belief, as
disclosed in the notes to accounts, no funds (which are material either
individually or in aggregate) 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, 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 guarantee, security or the like on behalf of the
Ultimate beneficiaries.
(c) Based on the audit procedures that has been considered as reasonable and
appropriate in the circumstances, nothing has come to our notice that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a)
and (b) above, contain any material mis-statement.
v. The Company has not declared or paid any dividend during the year.
vi. Based on the audit procedures that has been considered as reasonable and
appropriate in the circumstances, the Company has activated the feature of the
audit trail in the accounting software as mandated under Rule 11(g) with effect
and has maintained edit log of the audit trail.
For Madhusudan C Mashruwala and Co.,
Chartered Accountants
FRN 105717W
Date: 30-05-2025
Place: Ahmedabad Soham U. Mashruwala
Partner
Mem no.137995
UDIN-25137995BMKSXJ6514
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