We have audited the accompanying Standalone financial statements of
VANI COMMERCIALS LIMITED (“the Company and its subsidiary which
collectively known as the Group”), which comprise the Standalone Balance
Sheet as at March 31, 2025 the Statement of Standalone Profit and Loss,
the Standalone Cash Flow Statement and the Statement of Changes in
Equity for the year then ended, and notes to the Standalone 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 Companies Act, 2013, as amended
('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
Standalone state of affairs of the Company as at 31st March 2025, its
Standalone profit, and its Standalone cash flows and the changes in equity
for the year ended on that date.
Basis of opinion
We conducted our audit of the Standalone financial statements in
accordance with the Standards on Auditing (SAs), as 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 Group and its subsidiary 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 audit opinion on the Standalone 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 Standalone financial
statements for the FY ending 31st March 2025. 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. For each matter our description of how
our audit addressed the matter is provided in that context.
Other Information
The holding Company's Board of Directors are responsible for the other
information. The other information comprises the information included in
the Company's annual report, but does not include the financial statements
and our auditors' report thereon.
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 and, in doing so, consider
whether the other information is materially inconsistent with the Standalone
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 Standalone Financial
Statements
The holding 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, Standalone financial performance including other Standalone
comprehensive income, Standalone cash flows and changes in equity of
the Group in accordance with the accounting principles generally accepted
in India, including the Accounting Standards (AS) specified under section
133 of the Act read with read with Rule 7 of the Companies (Accounts)
Rules, 2015. 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 the 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 which have been used for the
purpose of preparation of the Standalone financial statements by the
directors of the holding company.
In preparing the Standalone financial statements, Management of the
holding company responsible for assessing the group and its subsidiary'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 group or to cease
operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the 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 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 Holding
Company has adequate internal financial controls with reference to
financial statements 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 ability of
the Group and its associates and joint ventures 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
auditor's report. However, future events or conditions may cause
the Group and its associates and joint ventures 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.
• Obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group
and its associates and joint ventures of which we are the
independent auditors and whose financial information we have
audited, to express an opinion on the Standalone financial
statements. We are responsible for the direction, supervision and
performance of the audit of the financial statements of such entities
included in the Standalone financial statements of which we are the
independent auditors. For the other entities included in the
Standalone financial statements, which have been audited by other
auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding
Company and such other entities included in the Standalone financial
statements of which we are the independent auditors 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
Standalone financial statements for the financial year ended March 31,
2025 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. We did not audit the financial statement and other financial
information is respect of its subsidiary Silverlink Fintech Private
Limited whose financial statement not included as at 31st March
2025 because SILVERLINK FINTECH PRIVATE LIMITED ceased
to be the subsidiary of the Company w.e.f. 12th February, 2025.
This Financial Statement and other financial information has been
audited by other auditors as furnished to us by the management.
The Standalone financial statement in respect of the company and
its subsidiary have been audited by us. Our opinion on the
Standalone financial statements, in so far as it relates to the
amounts and disclosures included in respect of these subsidiaries,
joint ventures and associates, and our report in terms of
subsections (3) of Section 143 of the Act, in so far as it relates to the
aforesaid subsidiaries, joint ventures and associates, is based
solely on the reports of such other auditors.
Our opinion above on the Standalone financial statements, and our
report on Other Legal and Regulatory Requirements, is not
modified in respect of the above matters with respect to our reliance
on the work done and the reports of the other auditors and the
financial statements and other financial information certified by the
Management.
2. As required by the Companies (Auditor's report) Order, 2016 (“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 1 a
statement on the matters specified in paragraphs 3 and 4 of the
Order.
3. 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 Standalone Balance Sheet, the Statement of
Standalone Profit and Loss, the Standalone Cash Flow
Statement and Statement of changes in Equity dealt with
by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid Standalone financial
statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Companies (Accounting Standards) Rules, 2015, as
amended;
e) On the basis of written representations received from the
directors of the holding company as on 31st March 2025
taken on record by the Board of Directors of the holding
company and its subsidiary, 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 with reference to the Standalone financial
statement of the holding company and its subsidiary over
financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report
in “Annexure 2” to this report;
g) In our opinion and based on the consideration of reports of
other statutory auditors of its subsidiary incorporated in
India, the managerial remuneration for the year ended
March 31, 2025 has been paid / provided by the Holding
Company, its subsidiary incorporated in India to their
directors in accordance with the provisions of section 197
read with Schedule V to the Act;
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 and based
on the consideration of the report of the other auditors on
separate financial statements as also the other financial
information of the subsidiary to the best of our information
and according to the explanations given to us:
(i) The Group does not have any pending litigations
which would impact its financial position.
(ii) The Group did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses.
(iii) There has not been an occasion, in which the
Group and its subsidiary, during the year under
report, to transfer any sum to the Investor
Education and Protection Fund. Hence, the
question of delay in transferring such sum does
not arise.
For MKRJ & Co.
Chartered Accoutants
Firm Registration No.: 030311N
Mukesh Kumar Jain
Partner
Membership No. 073972
UDIN: 25073972BMLGAW2496
Place : New Delhi
Date : 25-05-2025
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