1. We have audited the accompanying financial statements of Ajanta Soya Limited (“the Company”), which
comprise the Balance Sheet as at 31st March, 2025, and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flows, the Statement of Changes in Equity for the year then ended,
notes to the financial statements including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as the financial statements).
2. 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 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 and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31st March, 2025, and its profit, total comprehensive
income, its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
3. 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 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 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 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
4. 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 year. 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.
We have determined the matters described below to be the key audit matters to be communicated in our audit report.
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Sr. No.
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Key Audit Matter
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Auditor's Response
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1
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Revenue Recognition
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Principal Audit Procedure
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Revenue is recognised when the significant
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• We have performed the following principal audit
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risk and rewards of the ownership have
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procedures in relation to revenue recognised which
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been transferred to the buyer and recovery
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include a combination of testing internal controls
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of consideration adjusted for rebate and
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and substantive testing as under;
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discounts is probable, i.e. variable
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• Understanding the revenue recognition process,
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consideration given to customers, the
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evaluating the design and implementation of
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associated cost and possible return of
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controls in respect of revenue recognition and
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goods can be measured reliably, there is no
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testing the effectiveness of such controls over
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continuing effective control/managerial
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revenue cut offs at the year-end including analytical
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involvement in respect of the goods, and the
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procedures to ascertain the reasonableness of the
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amount of revenue can be measured
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revenue recognised.
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reliably. The timing of such revenue
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• We tested the design, implementation and
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recognition in case of sale of goods is when
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operating effectiveness of the managements
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the control over the same is transferred to
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system of IT Controls and key application controls
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the customer, which is mainly upon delivery.
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and interfaces between the system controls and
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The timing of revenue recognition is
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key manual internal controls over the revenue
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relevant to the reported performance of the
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recognition to assess the completeness of the
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company.
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revenue entries being recorded in the accounting
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The risk is, therefore, that revenue may get
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system.
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recorded before the control is transferred to
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• On a sample basis, tested supporting
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the customer
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documentation for sales transactions recorded
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The terms of sales arrangements, including
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during the year which included customer orders,
sales invoices, e-way bills, management's control
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the timing of transfer of control and
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over dispatch of goods, delivery challan, discount
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historical experience create complexities
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and rebate conditions and other related documents
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that requires key judgements in determining
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including the recovery of consideration within the
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revenues. Considering the above factors;
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credit limit as per the terms of the contract.
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We identified the revenue recognition as a
key audit matter.
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• We evaluated the appropriateness of revenue
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recognition policy and adequacy of disclosures in
the financial statements in respect of revenue
recognition in accordance with the Ind AS-115.
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Information Other than the Financial Statements and Auditor's Report Thereon
5. The Company's Management and Board of Directors are responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion and Analysis, Board's
Report including Annexures to Board's Report, but does not include the financial statements and our auditor's report
thereon. The other Information is 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 or conclusion thereon.
In connection with our audit of the 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 during the course of our audit or otherwise appears to be
materially misstated. If, based on our reading of these additional information, 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 Auditors Responsibilities Relating to Other Information'.
Management's Responsibility for the Financial Statements
6. The Company's Management and 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 financial statements that give a true and fair
view of the financial position, financial performance including other comprehensive income, cash flows and changes
in equity of the Company in accordance with the accounting principles generally accepted in India, including Indian
Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules. 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 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, the management and Board of Directors are 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 financial statements
7. 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.
8. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
a. 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.
b. 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 company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
d. 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
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.
e. 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.
9. 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.
10. 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.
11. 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
12. (A) As required by Section 143 (3) of the Act, based on our audit, 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 Cash Flows and the Statement of Changes in equity dealt with by this report are in agreement
with the relevant books of account.
d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards (Ind AS)
prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015,
as amended.
e) On the basis of the written representations received from the directors of the Company 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 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 “A”. Our report
expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal
financial controls with reference to financial statements.
g) In our opinion and as per information and explanations given to us, the managerial remuneration for the year
ended March 31, 2025 has been paid/provided by the Company to its directors in accordance with the
provisions of section 197 of the Act;
(B) 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 as at 31st March, 2025 on its financial position
in its financial statements-Refer Note No. 34 of financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses during the year ended 31st March 2025;
iii. There were no amounts required to be transferred to the Investor Education and Protection Fund by the
Company during the year ended on 31st March 2025.
iv. a) The management has represented that, to the best of its 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 entities
(“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 management has represented that to the best of its knowledge and belief, no funds have been
received by the Company from any persons or entities, including foreign entities (“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 (a) and (b) above contain any material misstatement.
v. The Company did not declare or paid any dividend during the year.
vi. As per note 49(ix) of financial statements and based on our examination which included test checks, the
Company, in respect of financial year commencing on 01 April 2024, has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same
has been 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 audit trail feature being tampered with.
Furthermore, the audit trail has been preserved by the Company as per the statutory requirements for record
retention.
(C) As required by the Companies (Auditor's Report) Order, 2020, issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act (“the Order”), and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to the information and explanations given
to us, we give in the Annexure “B”, a statement on the matters specified in paragraphs 3 and 4 of the Order to
the extent applicable.
For TAS Associates
Chartered Accountants
Firm Registration Number: 010520N
Sd/-
Mukesh Agrawal
Partner
Membership Number:090582
Place: New Delhi
Date: 30th May, 2025
UDIN: 25090582BMMAFV8912
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