We have audited the accompanying standalone Ind AS financial statements of Kamanwala Housing
Construction Limited ("the Company") which comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including the statement of other comprehensive income), the Cash Flow
Statement and the Statement of Changes in Equity and for the year then ended, and notes to the Ind AS
financial statements, including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as "Ind AS standalone financial statements'').
In our opinion and to the best of our information and according to the explanations given to us, except for
the effects of the matters disclosed in basis for Qualified Opinion paragraph, the aforesaid standalone Ind AS
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 state of affairs of the Company as at March 31, 2025, and its Profits including other
comprehensive income, its cash flows and changes in equity for the year ended on that date.
Basis for Qualified Opinion
We conducted our audit of the standalone Ind AS 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 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 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 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 Ind AS financial statements.
The Company's current assets include interest receivable balances amounting to Rs.212.44 Lakhs, in respect
of which direct confirmations from the respective parties have not been provided to us by the management of
the Company. In the absence of such direct confirmations from the parties or sufficient and appropriate
alternate audit evidence, we are unable to comment on the adjustments and changes in accordance with the
principles of Ind AS 1, Presentation of financial statements, if any, that may be required to the carrying value
of the aforementioned balances in the accompanying 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 of the current period. 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. We have determined the matters described
below to be the key audit matters to be communicated in our report.
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The Key Audit Matter
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How the matter was addressed in our audit
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1. Evaluation of uncertain tax positions: - The
Company has uncertain tax positions including
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Our audit procedures included the following:
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matters under dispute which involves
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Obtained details of pending income tax
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judgment to determine the possible outcome
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appeals.
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of these disputes.
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Assessed management's estimate of the
possible outcome of the disputed cases.
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There are pending litigations which has been
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Assessed the reason behind the pending
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mentioned in Note No. 39 (A) - a) and b) to the
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litigations.
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Standalone Ind AS Financial Statements.
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Based on our procedures, we also
considered the adequacy of disclosures in
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The litigations are with respect to dues of sales
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respect of pending litigations and it is
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tax which has not been deposited by the
company on account of disputes.
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disclosed accordingly.
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2. Recoverability of loans / advances given to
certain associated and other Parties:
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Our audit procedures included the following:
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We have obtained and read Management's
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These parties have either been incurring losses
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assessment for identification of Indicators of
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or has pending litigation and therefore dues are
overdue. Assessment of the recoverable amount
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Impairment.
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of the investments in and loans/advances
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We performed test of controls over
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including interest thereon has been identified as
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impairment process through inspection of
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a key audit matter due to:
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evidence of performance of these controls.
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• Significance of the carrying amount of
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Assessed the impairment assessment made
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these balances.
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by the management and the assumptions
used, with particular attention
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• The calculation of certain credit
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understanding the legal dispute, commercial
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provisions for the Company is inherently
judgmental. Impairment provisions
(identified and unidentified) may not
reflect recent developments in credit
quality.
• Changes to any of these assumptions
could lead to material changes in the
estimated recoverable amount,
impacting both potential impairment
charges and also potential reversals of
impairment taken in prior years.
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prospects of the recoverability.
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Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The other information comprises
the information included in the Annual report, but does not include the standalone Ind AS financial
statements and our auditor's report thereon.
Our opinion on the standalone Ind AS 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 Ind AS financial statements, our responsibility is to read the
other information and, in doing so, consider whether such other information is materially inconsistent with
the standalone 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 a material misstatement of this other
information; we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and those charged with the governance for the Ind AS standalone
financial statements
The 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 Ind AS 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
the Indian accounting Standards (Ind AS) specified under section 133 of the Act, read with the Companies
(Indian Accounting standards) Rules, 2015, as amended. 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 implementation and maintenance of 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 standalone Ind AS financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone Ind AS 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.
Those Board of Directors are also responsible for overseeing the company's financial reporting process.
Auditor's Responsibility for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS 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 Ind AS financial statements.
A further description of the auditor's responsibilities for the audit of the financial statements is included in
Annexure "A". This description forms part of our auditor's report.
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 "B"
a statement on the matters specified in the paragraph 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, except for the effects of the matters disclosed in Basis for Qualified Opinion paragraph,
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 and proper returns adequate for the purposes of our audit.
c. The Balance Sheet, the Statement of Profit and Loss including the statement of Other Comprehensive
Income, the 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, except for the effects of the matters disclosed in Basis for Qualified Opinion paragraph,
the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified
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 as on 31st March, 2025 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 Control with reference to these standalone
Financial Statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure C". Our report expresses an unmodified opinion on the adequacy and
operative effectiveness of the Company's internal financial control over financial reporting.
g. With respect to the other matters to be included in Auditors report in accordance with the requirement
of section 197 (16) of the Act as amended in our opinion and to the best of our information and
according to explanation given to us the remuneration paid by the company to its directors of the
company during the year is in accordance with the provisions of section 197 of 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:
i. The Company has disclosed the impact of pending litigation on its financial position in its standalone
Ind AS Financial Statements - Refer note no.39A(a & b) to the Financial Statements.
ii. The Company did not have any long-term contracts including derivative contracts; as such the
question of commenting on any material foreseeable losses thereon does not arise.
iii. There has not been an occasion in case of the Company during the year under report to transfer any
sums to the Investor Education and Protection Fund. The question of delay in transferring such sums
does not arise.
iv. (a) The management has represented that, to the best of it's knowledge and belief, other than
as disclosed in the notes to the accounts to the standalone Ind AS financial statements, 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 persons or
entities, 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, other than as
disclosed in the notes to the accounts of the standalone Ind AS Financial statements, 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 such audit procedures that were 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) contain any material misstatement.
(v) The Company has neither declared nor paid any dividend during the year.
(vi) Based on our examination, which included test checks, the Company has used accounting softwares
for maintain it books of account for the financial year ended March 31, 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 softwares.
Further, we did not come across any instance of the audit trail feature being tampered with and the
audit trail has been preserved by the Company as per the statutory requirements for record
retention.
For VINOD KUMAR JAIN & CO
Chartered Accountants
FRN 111513W
Vinod Kumar Jain
Proprietor M. No. 36373
UDIN: 25036373BMIPQM3318
Place: Mumbai
Date: 30th May, 2025
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