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 2024 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 2024 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 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.
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 2024 taken on record by the Board of Directors, none of the directors are
disqualified as on 31st March 2024 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 from 25th October 2023.
For Madhusudan C Mashruwala and Co.,
Chartered Accountants
FRN 105717W
Date: 27-05-2024
Place: Ahmedabad Soham U. Mashruwala
Partner
Mem no.137995
UDIN-24137995BKCJMB1490
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