We have audited the accompanying financial statements of Sabar Flex India
Limited(“the company”), which comprise the Balance Sheet as at 31st March, 2025, the
Statement of Profit and Loss, the Cash Flow Statement for the year then ended and
notes to the Financial Statements which comprises of 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 financial statements give the information required by the
Companies Act, 2013 (“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 and its profit and its cash flows for the
year ended on that date.
Basis for Opinion
We conducted our audit m accordance with the Standar ds on Auditing (SAs) speerhed
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 oirr 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 made 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.
Information Other than the Financial Statements and Auditor’s Report thereon
The Company’s Board of Directors is responsible foi the other information. The other
information comprises the information included m the Director’s repor t, but does not
include the financial statements and our auditor’s report thereon.
Our opinion on the 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 financial statements, our responsibility is to read
the other information 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 he materially misstated. If based on the
work we have performed, wc conclude that there is a material misstatement of this
other information, we are required to report that fact. Wre have nothing to report in this
regard.
When we read the Director’s report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged
with governance and describe actions applicable in the applicable laws and regulations.
Responsibilities of Management and Those Charged with Governance for the
Financial Statements
The Company's Board of Directors is responsible for the matters stated in section
134(3) of the Act with respect to the preparation of these financial statements that give
a true nnd fair view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. 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 arc reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy nnd completeness of the
accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and arc 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 arc also responsible for overseeing the company’s financial
reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives arc to obtain reasonable assurance about whether Lhc financial
statements as a whole are free from material misstatement, whether due to fraud or
eiror, and to issue an auditor’s report tliat 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 ahvavs detect a material mis statement 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.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify mid assess the nsks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those nsks, 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 controls with reference to financial statements
relevant to the audit in order to design audit procedures that arc 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 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 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 rease 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 tliat 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
1. As required by Lhe Companies (Auditor’s Report) Order, 2020 (“the Order”)
issued by the Central Government of India in terms of sub section (1 1) of section
143 of the Act, we give in “Anncxure A” a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section M3(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, 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 and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule
7 of the Companies (Accounts) Rules, 2014.
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 ns on 31st March, 2025, from being appointed ns 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 financial statements of the company and operating effectiveness of such
controls, refer to our separate report in “Annexure B”. 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. 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 :
a) As informed to us, the Company does has pending litigations which
would impact its financial position; records not provided to us.
b) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
d)
i. The Management has represented that, to the best of its
knowledge and belief, as disclosed in —to the 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 person(s) or entity(ies), including foreign
entities ("Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary
shall, directly or indirectly lend or invest in other persons
or entities identified in any manner wliatsoever by or on
behalf of the Company ("Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.
ii. The Management has represented, that, to the best of its
knowledge and belief, as disclosed in Note 41 to the
financial statements, no funds have been received by the
Company from any person(s) or entity(ics), including
foreign entities (“Funding Parties”), with the understanding,
whether recorded m writing or otherwise, that the
Company shall, directly or indirectly, lend or invest in other
persons or entities identified in any manner wliatsoever by
or on behalf of the Funding Party (“Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.
iii. Based on the audit procedures performed 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-
elausc (i) and (ii) of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.
e) The Company has not declared or paid any dividend during the year
and has not proposed final dividend for the year.
3. With respect to the other matters to be included in the Auditor’s Report in
accordance with the requirements of section 197(16) of the Act, ns amended:
In our opinion and to the best of our information and according to the
explanations given to us, the Company being a Public company, section 197 of
the Act related to the managerial remuneration is applicable.
For, Patel Jain & Associates
Chartered Accountants
(Registration No. 129797W)
Sd/-
CA Vivek A. Bhatt
Partner
Place: Ahmedabad Membership No. 193504
Date: 28* May, 2025 UDIN: 25193504BMGYSF9943
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