We have audited the accompanying Standalone Ind AS Financial Statements of M/S. JAGSONPAL
FINANCE & LEASING LTD (“the Company”), which comprises of the Balance Sheet as at 31st March,
2025, the Statement of Profit and Loss and (including Other Comprehensive Income), the Cash Flow
Statement, and Notes to the Standalone Financial Statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as "the Standalone
Financial Statements”).
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 ("the
Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Accounting
Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, and profit (including other comprehensive income),
its statement of changes in equity and its cash flows for the year then ended.
Basis for Opinion
We conducted our audit of the Standalone Financial Statements in accordance with the Standards on
Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under those SAs 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 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 Standalone 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 ICAI’s Code of Ethics.
Key audit Matters
Key audit matters are those matters that our professional judgement 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
Information Other than the Standalone Financial Statements and Auditor’s Report thereon
The Company’s Management is responsible for preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, the Board’s
Report including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance
and Shareholder’s Information, but does not include the Standalone Financial Statements and our
auditor’s 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 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 and financial performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read
with Companies(Indian Accounting Standards) Rules, 2015. 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,
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.
In preparing the Standalone 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 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 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
scepticism throughout the audit. We are 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.
• 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 current ability to continue as a
going concern. If we conclude thon 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 Company 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 Financial Statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the Standalone Financial Statements.
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.
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
1. 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 Companies Act 2013, we give
in the ‘Annexure A’, a statement on the matters specified in paragraphs 3 and 4 of the Order.
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 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 Company has no branch office and hence the company is not required to conduct an audit
under section 143 (8) of the Act;
d) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income),
the Cash flow statement, and the Statement of Changes in Equity dealt with by this Report are
in agreement with the books of account;
e) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting
Standards (Ind AS) specified under Section 133 of the Act, read with the Companies (Accounts)
Rules, 2014
f) 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 are disqualified as on 31st March
2025 from being appointed as a director in terms of Section 164 (2) of the Act;
g) 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”.
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, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has no pending litigations that needs to be disclosed in Financial
Statements.
ii. Based on the information and explanations provided to us, the Company does not have
any long-term contracts, including derivatives, for which provisions for material
foreseeable losses need to be provided.
iii. The Company is not required to transfer any amount to the Investor Education and
Protection Fund.
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 person or entity, 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 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 subclause (a) and (b) contain any material
misstatement.
v. The Company has not declared or paid any dividend during the year.
For M/s Jain Vinay & Associates
Vishnu Kumar Sodhani
Membership No: 403919
Firm Reg No: 0006649W
Date: 26/05/2025
UDIN:25403919BMMNRN5379
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