We have audited the accompanying standalone financial statements of CALLISTA
INDUSTRIES LIMITED (the "Company"), which comprise the Balance Sheet as at March 31,
2026, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that
date and notes to the financial statements, including a summary of material 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 prescribed under section 133 of the
Act, ("Ind AS") and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2026 and its loss, total comprehensive income,
changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements 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 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 there under, 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 for the other information. The other
information comprises information included in the Annual Report 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 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.
Responsibility of Management and Those Charged with Governance 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
true and fair view of the financial position, cash flows and changes in equity of the
Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards specified in the Companies (Indian Accounting
Standards) Rules, 2015 (as amended) 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; 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 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, the Board of Directors 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 the
Board of Directors either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting
process.
The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies
under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the
Companies (Accounts) Amendment Rules, 2021 requiring companies, which uses
accounting software for maintaining its books of account, shall use only such accounting
software which has a feature of recording audit trail of each and every transaction, creating
an edit log of each change made in the books of account along with the date when such
changes were made and ensuring that the audit trail cannot be disabled.
The Company, in respect of financial year commencing on 01 April 2025, has used
accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility but the same was not implemented for the entire audit period.
Auditor's Responsibilities for the Audit of the Standalone 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 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.
We cast responsibility in terms of reporting on audit trail by making a specific assertion in
the audit report under the section 'Report on Other Legal and Regulatory Requirements'.
This has been explained in the paragraph below.
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 A" a statement on the matters specified in paragraphs 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, proper books of account as required by law have been kept by
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 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, the afore said standalone financial statements comply with the
Indian Accounting Standards prescribed under section 133 of the Act, read with
Rule 7 of the Companies [Accounts) Rules, 2014.
e. On the basis information received from the management, none of the directors are
disqualified as on March 31, 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 B".
g. with respect to other matters to be included in the Auditor’s report in accordance
with the requirements of section 197(16) of the act, as amended. In our opinion and
to the best of our information and according to the explanations given to us, of the
company examined by us, and as explained to us, the provisions of section 197 read
with schedule v of the act are not applicable to the Company.
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:
1. The Company does not have any pending litigations, which would impact its
financial position.
2. The Company does not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.
3. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
4. a. The management has represented that, to the best of its knowledge and
belief, other than as disclosed in the notes to the accounts, 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(s), 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, no funds have
been received by the company from any person(s) or entity(s), 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 audit procedures which we considered reasonable and
appropriate in the circumstances, nothing has come to their notice that
has caused them to believe that the representations under sub-clause (i)
and (ii) contain any material mis-statement.
d. The company has not declared or paid any dividend during the year.
e. As stated in the standalone financial statements and based on our
examination which included test checks, except for instance mentioned
below, the Company, in respect of financial year commencing on 01 April
2025, 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 from the date 8th August, 2023 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, other than the consequential impact of the
exception given below.
For Ramanand & Associates
Chartered Accountants
ICAI Firm Reg. No. 117776W
Sd/-
Ramanand Gupta
Partner
M. No. 103975
Place: Mumbai
UDIN: 26103975TRUCVX2305
Date: 28/05/2026
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