We have audited the accompanying Ind AS Standalone Financial Statements of COLAB PLATFORMS
LIMITED ('the Company') (Formerly Colab Cloud Platforms Limited), which comprise the balance
sheet as at 31st March 2025, the statement of profit and loss (including other comprehensive income),
the cash flow statement and the statement of changes in equity for the year the period 01st April 2024
to 31st March 2025 and notes to the standalone 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,
aforesaid Ind AS 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 read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company for the period 1st April 2024 to 31st
March 2025, the Loss (including other comprehensive income), changes in equity and its cash flows
for the year ended 31st March, 2025.
Basis for Opinion
We conducted our audit of the Ind AS Standalone 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 Ind AS
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 independence requirements that are relevant to our audit of the Ind AS 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Ind AS Standalone Financial Statements.
Key Audit Matters
Key audit matters 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.
Principal Audit Procedures
Our audit consisted testing of the design and operating effectiveness of the internal controls and
substantive testing as follows:
• We evaluated the design of internal controls relating to revenue recognition.
• We selected sample of Sales transactions and tested the operating effectiveness of the internal
control relating to revenue recognition.
• We carried out a combination of procedures involving enquiry and observation, reperformance
and inspection.
• We have tested sample of Sale transactions to their respective customer contracts, underlying
invoices and related documents.
• We have performed cut-off procedures for sample of revenue transactions at year-end in order to
conclude on whether they were recognized in accordance with Ind-AS 115.
Other Information - Information other than financial statement 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 consolidated
financial statements, 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 such other information is materially inconsistent
with the 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 communicate the matter to those charged with Governance. We
have nothing to report in this regard.
Responsibility of Management for 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 Ind AS Standalone Financial Statements that give a true and
fair view of the financial position, financial performance, total comprehensive income, changes in
equity and cash flows of the Company in accordance with the Ind AS prescribed under section 133 of
the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other
accounting principles generally accepted in India.
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 Ind AS 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 Ind AS 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 Responsibility 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 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.
• 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 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 Standalone 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 the 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, 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' 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 purpose 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 Including other comprehensive income,
the Cash Flow Statement, and the statement of change in equity dealt with by this Report are
in agreement with the books of account;
d. In our opinion, the aforesaid Ind AS Standalone Financial Statements comply with the Indian
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 controls over financial reporting of the
Company and the 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 over financial reporting.
g. 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, as amended in our opinion and to the best of
our information and according to the explanations given to us, no remuneration is paid or
provided by the company to its directors during the year.
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 has disclosed the impact of pending litigations in its financial position in
the Ind AS Standalone Financial Statements.
2. The Company did not have any long-term contracts including derivatives contracts for
which there were any material foreseeable losses. .
3. The company was not required to transfer any amount to Investor Education and
Protection Fund during the financial year.
4. (i) The management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) 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 entities, including foreign entities
("Intermediaries"), with the understanding whether recorded in writing or not that the
intermediary shall whether directly or indirectly lend or invest in other persons or entities
identified in any manner by or on behalf of the company (Ultimate Beneficiaries) or
provide any guarantee, security or the like on behalf of ultimate beneficiaries.
(ii) The management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been received by the
company from any person(s) or entities including foreign entities ("Funding Parties") with
the understanding that such 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 guarantee, security or the like on behalf
of the Ultimate beneficiaries.
(iii) Based on the audit procedures performed, we report that nothing has come to the
notice that has caused us to believe that the representations given under sub-clause (i) and
(ii) by the management contain any material mis- statement.
(iv) Based on our examination, which included test checks, the Company has used
accounting software for maintaining its 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 software.
Further, during the course of our audit we did not come across any instance of the audit
trail feature being tampered with.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April
1, 2024, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements for record retention is not
applicable for the financial year ended March 31, 2025.
(v) No dividend has been declared or paid by the Company during the year.
3. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor's
Report) Order, 2020 (the "Order"/"CARO") issued by the Central Government in terms of section
143(11) of the Act, to be included in the Auditor's Report, according to the information and
explanations given to us and based on the CARO report issued by us for the company and its
subsidiaries included in the consolidated financial statements of the company, to which reporting
under CARO is applicable, we report that there are no qualifications or adverse remarks in these
CARO Reports.
For Rawka & Associates
(Chartered Accountants)
FRN: 021606C
Venus Rawka
(Partner)
M. no.: 429040 Place: Indore
UDIN: 25429040BMGSSI1180 Date: 29th May 2025
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