We have audited the accompanying Financial Statements of DECOROUS INVESTMENT AND TRADING COMPANY
LIMITED, [CIN: L67120DL1982pLC289090] (“the company”) which comprises the Balance Sheet as at March 31,2024,
the Statement of Profit and Loss for the year ended, Statement of Changes in Equity and Statement of Cash Flows for the
year 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 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:
a) In the case of the Balance Sheet, of the state of affairs of the company as at 31* March 2024;
b) In the case of the Statement of Profit and Loss, of the Profit of the company for the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date.
d) In the case of the Changes in Equity, of the equity flows of the company 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 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 audit
opinion on the Financial Statements.
KEY AUDIT MATTERS
This section of our auditor’s report is intended to describe the matters selected from those communicated with
management that, in our professional judgment, were of most significance in our audit of the financial statements, except
for the matter described in the Basis for Qualified (or Adverse) Opinion section and the material uncertainty described in
the Going Concern section. We have determined that there are no such matters to report on the basis of these financial
statements.
MANAGEMENT’S RESPONSIBILITIES FOR THE 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, (changes in equity) 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 implementation and
maintenance of 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 financial
statement 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 RESPONSIBILITY 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
SA’s will always detect a material misstatement when it exists, As part of an audit in accordance with SA’s professional
judgment is exercised and professional skepticism is maintained throughout the audit. 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 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.
• 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
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Department of Company
Affairs, in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure - "I” 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 the Company so far as appears
from our examination of those books;
c) The Balance Sheet, Statement of Profit & Loss (Including other comprehensive income), Cash Flow Statement
and Change in Equity dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014;
e) On the basis of written representations received from the Directors as on 31st March, 2024 and taken on record
by the Board of Directors, none of the Directors is disqualified as on 31st March, 2024 from being appointed as a
director in terms of section 164(2) of the Act.
f) The company has no branch offices and consequently we have not received any report on accounts of accounts
of branch of the company.
g) With respect to the adequacy of the internal financial controls with reference to financial statement of the
Company and the operating effectiveness of such controls, refer to our separate report in “Annexure- “II”
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit & Auditors), Rule, 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 litigation which would impact its financial position;
(ii) The Company has not entered in any of the long-term derivative contracts as on March 31,2024. Therefore,
the Company does not require making any provision thereof, as required under the applicable law or
accounting standards.
(iii) No amount is required to be transferred to the Investor Education and Protection Fund by the company as
on March 31,2024.
(iv) The management has represented that, to the best of its knowledge & belief, other than those disclosed in
the notes to accounts,
a) No funds have been advanced or loaned or invested by the company to or in any other person(s) or entities,
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 by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of ultimate beneficiaries.
b) No funds 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.
c) Based on the information & explanation provided to us & performing such audit procedures that has
been considered reasonable and appropriate in the circumstances, nothing has come to the notice that
has caused to believe that the representations under sub-clause (a) and (b) contain any material
misstatement.
(v) No Dividend declared or paid during the year by the company which is in compliance with section 123 of the
Companies Act, 2013.
(vi) Based on our examination which included test checks, performed by us, the company, has used an
accounting software for maintaining its books of account for the financial year ended March 31,2024 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 audit, we have not come across
any instance of the audit trail feature being tampered with.
For G. K. Kedia & Co.
Chartered Accountants
F.R. No.: 013016N
Kanishka Aggarwal
Place : New Delhi Partner
Date : 21.05.2024 Membership No.544129
UDIN: 24544129BKABHC7386
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