We have audited the accompanying standalone financial statements of HI-KLASS TRADING AND
INVESTMENT LIMITED (“the Company”), which comprise the Balance Sheet as at March 31st, 2024,
the Statement of Profit and Loss, 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 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 March 31st 2024.
Basis for Opinion
We conducted our audit in accordance with 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 Rules 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 clear opinion.
Information other than the standalone financial statements 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 Director’s Report, 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 the 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
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, 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 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 Responsibilities 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 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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
scepticism 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.
• To obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. But not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. The Company is not a small company, reporting under section 143(3)(i)
with respect to the adequacy of the internal controls over financial reporting of the Company and the
operating effectiveness of such controls is not applicable as per MCA notification no. G.S.R. 583(E) dated
13.06.2017.
• 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.
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
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 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 audit report because the adverse consequence 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 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) No branch available
d) The Balance Sheet, the Statement of Profit and Loss 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 Accounting standard
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
f) We do not have any observation or comment on the financial statement or matters which may have any
adverse effect on the functioning of the company.
g) On the basis of the written representations from the competent authority, 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.
h) We do not have any qualification, reservation, or adverse remark, relating to the maintenance of accounts
and other matters connected herewith.
i) 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 doesnot have any pending litigations which would impact its financial position.
2. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses
3. There were no amount which were required to be transferred to the Investor and Protection Fund by the
Company.
4 (i). The management has represented that, to the best of our knowledge and belief, other than as disclosed in
the notes to 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(ies), 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;
(ii). The management has represented, that, to the best of its knowledge and belief, other than as disclosed in
the notes to accounts, no funds have been received by the company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with the understanding, whether , directly or indirectly,
lend or invest in other person or other entities identified in any manner whatsoever by or on behalf of
Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate beneficiaries; and
(iii). Based on such audit procedures and that we have considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representation under
sub-clause (i) and (ii) contain any material misstatement.
2. The company has neither declared nor paid any dividend during the year.
For, Biswas Dasgupta Datta & Roy
Chartered Accountants
FRN 302105E
Date: 28th May 2024 FCA Kakoli De Sarkar
(Partner)
Place: Kolkata Membership No : 302910
UDIN: 24302910BKDTRW2866
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