We have audited the accompanying Standalone financial statements of Peoples Investments Limited ("the Company") which
comprises the Balance Sheet as at March 31, 2025 and Statement of Profit and Loss (Including other comprehensive Income),
Statement of change in equity, Statement of Cash Flow for the year ended and 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 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 as at March 31 2025, and its loss, total comprehensive income, its cash flows and the
changes in equity 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 Au dit 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 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 opinion.
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. We
have determined that there are no key audit matters to communicate in our report.
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 the Director's
Report including annexures to the director's report but does not include the 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 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 as required under SA 720 'The Auditor's responsibilities
Relating to Other Information.
Responsibility of Management for the Standalone Financial Statements
The Company's Management and 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 and financial performance, (change in equity) and cash flows of the company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards specified under section 133 of the
Act and in compliance with Regulation 33 of the Listing Regulations.
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 standalone financial statement that give a true and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for the purpose of preparation of financial statements by the management
& the Directors of the company, as aforesaid.
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.
Those 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 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 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, if
applicable, 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.
• Obtain sufficient appropriate audit evidence regarding the financial statements/financial information of the company to express
an opinion on the Financial Statements. We are responsible for the direction, supervision & performance of the audit of the
financial information of the entity included in the Financial Statements of which we are auditors.
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
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 Companies Act, 2013, we give in the 'Annexure A' a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.
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 entity does not have any branch office either in India or outside India, hence the said clause is not applicable to the company.
d) The Balance Sheet and the Statement of Profit and Loss including Other Comprehensive Income and the Cash Flow Statement
dealt with by this report are in agreement with the books of accounts maintained for the purpose of preparation of these
standalone financial statements.
e) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of
the Act.
f) During the course of audit, we have not found any financial transactions or matters which have any adverse effect on the
functioning of the company.
g) On the basis of written representations received from the directors as on March 31, 2025, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164(2)
of the Act.
h) During the course of audit, we have not found any qualification, reservation or adverse remark relating to the maintenance of
accounts and other matters connected therewith.
i) With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of Sec 197(16) o f
this Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the Company has not paid any
remuneration its Directors except sitting fees during the year.
j) 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'.
k) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the
explanations given to us:
a. The Company does not have any pending litigation which would impact its financial position.
b. The Company does not have any long-term contracts including derivative contracts for which there are any material foreseeable
losses.
c. The company was not required to transfer any amounts to the Investor Education and Protection Fund during the period.
d. (i) 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 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;
(ii) 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 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
(iii) 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.
e. The company has not declared or paid any dividend during the period in contravention of the provisions of section 123 of the
Companies Act, 2013.
f. Based on our examination, the company has used accounting software for maintaining its books of accounts. The accounting
software has a feature of recording audit trail (edit log) and it has been operated and maintained throughout the year for all
transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail
feature being tempered with. Additionally, the audit trail has been preserved by the company as per statutory requirements for
record retention.
For, Khandhar Mehta & Shah
Chartered Accountants
Firm No. 125512W
CA. Gautam Mehta
Partner
M. No. 112626 Date : 20th May, 2025
UDIN : 25112626BMKOQX3625 Place : Ahmedabad
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