We have audited the accompanying standalone financial statements of Pyxis Finvest Limited (“the Company”), which comprise the
Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss, the Statement of Changes in Equity and the Cash Flow
Statement for the year then ended, and notes to the financial statement, including a summary of the significant accounting policies
and other explanatory information.
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, 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 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 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, Management and 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 Company’s Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control
relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and
the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
standalone financial statements.
Opinion
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 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 accounting principles generally accepted in India, of the state of affairs of the Company as at 31st
March, 2025, and its profit/loss, the changes in equity and its cash flows for the year ended on that date.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significant 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.
Emphasis of Matters
None
Our opinion is not modified in respect of these matters.
Information Other than the Standalone Financial Statements and Auditor’s report thereon
The Company’s Board of Directors is responsible for the preparation of other information. The other information comprises the
information included in the Company’s annual report but does not include the standalone financial statement 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 during the course of our 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.
Report on Other Legal and Regulatory Requirements
I. 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 reports on the accounts of the branch offices of the Company audited under Section 143 (8) of the Act by branch
auditors - Not applicable, as the Company does not have any branch office
d) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement 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 Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
f) No issues under Emphasis of Matter
g) On the basis of the written representations received from the Directors as on 31-Mar-2025 taken on record by the Board of
Directors, none of the Directors are disqualified as on 31st March, 2025 from being appointed as a Director in terms of
Section 164(2) of the Act.
h) There are no qualification, reservation or adverse remark relating to the maintenance of accounts and other matters
connected therewith
i) 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 A”.
j) 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:
i. There were no pending litigations which would impact the financial position of the Company, subject to and read
with Notes for Income Tax demand. [Rule 11(a)]
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses. [Rule 11(b)]
iii. There is no amount required to be transferred, to the Investor Education and Protection Fund by the Company. [Rule
11(c)]
iv. (a) The Management has represented that, to the best of its knowledge and belief, 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(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
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. [Rule 11(e)(1)]
(b) The Management has represented, that, to the best of its knowledge and belief, 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 recorded in writing or otherwise, that the Company shall,
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. [Rule 11(e)(ii)]
(c) Based on the audit procedures it has been considered reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the representations under clause (a) and (b) above, contain
any material misstatement. [Rule 11(e)(iii)]
v. The Board of Directors of the Company have not proposed dividend for the current year and in the previous year(s)
[Rule 11(f)]
vi. The Company has system in place to processes all accounting transactions through IT System. The Company
processes all accounting transactions through IT System. No accounting is done outside the IT system and hence
does not have any financial implications.
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 31-Mar-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 instant of the audit trail feature being tampered with. The
audit trail has been preserved by the company as per the statutory requirements for record retention. [Rule 11(g)]
k) In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its
Directors, during the current year, being more than limit laid down under u/s 197(1), the company has obtained the
necessary approval from its members and has complied with Schedule V of the Act, in this behalf.
II. 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 B” a statement on the matters specified in paragraphs 3
and 4 of the Order, to the extent applicable.
For Bhatter & Co.
Chartered Accountants
(FRN: 131092W)
Sd/-
(D. H. Bhatter)
Proprietor
M. No. 016937
UDIN: 25016937BMISYB1818
Place: Mumbai
Date: 30th May 2025
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