We have audited the accompanying Standalone financial statements of Sri Amarnath Finance j
Limited ("the company”), which comprises the Balance Sheet as at 31st March 2025, the Statement j
of Profit and Loss and the Cash Flow Statement for the year then ended, and notes to the financial j
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, S
the aforesaid standalone financial statements give the information required by the Companies j
Act, 2013 in the manner so required and give a true and fair view in conformity with the \
Companies Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act read with |
the Companies (Indian Accounting Standards) Rules, 2015 and accounting principles generally j
accepted in India, of the state of affairs of the Company as at 31st March 2025 and its profit/loss and \
its cash flows for the year ended on that date. j
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Basis of Opinion j
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section S
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further j
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 j
Institute of Chartered Accountants of India together with the ethical requirements that are relevant j
to our audit of the financial statements under the provisions of the Companies Act, 2013 and the \
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these j
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. j
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Key Audit Matters j
Key audit matters are those matters that, in our professional judgment, were of most significance in j
our audit of the financial statements of the current period. These matters were addressed in the j
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and j
we do not provide a separate opinion on these matters. j
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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 j
Companies Act, 2013 ("the Act”) with respect to the preparation and presentation of these S
standalone financial statements that give a true and fair view of the financial position, financial j
performance and cash flows of the Company in accordance with the Ind AS specified under section S
133 of the Act and other accounting principles generally accepted in India. This responsibility also j
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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 jj
irregularities; selection and application of appropriate accounting policies; making judgments and |
estimates that are reasonable and prudent; and design, implementation and maintenance of jj
adequate internal financial control, that were operating effectively for ensuring the accuracy and jj
completeness of the accounting records, relevant to the preparation and presentation of the jj
financial statements that give a true and fair view and are free from material misstatement, whether jj
due to fraud or error. \
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In preparing the financial statements, management is responsible for assessing the Company’s jj
ability to continue as a going concern, disclosing, as applicable, matters related to going concern jj
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. j
Those Board of Directors are also responsible for overseeing the Company’s financial reporting j
process. jj
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Auditor’s Responsibility for the Audit of the Financial Statements jj
Our objectives are to obtain reasonable assurance about whether the financial statements as a jj
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s jj
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a j
guarantee that an audit conducted in accordance with SAs will always detect a material j
misstatement when it exists. Misstatements can arise from fraud or error and are considered I
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material if, individually or in the aggregate, they could reasonably be expected to influence the j
economic decisions of users taken on the basis of these financial statements. j
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As part of an audit in accordance with SAs, specified under section 143(10) of the Act we exercise jj
professional judgment and maintain professional skepticism throughout the audit. We also: jj
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• Identify and assess the risks of material misstatement of the financial statements, whether due to j
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit jj
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not j
detecting a material misstatement resulting from fraud is higher than for one resulting from error, j
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override jj
of internal control. j
• Obtain an understanding of internal control relevant to the audit in order to design audit jj
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are j
also responsible for expressing our opinion on whether the Company has adequate internal jj
financial controls system in place and the operating effectiveness of such controls. j
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting jj
estimates and related disclosures made by management. jj
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, jj
based on the audit evidence obtained, whether a material uncertainty exists related to events or jj
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If jj
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s jj
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to jj
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our jj
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auditor’s report. However, future events or conditions may cause the Company to cease to continue \
as a going concern. jj
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Evaluate the overall presentations, structure and content of the financial statements, including the jj
disclosures, and whether the financial statements represent the underlying transactions and events jj
in a manner that achieves fair presentation. jj
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We communicate with those charged with governance regarding, among other matters, the planned jj
scope and timing of the audit and significant audit findings, including any significant deficiencies in jj
internal control that we identify during our audit. jj
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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 jj
relationships and other matters that may reasonably be thought to bear on our independence, and jj
where applicable related safeguards. jj
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From the matters communicated with those charged with governance, we determine those matters jj
that were of most significance in the audit of the financial statements of the current period and are jj
therefore the key audit matters. We describe these matters in our auditors’ report unless law or jj
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, jj
we determine that a matter should not be communicated in our report because the adverse jj
consequences of doing so would reasonably be expected to outweigh the public interest benefits of jj
such communication. jj
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Report on other Legal and Regulatory Requirements jj
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1. As required by the Companies (Auditor’s Report) Order, 2020 ("the Order”) issued by the jj
Central Government of India in terms of sub - section (11) of section 143 of the Act, we give in jj
the Annexure A, a statement on the Matters specified in the paragraph 3 and 4 of the Order. jj
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2. As required by Section 143(3) of the Act, we report that: jj
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a) We have sought and obtained all the information and explanations which to the best of our jj
knowledge and belief were necessary for the purposes of our audit of the accompanying jj
Standalone Financial Statements. jj
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b) In our opinion proper books of account as required by law have been kept by the Company so jj
far as it appears from our examination of those books jj
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c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this jj
Report are in agreement with the books of account jj
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d) In our opinion, the aforesaid standalone financial statements comply with the Indian jj
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies jj
(Accounts) Rules, 2014. jj
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e) The basis of the written representations received from the directors as on 31 March, 2025,
taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 control with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate report in
"Annexure B”; and
g) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule llof 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. The Company does not have any pending litigation which would impact its financial
position as at 31st March 2025.
ii. The Company did not have any long-term contracts including derivate contracts for
which there were any material foreseeable losses as at 31st March 2025.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company as at 31st March 2025.
iv.
a) 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 kinds 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 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.
b) 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(s) or entity(ies) 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 parties
("ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the ultimate beneficiaries; and
c) Based on the audit procedures that the auditor has considered reasonable and
appropriate in the circumstances, nothing has come to their notice that has caused
them to believe that the representation under sub point (a) and (b) contain any mis-
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statement. S
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v. The company does not declare or paid any dividend during the year. jj
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vi. Based on our examination, which included test checks, the Company has used accounting |
software for maintaining its books if account for the financial year ended 31st March jj
2025 which has a feature of recording audit trail (edit Log) facility and same has \
operated throughout the year for all relevant transactions recorded in the software, jj
Further, during the course of our audit we did not come across any instance of the audit ji
trail feature being tampered with. jj
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As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1st jj
April, 2023 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 jj
retention. The audit trail of the prior period has been preserved by the company as per ji
statutory requirement for record retention to the extent it was enabled. jj
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Rajender Kumar Singal & Associates LLP |
(Chartered Accountants) jj
FRN NO. - 016379N \
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Pankaj Gupta !
Partner j
M. No. - 094909 \
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Place: New Delhi jj
Date: 29.05.2025 \
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