We have audited the accompanying financial statements
of NISUS FINANCE SERVICES CO LIMITED (FORMERLY
KNOWN AS NISUS FINANCE SERVICES CO PRIVATE
LIMITED) (“the Company”), which comprise the Standalone
Balance Sheet as at 31st March, 2025, the Statement
of Standalone Profit and Loss, the Standalone Cash
Flow Statement, and notes to the Standalone Financial
Statements, including a summary of the significant
accounting policies and other explanatory information for
the year then ended.
In our opinion and to the best of our information and
according to the explanations given to us the standalone
financial statements give the information required by
the Act, 2013, as amended (the “Act”) in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India
a) In case of its Standalone Balance-sheet, of the state
of affairs of the company as at 31st March, 2025.
b) In case of Statement of Standalone Profit and Loss of
the profit for the year ended on that date.
c) In case of Standalone Cash Flow Statement, Cash
flows as at 31st March, 2025.
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 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 standalone 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
on the standalone financial statements.
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 for the financial year
ended 31st March, 2025. 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
be communicated in our report.
Information other than the financial statements and
auditors’ report thereon
The Company's board of directors is responsible for the
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. The Annual report is expected
to be made available to us after the date of this auditor's
report.
Our opinion on the standalone financial statement does
not cover the other information and we do not express any
form of assurance conclusion there on.
In connection with our audit of the standalone financial
statement, 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 during the course of our audit or
otherwise appears to be materially misstated.
When we read the Annual report, if we conclude that there
is a material misstatement therein, we are required to
communicate the matter to those charged with governance.
Responsibilities of Management for the Standalone
Financial Statement
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 statement that give a true and fair
view of the financial position, financial performance
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 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 standalone
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 Standalone
Financial Statements
Our objectives are to obtain reasonable assurance about
whether the standalone 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 standalone 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 financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible for
expressing our opinion 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 standalone 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 standalone financial statements,
including the disclosures, and whether the standalone
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 Standalone
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 Standalone 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report)
Order, 2020 (“the Order”) issued by the Central
Government of India in terms of Section 143(11) of the
Act, we give in the “Annexure-A” statement on the
matters specified in paragraphs 3 and 4 of the Order.
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 it appears from our examination of those
books.
(c) 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.
(d) 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.
(e) On the basis of the written representations
received from the directors as on 31st March,
2025 taken on record by the Board of Directors,
none of the directors is disqualified as on 31st
March, 2025 from being appointed as a director
in terms of Section 164 (2) of the Act.
(f) With respect to the other matters to be included
in the Auditor's Report in accordance with the
requirements of section 197(16) of the Act, as
amended:
In our opinion and to the best of our information
and according to the explanations given to us,
the remuneration paid by the Company to its
directors during the year is in accordance with
the provisions of section 197 of the Act.
(B) 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. The Company does not have any pending
litigations which would impact its financial
position.
ii. The Company did not have any long-term
contracts including derivative contracts for which
any provision for material foreseeable losses
were required.
iii. There were no amounts which were required
to be transfer, to the Investor Education and
Protection Fund by the Company during the year
ended 31st March, 2025.
(iv) (a) The respective Managements of the
company which are incorporated in India,
whose standalone financial statements
have been audited under the Act, have
represented to us that, to the best of their
knowledge and belief, no funds (which are
material either individually or in aggregate)
have been advanced or loaned or invested
(either from the 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 entity
(“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 or provide
any guarantee, security or the like on behalf
of the Ultimate beneficiaries.
(b) The respective Management of the Company
and which are companies incorporated in India,
whose financial statements have been audited
under the Act, have represented to us that, to
the best of the knowledge and belief no funds
(which are material either individually or in the
aggregate) have been received by the company
from any person or entity, 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.
(c) Based on audit procedures that have been
considered reasonable and appropriate in the
circumstances performed by us on the Company
which are companies incorporated in India whose
financial statements have been audited under
the Act, nothing has come to our notice that has
caused us to believe that the representations
are under sub clause(i) and (ii) of Rule 11(e), as
provided under (a) and (b)above, contain any
material misstatement.
v The company has not declared or paid any dividend
during the year and has not proposed final dividend
for the year.
vi Based on our examination, the Company has used
accounting software for maintaining its books of
account for the financial year ended 31st March, 2025
which has a feature of recording audit trail (edit log)
facility.
For SANJAY RAJA JAIN & CO.
Chartered Accountants
FRN No. 120132W
SURJEET JAIN
Partner
M. No. 129531
Place : Mumbai
Date : 29th May, 2025
UDIN:25129531BMLFYR5204
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