KRFTTO SYSCON LIMITED
Report on the Audit of the Financial Statements
Opinion
Ý We have audited the Financial Statements of KRETTO SYSCON LIMITED (“the Company”), which comprise the balance sheet as at 31st March 2025, and the statement of.profit .and loss, (statement of changes in equity) and statement of cash flows for the year then ended, and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information [hereinafter referred to as “the Financial Statements”],
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 Companies Act, 2013 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 31, 2025, and its profit/loss, (changes in equity) and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the Financial Statements in accordance with the Standards on Auditing Ý (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 the Rules thereunder, 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.
“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 Ýcomprises the [information included in the X report, but does not include the Financial Statements and our auditor’s report thereon.
Our opinion on-the 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 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 n^^S^^gitement of this
other information, we are required to report that fact. We have nothina^f&SfniOTraegard.
7/S/ M.No. \vA\
Management’s Responsibility for the 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 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. 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 Financial Statements, the 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.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
The amendments require every company that uses an accounting software to use such software that has .a feature of audit trail which cannot be disabled. The management has a responsibility' for effective implementation of the requirements prescribed by account rules i.e., every company which uses an accounting software for maintaining its books of account, should use only such accounting software which has the following features.
a, Records an audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made; and
b. Ensuring that audit trail is not disabled.
The management is primarily responsible for ensuring selection of the appropriate accounting software for ensuring compliance with applicable laws and regulations (including those related to retention of audit logs).
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, hut 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 m^^^^Jndividually or in the aggregate, they could reasonably be expected to influence the of users taken
on the basis of these Financial Statements. if^f ™
Iff 133345 V*ll
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
a. 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.
b. 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 on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls
c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
d. 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.
e. 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 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
Ý in
(i) Planning the scope of our audit work and in evaluating the results of our work; and
(ii) Ý. 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. ,. •
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 Ý of doing so would reasonably be expected to outweigh the public interest benefits. of such communication.
Report bn Other Legal and Regulatory Requirements
1. The provisions of the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013 is applicable to the Company, refer to our separate Report in “Annexure A”.
’• 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, (the Statement of Changes in
.Equity) and the Cash Flow Statement dealt-with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid 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) In our opinion there are no observations or comments on the financial transactions, which may have an- adverse effect on the functioning of the Company.
(f) 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.
(g) 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”.
(h) ^as required under the new Rule 11(g) of the .Companies (Audit and Auditors) Rule 2014 to report on the use of accounting software by the company for maintaining its books of accounts which has a feature of recording an audit trail:
Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account for the period ended 31st March, 2025, which has a feature of recording audit trail (edit log) facility was not enabled at the database during some periods layer to log any direct data changes for all the accounting software’s used for maintaining the books of account
(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^^^^^m arid to
the best of our information and according to the explanations given to us:
i. The Company have pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts t for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company,
For, Nirav S. Shah & Co,
Chartered Accountants
1/ ll o( ahmedabad 1^)1 •
hd- ci, W-S-V 130244W /£•//
(Nirav Shah) VCl>v
Proprietor M. No. 133345 ‘
FRNNo. 130244W
UDIN: 25133345BMJLDZ9718
Place : Ahmedabad Date : 24.04.2025
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