We have audited the accompanying standalone financial statement of UNITED TEXTILE LIMITED ("the
Company*), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Changes in Equity and the Cash Flow Statement
for the year then 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 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 31 March 2024, and its profit, total comprehensive
Income, its cash flows and the changes in equity for the year ended on that date.
Basis of Opinion
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of
the Act 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 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 Rule thereunder, and we have fulfilled our 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 of our opinion.
Management1 s Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated In section 134(5) of the Act with
respect to the preparation of these financial statements that give a true and fair view of the financial
position, financial performance including other comprehensive income, cash flows and changes in equity of
the Company In accordance with the Ind AS and other accounting principles generally accepted In India.
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 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 ihe 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 is also responsible for overseeing the Company’s financial reporting process
Auditors'Responsibility
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:
Ý 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.
a 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)(Q 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.
a Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management
Ý 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 grists, we are required to draw attention In our auditor’s report tn
the related disclosures In the standalone financial statements or. If such disclosures are Inadequate, to
modify cur 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.
Ý 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 tn 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 scape of our audit work and In evaluating the results of our work; and [II] tn
evaluate die 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 compiled 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 standalone financial statements for the financial year ended
March 31, 2024 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 camimmicatiaiL
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 sub-section (11) of section 143 of the Act; we give in the Annexure 'A' a
statement on the matters specified In the paragraph 3 and 4 of the Order, tn the extent applicable.
2. As required by Section 143 (3) of the Act we report that
(a] We have sought and obtained ail the Information and explanations which tn 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 boohs of account;
(d) in our opinion, the aforesaid financial statements comply with die Indian Accounting Standards specified
under Section 13 3 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 March 31, 2024 taken on record
by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a
director In terms of Section 164 [2] of the Act
(f) 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 Annezure IT.
(g) With respect to the other matters to be Included In the Auditor's Report In accordance with Ride 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 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;
(h) The managerial remuneration for the year ended 31st March, 2024 has been paid/ provided for by the
Company to its directors In accordance with the provisions of Section 197 read with Schedule V to the Act
(£) As per the management representation we report;
(1] no funds have been advanced or loaned or Invested by the company to or In any other person(s]
or entitles, Including foreign entitles ("Intermediaries"], with the understanding that the
intermediary shall whether directly or indirectly lend or invest in other persons or entities
Identified In any manner fay or on behalf of the company [Ultimate Beneficiaries] or provide any
guarantee, security or die like on behalf of ultimate beneficiaries.
(ii] no funds have been received by the company from any persen[s) or entities including foreign
entitles (“Funding Parties'] with the understanding that such company shall whether, dtrecdy
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 guarantee, security or the
like on behalf of the Ultimate beneficiaries.
(Ilf) Based on the audit procedures performed, we report that nothing has come to our notice that
has caused us to believe that the representations given under sub-clause (T) and [IQ by the
management contain any material misstatement
(j) No dividend has been paid by the company.
(k) The Company, in Respect of financial year 2023-24, has used such accounting software for maintain its books
of account which has a feature of recording audit trail (edit log) facility and the same has heat operated
throughout the year for all transaction’s recorded in the software and the audit trail feature has not been
tampered with and the audit trail has been preserved by the company aa pci the statutory requirements for
record retention.
For N C Aggar-wal & Co,
Chartered Accountants
Firm Registration No. 0Q3273N
G-K. Aggarwal
(Partner]
M. No. 0B6622
Dated: 29* May, 2024
Place: Hlsar
UDIN: 240B6622BKAPDB3932
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