We have audited the accompanying financial statements
of Consolidated Finvest & Holdings Limited ('the
Company'), which comprise the Balance Sheet as at 31st
March 2025, the Statement of Profit and Loss (including
other comprehensive income), the Statement of Cash Flows
and the Statement of Changes in Equity for the year then
ended and notes to the financial statements including a
summary of the material accounting policies and other
explanatory information (hereinafter referred to as
'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 (" the Act") in the manner so required
and give a true and fair view in conformity with the
accounting principles generally accepted in India
including Indian Accounting Standards(" Ind AS")
specified 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
(financial position) of the Company as at 31st March, 2025,
and its profit (financial performance including other
comprehensive income), its cash flows and the changes
in equity 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 ("SA"s)
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 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 ("ICAI") together with the ethical requirements
that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and
the ICAI's Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the financial
statements.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgement, were of most significance in our
audit of the financial statements for the financial year
ended 31st March, 2025. These matters were addressed in
the context of our audit of the 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 the matters described below to be the key
audit matters to be communicated in our report. We have
fulfilled the responsibilities described in the Auditor's
Responsibility for the Audit of the Financial Statements.
Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the
risks of the material misstatement of the Financial
Statements. The results of our audit procedure provide
the basis for our audit opinion on the accompanying
Financial Statements.
We have determined that there are no key audit matters
to be communicated in our report.
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 comprises the
information included in the Management Discussion and
Analysis, Board's Report including Annexures to Board's
Report, Corporate Governance and shareholder's
information, 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 during the course of our audit or
otherwise appears to be materially misstated.
If, based on the work we have performed on the other
information obtained prior to the date of this auditor's
report, 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.
Responsibilities of Management and those Charged
with Governance 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 including other
comprehensive income, cash flows and changes in equity
of the Company in accordance with the accounting
principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) prescribed under
Section 133 of the Act read with relevant rules issued
thereunder.
This responsibility also includes the 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 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, 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.
Those Board of Directors are also responsible for
overseeing the Company's financial reporting process.
Auditors' Responsibility 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 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
financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
skepticism throughout the audit. We also:
• 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, international omissions,
misrepresentations, or the override of internal
control.
• Obtain an understanding of internal financial control
relevant to the audit in order to design audit
procedures that are appropriate in 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 with reference to financial statements
and operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the 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 financial statement 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 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 in: -
i. planning the scope of our audit work and
ii. to evaluate the effect of any identified misstatements
in the financial statements.
We communicate with those charged with the 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.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the financial statements of
current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless
law or regulation precludes public disclosures 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 communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' 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, a statement on the matters
specified in the paragraph 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, the Statement of Cash Flows and the
Statement of Changes in Equity 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 relevant
rule issued thereunder.
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,
remuneration paid by the Company to its
directors during the year is in accordance with
the provisions of section 197 of the Act.
g. We have also audited the internal financial
controls over financial reporting (IFCOFR) of the
Company as on 31st March 2025 in conjunction
with our audit of the financial statements of the
Company for the year ended on that date. In this
regard, please refer our separate report in
"Annexure-B", to this report attached.
h. With respect to the other matters to be included
in the Auditors' Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014 (as amended), in our opinion and to the
best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of
pending litigations (if any) as at March 31,
2025 on its financial position in its Financial
Statements;
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.
iv. (1) The management has represented that,
to the best of its knowledge and belief,
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 Holding
Company or its subsidiary companies
incorporated in India to or in any other
persons 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;
(2) The management has represented that,
to the best of its knowledge and belief,
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 Party
("Ultimate Beneficiaries") or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
and
(3) Based on such audit procedures as
considered reasonable and appropriate
in the circumstances, nothing has come
to our notice that has caused us to
believe that the representation under
sub-clause(iv)(1) and (iv)(2) contain
any material mis-statement.
v. As stated in Note 30 to the financial
statements, the Board of Directors of the
Company has proposed final dividend for the
year which is subject to the approval of the
members at the ensuring Annual General
Meeting. Such dividend proposed is in
accordance with section 123 of the Act, as
applicable.
vi. Based on the examination, which included
test checks, the Company has used
accounting software for maintaining its
books of account for the financial year ended
March 31, 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 instance
of the audit trail feature being tampered
with in respect of the accounting
software(s) where the audit trail has been
enabled. Additionally, the audit trail of the
prior year has been preserved by the
Company as per the statutory requirements
for record retention, to the extent it was
enabled and recorded in the prior year.
For Kanodia Sanyal & Associates
Chartered Accountants
FRN:008396N
(Namrata Kanodia)
Place: New Delhi Partner
Date: 29th May 2025 Membership no.: 402909
UDIN: 25402909BMHZLU4178
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