We have audited the Financial Statements of Mansoon Trading Company Limited
(hereinafter referred to as "the Company"), which comprise the Balance Sheet as at March
31, 2025, and the Statement of Profit and Loss including Other Comprehensive Income,
the Cash Flow Statement and the Statement of Changes in Equity for the year then ended
and Notes to the Financial Statements, including a summary of Significant Accounting
Policies and other explanatory information (collectively referred to as 'Financial
Statements').
Opinion
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 (hereinafter referred to as "the Act") 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, Total
Comprehensive Income, its Cash flows and the Changes in Equity for the year ended on
that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) 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 together with the ethical
requirements that are relevant to our audit of the Financial Statements under the
provisions of the Act 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.
Key Audit Matters
Key Audit Matters are those matters that in our professional judgment were of most
significance in our audit of the Financial Statements for the year ended March 31, 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.
Other Information
The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the annual 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 material misstatement of this other information, we are
required to report the 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 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, 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, 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.
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, 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 judgment 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, intentional omissions,
misrepresentations, or the override of internal control.
• 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 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 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 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 in evaluating the results of our work; and (ii) 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.
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 the
current period 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 communication.
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 and on the basis of such checks of the books and records of the Company as
we considered appropriate and according to the information and explanations
given to us, we give in the Annexure-A a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable to the Company during
the year under review.
2. Further to our comments in the Annexure referred to in para 1 above, as required
by Section 143(3) of the Act, we report as follows:
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 appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, the Cash Flow Statement 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 Rule 7 of the
Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors as on March
31, 2025, and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 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 of the Act, as amended, the
remuneration paid by the Company to its directors during the year under
review was within the provisions 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) With respect to the other matters to be included in the Auditor's Report in
accordance with the 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, we further report that;
i) The Company does not have any pending litigations which would impact
its financial position other than those mentioned in notes to accounts.
ii) The Company does 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
Investors Education and Protection Fund by the Company.
iv) (a) As per the information and explanations given to us by the management,
no funds have been advanced or loaned or invested (either from
borrowed funds or securities premium or any other sources or kind of
funds) by the Company to or in any other person or entity, 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; and
(b) As per the information and explanations given to us by the management,
no funds have been received by the Company from any person or entity,
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.
(c) On the basis of above representations, nothing has come to our notice
that has caused us to believe that the above representations contained
any material mis-statement.
v) The Company has not declared or paid any dividend during the year.
vi) Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and that has operated throughout the
year for all relevant transactions recorded in the software. During the course of
performing our procedures, we did not notice any instance of audit trail feature
being tampered with. Additionally, the audit trail has been preserved by the
company as per the statutory requirements for record retention.
For S K H D & Associates
Chartered Accountants
Firm Registration No. 105929W
Sd/-
Hemanshu Solanki
Partner
Membership No. 132835
UDIN: 25132835BMMJVB6566
Mumbai, dated 27th May 2025
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