We have audited the financial statements of Valencia India Private Limited (“the Company"), which comprise
the Balance sheet as at March 31. 2024. the statement o! Profit and Loss for the period ended on March 31.
2024. and notes to the financial statements, including 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 Accounting Standards prescribed under section
133 of the Act read with the Companies (Accounting Standards) Rules. 2021 and other accounting principles
generally accepted in India, of the state of affairs nl the Company as at March 31. 2024 its profit and its cash
flows for tiie year ended on that date.
Basis for Opinion
We conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified
under section 143(10) of the Act ("SAs *). Our responsibilities under those Standards are further described in
the Auditor's Responsibility for the Audit of the Financial Statement 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 ("1CAP) 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 we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Financial Statements.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company’s annual report, but dues not include the
financial statements and our auditors’ report thereoa
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 lo be materially
mtetftaUHl.
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 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 Act with
respect to the preparation and presentation of these financial statements that give a tr ue and fair view of the
financial position financial performance of the Company in accordance with the accounting principles
generally accepted In India, Including the accounting Standards specified under sec tion 133 of the Ad. 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 implementation and maintenance of 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 u 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 01 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 arc 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. Wc 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 1$
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 procoduros that
are appropriate In the circumstances. Under section !43(3)(i) of the Act wc arc also responsible lor
expressing our opinion on whether the company has adequate internal financial controls with reference
to financial statements 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 auditors 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
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 wc 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 anil other matters
that may reasonably be thought to hear on our Independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2020 (’the Order1'), Issued by the Central
Government of India in terms of sub-scctlon (11) of section 143 of the Act. we give in the ‘Annexurc A" a
statement on the matters specified In paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act. we report that-
a) We have sought and obtained alt the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of oui audiL
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 and the Statement of Profit and Loss dealt with by this Report are in agreement
with the books of account
d) In our opinion, the oforosioid financial nlutanMnU comply with Alcoutiling SLindauis tpociflod under
Section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules. 2014 (as amended).
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c) On the basis of the written representations received from the directors as on 31** March. 2024 taken
on record by the Board of Directors, none of the directors is disqualified as on 31* March. 2024 from
being appointed as a director in terms of Section 164 (2) of the Act.
Q in our opinion and to the best of our information and according to the explanations given to us the
provisions of section 143(3)(i) tor reporting on the adequacy of internal financial controls with
reference to financial statements and the operating effectiveness of such controls of the Company,
are not applicable; and
g) As required by 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, we report that company has paid
remuneration to directors which are in compliance with Companies Act. 2013.
h) 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. There is no pending litigation on Company for which disclosure is required.
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any. on long-term contracts including derivative
contracts.
III. Tliere are no amounts which are required to be transferred Investor Education and
Protection Fund by the Company.
iv. Based on our examinaDon. carried out in accordance with the Implementation Guidance on
Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 (Revised 2024 Edition) issued by the Institute of Chartered Accountants ol India, the
company has used accounting software for maintaining its books of account, which has a
feature of recording audit trail (edit log) facility.
i) (a) The management has represented that, to the best of its knowledge and belief, other than as
disclosed in notes to accounts, 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 company to
or in any other persons or entities, including foreign entitles ("Intermediaries'*), with the
understanding, whether recorded in writing oi otherwise, that the Intermediary shall, whether,
directly or indirectly lend or Invest In other persons ue entitles 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;
(b) The management has represented that, to the best of lt*s knowledge and belief, other than as
disclosed in notes to accounts, no funds have been received by the company from any persons
or cntitica. Including foreign unlitiuw ("Kumiing Hatties*), with tho undorctonding. wh»thur
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
(c) Based on such audit procedures that we have considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the
representations given under (a) and (b) above, contain any material mis statement.
For Doshl Dash! & Co.
Chartered Accountants
Firm Registration No.: 153683^^—^
i V
(of FRN:
ChikfLhi I^W683WJ|]
Partner \>*>;—'*3'
Membership No.: 158931
ODIN:24158931BKAU|D1040
Place: Ahmrdabad
Date: June 18. 2024
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