We have audited the accompanying financial statements of PAN HR SOLUTION
LIMITED (CIN No.: U74120UP2015PLC075271) (“the Company”), which comprise
the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss, and the
statement of Cash Flows for the year ended on that date, and a summary of the
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 (“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 and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, the profit 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 specified under section 143(10) of the Act (SAs). 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 auditor of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (ICAI) together with the
independence 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.
a) Refer to Note No. 28 regarding dues to Micro and Small Enterprises
have been determined to the extent such parties have been identified
on the basis of information collected by the Management. This has
been relied upon by the auditors.
b) Refer to Note No. 15 regarding non provision against all the
outstanding amount exceeding 1 year amounting to Rs. 15380.00
thousand, since the management believes that no provision for
doubtful debts is currently required except the provision already
made, as there is no present obligation or clear evidence of
impairment at this stage. The management decided to closely monitor
these balances and will recognize provisions, if necessary, in future
periods in accordance with AS 29.
Information Other than the Financial Statements and Auditor’s Report
Thereon
The Company s Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the
Management Discussion and Analysis, Board’s Report including Annexure to
Board s Report, Business Responsibility 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, we conclude that there is a material
misstatement of this other formation we are required to report that fact. We have
nothing to report in this fact.
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 Act with respect to the preparation of these financial statements that
give a true and fair view of the financial position, financial performance, and cash
flows of the Company in accordance with the 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
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.
The Board of Directors are 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 financial controls 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 Section 143(3) of the Act, based on our audit 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 and the statement of
Cash Flow dealt with by this Report are in agreement with the relevant
books of accounts.
d) In our opinion, the aforesaid standalone financial statements comply with
the Accounting Standards specified under Section 133 of the Act.
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
March 31, 2025 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.
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 A”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls over financial reporting.
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:
a) The management has represented that, to the best of it’s knowledge and
belief, other than as disclosed in the notes to the accounts, the Company
have disclosed any pending litigations which would impact its financial
position;
b) The management has represented that, to the best of it’s knowledge and
belief, other than as disclosed in the notes to the accounts, the Company
did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
d) (i) The management has represented that, to the best of it’s knowledge
and belief, other than as disclosed in the notes to the 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 person(s) or entity(ies), 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;
(ii) The management has represented, that, to the best of it’s knowledge
and belief, other than as disclosed in the notes to the accounts, 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
(iii) Based on audit procedures which we considered reasonable and
appropriate in the circumstances, nothing has come to their notice that
has caused them to believe that the representations under sub-clause (i)
and (ii) contain any material misstatement.
e) During the year, the Company has declared and paid dividend in
compliance with the provisions of the Companies Act, 2013. The
Company has transferred the dividend amounts to the respective
shareholders within the prescribed timelines. Necessary disclosures
relating to dividend have been appropriately made in the financial
statements.
f) Based on our examination, which included test checks, we observed that
the company has not used accounting software for maintaining its books
of account. Software has not containing a feature for recording an audit
trail (edit log), we found that the audit trail feature was not operating
effectively during the reporting period for all relevant transactions
recorded in the software.
i) 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,
i. In our opinion and to the best of our information and according to the
explanations given to us, the limit prescribed by section 197 for
maximum permissible managerial remuneration is not applicable to a
private limited company.
2. As required by the Companies (Auditor’s Report) Order, 2020 ( the Order )
issued by the Central Government in terms of Section 143(11) of the Act, we
give in "Annexure B" a statement on the matters specified in paragraphs 3 and
4 of the Order.
For VINAY I AGGARWAL & ASSOCIATES.
Chartered Accountants
FRN: 019631N
partner
Name: Shobhit Gupta
M.No.: 502897
Place: Noida
Date: 17th September 2025
UDIN: 25502897BMIQAU5592
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