We have audited the accompanying Standalone Ind AS Financial statements of PAVNA
INDUSTRIES LIMITED (“the Company”), which comprise the Balance Sheet as at 31st
March 2025 , and the statement of Profit and Loss (Including the statement of Other
Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity
for the year then ended on 31st March 2025, and notes to Standalone Ind AS 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 Standalone Ind AS financial statements give the information required by
the Companies Act, 2013 as amended, (“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 31st March, 25, its profit including Other
Comprehensive Income, its cash flows and changes in Equity for the year ended on that
date.
Basis for Opinion
We conducted our audit of the Standalone Ind AS Financial Statements in accordance with
the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act,
2013. Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone Ind AS 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 Standalone Ind AS Financial Statements under the
provisions of the Companies Act, 2013 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 on Standalone Ind AS Financial Statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone Ind AS financial statements for the Financial Year
ended 31st March’2025. These matters were addressed in the context of our audit of the
standalone IND AS 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.
Other Information
The Company’s board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the company’s
annual Report but does not include the Standalone Ind AS Financial Statements and our
auditor’s report thereon.
Our opinion on the Standalone Ind AS 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 Standalone Ind AS Financial Statements, our
responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the Standalone Ind AS 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 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
Standalone IND AS 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 Standalone Ind
AS Financial Statements that give a true and fair view of the financial position, financial
performance, including other comprehensive income, changes in Equity and cash flows of
the Company in accordance with the accounting principles generally accepted in India,
including the Indian accounting Standards (IND AS) specified under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015 as amended. 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 Standalone Ind AS
Financial Statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the Standalone Ind AS 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 Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
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 Ind AS Financial Statements.
A further description of the auditor’s responsibilities for the audit of the Standalone Ind AS
Financial Statements is included in Annexure A. This description forms part of our auditor’s
report.
Other Matter
The financial information of the company for the year ended 31 March, 2024 included in
these standalone IND AS financial statements have been audited by predecessor auditor
M/S Rajeev Kumar & Company who have expressed and unmodified opinion on the same ,
vide report dated 30th May, 2024.
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
Companies Act, 2013, we give in the 'Annexure B a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. A) 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss
(including Statement of other comprehensive income) and the Standalone Cash
Flow Statement and the Standalone Statement of Changes in Equity dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply
with the Accounting Standards specified under Section 133 of the Act and rules
read with Companies (Indian Accounting Standards) Rules, 2015, as amended.
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 adequacy of the internal financial controls with reference to
these Standalone Ind AS Financial Statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in 'Annexure C’ to this
report.
g) 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, the remuneration paid by the company to its directors during the
year is in accordance with the provisions of Section 197 read with Schedule V of
the Act.
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. The Company has disclosed the impact of pending litigations on its financial
position in its Standalone 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. (a) The management has represented that, to the best of it’s 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 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;
(b) 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
(c) Based on such audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i) and (ii) of
Rule 11(e), as provided under (a) and (b) above, contain any material mis¬
statement.
v. No dividend have been declared or paid during the year by the company.
vi. Based on our examination which included test checks, the company has used
accounting software for maintaining its books of account for the year ended
31st March, 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 audit trail
feature being tampered with.
For ARUN VARSHNEY AND ASSOCIATES
Chartered Accountants
FRN:0005560C
Sd/-
Place: - ALIGARH CA. ARUN KUMAR
Date: 26/05/2025 (PARTNER )
UDIN: 25073299BMNXAG3144 Membership No. 073299
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