1. We have audited the accompanying standalone financial statements of Acrow India Limited having CIN:
L46411MH1960PLC011601 (“the Company”), which comprise the Standalone Balance Sheet as at 31st March 2025, the
Standalone Statement of Profit and Loss (including other comprehensive income), Standalone Statement of Cash Flows
and Statement of Changes in Equity for the year then ended, and notes to financial statements, including a summary of
material accounting policies and other explanatory information.
2. In our opinion and to the best of our information and according to the explanations given to us , the aforesaid standalone
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 Indian Accounting Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended (“Ind AS”) and the other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31st March 2025, its Profit (financial performance
including other comprehensive income), the changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with 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 (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 there under, 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 opinion.
Information other than the Standalone Financial Statements and Auditor’s Report thereon
4. 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.
5. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
6. 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 material misstatement of this other information; we are required to report that fact. We have
nothing to report in this regard.
Key Audit Matter
7. Application of Ind AS 116 - Leases
Description of the Key Audit Matter
During the year, the Company has applied Ind AS 116, Leases, which significantly impacts the accounting treatment of
lease contracts. This standard requires recognition of right-of-use assets and corresponding lease liabilities for leases.
The implementation involved a detailed assessment of lease agreements, determination of lease term including renewal/
termination options and recognition of right-of-use assets. Due to the complexity and judgments involved in these
assessments, evaluation of lease terms, we considered this area to be a key audit matter.
How the matter was addressed in the audit
Our audit procedures included, among others:
• Obtaining an understanding of the Company’s process for identifying and evaluating lease contracts.
• Evaluating the accounting policies adopted for compliance with the requirements of Ind AS 116.
• Reviewing the lease agreements and verifying key terms including lease period, payment terms, and renewal/termination
options.
• Computing value of right-of-use assets for a lease to verify accuracy and appropriateness of the calculations.
• Verifying the disclosures in the financial statements related to leases to assess compliance with the disclosure
requirements under Ind AS 116.
• The repayment of lease rental being insignificant has not been considered for computing the present value of lease
liability.
Management’s Responsibility for the Standalone Financial Statements
8. 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 standalone 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 Ind AS 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or
error.
9. 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.
10. The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
11. 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 Standards on
Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these financial statements.
12. As part of an audit in accordance with Standard on Auditing, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
a. Identify and assess the risks of material misstatement of the standalone 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.
b. 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 and its subsidiary companies which are companies incorporated in India, has
adequate internal financial controls system 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 ability of the Company 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 standalone 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.
e. Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone 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 standalone
financial statements.
13. 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.
14. 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.
15. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone 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
16. 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 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 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, and the Standalone Statement of
Cash Flow dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of
the Act, read with the Companies (Accounting Standard) 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 over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
(g) In our opinion and to the best of our information and according to the explanations given to us, no remuneration has
been paid by the Company to its directors during the year.
(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 - Refer Note 22 to the 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 its knowledge and belief, no funds (which are material
either individually or in the aggregate) 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 or
entity, including foreign entity (“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 (which are
material either individually or in the aggregate) 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; and.
(c) Based on 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 interim dividend is declared and paid by the Company during the year.
vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its
books of accounts for the financial year ended 31st March 2025 which has a feature of recording audit trail (edit log)
facility and the same has been made operational throughout the year for all relevant transactions recorded in the
software. Further, during our audit we did not come across any instance of the audit trail feature being tampered with.
For Gautam N Associates
Chartered Accountants
FRN 103117W
Sd/-
Gautam Nandawat
Partner
Membership No 032742
UDIN: 25032742BMJJLE2079
Place: Chhatrapati Sambhajinagar
Dated: 30/05/2025
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