1) We have audited the accompanying financial statements of THE HINDUSTAN
HOUSING COMPANY LIMITED ("the Company") which comprise the Balance Sheet
as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equity and Statement of Cash Flows for the year ended
March 31, 2025 and notes to the financial statements, including a summary of material
accounting policies and other explanatory information (hereinafter referred to as "the
financial statements").
2) 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 Indian Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
("Ind AS") and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2025 and its profit and total Comprehensive
Income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
3) We conducted our audit of the Financial Statements 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 (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.
Key Audit Matters
4) Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the Financial Statements of the current period. We have
determined that there are no key audit matters to communicate in our report.
5) 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. The Company's
Annual report is expected to be made available to us after date of this auditor's report.
6) Our opinion on the financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
7) 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.
8) When we read the Company's Annual report, we conclude that there is a material
misstatement therein, we are required to report that fact to those charged with
governance and take necessary actions, as applicable under the relevant laws and
regulations.
Management and Board of Directors' Responsibilities for the Financial Statements
9) 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 Financial
Statements that give a true and fair view of the financial position, the financial
performance, total 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 prescribed under section 133 of the Act.
10) 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.
11) In preparing the Financial Statements, management and Board of Directors are
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 is also responsible for overseeing the Company's financial
reporting process.
12) 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.
13) 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 with reference to financial
statements 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 the 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.
14) 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.
15) 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.
16) 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 year 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.
We conclude that there are no key audit matters that need to be communicated.
Report on Other Legal and Regulatory Requirements
17) 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 A"
a statement on the matters specified in paragraphs 3 and 4 of the Order.
18) (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 except for certain
matters in respect of audit trail as stated in paragraph 18(B)(vi) below.
(c) The Balance sheet, the Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equity and the Statement of Cash Flow dealt with
by this report are in agreement with the relevant books of account.
(d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting
Standards prescribed under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on 31 March
2025 taken on record by the Board of Directors, none of the directors is disqualified as
on 31 March 2025 from being appointed as a director in terms of Section 164(2) of the
Act; and
(f) With respect to the adequacy of the internal financial controls with reference to
Financial Statements of the Company and the operating effectiveness of such controls,
refer to our separate report in "Annexure B".
(B) In accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as
amended in our opinion and to the best of our information and according to the
explanations given to us:
i. There are no pending litigations against the company except those disclosed in
Note no. 35;
ii. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses;
iii. There is no delay in transferring amounts, 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 have been advanced or loaned or invested (either from borrowed
funds or share premium or any kind of funds) by the Company to or in any
other persons or entities, including foreign entities ("Intermediaries"), with
the understanding, whether recorded in writing or otherwise, that the
Intermediary shall:
• directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the
Company or
• provide any guarantee, security or the like to or 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 persons or entities,
including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall:
• directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the
Funding Party or
• provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries; and
c) Based on such audit procedures as considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe
that the representations under clause (iv) (a) and (iv) (b) contain any material
misstatement.
v. The Company has not paid or declared dividend during the year.
vi. The reporting under rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 is applicable from 1st April 2023.
Based on our examination, which included test checks, the Company has used
various accounting software for maintaining its books of account which have
a feature of recording audit trail (edit log) facility, which have operated
throughout the year for all relevant transactions recorded in the software,
except in respect of one accounting software where the audit trail feature was
enabled on 1st July 2024. Based on our procedures performed, we did not
notice any instance of the audit trail feature being tampered with.
Additionally, the audit trail has been preserved by the Company as per the
statutory requirements for record retention wherever such audit trail have
been maintained.
(C) With respect to the other matters to be included in the Auditor's Report as per
section 197 (16) of the Act:
In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its director during the year is in accordance
with the provisions of Section 197 of the Act.
For M M Nissim & Co LLP
Chartered Accountants
Firm Registration No. 107122W/W100672
Saomil R Vora
Partner
Membership. No. 135247
UDIN: 25135247BMMILI6097
Place: Mumbai
Dated: May 23, 2025
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