1. We have audited the accompanying financial statements of ALBERT DAVID LIMITED ("the
Company"), which comprise the Balance Sheet as at 31st March 2026, the Statement of
Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows, the
Statement of Changes in Equity and notes to the financial statements for the year ended
on that date including a summary of material accounting policies and other explanatory
information (herein after referred to as "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 principles generally accepted in India, of the state of affairs of the Company
as at March 31, 2026, its profit (including Other Comprehensive Loss), Changes in equity
and its cash flows for the year ended on that date.
Basis for Opinion
2. We conducted our audit 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 together with the ethical requirements
that are relevant to our audit of the financial statements under the provisions of the Act 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.
Key Audit Matters
3. Key Audit Matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the 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.
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Sl.
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Key Audit Matter
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Auditor's Response
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1.
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Revenue Recognition
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Principal Audit Procedures
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Revenue for the company
consists primarily of the sale
of products. Revenue from the
sale of products is recognised
at the moment when the
performance obligation of the
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a) Assessed the appropriateness of the company's revenue
recognition accounting policies, including those relating to
discounts, incentives and rebates by comparing with the
applicable accounting standards;
b) Tested the operating effectiveness of the general IT
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underlying products has been
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control environment and key IT application controls over
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completed and is measured
net of discounts, incentives
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recognition of revenue, calculation of discounts, incentives
and rebates;
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and rebates given to the
customers. The estimation
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c) Performed test of details:
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of discounts, incentives and
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i) Agreed samples of sales, discounts, incentives and
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rebates recognised, related
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rebates to supporting documentation and approvals;
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to sales made during the year,
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and
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is material and considered to
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ii) Obtained supporting documents for sales
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be complex and judgmental.
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transactions recorded either side of year-end, as well as
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Therefore, there is a risk of
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credit notes issued after the year ended, to determine
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revenue being misstated as a
result of inaccurate estimates
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whether revenue was recognised in the correct period.
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of discounts, incentives and
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d) Performed focused analytical procedures:
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rebates.
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i) Compared the revenue for the current year with the
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Further, the company
focuses on revenue as a
key performance measure.
Therefore, revenue was our
area of focus, including
whether the accruals were
misstated and appropriately
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prior year for variance/ trend analysis and, where relevant,
completed further inquiries and testing to corroborate
the variances by considering both internal and external
benchmarks, overlaying our understanding of the industry;
and
ii) Compared the discounts, incentives and rebates of the
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valued, whether rebates and
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current year with the prior year for variance/ trend analysis
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discounts were recorded
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and, where relevant, completed further inquiries and testing
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in the correct period and
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to corroborate the variances by considering both internal
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whether the significant
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and external benchmarks, overlaying our understanding of
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transactions had been
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the industry
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accurately recorded in the
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e) Considered the appropriateness of the company's
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Statement of Profit and Loss.
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description of the accounting policy, disclosures related
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Refer to the corresponding
note for amounts recognised
as revenue from the sale of
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to revenue, discounts, incentives and rebates and whether
these are adequately presented in the financial statement.
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2. Litigations and claims,
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Our key procedures included the following:
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provisions and contingent
liabilities
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• Assessed the appropriateness of the company's ac¬
counting policies, including those relating to provisions
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As disclosed in Notes detail-
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and contingent liabilities by comparing with the applica-
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ing contingent liability and
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ble accounting standards;
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provision for contingencies,
the company is involved in di-
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• Assessed the company process for identification of
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rect, indirect tax and other lit-
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the pending litigations and completeness for financial
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igations ('litigations') that are
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reporting and also for monitoring of significant devel-
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pending with different statuto-
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opments in relation to such pending litigations;
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ry authorities. Whether a liabil-
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• Engaged subject matter specialists to gain an under-
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ity is recognised or disclosed
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standing of the current status of litigations and mon-
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as a contingent liability in the
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itored changes in the disputes, if any, through discus-
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financial statements is inher-
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sions with the management and by reading external
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ently judgmental and depen-
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advice received by the company, where relevant, to es-
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dent on several significant as-
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tablish that the provisions had been appropriately rec-
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sumptions and assessments.
The amounts involved are po-
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ognised or disclosed as required;
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tentially significant and deter-
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• Assessed the company's assumptions and estimates
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mining the amount, if any, to
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in respect of litigations, including the liabilities or pro-
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be recognised or disclosed in
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visions recognised or contingent liabilities disclosed
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the financial statements is in-
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in the financial statements. This involved assessing
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herently subjective.
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the probability of an unfavourable outcome of a given
proceeding and the reliability of estimates of related
amounts; Performed substantive procedures on the un¬
derlying calculations supporting the provisions record¬
ed;
• Assessed the management's conclusions through un¬
derstanding precedents set in similar cases and con¬
sidering the appropriateness of the company's descrip¬
tion of the disclosures related to litigations and whether
these were adequately presented in the financial state¬
ments.
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Other Information
4. The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and
Analysis; Board's Report, including Annexures to Board Report, Corporate Governance and
Shareholders' Information, but does not include the financial statements and our auditor's
report thereon. The aforesaid documents are expected to be made available t o us after the
date of this auditor's report.
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 when it becomes available 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.
7. When we read the aforesaid documents, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.
Management's Responsibility for the Financial Statements
8. 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, financial performance,
changes in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the accounting Standards 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 the 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 are also responsible for overseeing the company's financial reporting
process.
Auditor's Responsibility 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 it 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 based on these
financial statements.
12. As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism 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.
• Obtained an understanding of internal control relevant to the audit to design audit
procedures that are appropriate in the circumstances. Under Section 143(3) (i) of
the Companies Act, 2013, we are also responsible for expressing our opinion on
whether the company has an 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.
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 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 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 matters or when 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.
16. Materiality is the magnitude of misstatements in the financial statements that, individually or
in aggregate, make 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) evaluating the effect of any identified misstatements in the
financial statements.
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 of India in terms of sub-section (11) of section 143 of the Act, we give
in Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.
18. 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 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 (including other comprehensive income),
the Cash Flow Statement, Statement of Changes in Equity dealt with by this report agree with
the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014.
(e) Based on the written representations received from the directors as on 31st March, 2026, taken
on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2026,
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) 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:
According to the information and explanations given to us and the records of the company
examined by us, total managerial remuneration paid as reflected in the financial statements
for the year ended 31st March 2026 are in accordance with the requisite approvals
mandated by 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:
a. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements. Refer to Note 44.1 of the financial statements.
b. 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 that 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 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;
(ii) 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
entity ("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;
(iii) Based on the 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-clauses (i) and (ii) of Rule 11(e),
as provided under (i) and (ii) above, contain any material misstatement.
e. (i) The final dividend proposed in the previous year, declared and paid by the
Company during the year, is in accordance with Section 123 of the Act, as
applicable.
(ii) The Company has neither declared nor paid any interim dividend during the
year.
(ii)The Board of Directors of the Company have proposed a final dividend for
the year, which is subject to the approval of the members at the ensuing Annual
General Meeting. The amount of dividend proposed is in accordance with
section 123 of the Act, as applicable.
f. Based on our examination, which included test checks, the company has used
accounting software for maintaining its books of account for the financial year
ended March 31, 2026, which has a feature of recording an 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 the audit trail feature being tampered with and the audit
trail has been preserved by the Company as per the statutory requirements for
record retention.
For L.B. Jha & Co. LLP
Chartered Accountants
Firm Registration No: 301088E/
E300295
(Ranjan Singh)
Place: Kolkata Partner
Date: 12.05.2026 (Membership number- 305423)
UDIN:26305423XLKTLC7679
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