We have audited the accompanying standalone financial
statements of Investment & Precision Castings Limited
("the Company") which comprise the Balance Sheet as at
31st March 2025, the statement of profit and loss
including other comprehensive income, the statement of
changes in equity and the statement of cash flows for the
year then ended and notes to the financial statements,
including a summary of the significant accounting
policies and other explanatory information (hereinafter
referred to as "the standalone financial statements").
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 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 the other accounting
principles generally accepted in India, of the state of
affairs of the Company as at 31st March 2025, of its profit
including other comprehensive income, changes in
equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone 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 Standalone 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 standalone 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 opinion on the standalone 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 financial statements of the
current period. These matters were addressed in the
context of our audit of the standalone financial
statements as a whole, and in our 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:
Key Audit Matter:
Revenue from the sale of goods ("Revenue") is
recognized when the Company performs its obligation to
its customers, the amount of revenue can be measured
reliably and recovery of the consideration is probable.
The timing of such recognition is when the control over
the same is transferred to the customer, which is mainly
upon delivery. The timing of revenue recognition is
relevant to the reported performance of the Company.
Auditor's Response:
Our audit approach was a combination of test of internal
controls and substantive procedures including assessing
the appropriateness of the Company's revenue
recognition accounting policies in line with Ind AS 115
("Revenue from Contracts with Customers") and testing
thereof; evaluating the integrity of the general
information and control environment and testing the
operating effectiveness of key controls.
Information Other than the Standalone 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
Board's Report including Annexures to Board's Report,
Management Discussion and Analysis, Shareholder's
Information, but does not include the financial
statements and auditor's report thereon. The Board's
Report and other information are expected to be made
available to us after the date of this auditor's report.
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
identified above when it becomes available 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.
When we read the aforesaid reports and information, if
we conclude that there is material misstatement therein,
we are required to communicate the matter to those
charged with governance.
Management's Responsibility for the Standalone
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 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 Ind AS and
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 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 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 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 is also responsible for overseeing
the Company's financial reporting process.
Auditor's Responsibility for the Audit of the Standalone
Financial Statements
Our objectives are to obtain reasonable assurance about
whether the standalone 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 high level
of assurance, but is not a guarantee that 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 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
misstatements 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 the 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 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.
• Evaluate the overall presentation, structure and
content of the standalone financial statements, including
the disclosure, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
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 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
1. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order") issued by the Central
Government of India terms of sub-section (11) of section
143 of the Act, we give in the Annexure - A, a statement
on the matters specified in clause 3 and 4 of the Order, to
the extent applicable.
2. 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 purpose 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
including other comprehensive Income, statement
of changes in equity and the cash flow statement
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 Accounting Standards
specified under section 133 of the Act, read with Rule
7 of the Companies (Accounts) Rules, 2015;
e) On the basis of written representations received
from the directors as on 31st March 2025, and 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 section 164(2)
of the Act;
f) With respect to the adequacy of internal financial
controls over financial reporting of the Company and
operating effectiveness of such controls, our
separate report in annexure - B may be referred;
g) In our opinion and to the best of our information and
according to the explanations given to us,
remuneration paid by the Company to its directors
during the year is in accordance with the provisions
of section 197 read 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 explanation 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 derivatives contracts for
which there were any material foreseeable
losses;
iii. There has been no delay in transferring the
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, as
disclosed in the note no. 39(h) 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 or entity, 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, as
disclosed in the note no. 39(i) to the
accounts, no funds 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;
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 (a) and
(b) above, conta in any m aterial
misstatement.
v. The dividend declared or paid during the year by
the Company is in compliance with section 123
of the Act.
vi. Based on our examination which included
compliance test and test checks, the Company
has used the accounting software for
maintaining books of account which has a
feature of recording audit trail (edit log) facility
and the same has been operated throughout the
year for all 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, P A R K & COMPANY
Chartered Accountants
FRN : 116825W
ASHISH DAVE
Partner
Membership No. : 170275
UDIN: 25170275BMMLVA3043
Bhavnagar,
22nd May, 2025
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