We have audited accompanying Ind AS Standalone financial statements of M/s. Citizen Infoline Limited (“the
Company”) which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss,
statement of changes in the Equity and statement of cash flows for the year then ended, and notes to the
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 financial statements give the information required by 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 31,2025, and profit & loss, statement of change in equity and its cash flows for
the year ended on that date.
• BASIS OF OPINION
We conducted our audit by 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 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
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.
KEY AUDIT MATTER
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the Standalone Financial Statements for the financial year ended March 31, 2025. These matters were
addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. For each key matter, our
description of how our audit addressed the matter is provided in that context.
We have determined that there are no key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the Standalone
Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to our assessment of the risks of material misstatement
of the Standalone Financial Statements. Accordingly, our audit included the performance of procedure
designed to respond to our risk of material mistaken of the Standalone financial statements. The result of our
audit procedure provides the basis for our audit opinion on the standalone financial statement.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS’ REPORT THEREON
The Company’s Board of Directors are responsible for the other information. The other information comprises
the information included in the Annual Report, but does not include the Standalone Financial Statements and
our auditors’ report thereon. Our opinion on the Standalone 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 Financial Statements, our responsibility is to read the other information and, in doing so,
consider whether such 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 a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE 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 financial statements that give a true
and fair view of the financial position, financial performance, (changes in equity)[iv] 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
implementation and maintenance of 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.
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.
Those Board of Directors are also responsible for overseeing the company’s financial reporting process
AUDITORS RESPONSIBILITY FOR THE AUDIT OF THE 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 auditors’ 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
Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional
skepticism throughout the audit. We also:
• 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.
• Obtain an understanding of internal control 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 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 auditors’ 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 auditors’ 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 disclosures, 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 le, 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 for the financial year ended March 31, 2025 and are
therefore the key audit matters. We describe these matters in our auditors’ 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
As required by the Companies (Auditor’s Report) Order, 2016 (“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:
We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for our audit.
1. 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
2. The Balance Sheet, the Statement of Profit and Loss, Statement of Change in Equity and the Cash
Flow Statement dealt with by this Report are in agreement with the books of account.
3. 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, 2014.
4. 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.
5. We here by attach an audit opinion with respect to the adequacy of the internal financial controls over
financial reporting of the company and the operating effectiveness of such controls vide notification
dated June 13, 2017 in Annexure B to this report;
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
6. Concerning the other matters to be included in the Auditor’s Report by 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:
1) The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses.
2) There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company.
3) (i)The management has represented that to the best of its knowledge and belief, other than as
disclosed in the notes to accounts, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kinds 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 intermediately 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 like on behalf of the Ultimate
Beneficiaries;
4) (ii) )The management has represented that to the best of its knowledge and belief, other than as
disclosed in the notes to accounts, no funds have been received by the company from any person(s)
or entity(ies), including foreign entities (“Funding Parties”), with understanding whether recorded in
writing or otherwise, that the company shall whether directly and indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
5) (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of ultimate
beneficiaries; and
6) (iii) Based on audit procedures which we 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) contain any material mis-statements.
7) The Company has not declared or paid any dividend during the year in contravention of provisions of
Section 123 of the Companies Act, 2013
8) With respect to the matter to be included in the Auditor’s Report under section 197(16) of the Act, in
our opinion and according to the information and explanations given to us, the limits prescribed for the
payments of remuneration is not applicable to the private company.
9) With respect to reporting require under rule 11 (G) ,we are unable to comment whether the accounting
software use by a company has a feature the record the audit trail and the same Has been operated
throw out the year. Further, we are not able to comment whiter the same audit trail feature has been
sampled with or not or whiter company has preserved the audit trail has prescribed.
FOR KRUTESH PATEL & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD
DATE: 21/05/2025 KRUTESH PATEL
PARTNER
M No: 140047
FIRM REG. No.100865W
UDIN : 25140047BMHEPP7368
We have audited accompanying Ind AS Standalone financial statements of M/s. Citizen Infoline Limited (“the
Company”) which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss,
statement of changes in the Equity and statement of cash flows for the year then ended, and notes to the
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 financial statements give the information required by 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 31,2025, and profit & loss, statement of change in equity and its cash flows for
the year ended on that date.
• BASIS OF OPINION
We conducted our audit by 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 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
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.
KEY AUDIT MATTER
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the Standalone Financial Statements for the financial year ended March 31, 2025. These matters were
addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. For each key matter, our
description of how our audit addressed the matter is provided in that context.
We have determined that there are no key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the Standalone
Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to our assessment of the risks of material misstatement
of the Standalone Financial Statements. Accordingly, our audit included the performance of procedure
designed to respond to our risk of material mistaken of the Standalone financial statements. The result of our
audit procedure provides the basis for our audit opinion on the standalone financial statement.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS’ REPORT THEREON
The Company’s Board of Directors are responsible for the other information. The other information comprises
the information included in the Annual Report, but does not include the Standalone Financial Statements and
our auditors’ report thereon. Our opinion on the Standalone 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 Financial Statements, our responsibility is to read the other information and, in doing so,
consider whether such 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 a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE 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 financial statements that give a true
and fair view of the financial position, financial performance, (changes in equity)[iv] 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
implementation and maintenance of 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.
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.
Those Board of Directors are also responsible for overseeing the company’s financial reporting process
AUDITORS RESPONSIBILITY FOR THE AUDIT OF THE 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 auditors’ 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
Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional
skepticism throughout the audit. We also:
• 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.
• Obtain an understanding of internal control 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 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 auditors’ 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 auditors’ 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 disclosures, 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 le, 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 for the financial year ended March 31, 2025 and are
therefore the key audit matters. We describe these matters in our auditors’ 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
As required by the Companies (Auditor’s Report) Order, 2016 (“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:
We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for our audit.
1. 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
2. The Balance Sheet, the Statement of Profit and Loss, Statement of Change in Equity and the Cash
Flow Statement dealt with by this Report are in agreement with the books of account.
3. 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, 2014.
4. 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.
5. We here by attach an audit opinion with respect to the adequacy of the internal financial controls over
financial reporting of the company and the operating effectiveness of such controls vide notification
dated June 13, 2017 in Annexure B to this report;
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
6. Concerning the other matters to be included in the Auditor’s Report by 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:
1) The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses.
2) There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company.
3) (i)The management has represented that to the best of its knowledge and belief, other than as
disclosed in the notes to accounts, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kinds 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 intermediately 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 like on behalf of the Ultimate
Beneficiaries;
4) (ii) )The management has represented that to the best of its knowledge and belief, other than as
disclosed in the notes to accounts, no funds have been received by the company from any person(s)
or entity(ies), including foreign entities (“Funding Parties”), with understanding whether recorded in
writing or otherwise, that the company shall whether directly and indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
5) (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of ultimate
beneficiaries; and
6) (iii) Based on audit procedures which we 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) contain any material mis-statements.
7) The Company has not declared or paid any dividend during the year in contravention of provisions of
Section 123 of the Companies Act, 2013
8) With respect to the matter to be included in the Auditor’s Report under section 197(16) of the Act, in
our opinion and according to the information and explanations given to us, the limits prescribed for the
payments of remuneration is not applicable to the private company.
9) With respect to reporting require under rule 11 (G) ,we are unable to comment whether the accounting
software use by a company has a feature the record the audit trail and the same Has been operated
throw out the year. Further, we are not able to comment whiter the same audit trail feature has been
sampled with or not or whiter company has preserved the audit trail has prescribed.
FOR KRUTESH PATEL & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD
DATE: 21/05/2025 KRUTESH PATEL
PARTNER
M No: 140047
FIRM REG. No.100865W
UDIN : 25140047BMHEPP7368
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