We have audited the standalone financial statements of M/s. Dalai Street Investments
Limited ["the Company"], which comprise the Balance Sheet as at 31st March 2024, and
the Statement of Profit and Loss (including Other Comprehensive Income], Statement of
Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the
standalone financial statements, including a summary of 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 other accounting principles generally accepted in India, of the state of affairs of
the Company as at March 31, 2024, and its profit, total 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 ("SA"s] 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 requirement
that are relevant to our audit of the standalone financial statements under the provisions of
the Act and the rules made 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 audit opinion on 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 forming our opinion thereon, and we do not provide a separate opinion
on these matters.
Information other than Standalone Financial Statements and Auditor’s Report
thereon
The company's Board of Directors are responsible for the preparation of the other
information. The other information comprises of the information included in the
management discussion and analysis, Boards report including Annexures to Board's
Report, Corporate Governance and Shareholder’s information, but does not include the
standalone financial statements and our auditors report thereon.
Our opinion on standalone financial statements does not cover the other information and
we do not express any form of assurance or conclusion thereon.
In connection with our audit of the standalone financial statement, our responsibility is to
read the other information and in doing so, consider whether the other information is
materially inconsistent with the standalone financial statement or other information
obtained during the course of our audit or otherwise appear 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 and Those Charged with Governance 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 other 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 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 standalone 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 the Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
The Board of Directors are responsible for overseeing the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
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 standalone financial statements.
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 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 financial 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 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 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 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 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.
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 in terms of sub-section (11] of section 143 of the Act,
we give in the "Annexure A" a statement on the matters specified in paragraphs 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 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 Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Change in Equity, and the Statement of Cash Flows 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
e] On the basis of the written representations received from the directors as on 31st
March, 2024 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2024 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: In our opinion and to
the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 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:
i. The Company has disclosed the impact of pending litigations on its financial position
in its standalone financial statements.
ii. The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term contracts
including derivative contracts. The Company did not have any long-term derivative
contracts.
iii. There has been 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 (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 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;
[c] Based on the audit procedures performed, we report that nothing has come to
our notice that has caused us to believe that the representations given under sub¬
clause [a] and [b] by the management contain any material mis-statement.
v. In our opinion Company has complied with section 123 of the Companies Act,2013
with respect to dividend declared/paid during the year. The Company has not
declared / paid any dividend during the year.
For Priti V. Mehta & Company
Chartered Accountants
Firm Regn.No:129568W
Priti V. Mehta
Proprietor
Membership No. 130514
UDIN: 24130514BKDLCD1672
Date: 28/05/2024
Place: Mumbai
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