We have audited the accompanying Standalone Financial Statements of M/s. QVC Exports Limited (hereinafter
referred to as ‘the Company’), which comprises of the Balance Sheet as at 31st March 2025, the Statement of Profit
and Loss, the Cash Flow Statement for the year ended, and notes to the Standalone 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, as amended (hereinafter
referred to as ‘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 31st, 2025, its Profit 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
Auditors’ 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 together with the ethical requirements that are relevant to our audit of the standalone financial statements
under the provision of the Act and the Rules 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 the standalone financial statements.
Information Other than the Standalone Financial Statements and Auditors’ Report Thereon:
The Company’s Management and Board of Directors are responsible for the preparation of the other information.
The other information comprises the information included in the Company’s Annual Report, but does not include
the standalone financial statements and our auditors’ report thereon. The Company’s annual report is expected to be
made available to us after the date of this auditors’ report.
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 identified above when it becomes available and, in doing so, consider whether the other information is
materially inconsistent with the standalone financial statements or our knowledge obtained in the course of our
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.
Responsibilities of the Management’s and Board of Directors 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, 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, read with Companies Accounts Rules, 2014,
as amended (to the extent applicable). 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, the Board of Directors 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 alternatives but to do so.
The Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditors’ 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 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 the
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
decision of users taken on the basis of these standalone financial statements.
As a 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 internal controls.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place
an adequate internal financial control system over financial reporting and the operating effectiveness of such controls.
• Evaluate the appropriateness of the accounting policies used and the reasonableness of the accounting estimates
and related disclosures made by the management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparation of
the financial statements 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
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 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.
Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in the
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, relate safeguards.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor’s Report) Order, 2020 (hereinafter referred to as ‘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 the paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act and based on our audit, 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 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 Rules 7 of the Companies (Accounts) Rules, 2021 as amended (to
the extent applicable) prescribed thereon;
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;
f) With respect to the adequacy of the internal financial controls with reference to the Standalone Financial
Statements of the Company and the operating effectiveness of such controls, refer to our separate report in
“Annexure B”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls with reference to the Standalone Financial Statements
g) with respect to the other matters to be included in the Auditors’ Report 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:
a) the company has disclosed the impact oi pending litigations which would impact the financial position ot
the Company.
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 amount which 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 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(s) or entity(ies), 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 (“Ultimate Beneficiaries”) by or on behalf of the company 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 have been received by
the company from any person(s) or entity(ies), 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 by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(iii) 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 sub-clause d (i) and (ii) contain any
material mis-statement.
e) no dividends were declared or paid during the year by the company. Hence, no reporting under this clause is
applicable.
3. With respect to the matter to be included in the Auditors’ 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.
4. Based on our examination which included test checks, the company has used accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software. Moreover, the feature of the
recording audit trail (edit log) facility is enabled at the database level to log any direct data changes pertaining to the
accounting software used for maintaining books of account. Further, during the course of our audit we did not come
across any instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the
company as per the statutory requirements for record retention.
For Dokania S. Kumar & Co.
Chartered Accountants
Firm Registration No.: 322919E
(CA Sourav Dokania)
Partner
Membership No.:(F) 304128
Kolkata , June 05, 2025
UDIN: 25304128BMKSPE3401
|