We have audited the accompanying financial statements of PATDIAM JEWELLERY
LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March,
2025, and the Statement of Profit and Loss and Cash Flow Statement for the year then
ended, and notes to the financial statements, including a summary of material
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 Companies Act, 2013 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 31st March, 2025, and profit/loss, and its cash
flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with 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 (ICAI) together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Companies Act, 2013 and 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.
Key Audit matter
We have determined that there are no key audit matters to communicate in our report.
Information other than the Financial Statements and Auditor’s Report Thereon
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’s Report, Report on
Corporate Governance, Business Responsibility Report and Shareholder’s
Information, but does not include the standalone financial statements, and our
auditor’s 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
the other information is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.
• If, based on the work we have performed, on the other information that we have
obtained prior to the date of this auditor’s report, 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 and Those charged With Governance for
the 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 and cash flows of the Company in accordance with
the 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 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.
Auditor’s Responsibilities for the Audit of the 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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
(i) Identify and assess the risks of material misstatement of the interim
consolidated 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.
(ii) Obtain an understanding of internal controls 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 controls system over financial reporting and the
operating effectiveness of such controls
(iii) Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
management
(iv) 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 ability of the Group 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 interim
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 Group to cease to continue as a going concern.
(v) Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the interim consolidated
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, the auditor
determines 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 describes
these matters in the auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, the auditor
determines that a matter should not be communicated in the auditor’s 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 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.
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 and
the report of the other auditor..
(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 Rule
7 of the Companies (Accounts) Rules, 2014.
(e) 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.
(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.
3 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 litigation as at 31st
March, 2025 on its financial position in its financial position in its standalone
financial statements - Refer Note No. 24 to 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 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 it’s 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/ entity, including foreign
entities (‘Intermediaries’), with the understanding, whether recorded in
writing or otherwise, that the Intermediary has, 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 it’s knowledge
and belief, no funds have been received by the Company from any person/
entity, including foreign entities, that the company has 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 our audit procedures which we have considered reasonable
and appropriate in the circumstances and according to the information and
explanations provided to us by the Management in this regard, nothing has
come to our notice that has caused us to believe that the representations
made by the Management under sub-clause (i) and (ii) contain any
material misstatement.
e) The Company has not declared and paid dividend in the during the year
which is not required in compliance with Section 123 of the Act.
f) As Based on our examination which included test checks, the company has
used an 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.
Further, during the course of our audit we did not come across any instance
of audit trail feature being tampered with.
For DAVE & DAVE
Chartered Accountants
ICAI Firm Registration Number : 102163W
Lalit Kumar G. Dave
Place : Mumbai Partner
Date : 30th May, 2025 Membership Number : 043509
UDIN : 25043509BMKQCD3483
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