We have audited the accompanying standalone Ind AS financial statements of M/s U.H Zaveri
Limited, (the “Company”) which comprise the Balance Sheet as at 31st March, 2024, the Statement
of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement, the
Statement of Changes in Equity for the year then ended, and a summary of the significant accounting
policies and other explanatory information (hereinafter referred to as “Standalone Ind AS Financial
Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS 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 including the Ind AS, of the state of affairs (financial position) of the
Company as at 31st March, 2024 and its profit (financial performance including other
comprehensive income), its cash flows and changes in equity 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 specified under section 143(10) of the Act (SAs). 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
independence requirements that are relevant to our audit of the 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 audit
Kev Audit Matter
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
Itliftn-niaUoii Other than ihf Standalone Hu JFiri;ti Slatemeim ;<ntl Aullitur's Rcmurt 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 Management Discussion and Analysis,
Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate
Governance and Shareholder’s Information, but does not include the standalone financial statements
and our auditor’s report thereon.
Our opinion on die 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, 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.
Managements R^ponrihllirv for the SlumJaiiun Ind AS hinanclal Statement _
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 Ind AS financial
statements that give a true and fair view of the financial position, financial performance (including
other comprehensive income), cash flows and changes in equity of the Company in accordance with
the accounting principles generally accepted in India, including the Indian Accounting Standards
(Ind AS) prescribed under Section 133 of the Act and relevant rules there under.
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 Ind AS 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.
i he Board of Directors are responsible for overseeing the Company’s financial reporting process.
Amllfalf* Rrspucisihililie*. for the \udil of I In- Standalone Fmandal Slate menu
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 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 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 controls.
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 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 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 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 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
ana 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, 2016 (“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” statement on the matters specified in paragraph 3 and 4 of the Order.
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, Statement of Profit and Loss including other comprehensive income, Cash
levs Statement and Statement of Changes in Equity dealt with by this Report are in agreement
with the relevant books of account maintained.
d) In our opinion, the aforesaid standalone Ind AS 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 31 st March
2024 from being appointed as a .director in terms of Section 164 (2) of the Act.
t, W ith 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 other matter to be included in the Auditor’s Report in accordance with the Rule
11 of the Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us :
A) The Company does not have any pending litigation which would impart its financial
position.
iij ins 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 Investors Education and
' Protection Fund by the Company.
D) (i) The management of the company has represented that, to the best of it’s knowledge and
belief, other than as disclosed in the notes 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(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 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 of the company has represented that, that, to the best of it’s knowledge
and belief, other than as disclosed in the notes to the accounts, no funds have been received
by the company from any persen(s) or entity(ies), 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; and
(iii) Based on such audit procedures that we have 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 misstatement.
E) The company has not declared or paid any dividend during the year.
F) The Ministry of Corporate Affairs (MCA) has amended the Rule 3 of Companies (Accounts)
rules, 2014 by way of notification dated 31st March 2022. Accordingly, requirement to have
accounting software with a feature of recording audit trail is applicable from 1st April 2023.
Based on our examination, which included test checks, company has maintained proper
accounting software, however version of this accounting software is subject to any feature
of recording audit trail of each and every transaction including edit logs. '
3) With respect to the matters to be included in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as amended: According to the information and
explanations given to us and on the basis of our examination of the records of the Company,
the remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.
For & On Behalf of-
M/s Anlket Goyal & Associates,
Chartered Accountants
FRN-022331C
**Ý
xtVV11 / l,UntiiiD r0J:
CA Anlket Goyal JL^'
M. No.- 4237D7 \
Proprietor f —^'w
Cl ?!N: 244Z3707B kE7J .N«fl97 J
l*ate; 30/05/2024
Place: Afaittcdabsd
|