We have audited the accompanying standalone financial statements of
M.K. EXIM (INDIA) LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2026, the Statement of Profit and Loss
(including Other Comprehensive Income), the statement of changes in
Equity and the Statement of Cash Flows for the year ended on that date
and a summary of material 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,
2026 and its profit, total comprehensive income, change 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 Statementssection 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 standalone 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 obtained by us is sufficient and
appropriate to provide a basis for our audit opinion on the 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 for the financial year ended 31 March, 2026. 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. We have determined
that there are no key audit matters to be communicated 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, Business Responsibility and Sustainability
Report, Corporate Governance and Shareholder's information, but does
not include the consolidated financial statements, 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 or
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.
Responsibilities 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 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, 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 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 judgements 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 and 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 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 is 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
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 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 with reference to standalone
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 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.
Other Matter
We have relied upon the audit report of other auditors for the financial
statements of its branch at Mumbai reflecting total assets at Rs. 9629.14
Lacs, total revenue of Rs.8557.86 Lacs and net profit before tax of
Rs.2620.07 Lacs for the year ended on that date, as considered in
Standalone financial statements and our report in terms of sub section
(3) of section 143 of the Act in so far as it relates to the aforesaid office.
These financial statements have been audited by the branch auditor
whose reports have been furnished to us by the Management and our
opinion on the standalone financial statements, in so far as it relates to
the amounts and disclosures included in respect of the branch, and our
report in terms of subsection (3) of Section 143 of the Act, in so far as it
relates to the aforesaid branch is based solely on the reports of the other
auditors.
Our opinion on the standalone financial statements and our report on
Other Legal and Regulatory requirements below, is not modified in respect
of the above matters with respect to our reliance on the work done and
the report of the its auditor and financial statements certified by the
management.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' Report) Order, 2020 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
said order, to the extent applicable.
2. As required by Section 143(3) of the Act, based on our audit and on
the consideration of the reports of the other auditors on the financial
statements of the branch at Mumbai referred to in the Other Matters
section, 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 appears from our
examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss including
Other Comprehensive Income, the statement of changes 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 Indian Accounting Standards specified under
Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended.
e. On the basis of the written representations received from the
Directors, as on 31st March, 2026 take on record by the Board
of Directors, none of the directors is disqualified as on March
31, 2026 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 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 standalone financial statements.
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 matter to be included in the Auditor's
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:
i. The company has, to the extent ascertainable, disclosed
the impact of pending litigations on its financial position
in its standalone financial statements- Refer note 34 to
the standalone financial statements.
ii. The company did not have any long term contracts
including derivative contracts for which there were any
material foreseeable losses.
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(s) or entity(ies), including foreign
entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, 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(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.
(c) Based on the audit procedures that has been
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) of Rule 11(e), as provided
under (a) and (b) above, contain any material
misstatement.
vi. The Company has not declared or paid any dividend during
the year and therefore compliance of Section 123 of the
Act, is not applicable.
vi. Based on our examination, which included test checks, the
Company has used accounting software for maintaining
its books of account for the financial year ended March
31, 2026 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 the audit trail feature being
tampered with and the audit trail has been preserved by
the Company as per the statutory requirements for records
retention.
For UMMED JAIN & CO.
Chartered Accountants
FRN. 119250W
Date: 29.05.2026 [CA Akhil Jain]
Place: Jaipur Partner
UDIN: 26137970MYZPDN8983 M.No. 137970
|