We have audited the accompanying financial statements of ASHWINI CONTAINER MOVERS
PRIVATE LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2024, and
the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended on 31-3-2024, and
notes to the financial statements, including a summary of significant 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 financial statements give the information required by the Companies Act, 2013
( the Act ) and other accounting principles generally accepted in India, of the state of affairs of
the Company as at 31st March, 2024, and its loss, total comprehensive loss , its cash flows and the
changes in equity for the year then ended.
2. Basis for Opinion
We conducted our audit 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
Auditor's Responsibilities for the Audit of the financial statements in paragraph 5 below 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 Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our opinion on the financial statements.
3. Information Other than the Financial Statements and Auditor's Report thereon
The Company's Management and Board of Directors is responsible for other information. Other
information comprises the information included in the Annual Report, but does not include the
financial statements and our auditor's report thereon. Other information comprises the
information included in the Annual Report are expected to be made available to us after the date
of this auditor's Report.
Our opinion on the financial statements does not cover other information and we do not express
any form of assurance, conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information when it becomes available and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
When we read other information comprises the information included in the Annual Report, if we
conclude that there is a material misstatement therein, we are required to communicate the
matter to those charged with governance.
Management's Responsibility for the Financial Statements
The Company's Management and Board of Directors is responsible for the matters stated in
section 134(5) of the Act with respect to the preparation of these financial statements that give
a true and fair view of the financial position, financial performance including other comprehensive
loss, cash flow and changes in equity 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 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 statements
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 and 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 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.
4. 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 scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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 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 control 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 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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
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.
5. Emphasis of Matter
We don t have any EOM for the audit period which requires mention in this report.
6. Report on other Legal and Regulatory Requirements
(i) As required by Section 143(3) of the Act, 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 (including other comprehensive loss), the
Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the prescribed Accounting
Standards.
(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 are 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 "A". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company s internal financial control over financial reporting.
(ii) With respect to 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 knowledge and according to the explanations given to us,
the Company has paid remuneration to directors during the year.
(iii) 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 does not have any pending litigation which would impact its financial position.
(b) The Company did not have any long term contracts including derivative contracts for which there
were any material foreseeable losses;
(c) The Company was not required to transfer any amount to the Investor Education and Protection
Fund.
(d) (i)The management has represented that, to the best of it's knowledge and belief, as disclosed
in the notes to 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 :
• 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, as disclosed in
the notes to accounts, 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.
(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) The Company has not declared or paid any dividend during the year.
(iv) 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 ' B", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extend applicable.
For C Sharat & Associates
Chartered Accountants
Firm Registration No: - 128593W
(Partner)
Chintan Sharatchandra Shah
Membership No. 127551
Place: Mumbai
UDIN:-24127551BKCXPS9908
Date: 09/09/2024
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