1. We have audited the accompanying standalone financial statements of STELLANT
SECURITIES (INDIA) LIMITED ("the Company”), which comprise the Balance Sheet as at
31stMarch 2024, 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, and a
summary of the significant accounting policies and other explanatory information.
2. 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 accounting principles generally accepted in India including Indian Accounting Standards
(‘Ind AS’) specified under Section 133 of the Act, of the state of affairs (financial position) of the
Company as at 31 March 2024, and its profit (financial performance including other
comprehensive income), its cash flows and the changes in equity for the year ended on that
date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing 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 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 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 we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
4. Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the standalone financial statements of the current period. 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.
5. We have determined that there are no key audit matters to be communicated in our report.
Other Information
6. The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report, but does not include the
financial statements and our auditor’s report thereon.
Our opinion on the 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 financial statements, our responsibility is to read the other
information 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. 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.
Responsibility of Management and Those Charged with Governance for the Standalone
Financial Statements
7. The Company’s Board of Directors are responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation and presentation of these standalone financial
statements that give a true and fair view of the state of affairs (financial position), profit or loss
(financial performance including other comprehensive income), change in equity and cash flows
of the Company in accordance with the accounting principles generally accepted in India,
including the Ind AS specified under section 133 of the Act. 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.
8. 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.
9. 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
10. 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 assuran ce,
but is not a guarantee that an audit conducted in accordance with Standards on Auditing 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.
11. As part of an audit in accordance with Standards on Auditing, we exercise professional judgment
and maintain professional skepticism 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 explaining 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 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.
12. 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.
13. 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.
14. From the matters communicated with those charged with governance, we determine 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 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
15. 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.
16. Further to our comments in Annexure A, 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 except for the matter
stated in the paragraph 16(i)(vi) below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014;
c. The Standalone financial statements 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 Ind AS
specified under section 133 of the Act;
e. On the basis of 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 31st
March, 2024, from being appointed as a director in terms of Section 164(2) of the Act;
f. The modifications relating to the maintenance of accounts and other matter connected
therewith is as stated in the paragraph 16(b) above on reporting under section 143(3)(b)
of the Act and paragraph 16(i)(vi) below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.
g. 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.
h. As the company has not paid/provided remuneration to its directors during the year under
reference hence the reporting under Section 197 (16) of the Act is not applicable.
i. 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 (as amended), in our opinion
and to the best of our information and according to the explanations given to us:
i. The Company does not have any material litigation pending and hence there is no
impact on its financial position in the aforesaid financial statements.
ii. The Company did not have any long-term contracts including derivative contracts; as
such the question of commenting on any material foreseeable losses thereon does
not arise.
iii. There were no amounts which were 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 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 or entity, including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediaries shall,
whether, directly or indirectly lend or invest in other person or entity 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 have been received by the company from any person or entity, 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 person or entity identified in any manner whatsoever by or on behalf
of the Funding Parties (“Ultimate Beneficiaries”) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries; and
c) Based on the audit procedures that were 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 (a) and (b) contain any material
misstatement.
v. As the company has not paid or declared dividend to its shareholders during the year
under reference hence the reporting under Section 123 of the Act is not applicable.
vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is
applicable from 01st April, 2013.
Based on our examination which includes test checks, the Company has used
accounting software for maintaining its books of account, which have a feature of
recording audit trail (edit log) facility and the same has operated from 27/03/2024
onwards for all relevant transactions recorded in the accounting software.
Further, for the period where audit trail (edit log) facility was enabled and operated
from 27/03/2024 onwards for the accounting software, we did not come across any
instance of the audit trail feature being tampered with.
For R. K. KHANDELWAL& CO.
Chartered Accountants,
Firm Registration No. 105054W
(Manish Kumar Garg)
Place: Mumbai Partner
Date : 28/05/2024 Membership No. 117966
UDIN : 24117966BKFTAF1339
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