We have audited the accompanying Ind AS Standalone Financial Statements of KABRA COMMERCIAL
LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2025, 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 then ended, and notes to the Ind AS financial statements including
a summary of significant accounting policies and other explanatory information (hereinafter referred to
as “Ind AS financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Ind AS 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 inconformity with the accounting principles
generally accepted in India including the Indian Accounting Standards (“Ind AS”) prescribed under
section 133 of the Act, of the state of affairs of the Company as at March 31, 2025, its Profit (including
other comprehensive income), changes in equity and its cashflows for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the standards on auditing 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 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 I ndia 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 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 on the Ind AS financial statements.
Emphasis of Matter
We draw attention to clause no. E(vi) of Note No.- 1 of Significant Accounting Policies & Notes to
Accounts of financial statements which state “No provision for impairment loss has been made in respect
of Sundry Debtors amounting to Rs.2,66,22,251/- outstanding for more than 3 years and under sub-
judice. Management considers the same fully recoverable as the judgement would be in favour of the
company as per legal opinion sought.”
However, considering the significant time involved in the court process and delays in the realisation of
amounts, we are unable to comment on the carrying value of the above referred receivable and the
shortfall, if any, on the amount that would be ultimately realized by the Company.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the Ind AS Standalone Financial Statements of the current period. These matters were addressed
in the context of our audit of the Ind AS Standalone Financial Statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Other information
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 but does not include the Ind
AS financial statements and our auditor’s report thereon. The above-mentioned other information are
expected to be made available to us after the date of this auditor’s report.
Our opinion on the Ind AS financial statements does not cover the other information and accordingly, we
do not express any form of assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the Ind AS financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated.
When we read the other information, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance. We have nothing to report in this
regard.
Management’s responsibility for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these Ind AS 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 accounting principles generally accepted in India, including
Ind AS prescribed under section 133 of the Act, read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. 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 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 Ind AS 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 Ind AS Standalone 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
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 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 Companies
Act, 2013, 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 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.
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.
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 section 143(11) of the Act, we report in “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;
(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 Ind AS prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended;
(e) On the basis of the written representations received from the directors as on March 31, 2025 taken
on record by the board of directors, none of the directors is disqualified as on March 31, 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) In our opinion and according to the information and explanations given to us, No remuneration is paid
by the Company to its directors during the year under report hence provisions of Section 197 of the Act
read with Schedule V to the Act is not applicable.
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;
i. The Company does not have any pending litigations which would impact its Standalone Financial
Statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses; and
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 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;
(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(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;
(c) Based on the audit procedures that are 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.
v. The Company has not declared nor paid any dividend during the year. Hence, reporting the compliance
with 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 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 and the audit trail has been preserved by the company as per the statutory requirements for record
retention.
For Ranjit Jain & Co.
Chartered Accountants
Firm Registration No. 322505E
CA. Ashok Kumar Agarwal
Place: Kolkata Partner
Date: 30/05/2025 Membership No. 056622
UDIN- 25056622BMOMSC8537
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