Financial Year: 2024
Mukesh M. Shah & Co., Chartered Accountants, conducted an independent audit of the consolidated financial statements of Adiance Technologies Private Limited (referred to as the "Holding Company") and its subsidiary (collectively "the Group"). The audit covered the consolidated Balance Sheet as of March 31, 2024, the consolidated statement of Profit and Loss, and the consolidated cash flows statement for the year ended on that date, including a summary of significant accounting policies and other explanatory information.
Opinion: The audit firm opined that the consolidated financial statements provide a true and fair view, adhering to the Companies Act, 2013 ("the Act") and Indian Accounting Standards. The audit was conducted according to the Standards on Auditing specified under section 143(10) of the Act. The firm believes that sufficient and appropriate audit evidence was obtained to support their opinion.
Basis for Opinion: The audit was conducted in accordance with Standards on Auditing (SAs) specified under Section 143(10) of the Act. The auditors are independent and have fulfilled their ethical responsibilities as per the ICAI's Code of Ethics. The audit evidence obtained is considered sufficient and appropriate to provide a basis for the audit opinion.
Other Information: The Holding Company's management and Board of Directors are responsible for the information included in the Holding Company's Annual Report, excluding the financial statements and auditor's report. The audit firm's opinion does not cover this other information, and they do not express any assurance conclusion on it.
Management's Responsibilities: The management and Board are responsible for the preparation and presentation of consolidated financial statements that provide a true and fair view in accordance with accounting standards. This includes maintaining adequate accounting records, safeguarding assets, preventing fraud, selecting appropriate accounting policies, making reasonable judgments, and implementing effective internal financial controls.
Auditor's Responsibilities: The auditor's objectives are to obtain reasonable assurance that the consolidated financial statements are free from material misstatement and to issue an auditor's report. This involves identifying and assessing the risks of material misstatement, designing and performing audit procedures, and obtaining an understanding of internal financial controls.
Key Audit Procedures and Considerations:
Report on Legal and Regulatory Requirements: The audit firm has sought and obtained all necessary information and explanations for the audit. Proper books of account have been maintained as required by law.
Other Matters:
Financial Highlights (Consolidated):
Share Capital Details: The authorized share capital is 3,00,000 Equity Shares of Rs. 10 each. The issued, subscribed, and paid-up capital is 13,960 Equity Shares of Rs. 10 each fully paid-up, along with 10,60,000 Bonus equity Shares of Rs. 10 each fully paid-up issued during the year.
Related Party Transactions: The report includes detailed information on related party transactions, including loans taken and repaid, dividend paid, and remuneration paid to key management personnel and their relatives.
This summary provides a comprehensive overview of the audit report and the consolidated financial statements of Adiance Technologies Private Limited for the year ended March 31, 2024.
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