We have audited the accompanying standalone financial statements of M/s Prithvi Exchange(India) Limited (“the Company”), which comprises the Balance Sheet as at 3 Is1 March, 2025,the Statement of Profit and Loss (including Other Comprehensive income), the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date, and asummary of the significant accounting policies and other explanatory information (hereinafterreferred 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 CompaniesAct, 2013 (“the Act”) in the manner so required and give a true and fair view in conformitywith the Indian Accounting Standards prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and otheraccounting principles generally accepted in India, of the state of affairs of the Company as at31st March, 2025 and its profit and total comprehensive income, changes in equity and its cashflows for the year ended on that date.
We conducted our audit of the standalone financial statements in accordance with the Standardson Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under thoseStandards are further described in the Auditor’s Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. We are independent of the Company in accordancewith the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI)together with the independence requirements that are relevant to our audit of the standalonefinancial statements under the provisions of the Act and the Rules made thereunder, and wehave fulfilled our other ethical responsibilities in accordance with these requirements and theICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone financial statements.
Key audit matters are those matters that, in our professional judgment, were of mostsignificance in our audit of the standalone financial statements of the current period. Thesematters were addressed in the context of our audit of the standalone financial statements as awhole, and in forming our opinion thereon, and we do not provide a separate opinion on thesematters.
We do not have any key audit matters that needs to be communicated in our report.
The Company’s Board of Directors is responsible for the preparation of the other information.The other information comprises the information included in the Company’s Annual Report,but does not include the standalone financial statements and our auditor’s report thereon. Ouropinion on the standalone financial statements does not cover the other information and we donot express any form of assurance conclusion thereon. Our opinion on the standalone financialstatements does not cover the other information and we do not express any form of assuranceconclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to readthe other information and, in doing so, consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If, based on the work wehave 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.
The Company’s Board of Directors is responsible for the matters stated in section 134(5) ofthe Act with respect to the preparation of these standalone financial statements that give a trueand fair view of the financial position, financial performance, total comprehensive income,changes in equity and cash flows of the Company in accordance with the Ind AS and otheraccounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Act forsafeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; making judgmentsand estimates that are reasonable and prudent; and design, implementation and maintenance ofadequate internal financial controls, that were operating effectively for ensuring the accuracyand completeness of the accounting records, relevant to the preparation and presentation of thestandalone financial statements that give a time and fair view and are free from materialmisstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing theCompany’s ability to continue as a going concern, disclosing, as applicable, matters related togoing concern and using the going concern basis of accounting unless management eitherintends to liquidate the Company or to cease operations, or has no realistic alternative but todo so.
The Board of Directors is responsible for overseeing the Company’s financial reporting
process.
Our objectives are to obtain reasonable assurance about whether the standalone financialstatements as a whole are free from material misstatement, whether due to fraud or error, andto issue an auditor’s report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with SAs will alwaysdetect a material misstatement when it exists. Misstatements can arise from fraud or error andare considered material if, individually or in the aggregate, they could reasonably be expectedto influence the economic decisions of users taken on the basis of these standalone financialstatements. As part of an audit in accordance with SAs, we exercise professional judgment andmaintain 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 oneresulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct, we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness of suchcontrols.
• Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Company’s ability tocontinue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditor’s report to the related disclosures in the standalonefinancial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions 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 agoing concern.
• Evaluate the overall presentation, structure and content of the standalone financialstatements, including the disclosures, and whether the standalone financial statementsrepresent 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 reasonablyknowledgeable user of the financial statements may be influenced. We consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work; and (ii) to evaluate the effect of any identifiedmisstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, theplanned scope and timing of the audit and significant audit findings, including anysignificant deficiencies in internal control that we identify during our audit. We also providethose charged with governance with a statement that we have complied with relevant ethicalrequirements regarding independence, and to communicate with them all relationships andother matters that may reasonably be thought to bear on our independence, and whereapplicable, related safeguards. From the matters communicated with those charged withgovernance, we determine those matters that were of most significance in the audit of thestandalone 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 publicdisclosure about the matter or when, in extremely rare circumstances, we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.
1. 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 ofour 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 theCompany so far as it appears from our examination of those books and proper returnsadequate for the purposes of our audit have been received from the branches not visitedby us.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensiveincome, Statement of Changes in Equity and the Statement of Cash Flow dealt with bythis Report are in agreement with the relevant books of account and with the returnsreceived from the branches not visited by us.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)RhIpq 9014
e) On the basis of the written representations received from the directors as on 31 stMarch,2025 taken on record by the Board of Directors, none of the directors is disqualified ason 3 1st March, 2025 from being appointed as a director in terms of Section 164 (2) of theAct.
f) With respect to the adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls, refer to our separateReport in “Annexure A”.
g) With respect to the other matters to be included in the Auditor’s Report in accordancewith 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 givento us, the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditor’s Report in accordancewith Rule 1 1 of the Companies (Audit and Auditors) Rules, 2014, as amended in ouropinion 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 itsstandalone financial position.
(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.
(iii) There has been no delay in transferring amounts, required to be transferred, to theInvestor 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 beenadvanced or loaned or invested (either from borrowed funds or share premium orany other sources or kind of funds) by the Company to or in any other person orentity, including foreign entity (“Intermediaries”), with the understanding, whetherrecorded in writing or otherwise, that the Intermediary shall, whether, directly orindirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provideany 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 beenreceived by the Company from any person or entity, including foreign entity(“Funding Parties”), with the understanding, whether recorded in writing orotherwise, 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 theFunding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or thelike on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable andappropriate in the circumstances, nothing has come to our notice that has caused usto believe that the representations under sub-clause (i) and (ii) of Rule 11(e), asprovided under (a) and (b) above, contain any material misstatement.
(v) (a) The final dividend proposed in the previous year, declared and paid by theCompany during the year is in accordance with Section 123 of the Act, asapplicable.
(b) The interim dividend declared and paid by the Company during the year anduntil the date of this report is in compliance with Section 123 of the Act.
(c) The Board of Directors of the Company has proposed final dividend of Rs 1 /-per share for the year.
(vi) Based on our examination, which included test checks, the Company has usedaccounting software for maintaining its books of account for the financial yearended 31st March, 2025, which has a feature of recording audit trail (edit log)facility and the same has operated throughout the year for all relevant transactionsrecorded in the software. Further, during the course of our audit we did not comeacross any instance of the audit trail feature being tampered with and the audit trailhas been preserved by the company as per the statutory requirements for recordretention.
2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued bythe Central Government in terms of Section 143(11) of the Act, we give in “Annexure B”a statement on the matters specified in paragraphs 3 and 4 of the Order.
Chartered AccountantsFirm Regn No : 0000557S
Proprietor
Membership No : 027539Place : ChennaiDate : 24th May 2025UDIN : 25027539BMJIIEJ9252