We have audited the accompanying standalone financial statements of ALFRED HERBERT (INDIA) LIMITED ("the Company"),which comprise the Balance Sheet as at March 31,2025, the Statement of Profit and Loss (including Other ComprehensiveIncome), the Statement of Changes in Equity and the Cash Flow Statement for the year then ended, and notes to the standalonefinancial statements, including a summary of significant accounting policies and other explanatory notes for the year ended onthat date ("the standalone financial statements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalonefinancial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards notified under section 133 of the Act read withthe Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time ("Ind AS") and other accountingprinciples generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit (including othercomprehensive income), changes in equity and its cash flows for the year ended on that date.
BASIS FOR OPINION
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Act. Ourresponsibilities under those SAs are further described in the "Auditors' Responsibilities for the Audit of the Standalone FinancialStatements" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit ofthe standalone financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalonefinancial statements for the financial year ended March 31, 2025. These matters were addressed in the context of our audit ofthe standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinionon these matters. We have considered the matters described below to be the key audit matters for incorporation in our report.
We have fulfilled the responsibilities described in the "Auditors' Responsibilities for the Audit of the Standalone FinancialStatements" section of our report, including in relation to these matters. Accordingly, our audit included the performance ofprocedures designed to respond to our assessment of the risks of material misstatement of the standalone financial statements.The result of our audit procedures, including the procedures performed to address the matters below, provide the basis for ouropinion on the accompanying standalone financial statements.
Key Audit Matters
Addressing the Key Audit Matters
Compliance with the guidelines issued by the Reserve
Our audit procedures based on which we arrived at the
Bank of India
conclusion regarding reasonableness of the compliancesby the Company with respect to the various guidelinesissued by the RBI includes the following:
The Company is a Non-Banking Financial Company
• Assessed the effectiveness of the Company's internal
registered with the Reserve Bank of India (RBI) as Non-
controls and policies relating to filing of necessary returns,
Systemically Important Non-Deposit taking Company vide
applicable to the Company, as specified by the RBI;
Registration No. 05.04665 dated 29th November, 2001. TheCompany is in the category of "Base Layer" in accordancewith the "Scale Based Regulation: A Revised RegulatoryFramework".
• Tested the adherence of the minimum provisioning andother requirements and required compliances as per thePrudential Guidelines and other Directions and Regulations;
In accordance with the above rules and regulations, theCompany is required to file necessary returns withinstipulated time, ensure compliance with the Prudential
• Re-calculated the net owned fund and ensured that thesame is being maintained as per the guidelines in thisrespect; and
Guidelines, maintain net owned fund, make necessary
Assessed adequacy of the compliances with respect to the
disclosures in the standalone financial statements, and
disclosures made and effect being given in the standalone
others as applicable to the Company.
financial statements as specified by the RBI and applicable to
We considered this to be a key audit matter since thecompliances of the RBI are widespread, stringent andtechnical in nature, and the impact of non-compliance, ifany, can be material to the standalone financial statements.
the Company.
Information other than the Standalone Financial Statements and Auditors' Report thereon
The Company's Board of Directors is responsible for the preparation of other information. The other information comprises theinformation included in the Annual Report but does not include the standalone financial statements, consolidated financialstatements and our auditors' reports thereon. Our opinion on the standalone financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information identifiedabove when it becomes available, and, in doing so, consider whether the other information is materially inconsistent withthe standalone financial statements, or our knowledge obtained during the course of our audit or otherwise appears to bematerially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report that fact. We have nothing to report with respect to the above.
Responsibilities of Management and those Charged with Governance 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 preparationof these standalone financial statements that give a true and fair view of the financial position, financial performance (includingother comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India, including the Indian Accounting Standards notified under section 133 of the Act read with relevantrules, as amended from time to time. This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonableand prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operatingeffectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due tofraud or error.
In preparing the standalone financial statements, the Board of Directors is responsible for assessing the Company's ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realisticalternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting process.
Auditors' Responsibilities for The Audit of The Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detecta material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuallyor in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thesestandalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughoutthe 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 appropriateto provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than forone resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overrideof internal controls;
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriatein the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether theCompany 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 relateddisclosures made by management;
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the auditevidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt onthe Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are requiredto draw attention in our auditors' report to the related disclosures in the standalone financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a goingconcern;
• 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 thatachieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makesit probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may beinfluenced. We consider quantitative materiality 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 identified misstatements in the standalone financialstatements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of theaudit 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 requirementsregarding independence, and to communicate with them all relationships and other matters that may reasonably be thoughtto 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 significancein the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describethese matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremelyrare circumstances, we determine that a matter should not be communicated in our report because the adverse consequencesof 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 interms of sub-section (11) of section 143 of the Act, we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order, to the extent applicable.
2. Further to our comments in the annexure referred to in the paragraph above, as required by Section 143(3) of the Act, wereport that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and beliefwere 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 fromour examination of those books.
c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other Comprehensive Income),the Standalone Statement of Changes in Equity and the Standalone Cash Flow Statement dealt with by this Report arein agreement with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards notifiedunder Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015 as amended fromtime to time;
e) On the basis of the written representations received from the Directors as on March 31,2025 taken on record by theBoard of Directors, none of the directors are disqualified as on March 31,2025 from being appointed as a director interms of Section 164 (2) of the Act; and
f) With respect to the adequacy of the internal financial controls with reference to the standalone financial statementsof the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Ourreport expresses an unmodified opinion on the adequacy and operating effectiveness of the internal control withreference to the standalone financial statements of the Company.
3. With respect to the other matters to be included in the Auditors' Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules, 2014 (as amended from time to time), in our opinion and to the best of our information andaccording to the explanations given to us:
i. The Company has disclosed the impact of pending litigation on its financial position in its financial statements - ReferNote no. 34 to the financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any materialforeseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and ProtectionFund by the Company;
iv. (a) The management has represented that, to the best of its knowledge and belief as disclosed in Note No. 49(b) to
the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed
funds or securities 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 writingor otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide anyguarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of it's knowledge and belief, as stated in Note No. 49(b)to the standalone financial statements, no funds have been received by the Company from any person(s) orentity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writingor otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entitiesidentified in any manner whatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiaries") or provideany guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on the audit procedures that have been 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) of the Companies(Audit and Auditors) Rules, 2014, as amended from time to time, as providedunder (a) and (b) above, contain any material mis-statement;
v. As stated in note no. 44(b) to the standalone financial statements, the dividend pertaining to the previous yeardeclared and paid during the year by the Company is in accordance with the provisions of section 123 of the Act;
As stated in note no. 50(a) to the standalone financial statements, the Board of Directors of the Company haveproposed final dividend for the current year which is subject to the approval of the shareholders at the ensuing AnnualGeneral Meeting. The dividend proposed is in accordance with the provisions of section 123 of the Act; and
vi. Based on our examination which included test checks, the Company has used accounting software for maintaining itsbooks of accounts having feature of recording audit trail facility and is operated throughout the year for all relevanttransactions recorded in the software. Further, we did not come across any instance of the audit trail features havebeen tempered with and it has been preserved by the Company as per the statutory requirements for record retention.
4. With respect to the reporting under section 197(16) of the Act to be included in the Auditors' Report, in our opinion andaccording to the information and explanations given to us, the remuneration (including sitting fees) paid by the Companyto its Directors during the current financial year is in accordance with the provisions of section 197 of the Act and is not inexcess of the limit laid down therein.
For A L P S & Co.
Chartered AccountantsFirm's Registration No.: 313132E
A.K.Khetawat(Partner)Membership No. 052751Udin: 25052751BMKNQV2743
Place: Kolkata
Date: May 23, 2025