TothemembersofM/sCUBEXTUBINGSLIMITEDReport ontheAuditofthe IndASF inancialStatementsO pinion
We have audited the accompanying Ind AS Financial Statements of M/s. CubexTubingsLimited ("the company”), which comprise the Balance Sheet as at 31st March, 2024, theStatement 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 andnotes to the Ind AS financial statements, including a summary of significant accountingpoliciesandotherexplanatoryinformation.
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgivento us, the aforesaid Ind AS Financial Statements give the information required by theCompaniesAct,2013("theAct”)inthemannersorequiredandgiveatrueandfairviewinconf ormitywiththeIndianAccountingStandardsprescribedunderSection133oftheActread with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("IndAS”) and other accounting principles generally accepted in India, of the state of affairs oftheCompanyasatMarch31,2024anditsprofit,totalcomprehensiveincome,changesinequi tyanditscashflowsfortheyearendedonthatdate.
BasisforOpinion
WeconductedourauditoftheIndASFinancialStatementsinaccordancewiththeStandardsonAu
diting(SAs)specifiedundersection143(10)oftheAct.OurresponsibilitiesunderthoseStandards
arefurtherdescribedintheAuditor'sResponsibilitiesfortheAuditoftheIndASFinancialStatem
entssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeCodeofEthi
csissuedbytheInstituteofCharteredAccountantsofIndia(ICAI)togetherwiththeindependence
requirementsthatarerelevanttoourauditoftheIndASFinancialStatementsundertheprovisions
oftheActandtheRulesmadethereunder,andwehavefulfilledourotherethicalresponsibilitiesina
ccordancewiththeserequirementsandthe ICAI's Code of Ethics. We believe that the audit
evidence we have obtained is sufficientandappropriatetoprovide
abasisforourauditopinionontheIndASFinancialStatements.
KeyAudit Matters
Key audit matters are those matters that, in our professional judgment, were of mostsignificance in our audit of the Ind AS Financial Statements of the current period. Thesematters were addressed in the context of our audit of the Ind AS Financial Statements asawhole,andinformingouropinionthereon,andwedo not provide a separateopiniononthesematters.
Wehavedeterminedthattherearenokeyauditmatterstocommunicateinourreport.
InformationOtherthantheIndASFinancialStatementsandAuditor'sReportThereon
TheCompany'sBoardofDirectorsisresponsibleforthepreparationoftheotherinformation.T heotherinformationcomprisestheinformationincludedintheManagement Discussion and Analysis, Board's Report including Annexure to
Board'sReport,BusinessResponsibilityReport,CorporateGovernanceandShareholder'sInf ormation, but does not include the Ind AS Financial Statements and our auditor'sreportthereon.
OuropinionontheIndASFinancialStatementsdoesnotcovertheotherinformationandwedo
notexpressanyformofassuranceconclusionthereon.
InconnectionwithourauditofIndASFinancialStatements,ourresponsibilityistoreadtheoth erinformationand,indoingso,considerwhethertheotherinformationismaterially inconsistent with the Ind AS Financial Statements or our knowledge obtainedduringthecourseofourauditorotherwiseappearstobemateriallymisstated.
If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatement of this other information, we are required to report that fact. We havenothingtoreportinthisregard.
Management'sResponsibilityforthelndASFinancialStatements
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 Ind AS Financial Statements that give atrueandfairviewofthefinancialposition,financialperformance,includingothercomprehen siveincome,changesinequityandcashflowsoftheCompanyinaccordance
withthelndASandotheraccountingprinciplesgenerallyacceptedin
India.Thisresponsibility alsoincludes maintenance of adequate accounting records in accordancewith the provisions of theActfor safeguardingthe assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriateaccountingpolicies;makingjudgmentsand estimatesthat
arereasonableandprudent; and design, implementation and maintenance of adequate internal financialcontrols, that were operating effectively for ensuring the accuracy and completeness ofthe accounting records,relevanttothe preparationandpresentation of the
IndASFinancialStatementsthatgiveatrueandfairviewandarefreefrommaterialmisstateme
nt,whetherduetofraudorerror.
In preparing the Ind AS Financial Statements, management is responsible for assessingthe Company's ability to continue as a going concern, disclosing, as applicable, mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanag ement either intends to liquidate the Company or to cease operations, or has norealisticalternativebuttodoso.
The Board of Directorsarealso responsible
foroverseeingtheCompany'sfinancialreportingprocess.
Auditor'sResponsibilitiesfortheAuditofthelndASFinancialStatements
Our objectives are to obtain reasonable assurance about whether the Ind AS FinancialStatements as a whole are free from material misstatement, whether due to fraud orerror, and to issue an auditor's report that includes our opinion. Reasonable assuranceisahighlevelofassurance,butisnotaguaranteethatanaudit conducted
inaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatemen tscanarisefromfraudorerrorandare consideredmaterial if,individually or in the aggregate, they could reasonably be expected to influence theeconomicdecisionsofuserstakenonthebasisoftheseIndASFinancialStatements.
AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessiona
lskepticismthroughouttheauditWealso:
• IdentifyandassesstherisksofmaterialmisstatementoftheIndASFinancialStatements, whether due to fraud or error, design and perform audit proceduresresponsivetothoserisks,andobtainauditevidencethatissufficientand
appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, asfraud may involve collusion, forgery, intentional omissions, misrepresentations, ortheoverrideofinternalcontrol.
• Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that is appropriate in the circumstances. Under section143(3)(i) of the Act, we are also responsible for expressing our opinion on whethertheCompanyhasadequateinternalfinancialcontrolssysteminplaceandtheoper atingeffectivenessofsuchcontrols.
• Evaluate the appropriateness of accounting policies used and the reasonableness ofaccountingestimatesandrelateddisclosuresmadebymanagement.
• Conclude on the appropriateness of management's use of the going concern basis ofaccountingand,basedontheauditevidenceobtained,whethera materialuncertainty 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 materialuncertainty exists; we are required to draw attention in our auditor's report to therelated disclosures in the Ind AS Financial Statements or, if suchdisclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtaineduptothedateofourauditor'sreport.However, future events orconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
• Evaluatetheoverallpresentation,structureandcontentoftheIndASFinancialStatements,
including the disclosures, and whether the Ind AS Financial Statementsrepresenttheunderlyingtransactions andevents in
amannerthatachievesfairpresentation.
Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplan
nedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienc
iesininternalcontrolthatweidentifyduringouraudit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence, and to communicate withthemallrelationshipsandothermattersthatmayreasonablybethoughttobearonour
independence,andwhereapplicable,relatedsafeguards.
Fromthematterscommunicatedwiththosechargedwithgovernance,we determinethosemattersthatwereofmostsignificanceintheauditofthelndAS FinancialStatements for the financial year ended 31stMarch, 2024 and are therefore the key
auditmatters.Wedescribethesemattersinourauditor'sreportunlesslaworregulationpreclud espublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminetha tamattershouldnotbecommunicatedinourreportbecause theadverse consequences of doing so would reasonably be expected to outweigh the publicinterestbenefitsofsuchcommunication.
OtherMatters
Thecomparativefinancialinformation ofthe Companyas atandfor the year ended31st March, 2023 prepared in accordance with Ind AS included in the Ind AS financialstatements has been audited by the predecessor auditor. The report of the predecessorauditor on such comparative financial information dated 12ThMay 2023 expressed anunmodifiedopinion.
ReportonOtherLegalandRegulatoryRequirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order”) issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act,we give in the Annexure A, a statement on the matters Specified in paragraphs 3 and 4oftheOrder.
2. AsrequiredbySection143(3)oftheAct,basedonourauditwereportthat:
a) We have sought and obtained all the information and explanations which to thebest ofourknowledgeand beliefwerenecessaryforthepurposesofouraudit.
b) In our opinion, proper books of account as required by law have been kept by theCompanysofarasitappearsfromourexaminationof those books.
c) TheBalanceSheet,theStatementofProfitandLossincludingOtherComprehensive Income, Statement of Changes in Equity and the Statement ofCashFlowdealtwithbythisReportareinagreementwiththerelevantbooksof
account.
d) Inouropinion,theaforesaidFinancialStatementscomplywiththeIndASspecifiedun derSection133oftheAct, readwithCompanies(IndAS)rules,2015asamended.
e) On the basis of the written representations received from the directors as onMarch
31,2024takenonrecordbytheBoardofDirectors,noneofthedirectorsisdisqualified as on March 31, 2024 from being appointed as a director in terms ofSection164(2)ofthe Act.
f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls, referto our separate Report in “Annexure B”. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internalfinancialcontrolsover financialreporting.
g) With respect tothe othermattersto beincluded in the Auditor's Report inaccordance withtherequirementsofsection 197(16)oftheAct,as amended:
Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgive ntous,theremunerationpaidbytheCompany to itsdirectors during the year is in accordance with the provisions of section 197 oftheAct.
h) With respecttothe othermatterstobe included in the Auditor's Reportinaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, asamended in our opinion and to the best of our information and according to theexplanationsgiventous
i. TheCompanydoesnothavepending litigationsonitsfinancialpositioninitsIndASFinancialStatements.
ii. TheCompanydoesnothaveanylong-termcontractsincludingderivativecontractsforwhichtherewereanymaterial foreseeablelosses.
iii. Therewereno
amountswhichwererequiredtobetransferredtotheInvestorEducationandPr otectionFundbythe Company.
iv. (a)TheManagementhasrepresentedthat,tothebestofitsknowledge
and belief, other than as disclosed in the notes to accounts, no funds havebeenadvancedorloanedorinvested(eitherfromborrowedfunds orshare premium or any other sources or kind of funds) by the Company toorinanyotherpersonsorentities,includingforeignentities("Intermediaries ”), with the understanding, whether recorded in writingor otherwise, that the Intermediary shall, directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever("Ultimate Beneficiaries”) by or on behalf of the Company or provide anyguarantee,securityorthelikeonbehalfoftheUltimateBeneficiaries.
(b) The Management has represented that, to the best of its knowledge
andbelief, other than as disclosed in the notes to accounts, no funds have beenreceived bythe Companyfrom any persons or entities, includingforeignentities ("Funding Parties”), with the understanding, whether recorded inwriting or otherwise, that the Company shall directly or indirectly, lend
orinvestinotherpersonsorentitiesidentifiedinanymannerwhatsoever("Ultima te Beneficiaries”) by or on behalf of the Funding Parties or provideanyguarantee,securityorthelikeonbehalfoftheUltimateBeneficiaries.
(c) Basedontheauditproceduresperformedthathavebeenconsideredreasonab le and appropriate in the circumstances, nothing has come to ournotice that has caused us to believe that the representations in sub-clause (i)and (ii) of Rule 11(e),as provided under (iv) and (v) abovecontain anymaterialmisstatement.
v. Thecompanyhasnotdeclaredorpaidanydividendduringtheyear.
ForPCN&Associates,Ch
arteredAccountantsFR
N:016016S
Sd/-
SridharAndhavarapuP
artner
M.No.213830
UDIN:24213830BKHNXF4033
Place: HyderabadDate:20.05.2024