We have audited the accompanying standalone
financial statements of GAMCO LIMITED (Formerly
Visco Trade Associates Limited) ("the Company”), which
comprise the Balance Sheet as at March 31, 2025, the
Standalone Statement of Profit and Loss (Including
Other Comprehensive Income), the statement of
Cash Flow and the Standalone Statement of Changes
in Equity for the year then ended, and notes to
the standalone financial statements, including a
summary of significant accounting policies and other
explanatory information (hereinafter referred 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 Companies Act, 2013 ("the Act”) in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules,
2015, as amended, and other accounting principles
generally accepted in India, of the state of affairs
(financial position) of the Company as at March 31,
2025, its profit (financial performance including
other comprehensive income), its cash flows and the
changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial
statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of
the Act. 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
(ICAI) of India 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 there under, and we have fulfilled
our other ethical responsibilities in accordance with
these requirements and the ICAI’s Code of Ethics. We
believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgement, were of most significance
in our audit of the standalone financial statements
of the current year. These matters were addressed in
the context of our audit of the standalone financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters.
We have determined that there are no key audit
matters to communicate in our report.
Information Other than the Standalone
Financial Statements and Auditor's
Report Thereon
The Company’s Board of Directors is responsible for
the preparation of 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, Business
Responsibility Report, Corporate Governance and
Shareholder’s Information, but does not include the
Consolidated financial statements, the Standalone
financial statements and our auditor’s report thereon.
Our opinion on the Standalone financial statements
does not cover the other information 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 and, in doing so, consider whether
such other information is materially inconsistent with
the Standalone financial statements or our knowledge
obtained during the course of our audit or otherwise
appears to be materially misstated.
If, based on the work we have 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.
Responsibility of Management 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 standalone
financial statements that give a true and fair view
of the financial position, financial performance
including other comprehensive income, cash flows
and changes in equity of the Company in accordance
with the accounting principles generally accepted
in India and the Indian Accounting Standards (Ind
AS) specified 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 the assets of the Company
and for preventing and detecting frauds and other
irregularities; selection and application of appropriate
accounting policies; making judgements and
estimates that are reasonable and prudent; and
the 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 Standalone
financial statements that give a true and fair view and
are free from material misstatement, whether due to
fraud or error.
In preparing the standalone 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 charged with the governance are also
responsible for overseeing the Company’s financial
reporting process.
Auditor's Responsibility 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 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 Standards on
Auditing, we exercise professional judgment and
maintain professional scepticism throughout the
audit. We also:
Ý 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.
Ý 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
Act, we are also responsible for expressing our
opinion on whether the Company has adequate
internal financial controls with reference to the
Standalone financial statements in place and the
operating effectiveness of such controls.
Ý Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.
Ý 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.
Ý 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.
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 reasonably knowledgeable user of the
standalone financial statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in
the standalone financial statements.
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 year
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 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 4 of the Order, to
the extent applicable.
2. As required by section 143(3) of the Act, we
report that:
> We have sought and obtained all the
information and explanations which to
the best of our knowledge and belief were
necessary for the purpose of our audit;
> 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.
> The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone
Statement of Cash Flow and Standalone
Statement of Changes in Equity dealt with by
this Report are in agreement with the books
of account.
> In our opinion, the aforesaid standalone
financial statements comply with the Indian
Accounting Standards specified under
Section 133 of the Act, read with Companies
(Indian Accounting Standards) Rules, 2015, as
amended from time to time.
> 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.
> With respect to the adequacy of the internal
financial controls with reference to standalone
financial statement of the Company and the
operating effectiveness of such controls, refer
to our separate report in Annexure - ‘B’; Our
report expresses an unmodified opinion on
the adequacy and operating effectiveness of
the Company’s internal financial controls with
reference to standalone financial statements.
> With respect to the other matters to be
included in the Auditor’s Report in accordance
with the requirements of section 197(16) of
the Act, as amended:
No remuneration is paid by the Company to
its directors for the period ended March 31,
2025, and
> With respect to other matters to be included
in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, as amended, in our opinion and
to the best of our information and according
to the explanations given to us:
(i) The Company has disclosed the impact of
pending litigations on its financial position
in its standalone financial statements -
Refer Note 40.
(ii) The Company did not have any long term
contracts including derivative contracts
for which there were any material
foreseeable losses.
(iii) There were no amounts which were
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 (which are material
either individually or in the aggregate)
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 or entity, including
foreign entity (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 to or 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 been received by
the company from any person any
fund from any person(s) or entity(ies),
including foreign entities (Funding
Party) 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 to or on
behalf of the Ultimate Beneficiaries.
(c) Based on our 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
representation under sub-clause
(i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any
material misstatement.
(v) (a) The final dividend paid by the company
during the year ended 31st March,
2025 in respect of such dividend
declared for the previous year is in
accordance with Section 123 of the
Act to the extent it applies to payment
of dividend.
(b) As stated in Note 20 to the
accompanying standalone financial
statements, the Board of Directors
of the Company have proposed final
dividend for the year ended 31st March,
2025 which is subject to the approval
of the members at the ensuing
Annual General Meeting. The dividend
declared is in accordance with section
123 of the Act to the extent it applies
to declaration of dividend.
(vi) Based on our examination which included
test checks, except for the instances
mentioned below, the Company has used
accounting software for maintaining its
books of account, which have a feature of
recording audit trail (edit log) facility and
the same operated throughout the year
for all relevant transactions recorded in
the respective software :
a. The feature of recording audit trail
(edit log) facility is not available at the
database level to log any direct data
changes for the accounting software
used for maintaining the books of
accounts relating to general ledger
and inventory.
b. The feature of recording audit trail
(edit log) facility provide the details of
the modification done in the books of
accounts at the application level.
Further, where audit trail (edit log)
facility was enabled and operated
throughout the year for the accounting
software, we did not come across any
instance of the audit trail feature being
tampered with.
The daily back-up of audit trail (edit log)
in respect of its accounting software for
maintenance of accounting records is
not preserved by the Company as the
accounting software does not have
the facility to generate the report of
audit trail.
For PAWAN GUPTA & CO.
Chartered Accountants
Firm Regn. No.318115E
Sd/-
(CA. P. K. Gupta)
Proprietor
Kolkata Membership No.053799
May 5, 2025. UDIN - 25053799BMHFLC1120
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