We have audited the accompanying standalone Ind AS financial statements of Mukesh Babu
Financial Services Limited (“the company”), having CIN: L65920MH1985PLC035504
which comprise the Balance Sheet as at 31 March 2025. the Statement of Profit and Loss
(including other comprehensive income), Statement of Changes in Equity and the Cash Flow
Statement for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid standalone Ind AS financial statements give the information required by the
Act in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the financial position of the Company as at 31st
March 2025, and its 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 in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor’s Responsibilities for the Audit of the 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 of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of
the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current year. These matters were
addressed, in the context of our audit of the financial statement as a whole, and in forming
our opinion thereon. We do not provide a separate opinion on these matters.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND
AUDITOR’S REPORT THEREON
The Company’s Board of Directors and Management are responsible for the preparation of
the other information. The other information comprises the information obtained at the date
of this auditor’s report but does not include the financial statements and our auditor’s report
thereon.
Our opinion on the 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 financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially
inconsistent with the 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.
MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL
STATEMENTS
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of
the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone Ind
AS 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, including
the Indian accounting Standards (Ind As) specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
implementation and maintenance of accounting policies; making judgments and estimates
that are reasonable and prudent; and 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
financial statement that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the 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.
The Board of Directors are also responsible for overseeing the company’s financial reporting
process.
AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF THE FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance about whether the 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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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.
• 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 system in place and the operating effectiveness of
such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• 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
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.
• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for
all relevant transactions recorded in the software. Further, during the course of our audit
we did not come across any instance of audit trail feature being tampered with.
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.
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 the paragraph 3
and 4 of the order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of
our 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 the
Company so far as appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other
Comprehensive Income, and Cash Flow Statement and the Statement of Changes in
Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on 31 March,
2025, taken on record by the Board of Directors, none of the directors is disqualified as
on 31 March, 2025, from being appointed as a director in terms of Section 164(2) of the
Act.
f) With respect to the adequacy of the internal financial controls over financial reporting
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 the Financial Statements.
g) 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. In our opinion and to
the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.
h) Based on the audit procedures performed by us, nothing has come to our notice that has
caused us to believe that the below representations given by the management contain
any material mis-statement.
a. no funds have been advanced or loaned or invested by the company to or in any other
person(s) or entities, including foreign entities (“Intermediaries”), with the
understanding that the intermediary shall whether directly or indirectly lend or invest
in other persons or entities identified in any manner by or on behalf of the company
(Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of
ultimate beneficiaries.
b. no funds have been received by the company from any person(s) or entities including
foreign entities (“Funding Parties”) with the understanding that such 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 guarantee, security or the like on behalf of the ultimate beneficiaries.
i) With respect to the other matters to be included in the Auditor’s Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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, if any, on its
financial position as on 31 March 2025;
ii. the Company has made provision, as required by applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts;
iii. M/s Mukesh Babu Financial Services Limited has transferred the required amount
of ? 2,10,937/-, to the Investor Education and Protection Fund on 14/11/2024.
iv. The Company has complied with the provision of Section 123 of the Act with
respect to the dividend declared/paid during the year.
j) Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of accounts for the financial year ended
31st March 2025 which has feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the
software. Further during the course of our audit, we did not come across any instance of
audit trail feature being tempered with and the audit trail has been preserved by the
Company as per statutory requirements for record retention.
UDIN: 25035809BMK0HH7475
For Chaitanya C. Dalal & Co.
Chartered Accountants
Firm Reg. No. 101632W
Chaitanya C. Dalal
Partner
Membership No: 35809
Place: Mumbai
Date: 30th April 2025
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