We have audited the accompanying Ind AS financial
statements of Polo Queen Industrial & Fintech Limited
(“the Company”), which comprise the balance sheet as at
31 March 2025, and the statement of Profit and Loss
(including other comprehensive income), statement of
changes in equity and statement of cash flows 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
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 state of
affairs of the Company as at March 31, 2025, and profit,
total comprehensive 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 Companies Act, 2013. Our responsibilities
under those Standards are further (“the Act”) 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 Ind AS
financial statements under the provisions of the Act 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 unmodified
opinion.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the financial statements of the current period.
These matters were addressed in the context of our audit
of the 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.
Other information
The Company's management and Board of Directors is
responsible for the other information. The other
information comprises the information included in the
Company's annual 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 in the 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.
Responsibilities of Management and those charged
with governance for the standalone Ind AS 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 Ind AS financial statements
that give a true and fair view of the financial position,
financial performance including other comprehensive
income, changes in equity and cash flows of the
Company in accordance with accounting principles
generally accepted in India, including Indian Accounting
Standards (Ind AS) prescribed 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 of the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate 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 Ind AS financial
statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the Ind AS 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 Board of Directors are also responsible for
overseeing the Company's financial reporting process.
Auditors' Responsibility for the Audit of the Ind AS
Financial Statements
Our objectives are to obtain reasonable assurance about
whether the Ind AS 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 Ind AS 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 Ind AS 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 Companies Act, 2013, 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 Ind AS 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 Ind AS financial statements, including
the disclosures, and whether the Ind AS financial
statements represent the underlying transactions
and events in a manner that achieves fair
presentation.
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 Companies Act, 2013 and on the
basis of such checks of the books and records of the
Company as we considered appropriate and
according to the information and explanation given
to us, we give in “Annexure 1”, a statement on the
matters specified in paragraphs 3 & 4 of the Order, to
the extent applicable.
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 it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and
Loss including other comprehensive income, the
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 Ind AS Financial
Statements comply with the Indian Accounting
Standards (Ind AS) prescribed under Section 133
of the Act, read with relevant rules issued
thereunder.
e) On the basis of the written representations
received from the directors as on 31st March,
2025, taken on record by the Board of Directors,
none of the directors is disqualified as on 31st
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, we give our separate Report in
“Annexure 2”.
g) 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 does not have any pending
litigations which would materially impact its
financial position.
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 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 or entity,
including foreign entity (“Funding Parties”),
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 on
behalf of the Ultimate Beneficiaries;
c) Based on such audit procedures performed
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 (a) and (b) contain any material
misstatement.
v. During the year the company has not declared or
paid any dividend during the year.
vi. The reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 is applicable
from April 1, 2023. Based on our examination
which included test checks and as informed by
the management of the company, the Company
has used accounting software for maintaining its
books of account, which has a feature of
recording audit trail (edit log) facility and the
same has been operative throughout the year for
all relevant transactions recorded in the
respective software. Further, the audit trail
feature has not been tampered with and the audit
trail has been preserved by the Company as per
statutory requirements.
For N.K. JALAN & CO.
Chartered Accountants
Firm Reg No : 104019W
Place : Mumbai N.K. JALAN
Date : May 28, 2025 PARTNER
UDIN : 25011878BMIBVM7607 Mem. No. 011878
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