We haver audited the standalone financial statements of S & T CORPORATION LIMITED- (the
"Company") which comprise the standalone Balance Sheet as at March 31, 2015. and the
standalone statement of Profit and Loss (including Other Comprehensive Income), standalone Statement of Changes in Equity and Standalone Statement of Cash flows for the year then
ended, and notes to the Standalone Financial Statements, Including material accounting
policies and other explanatory information.
Opinion on Standalone Financial Statements
In our opinion and to the best of our information and according to the explanations given to us, the standalone financial statements for the year ended March 31, 2025
a , is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2013, as amended; and
b Gives a true and fair View in conformity with the recognition and measurement principles laid
down in the Indian Accounting Standards {"In AS'1) and Other accounting primes generally
accepted in India, of the net profit and total comprehensive income and other financial
information of the Company for the year ended March 31, 2025,
Basis for Opinion on the Audited Standalone Financial Statements
We conducted our audit in accordance With the Standards on Auditing ("SA" s) specified
under Section 143(10) of the Companies Act. 2013 {The Act"). Our responsibilities under
those Standards are further described in the Auditor's Responsibilities section below We
are independent of the Company, in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India ("ICAI" together with the ethical requirements
that are relevant to our audit of the Standalone Financial Statements for the year ended
March 31, 2025 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
ICAI's Code of Ethics. Wo believe that the audit evidence obtained by us is sufficient and
appropriate to provide a basis for our -audit opinion
Management’s Responsibilities for the Statement
The Company's Management and Board of Directors are 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 state of affairs, profit/loss and other
comprehensive income, changes in equity and cash flows 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 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 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, the Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
The Board of Directors of the Company are also responsible for overseeing the financial
reporting process of the Company.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial
Statements for the year ended March 31, 2025 as a whole is 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 this
Standalone 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 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. 1
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board of
Directors in terms of the requirement specified under Regulation 33 of the Listing
Regulations.
• Conclude on the appropriateness of the Board of Directors' 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
ability of the Company 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 Statement 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 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.
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 period 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 Section 143(11) 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:
a) 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 except for the
matters stated in the paragraph 2B(f) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.
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 Statement of Cash Flows dealt with by this Report are in agreement
with the books of account.
d) Our opinion, the aforesaid standalone financial statements comply with the Ind AS
specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on 01 April
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.
f) The modification relating to the maintenance of accounts and other matters
connected therewith are as stated in the paragraph 2A (b) above on reporting under
Section 143(3) (b) of the Act and paragraph 2B (f) below on reporting under Rule
11 (g) of the Companies Audit and Auditors Rules, 2014.
g) With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B".
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 as at 31 March 2024 on
its financial position in its standalone financial statement
ii. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.
iv. The Management has represented that, to the best of its knowledge and belief, as
disclosed in the Notes to the Standalone Financial Statements, no funds have been
advanced or loaned or invested (either from borrowed funds other than borrowed
from directors of the company 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, 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;
The Management has represented, that, to the best of its knowledge and belief, as
disclosed in the Notes to the standalone financial statements, no funds 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, 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;
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), as
provided under (a) And (b) above, contain any material misstatement.
v. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is
applicable from 1 April 2024.
Based on our examination which included test checks the Company has used
accounting software's for maintaining its books of account, which have a feature of
recording audit trail (edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the respective software. We did not
come across any instance of the audit trail feature being tampered with.
Yours Faithfully,
For MLR AND ASSOCIATES
Chartered Accountants
Firm’s Registration No: 138605W/100240
CA Manish Ranka
Partner
M No: 132723
Date: 17/05/2025
UDIN: 25132723BMJKQO5070
Place: Mumbai
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Obtain an understanding of internal controls relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company’s internal control.
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