We have audited the accompanying Financial Statements of SWAGTAM TRADING AND SERVICES LIMITED,
[CIN: L51909DL19484C289131] (“ the company”) which comprises the Balance Sheet as at March 31, 2024,
the Statement of Profit and Loss for the year ended, 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
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, (“Ind AS”) and other accounting principles generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2024;
b) In the case of the Statement of Profit and Loss, of the Profit of the company for the year ended
on that date.
c) In the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that
date.
d) In the case of the Changes in Equity, of the equity flows of the company 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 there under, 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 audit opinion on the
Financial Statements.
KEY AUDIT MATTERS
This section of our auditor’s report is intended to describe the matters selected from those communicated
with management that, in our professional judgment, were of most significance in our audit of the financial
statements, except for the matter described in the Basis for Qualified (or Adverse) Opinion section and the
material uncertainty described in the Going Concern section. We have determined that there are no such
matters to report on the basis of these financial statements.
MANAGEMENT’S RESPONSIBILITIES FOR THE 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 financial statements that give a true
and fair view of the financial position, financial performance, (changes in equity) and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the accounting
Standards 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. As part of an audit in
accordance with SAs, professional judgment is exercised and professional skepticism is maintained
throughout the audit. 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.
• 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.
Materiality is the magnitude of misstatements in the 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 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.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Department
of Company Affairs, in terms of Section 143 (11) of the Companies Act, 2013, we give in the “Annexure
- “I” 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) 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 & Loss (Including other comprehensive income),
Cash Flow Statement and Change 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 specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rule, 2014;
e) On the basis of written representations received from the Directors as on 31st March, 2024 and
taken on record by the Board of Directors, none of the Directors is disqualified as on 31st
March, 2024 from being appointed as a director in terms of section 164(2) of the Act.
f) The company has no branch offices and consequently we have not received any report on
accounts of accounts of branch of the company.
g) With respect to the adequacy of the internal financial controls with reference to financial
statement of the Company and the operating effectiveness of such controls, refer to our separate
report in “Annexure- “II”.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit& Auditors), Rule, 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 litigation which would impact its financial
position;
(ii) The Company has not entered in any of the long-term derivative contracts as on
March 31, 2024. Therefore, the company does not require making any provision
thereof, as required under the applicable law or accounting standards
(iii) No amounts were required to be transferred to the Investor Education and Protection
Fund by the company as on 31.03.2024.
(iv) The management has represented that, to the best of its knowledge & belief, other
than those disclosed in the notes to accounts,
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 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 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.
c) Based on the information & explanation provided to us & performing such audit
procedures that has been considered reasonable and appropriate in the
circumstances, nothing has come to the notice that has caused to believe that
the representations under sub-clause (a) and (b) contain any material
misstatement.
(v) No Dividend declared or paid during the year by the company which is in compliance
with section 123 of the Companies Act, 2013.
(vi) Based on our examination which included test checks, performed by us, the
company, has used an accounting software for maintaining its books of account for
the financial year ended March 31, 2024 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 audit, we have
not come across any instance of the audit trail feature being tampered with.
For G. K. Kedia & Co.
Chartered Accountants
F.R. No.: 013016N
Kanishka Aggarwal
Place: New Delhi Partner
Date: 24.05.2024 Membership No.544129
UDIN: 24544129BKABHH8215
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