We have audited accompanying financial statements of \I/s. CITEMKART INDIA PRIVATE
LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2024, the
statement of Profit and Loss and the cash flow statement for the year ended on 31st March, 2024,
and a summary of significant accounting policies and other explanatory information (hereinafter
referred to as “the financial statements”)
In our opinion and to the best of our information and according to the explanations given to us, the
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 accounting standards
prescribed under section 133 of the Act read with the companies accounting standards Rules 2021,
(“AS”) and other accounting principles generally accepted in India, of the State of Affairs of the
Company as at 31st March 2024 and Statement of Profit & Loss and its Cash Flow Statement for the
year ended on that date.
Basis for Opinion
Wc conducted our audit of the financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards arc
further described in the Auditor's Responsibilities for the Audit of the Financial Statements section
of our report. Wc are independent of the Company in accordance with the Code of Lthics issued by
the Institute of Chartered Accountants of India (ICAl) together with the independence requirements
that are relevant to our audit of the financial statements under the provisions of the Act and the Rules
made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAEs 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 those charged with governance that, in our professional judgment, were of most
significance in our audit of the financial statements. We have determined that there are no such
matters to report.
Information Other than the 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 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 no 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 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 and presentation of these financial
statements that give a true and Fair view of the financial position, financial performance 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, read with Rule 7 of the
Companies (Accounts) Rules, 2014, 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 financial statements 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 responsible for overseeing the Company's financial reporting process.
Auditor's Responsibility for the ,\udit 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 arc 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 financial controls relevant to the audit in order to design
audit procedures that arc appropriate in the circumstances. Under section I43(3)(i) of the
Act. we are alsoresponsible 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 arc
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
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 \vc identify during our audit.
From the matters communicated with those charged with governance, we determine those matters
that w-’crc of most significance in the audit of the financial statements of the current period and arc
therefore the key audit matters. We describe these matters in our auditor’s report unless lawr 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 cm other Legal and regulatory Requirements
1. As required by Section 143 (3) of the Act, based on our audit 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 and the Cash flowr statement dealt with by
this Report are in agreement with the books of accounts;
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act. read with the Companies (Accounting Standards) Rules,
2021;
(e) On the basis of the written representations received from the directors as on 31st March. 2024
taken on record bv the Board of Directors, none of the directors is disqualified as on 3 1st March,
2024 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
R‘;
(g) With respect to the other matters to be included in the Auditor's Report tn accordance with Rule
11 of Companies (Audit and Auditors) Rules 2014, in our opinion and to the best of our information
and according to the explanation given to us:
1. The Company does not have any pending litigations which would impact its financial position;
ii. The Company did not have any long-term contracts including derivative contracts: as such
the question of commenting on any material foreseeable losses thereon does not arise;
iii. There has not been an occasion in case of the Company during the year under report to transfer
any sums to the Investor Education and Protection Fund. The question of delay in transferring such
sums does not arise
2. 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 Annexurc
W a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent
applicable.
For Mehta & Associates
Chartered Accountants
Firm Regn. No. 148089W
ff¥]I
' —W$\cM80 ia'y°j}
Abhishck Mehta
(Proprietor)
Membership No. 165275
UDIN: 24165275BKCmS6289
Place : Mumbai
Date: 30th September, 2024.
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