We have audited the accompanying Standalone Ind AS Financial Statements of Trigyn Technologies Limited
(“the Company”), Regd. Office: 27A SDF-1 SEEPZ-SEZ Andheri (E) Mumbai Maharashtra 400096 India (CIN:
L72200MH1986PLC039341) which comprise the Standalone Balance Sheet as at 31st March, 2025, 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 for the year then ended, and Notes to the Standalone Ind AS Financial
Statements, including, a summary of Material 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 Companies Act, 2013 in the manner so required and
give a true and fair view in conformity with Indian Accounting Standard prescribed under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rule 2015 as amended (“Ind AS”) and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31st 2025, the Profit, total comprehensive
income, changes in equity and its cash flows for the year ended on that date.
Basis of Opinion
We conducted our audit of the Standalone Ind AS Financial Statements 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 Standalone Ind AS 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 (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Ind
AS Financial Statements under the provisions of the Companies Act, 2013 and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the
Standalone Ind AS Financial Statements.
Emphasis of Matter
We draw attention to-
1. Note 48: of the Standalone Ind AS Financial Statements with respect to necessary approval and permissions from
the Reserve Bank of India (RBI) under FEMA Regulations and carrying forward of balances in respect of wound-up
overseas subsidiaries and step-down overseas subsidiaries. These balances which are fully provided for have no
bearing on profitability nor on the assets and liabilities position of the Company (as fully explained in the Notes).
2. Note 52 A): of the Standalone Ind AS Financial Statements with respect to non-accounting of Quarterly Guaranteed
Revenue for 3 years period totaling ' 8,000 lakhs. The Company’s stand for non-booking of revenue is on the
ground that it is probable that the Company will not be able to collect the consideration to which it is entitled under
the contract in the near future (as explained in the Notes).
3. Note 52 B): of the Standalone Ind AS Financial Statements with respect to Toll Collection project for parking sites in
Nashik, there was no collection of tolls during the year on account of various issues. The company has been sent a
termination notice in September 2023. The company has filed for Commercial Arbitration under the Arbitration and
Conciliation Act, 1996. The Company is carrying in its Standalone Balance Sheet an unamortized amount of ' 442
lakhs towards capital cost of the project (as explained in the Notes).
4. Note 34: of the Standalone Ind AS Financial Statements with respect to pending legal suits filed by the Company
and against the Company and its wholly own subsidiary as fully explained in the Notes.
5. Note 64: of the Standalone Ind AS Financial Statements with respect to foreign subsidiary under voluntary liquidation,
as fully explained in the Notes.
Our opinion is not qualified in the above matter.
Key Audit Matters
Key Audit Matters (KAM) are those matters that, in our professional judgment, were of most significance in our audit
of the Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of
our audit of the Standalone Ind AS 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 the matters described below to be the key audit
matters to be communicated in our report.
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SL
No.
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Key Audit Matters
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Auditor’s Response
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1.
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Accounting for fixed price contracts:
In respect of Andhra Pradesh State Fibernet Limited
(APSFL) Project, which was a fixed price contract,
awarded through tendering process where over 90%
work has been completed by March 2025, there
has been undue delay in completion of the balance
work as APSFL is yet to provide the sites for balance
classrooms and Central Studio. Also, civil works which
is the responsibility of APSFL is pending at 59 schools,
1 District Studio and Central Studio. APSFL has not
given go live certificate which is one of the conditions
under the contract. As per the terms of the contract the
Company has raised 3 milestone bills. The total amount
outstanding against this project as at 31st March, 2025
amounted to ' 6,150 lakhs which is outstanding for more
than 3 years. As of the date of the reporting, work has not
commenced for completion of the remaining portion of
the contract and there is uncertainty regarding expected
completion of the balance of work and collection of dues.
The management has adopted a cautious approach
towards booking of Quarterly Guaranteed Revenue
(QGR) amounting to ' 8,000 lakhs including GST on
account of uncertainty of collection.
(Refer note - 52A).
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We have examined the status report provided to us by
the management of the Company from time to time. We
have also been provided with certain correspondence
which the Company’s project team has had with APSFL
in respect of balance work and recovery of dues. The
Company is prepared to execute the balance work
but there is no response from APSFL. The Company
has not received any balance confirmation of the
outstanding from APSFL. Under IND AS-115, one of
the conditions to recognize revenue is the probability
that the entity will collect the consideration due under
the contract. The Company has obtained opinion from
subject matter expert in support of their stand towards
non-booking of Quarterly Guaranteed Revenue (QGR)
in earlier year. We have relied on the expert’s opinion
in this regard. The Company’s ECL policy is framed on
the basis of historical data, segregating the government
and non-government dues. by an expert. We have
relied on the expert’s opinion in this regard.
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2.
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With respect to toll Collection project for parking sites
in Nashik, out of 33 sites 15 sites were commissioned.
However, there was no collection of tolls during the year
on account of various issues. The company has received
a termination notice in September 2023. The company
has filed for Commercial Arbitration under Arbitration
and Conciliation Act, 1996. The Company is carrying in
its Standalone Balance Sheet an unamortized amount
of ' 442 lakhs towards capital cost. (Refer Note-52B)
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We have examined the status report provided to us
by the management of the Company from time to time
along with the correspondence with NSCDCL and
the reliefs claimed by the company in their filings for
Commercial Arbitration at Commercial Division Nashik.
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3.
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Disputed Tax Matters
We draw your attention to Note 34 of Standalone Ind AS
Financial Statements regarding pending litigations.
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Procedures performed by the Auditor:
For tax matters, our procedures included examining
the Company’s tax consultants’ views, discussions
with the Company’s legal department and advisor and
assessing the management’s conclusions.
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Information other than the Standalone Ind AS 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 Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not
include the Standalone Ind AS Financial Statements and our Auditor’s Report thereon.
Our opinion on the Standalone Ind AS 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 Standalone Ind AS Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Ind AS
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.
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 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, total 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 Companies Act 2013 (“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 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 Ind AS Financial Statements, the Board of Directors 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 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 are also responsible for overseeing the company’s financial reporting process.
Auditor’s Responsibility for the Audit of the Standalone Ind AS Financial Statements.
Our objectives are to obtain reasonable assurance about whether the Standalone 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 aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Standalone 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:
o Identify and assess the risks of material misstatement of the Standalone 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 controls.
o Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. We are also responsible for expressing our opinion on whether the Company has
an adequate internal financial control system in place and the operating effectiveness of such controls.
o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
o 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 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 Standalone 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.
o Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including
the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transactions
and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Ind
AS 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 Standalone Ind AS Financial Statements.
We also 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 controls 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 Ind AS 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”) as amended, 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 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) I n our opinion proper Books of Accounts as required by law have been kept by the Company so far as it
appears from our examination of those books.
(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss, the Standalone Statement Cash
Flows and Standalone Statement of Changes in Equity dealt with by this report are in agreement with the
Books of Account.
(d) I n our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting
Standards (Ind AS) specified under Section 133 of the Act, read with The Companies (Indian Accounting
Standards) Rule, 2015, as amended;
(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 Companies Act, 2013.
(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” and
(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 has disclosed the impact of pending litigations on its financial position in its Standalone Ind
AS Financial Statements - Refer Note 34 to the Standalone Ind AS Financial Statements.
ii. The Company has made provisions, as required under the applicable law or accounting standards, for
material foreseeable losses on long-term contracts and the company did not have any derivative contracts.
iii. The Company has no amount that is required to be transferred to the Investor Education and Protection
Fund.
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(s) or entity(ies), including foreign entity(ies) (“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 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(s) or entity(ies), including foreign entity(ies) (“ 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
Ultimate beneficiaries;
(c) 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 company has not declared or paid any dividend during the year.
vi. Based on our examination, which included test checks, the Company has used accounting software
for maintaining its books of account for the financial year ended 31st March, 2025, 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 the audit trail feature being tampered with and the audit trail is being preserved by the
Company as per the statutory requirements for record retention.
(h) With respect to the matter to be included in the Auditors’ Report under Section 197(16) of the Act, in our opinion
and according to the information and explanations given to us, the managerial remuneration for the year ended
31st March, 2025, has been paid / provided by the Company to its directors in accordance with the provisions
of section 197 read with Schedule V to the Act.
For V. Rohatgi & Co.
Chartered Accountants
Firm Registration Number: 000980C
CA Arun Kumar Mishra
Partner
Place: Bangalore Membership No.: 076038
Date: 30th May, 2025 UDIN: 25076038BMJIOL7639
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