We have audited the standalone financial statement TRUST FINTECH LIMITED (the
"Company”) which comprise the standalone balance sheet as at 31 March 2025, and the
standalone statement of profit and loss (including other comprehensive income), and
standalone statement of cash flows for the year then ended, and notes to the standalone
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 standalone financial statements give the information required by the
Companies Act, 2013 ("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 31 March 2025, and its profit and other comprehensive income, 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 Act. Our responsibilities under those SAs are further described in the
Auditor’s Responsibilities for the Audit of the Standalone 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 standalone 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 opinion on the standalone financial statements.
Key Audit Matters
The Company has capitalized a portion of employee salary costs to various projects or
assets under development during the year, in accordance with the applicable accounting
standards. The process of determining which salary costs are directly attributable and
eligible for capitalization involves significant management judgment and estimation. This
includes assessing the nature of work performed, time allocation of employees, and the
appropriateness of the basis used for apportioning costs. Given the materiality of the
amounts involved and the judgment required, we identified the capitalization of salary costs
as a key audit.
Emphasis of Matter
We draw attention to the following matters in the Notes to Standalone Financial Results:
No provision has been made for gratuity during the period as well during the previous
year in compliance of AS 15 "Employee Benefits” relating to the provision for Gratuity as
the same is being paid on yearly basis to all the eligible employees by the company.
Our opinion is not modified in respect of this matter.
Information Other than the Standalone Financial Statements and Auditor’s Report
Thereon
The Company’s Management and Board of Directors are 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 auditor’s report thereon.
Our opinion on the standalone 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 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 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.
Management’s Responsibilities for the Standalone Financial Statements
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, and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian Accounting Standards (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
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 financial statements, the Management and 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 is also responsible for overseeing the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone 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 based on these
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 risk 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.
• Obtain an understanding of internal financial control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under Section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
adequate internal financial controls systems are 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
exits 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
Standalone 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 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.
Materiality is the magnitude of misstatement in the standalone 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
misstatement 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 significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we may 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, we give in the Annexure ‘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 it appears from our examination of those books.
(c) The standalone balance sheet, the standalone statement of profit and loss (including
other comprehensive income), the standalone statement of and the standalone
statement of cash flows dealt with by this Report agree with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 4 of the
Companies Indian Accounting Standard Rules, 2015 as amended.
(e) There are no observations or comments on financial transactions or matters which
have any adverse effect on the functioning of the company.
(f) On the basis of the written representations received from the directors as on March 31,
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.
(g) There is no any qualification, reservation or adverse remark relating to maintenance of
accounts and other matters connected therewith.
(h) 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”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the company’s internal financial controls over
financial reporting.
(i) with respect to the other matters to be included in the Auditor's Report in accordance
with the requirements of section 197(16) of the Act, as amended,
In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the Company to its directors during the year is
in accordance with the provisions of section 197 of the Act.
(j) 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 except one matter GST
Pending with Commissioner Appeals
ii. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
iii. There have been no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv.
1) The management has represented that, to the best of its knowledge and belief,
as disclosed in note no. 12 to the accounts, No funds 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 persons or entities,
including foreign entities (“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 (“Ultimate Beneficiaries”) by or on behalf of the Holding
Company or its subsidiary companies and joint venture company incorporated
in India or
• provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries
2) The management has represented, that, to the best of its knowledge and belief,
as disclosed in note no. 13 to the accounts, no funds have been received by the
Company from any persons or entities, including foreign entities ("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 ("Ultimate Beneficiaries”) by or on behalf of the Funding
Parties or
• provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries.
3) Based on such audit procedures as 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 clause (1) and (2) contain any material misstatement.
v. The company has neither declared nor paid any dividend during the year. Hence,
reporting the compliance with section 123 of the Act is not applicable.
vi. Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of account for the financial year ended
March 31, 2025, which has a feature of recording audit trail (edit log) facility and the
same has been operating effectively 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.
For R. B. Bhusari & Company
Chartered Accountants
FRN: 101463W
Place: Nagpur
27th May, 2025
sd/-
CA PRASANNA G PAUNIKAR
PARTNER
Membership No. 161868
UDIN: 25161868BMIITC8147
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