We have audited the accompanying standalone
financial statements of Master Trust Limited ("the
Company") which comprises the Balance Sheet
as at 31st March, 2025, the Statement of Profit and
Loss, including other comprehensive income, the
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 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 31st March, 2025, and its profit
including other comprehensive income, the changes
in equity and 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 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 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.
KEY AUDIT MATTERS
Key Audit Matters are those matters that, in our
professional judgment, were of most significance
in our audit of the standalone financial statements
for the year ended 31st March, 2025. These matters
were addressed in the context of our audit of the
standalone financial statements as a whole, and
informing our opinion thereon, and we do not provide
a separate opinion on these matters.
We have determined that there is no key audit matter
to communicate in our report.
INFORMATION OTHER THAN THE STANDALONE
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
Annual Report, 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 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. Since the other
information has not been made available to us, we
shall not be able to comment on this aspect.
RESPONSIBILITIES OF MANAGEMENT AND THOSE
CHARGED WITH GOVERNANCE FOR THE STANDALONE
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 including other comprehensive income,
cash flows and changes in equity of the Company in
accordance with Indian Accounting Standards (ind
AS) prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules,
2015, as amended.
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 standalone
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.
Those charged with governance are also responsible
for overseeing the company's financial reporting
process.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF
STANDALONE FINANCIAL STATEMENT
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
the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of 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 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.
• Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for
expressing our opinion on whether the company
has internal financial controls with reference to
Financial Statements 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 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.
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 for the year ended
31st March, 2025, as applicable 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 sub-section (ll)
of section 143 of the Companies Act, 2013, 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) 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 including statement of other
comprehensive income, the Cash Flow
Statement and statement of changes
in equity dealt with by this report are in
agreement 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 Companies
(Indian Accounting Standards) Rules, 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 Act.
f) The modifications relating to the
maintenance of accounts and other
matters connected therewith are as stated
in paragraph (i)(viii) 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 Control with reference to these
standalone financial statements of the
Company and the operating effectiveness
of such controls, refer to our separate Report
in "Annexure B" to this report.
h) 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(16) read with Schedule V of the Act. The
remuneration paid to any director is not in
excess of the limit laid down under Section
197 of the Act.
i) 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, as
amended, 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
financial statements - Refer Note 30 to
the standalone financial statements;
ii) The Company did not have any long¬
term contracts including derivative
contracts as at 31st March, 2025 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, 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 Company or provide any
guarantee, security or the like to or on
behalf of the Ultimate Beneficiaries.
v) The management has represented,
that, to the best of its knowledge
and belief, 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 Party or provide any guarantee,
security or the like from or on behalf of
the Ultimate Beneficiaries; and
vi) 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)
(iv) and (i) (v) contain any material
misstatement.
vii) The Company has neither declared nor
paid any dividend during the year.
viii) Based on our examination which
included test checks, the Company
has used accounting Softwares 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.
Further, for the periods where audit
trail (edit log) facility was enabled and
operated throughout the year for the
respective accounting software, we did
not come across any instance of the
audit trail feature being tampered with.
For Bhushan Aggarwal & Co.
Chartered Accountants
FRN: 005362N
Sd/-
Shashi Bhushan
Proprietor
Place: Ludhiana Membership No.: 084005
Date: 29th May, 2025 UDIN: 25084005BMJBRY4358
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