We have audited the accompanying Standalone Ind AS Financial Statements of the TRANS FREIGHT
CONTAINERS LIMITED (“the Company”), which comprises of the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flow and the
Statement of Changes in Equity for the year ended and a summary of significant accounting policies and other
explanatory information (herein after referred to as “Standalone Ind AS Financial Statements”).

Management’s Responsibility 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 and presentation of these Standalone Ind AS 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 the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) prescribed 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 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 Ind AS financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS Financial Statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which
are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of Standalone Ind AS Financial Statements in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the Standalone
Ind AS Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in
the Standalone Ind AS Financial Statements. The procedures selected depend on the auditor’s judgment,
including the assessment of the risks of material misstatement of the standalone Ind AS Financial Statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal financial
control relevant to the Company’s preparation of the Standalone Ind AS Financial Statements that give a
true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by the Company’s Directors, as well as evaluating the overall presentation of the Standalone
Ind AS Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Standalone Ind AS Financial Statements.

Opinion

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 Act in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind
AS, of the financial position of the Company as at March 31,2025 and its financial performance including other
comprehensive income, its cash flows and the changes in equity for the year ended on that date.

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 section 143 (11) of the Act, we give in the Annexure “B”, a statement on

the matters specified in paragraphs 3 and 4 of the Order.

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 purpose 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 and Loss including other comprehensive income, the
Cash Flow Statement and the 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 Ind AS Financial Statements comply with the Indian
Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued
thereunder and relevant provisions of the Act.

e. on the basis of written representations received from the directors as on March 31, 2025 and 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.

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 A”.

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 26 to the Standalone Ind AS Financial
Statements.

ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.

3. The Ministry of Company Affairs through its notification issued on 24th March, 2021, relating to Audit
Trail, is applicable on all companies and will be implemented from 1 st April, 2023.

The Companies (Accounts) Second Amendment Rules, 2021 through MCA notification dated 24.03.2021, a
new proviso has been added in Rules 3(1) of The Companies (Accounts) Rules, 2014, which speaks about
mandatory use of accounting software which has a feature of recording an - audit trail of each and every
transaction; creating an edit log of each change made in books of account along with the date when such
changes were made; and ensuring that the audit trail cannot be disabled.

The proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the auditee company w.e.f.
April 1,2023.

Based on our examination, with respect to the compliance of the above proviso, test check method was applied
and we observed that the company has used an accounting software i.e. Tally Prime software, for maintaining
its books of account, which did not had a feature enabled at the data entry and recording level and certain
masterfields with certain privileged access rights of recording AuditTrail (edit log) facility and the same did not
operate throughout the year for all relevant transactions recorded in Tally Prime software. Instances of audit
trail feature being tampered with was not observed during the year and hence did not require to be reported.

For RAM AN AN D & ASSOCIATES
(Chartered Accountants)

FRN :117776W

CA DHARMENDRA VAISHYA
(Membership No : 142644)

(Partner)

Place: Navi Mumbai
Dated: May 30,2025
UDIN: 25142644BMGHFE8175