PARADEEP PARIVAHAN LIMITED
(Formerly known as PARADEEP PARIVAHAN PRIVATE LIMITED)
Opinion
We have audited the accompanying Standalone financial statements of PARADEEP PARIVAHAN LIMITED (Formerly known as PARADEEP PARIVAHAN PRIVATE LIMITED) (“the Company”), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss, Cash Flow Statement for the year 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 (“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 amended, (“AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2026, its profit 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 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 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.
Key Audit Matter
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statement of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statement as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matter to be communicated in our report.
No.l-Land & Building-held in stock in trade vide reference Notes to accounts no-15:
The Company’s inventory includes land and building held as stock-in-trade amounting to Rs. 4,59,10,101 as at March 31, 2026. These properties are carried at the lower of cost and net realizable value in accordance with the applicable accounting standards. The process of classification it as stock in trade and determination of net realizable value involves significant management judgment and estimates regarding prevailing market conditions, expected selling prices, future development costs, and the status of legal titles and approvals. Considering the materiality of the balances involved and the significant judgments used in valuation, this matter was considered to be a Key Audit Matter and Such matter is also communicated with Those Charged with Governance.
Auditor’s Response:
Our audit procedures in relation to the valuation and process of Classification of land and building held as stock-in-trade included, among others:
• Obtained an understanding and evaluated the design and implementation of key internal controls relating to acquisition, recording, valuation, and monitoring of inventory properties and also obtained resolution passed in Extra-ordinary General Meeting dated on 12th August, 2025 through Postal Ballot by the members for alteration of MOA regarding change in object clause no. 5 i.e. to carry on the business of real estate including development, purchase, sale etc;
• Verified, on a sample basis, title deeds, sale agreements, and other supporting documents to assess ownership and existence of land and buildings;
• Assessed the appropriateness of management’s valuation methodology for determining net
realizable value;
• Compared estimated selling prices with recent market transactions and available market data;
• Evaluated the reasonableness of estimated costs to complete and sell the properties;
• Performed site visits, wherever considered necessary, to verify the physical existence and stage of development of selected properties;
• Assessed the adequacy of disclosures made in the financial statements in respect of inventories and related estimation uncertainties;
• Obtained Management Representation Letter on the assessment of these matters.
Emphasis of Matter
Without qualifying our opinion, we draw attention to the following matters: -
• As per Note B (16)- in respect of non-availability of confirmations in respect of trade receivable, trade payables and loans & advances. In the absence of such confirmations any provision to be made for the adverse variation in carrying amounts of these balances are quantified as well as quantum of adjustment if any required to be made.
As Confirmation of significant part of trade receivable, trade payables and loans & advances has been received and confirmation not received is not material therefore our opinion is not modified in respect of this matter.
• As per Note-8, the company has presented in the financial statement that the amount overdue to Micro and Small Enterprises is Nil. As explained to us Company has received intimation from “suppliers” regarding status under the Micro, small and Medium Enterprises Development Act 2006 and hence disclosures, if any, relating to amount unpaid as at the year-end together with the interest paid/payable as required under the said act have been furnished except from those confirmations not received.
Our opinion is not modified in respect of this matter
• Note-31 Gratuity Expenses and Provision We draw attention to Note 31 of the financial statements, which describes the Company’s policy regarding gratuity expenses and
provisions. The Company has obtained an actuarial valuation for its gratuity obligation as per AS 15 (Revised). However, the gratuity liability has not been fully funded under any external scheme such as a gratuity trust or insurance plan. The entire gratuity liability, amounting to ?148.77 lakh as at 31st March 2026, is recognized as a provision in the
balance sheet out of which Rs.25.00 Lakhs invested in LIC Group Gratuity Fund. The management has represented that they are in the process of evaluating appropriate options for funding the gratuity obligation in the future. Our opinion is not modified in respect of this matter.
• Note-27 Related Party Disclosure
We draw attention to Note-27 of the financial statements, the company has acquired during the current reporting period the Company has acquired the shares of following entities as Wholly owned Subsidiaries:
M.R.T.C.(India) Private Limited, ASK Logistiek Solutio Private Limited, Pharmachem Traders Private Limited, Nirkon Industries Private Limited.
The acquisition was made on dated 20th August 2025 solely through cash consideration of Rs.1,250.97 Lakhs against net worth of Rs.1,061.22 resulting goodwill of Rs.189.75 Lakhs.
Our opinion is not modified in respect of this matter.
Information other than the financial statements and auditors’ 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 Board’s Report including Annexure to Board’s Report, Business Responsibility 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 standalone 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.
Responsibility of Management & those charged with Governance of Financial Statements: -The Company’s board of directors are responsible for the matters stated in section 134 (5) of the
Act with respect to the preparation 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. 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 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.
The board of directors are also responsible for overseeing the Company’s financial reporting
process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are tree 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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism 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 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 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 are 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.
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.
Report on Other Legal and Regulatory Requirements1. 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 “Annexure-A” 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 it appears from our examination of those books;
c) As per the information obtained from the management we report that there are no branches of the company during the year, therefore audit of branches is not applicable.
d) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account and returns.
e) In our opinion, the aforesaid (Standalone) financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
f) There are no such observations or comments made by us which have adverse impact on the functioning of the company.
g) On the basis of written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the Act.
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 “Ann exure-B”.
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) Amendment Rules, 2018, 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 which would impact its financial position except those disclosed in Note No. 26 (b)
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.
iv. The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes 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 person(s) or entity(ies), including foreign entities (“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 the Ultimate Beneficiaries.
v. The management has represented, that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), including foreign entities (“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 the Ultimate Beneficiaries.
vi. Based on audit procedures which we 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 (iv) and (v) above, contain any material mis-statement.
vii. The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013.
viii. Based on our examination, which included test checks, the company has used accounting software for maintaining its books of accounts for the financial year ended March-31, 2026. Which has a feature of recording audit trail (edit log) facility and the same has been enabled throughout the year for all relevant transactions recorded in the software.
As proviso to Rule 3(1) of the companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the companies (Audit and Auditors) Rules, 2014 on preservation of Audit Trail as per the statutory requirements for record retention is applicable for the financial year ended March 31, 2026.
For and on behalf of RKP ASSOCIATES
Chartered Accountants FRN:322473E
Place: Bhubaneswar Date: 22-05-2026
CA. Sumanta Kumar Nayak(FCA)Partner M. No. 115108ICAI UDIN: -26115108TWDJFN3>31
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