We, M/S Garg Agarwal & Agarwal, Chartered
Accountants, have audited the accompanying
Ind AS finanacial statements of Tiger
Logistics India Limited (the “Comapny”),
which comprise the Balance Sheet as on
March 31, 2025, the Statement of Profit and
Loss, including the statement of Other
Comprehensive Income, the Cash Flow
Statement and the Statement of Changes in
Equity for the year then ended, and 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 Indian Accounting
Standards prescribed under section 133 of
the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as
amended, (“Ind AS”) and other accounting
principles generally accepted in India, of
the state of affairs of the Company as at
March 31, 2025 and its profit, total
comprehensive income, changes in equity
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
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 financial
statements of the current period. These
matters were addressed in the context of
our audit of the financial statements as a
whole, and in forming our opinion thereon,
and we do not provide a separate opinion
on these matters.

we have nothing to report in this regard.

Management's Responsibility for 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 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 accounting principles
generally accepted in India, including the
Indian Accounting Standards (Ind AS)
specified under section 133 of the Act, read
with the Companies (Indian Accounting
Standards) (Amendment) Rules, 2017. 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 the
design, implementation and maintenance
of adequate internal financial control that
were operating effectively for ensuring the
accuracy and completeness of the
accounting records, relevant to the
preparation and presentation of the Ind AS
financial statements that give a true and
fair view and are free from material
misstatement, whether due to fraud or
error.

Information other than the Financial
Statements and Auditors’ 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 our
auditors’ 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 financial
statements or our knowledge obtained in
the audit, or otherwise appears to be
materially misstated.

If, based on the work we have performed on
the other information obtained prior to the
date of this auditor’s report, 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
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 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 statements that give a true and
fair view and are free from material
misstatement, whether due to fraud or
error.

In preparing the 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.

The Board of Directors is also responsible
for establishing and maintaining adequate
and effective controls in respect of use of
accounting software that entails the
requisite features as specified by the
Companies (Accounts) Rules, 2014, as
amended from time to time, including an
evaluation and assessment of the
adequacy and effectiveness of the company’s
accounting software in terms of recording and
maintaining audit trail (edit log) of each and

every transaction and ensuring that the
audit trail cannot be disabled and has been
operated throughout the year for all
transactions recorded in the software and
the audit trail feature has not been
tampered with and the audit trail has been
preserved by the company as per the
statutory requirements for record retention.

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 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 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.

Materiality is the magnitude of
misstatements in the 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 misstatements 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 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 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”), 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” 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:

(1) 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.

(2) 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.

(3) The Balance Sheet, the Statement of
Profit and Loss, including the 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.

(4) In our opinion, the aforesaid
standalone financial statements comply
with the Ind AS specified under Section
133 of the Act.

(5) 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.

(6) 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 overfinancial reporting.

(7) 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:

(a) The Company has disclosed details
regarding pending litigations in note 3(i)
of financial statements, which would
impact its financial position.

(b) The Company does not have any
long-term contracts including derivative
contracts for which there were any
material foreseeable losses.

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

(d) (i) 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;

(ii) The management has represented, that,
to the best of it’s 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: and

(iii) Based on audit procedures which we
considered reasonable and appropriate in
the circumstances, nothing has come to
their notice that has caused them to
believe that the representations under
sub-clause (i) and (ii) contain any material
mis-statement.

(e) 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

(f) Based on our examination which
included test checks, the Company has
used accounting software for maintaining
its books of account, which have a feature
of recording audit trail (edit log) facility
except in respect of calculating
depreciation on Fixed Assets wherein the
accounting software did not have the
audit trail feature enabled throughout the
year, 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, the audit
trail has been preserved by the Company as
per the statutory requirements for record
retention, except for the accounting software
used for calculating depreciation on Fixed
Assets, where the audit trail has not been
preserved.

For Garg Agrawal & Agrawal
Chartered Accountants
Firm’s Registration No.016137N

CA Ashok Ag rawa I
(Partner)

Membership No: 500883
UDIN: 25500883BMHZBP7928

Place: New Delhi
Date- 27/05/2025