We have audited the standalone financial statements of
Transindia Real Estate Limited ('the Company'), which
comprise the balance sheet as at 31 March 2025, the
statement of profit and loss (including other comprehensive
income), the statement of changes in equity and the statement
of cash flows for the year then ended, and notes to financial
statements including summary of material accounting policies
and other explanatory information (hereinafter referred to as
"the standalone financial statements”).
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 (Ind AS) prescribed under Section
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at 31 March 2025, the 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 of the standalone financial statements
in accordance with the Standards on Auditing (SAs) prescribed
under Section 143(10) of the Act. Our responsibilities under
those Standards 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 (ICAI) 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 made thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that
the audit evidence obtained by us is sufficient and appropriate
to provide a basis for our audit opinion on the standalone
financial statements.
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 of the current period. These
matters were addressed in the context of our audit of the
standalone financial statements as a whole and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters. We have determined that there are as such no
key audit matters to be communicated in our report.
Emphasis of Matter
We draw attention to Note 40 to the accompanying Standalone
Financial statement, which mentioned about the search
operation by the Income tax Authorities at the office premises
of the Company, some of its subsidiaries and the residence
of one of its Key management personnel. As informed to
us, the Company has not received any communication from
the Income-Tax Authorities regarding the findings of their
investigation. 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 Board of Directors is responsible for the other
information. The other information comprises the information
included in the Board's Report including Annexures thereon
but does not include the standalone financial statements and
our 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 responsibility for the standalone
financial statements
The Company's Board of Directors is 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 financial position, financial
performance including other comprehensive income, changes
in equity and cash flows of the Company in accordance with
Indian Accounting Standards (Ind AS) and other accounting
principles generally accepted in India. 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
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, 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 is also responsible for overseeing the
Company's financial reporting process.
Auditors' 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 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 scepticism
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 Act, we
are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with
reference to the standalone 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.
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 A”, a statement on the matters specified in the
paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section143(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,
except for the matters stated in paragraph (i)(vi)
below on reporting under Rule 11(g)
c) The balance sheet, the statement of profit and
loss (including other comprehensive income), the
statement of changes in equity and the statement
of cash flows 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 Indian Accounting
Standards specified under Section 133 of the
Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;
e) On the basis of written representations received
from the directors of the Company as on 31 March
2025 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March
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
B”;
g) The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph (b) above on reporting
under Section 143(3)(b) and paragraph (i)(vi) below
on reporting under Rule 11(g);
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 provision of Section 197 read with Schedule V to
the Act; and;
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
25 to the standalone financial statements);
ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses; and
iii. There were no amounts which were required
to be transferred by the Company to Investor
Education and Protection Fund.
iv. a) The Management has represented that,
to the best of its knowledge and belief,
no funds (which are material either
individually or in the aggregate) 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 or entity, including
foreign entity ("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;
b) The Management has represented,
that, to the best of its knowledge and
belief, no funds (which are material
either individually or in the aggregate)
have been received by the Company
from any person or entity, including
foreign entity ("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;
c) Based on the audit procedures that
have been 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 (a) and (b) above,
contain any material misstatement.
v. As stated in note 11.1, the interim dividend
paid by the company during the year in
respect of the same declared for the year is in
accordance with section 123 of the Act to the
extent it applies to payment of dividend.
vi. Based on our examination, which included
test checks, and as described in Note 39 to
the standalone financial statements:
The Company has maintained its books
of account using ERP-based accounting
software systems which include the audit
trail (edit log) features. These features were
operated throughout the year for all relevant
transactions recorded in such software
systems, except for the spend management
modules at the application level and the
consolidation software systems, where the
audit trail functionality became effective
during the year and was therefore not
operational throughout the entire year.
According to the information and explanations
given to us and based on our test checks, there
has been no instance of the audit trail features
being tampered with in respect of the software
systems where the audit trails were enabled.
Further, the audit trails for prior year(s) has
been preserved by the company as per
statutory requirements for record retention to
the extent they were enabled and recorded in
the respective years.
With respect to the spend management
module, we note that the audit trail (edit log)
features at the database level are managed
by third party software service provider. The
Service Organization Control (SOC) reports
obtained by the management do not provide
information regarding whether the audit
trail features were enabled and operating
throughout the year. Accordingly, we are
unable to comment on the operation and
effectiveness of the audit trail features at the
database level for this software.
For C C Dangi & Associates
Chartered Accountants
Firm Regn. No. 102105W
Ashish C. Dangi
Partner
Membership No.: 122926
UDIN: 25122926BMNTMT1549
Place: Mumbai
Date: 15th May, 2025
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