We have audited standalone financial statements, of Trade Wings Limited {"the Company"), which
comprise of the balance sheet as at March 31, 2023, the statement of Profit and Loss (Including other
comprehensive income}, 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 material 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
aforosard 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, its profit and 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 :n accordance with the Standards on
Auditing (SAs) specified under section 1.43(10) of the Companies Act, 2013, 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 Lthics issued by the Institute of Chartered Accountants of India together with the independent
requirement thatare relevant to our eudit of the standalone financial statements uiiderthe provisions of
the Act and the rules made there under, 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 we
have obtained Is sufficient and appropriate to provide a basis for our opinion on standalone financial
statements.
Key Audit Matters
Key audit matters are those matters that, in our professional Judgment, were of most significance in our
audit or 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 those matters. Based on the circumstances and facts of the audit and entity,
there aren't key audit matters to be communicated fnour report.
Information other than standalone financial statements and Auditors report thereon
I be company's Board of Directors are responsible fa r the preparation of the other Information, The other
information comprises of the Iniormation included In the management discussion and analysis, Board's
report including Annexure to Boards Report, Corporate Governance and Shareholders information, but
does not include the standalone financial statements and our auditor's report thereon,
Our opinion on standalone financial statements does not cover the other information and we do not
express any form of assurance or conclusion thereon.
In connection with our audit of the standalone financial statement, our responsibility Is to read the other
Information and in doing so, consider whether the other information is materially inconsistent with the
standalone financial statement or oLher information obtained during the course of our audit or otherwise
appear 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.
Responsibilities of Management and those charged with governance for the Standalone Financial
Statements
Fhc Company's Board of Direct or S is responsible for the i natters stated in section i 34(S) of the Companies
Ad, 2013 (rJthe Act") with respect to the preparation or these standalone financial statements that give a
true and Fair view of the iinanclal position, financial performance, total comprehensive income, changes
m equity 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 implementation and maintenance of accounting
policies; making Judgments and estimates that are reasonable and prudent; and design, implementation
and maintenance ofadequate internal financial controls, that were dp®rating 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 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
are responsible for overseeing the Company's financial reporting process,
Proviso to Rule 3{1) of the Companies (Accounts) Rules, 2014 (hereinafterreferred as "the Account Rules”)
states that for the financial year commencing On or after the 1st day of April 2023, every company which
uses accounting software for maintaining its books of account, shall use only such accounting software
which has a feature of recording audit trail of each and every transaction, creating an edit log of each
change made in the books of account along with the date when such changes were made and ensuring
that the audit trail cannot be disabled.
The amendments require every company that uses art accounting software to use such software that has
a feature of audit trail which cannot be disabled, The management has a responsibility for effective
implementation ol the requirements prescribed by account rules be,, every company which uses an
accounting software for maintaining its books of account should use only such accounting software which
has the following features:
Records an a udii i rail of each and every I ra ns action, creating an edit log of each change made in the books
of account along with the date when such changes were made; and ensuring that audit trail is not disabled.
Thus, it is the management, who is primarily responsible for ensuring selection of the appropriate
accounting software for ensuring compliance with applicable laws and regulations.
Auditor's Responsibilities for the Audit of the standalone Financial Statements
Our objectives arc 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 detects 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:
* ’dentify and usserss the risks of material misstatement of the standalone financial statements, whether
duo to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that Is sufficient and appropriate to provide n basis for our opinion.. 1 he 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 infernal
control.
Ý 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)(1J 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 ? 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 tq 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
:he date of our auditor's report, However, future events or conditions may cause the Company to
cease to continue as a going concern, 1
We communicate with those charged with governance regarding, among other matters, the planned
scope and tlmingof 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 relevani
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 govern ante, wo determine those matters that
were of most significance in the audit of the standalone 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 bo communicated in our report because the adverse consequences
of doing so would reasonably be expected to Outweigh the public interest benefits of Such
communication.
Emphasis of matter
As per Note no 30(xil) on notes to accounts the balances tor Sundry Debtors and Sundry creditors as on
31st March' 2025 are subject to confirmation. "Hie figures reported in the financial statement are as per
the ledger account.
We draw attention to Note 3Q(ix} to the financial Statements, which states that no provision for
diminution in the value of the investments in the wholly owned subsidiary- Trade Wings Holds Limited,
has not been recognized in the financial statements for the reasons stated in the note.
Our opinion is not qualified in respect of that matter.
Other Matter
Wl: have not audited the financial statements Cargo divisions included In the financial statements of the
Company, whose financial statements re Fleet total Assets of Rs.131,81 lakhs and total revenues of
Rs.304.&2 lakhs for the year ended on that date, as considered in the financial statements. The financial
statements of Cargo division have been audited by another auditor.
Our opinion is not qualified in respect of that matter
Report on Other Legal end Regulatory Requirements
As required by the Companies [Auditor's Report) Order, 2020 ("the Order")1 issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act 2013, we give in
Ihc "Annetrure A" a statement on (ho matters specified in paragraphs 3 and 4 of the Order, lo the extent
applicable.
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) IThe Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the
Statement of change in equity, and the Cash Flow Statement dealt with by this Report are in agreement
with the books of account.
d) In our opinion, the aforesaid standalone financial statements do comply with the Ind AS specified under
Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2025 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 fil terms of Section 1.64 (2) of the Act.
1) With respect to the adequacy of the internal financial controls over financial reporting ol the Company
and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
g) In our opinion, the managerial remuneration for the year ended March 31, 2025 has been paid f
provided by the Company to its directors is not in accordance with the; provisions of section 137 read with
Schedule V to the Act.
h) Wi th respect to the other matters to be included in the Auditor's Report m accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in ou1- 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
ii. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses.
Hi. There were no amounts, required to be transferred, to the Investor Education and Protection Fund by
the Company.
iv. (a)The management has represented that, to The best of it's knowledge and belief, no funds have been
advanced or leaned 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, whether, directly Or indirectly lend or invest in other persons or entities identified Im
any manner whatsoever by or on behalf of the company ('’Ultimate Beneficiaries") or provide; any
guarantee, security or the like on behalf o! the ultimate beneficiaries;
(b)The management has represented, that, to the best of its knowledge and belief, 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 entitles Identify in any manner whatsoever by or
on behalf of the Funding Party ("Ultimate Beneficiaries1,} or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures considered reasonable and appropriate in the circumstances, nothing
has come to therr notice that has caused them to believe that the representations under sub-dause (a)
and (b) contain any material mis-statement.
v. As explained to us, and on ihtr basis of documents produced before us, no dividend declared and paid
doring the year by the company.
(id) Based on our examination, which included test checks, the Company has used accounting software’s
for maintaining its books of account for the financial year ended March 31, 2025, which has a feature of
recording audit trail (edit fog) facility and the same has operated throughout the year for all relevant
transactions recorded in the software's. Further, during the course of our audit we did not come across
any instance of the audit trail feature being tampered with. As proviso to Rule Ml) of the Companies
(Accounts) Rules, 201A 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 not applicable for the financial year ended March 31, 202S.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which provides for books
of account to have the feature of audit trail, edit log and related matters in the accounting software used
by the Company, is applicable to the Company only with effect from financial year beginning April 1,2025,
the reporting under clause (g) of Rule 11 of the Companies (Audit and Auditors | Rules, 2D 14 (as amended),
is currently not applicable.
Ini' mid on helutlI of
An Ink Mehta Jfc Cu.
t bartered Accountant*
Firm's registration immlK-r: 1267561^
Aitlnk Muhin ( '
ri'uprtutor f
Mi-mlicTshin mini her: J|4(230 y: Ktfu. trm
Mumbai. **84( Ml
Date: 28lb May, 2025 Vi&S^ ^W/
UDIN: 251149iOBMNYKTGB42
1
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.
| 