We have audited the accompanying financial statements of TGV SRAAC LIMITED ("the Company"),
which comprise the Balance Sheet as at 31st 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 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 financial statements give the information required by the Companies Act, 2013 ("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 31st March, 2025, its profit including other
comprehensive income, the 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 Act. 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 there under, 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 on the 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 financial statements for the financial year ended 31st March, 2025. 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. There are no key audit
matters to report for the year under audit.
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 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 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.
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 Act
with respect to the preparation of these 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 specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015 as amended.
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, 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.
Those Board of Directors are also responsible for overseeing the company's financial reporting
process.
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 Act, we are
also responsible for expressing our opinion on whether the company has adequate internal
financial controls with reference to 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 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.
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 for the financial year ended
31st March, 2025 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 Act, we give in the
"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, based on our audit 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 the
paragraph(i)(vi) below on reporting under Rule 11(g);
c) the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
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 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 the written representations received from the directors of the Company as
on31st 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;
f) with respect to the adequacy of the internal financial controls with reference to these
financial statements of the Company and the operating effectiveness of such controls, refer
to our separate report in "Annexure B" to this report .Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company's internal financial
controls with reference to financial statements;
g) 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/ provided by the Company to its directors for the year is in
accordance with the provisions of section 197 read with Schedule V to the Act;
h) the observation relating to the maintenance of accounts and other matters connected
therewith are as stated in the paragraph(b) above on reporting under Section 143(3) (b) and
paragraph(i)(vi) below on reporting under Rule 11(g);
i) with respect to the other matters to be included in the Auditor's Report in accordance with
Rule11 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 as on 31st March, 2025 on its
financial position in its financial statements-Refer Note 26 to the 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.
iv) a) The management has represented that, to the best of its knowledge and belief, as
disclosed in the Note 42 to the Financial Statements, 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;
b) The management has represented that, to the best of its knowledge and belief, as
disclosed in the Note 42 to the Financial Statements, no funds have been received by
the Company from any persons or entities, 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 what soever 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
c) Based on audit procedures performed 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 above sub-clause (a) and (b)contain any
material misstatement;
v) As stated in Note 10(a) to the Financial Statements:
Dividend Declared and Paid:
a) The dividend proposed in the previous year, declared and paid by the company during the
year is in accordance with section 123 of the Act, as applicable.
Dividend Proposed for the Year:
b) The Board of Directors of the Company has proposed dividend for the year, which is subject
to the approval of the members at the ensuing Annual General Meeting. The dividend
proposed is in accordance with section 123 of the Act, as applicable.
vi) Based on our examination, which included test checks, the company has used an accounting
software for maintaining its books of account for the financial year ended 31st March, 2025
which has a feature of recording audit trail(edit log) facility and the same has operated
through out the year for all relevant transactions recorded in the software at the application
level. However, the company has not enabled the audit trail (edit log) feature at data base level
in the accounting software, as described in Note 43 to the financial statements. Further, during
the course of our audit we did not come across any instance of the audit trail feature being
tampered with in respect of the accounting software.
Additionally, the audit trial of prior years has been preserved by the Company as per the
statutory requirements for record retention to the extent it was enabled and recorded in the
respective years.
For Brahmayya & Co.,
Chartered Accountants
Firm's Regn. No. 000515 S
Place of Signature: Hyderabad Sd/-
Date : 27.05.2025. (B. DAIVADHEENAM REDDY)
UDIN: 25026450BM OYH H9646 Partner
Membership No.026450
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