We have audited the accompanying financial statements of TIMES GUARANTY LIMITED (“the Company”),
which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit & Loss Account including the
Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year
then ended, and notes to the financial statements, including a summary of significant accounting policies and
other explanatory information (hereinafter referred to as the “financial statements”).
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 (“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 (“Ind AS”)] , 2015, as
amended, and other accounting principles generally accepted in India, of the state of affairs of the company as
at March 31, 2025 and its profit including other 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 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 (“ICAI”) 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 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. In our opinion, there are no key audit matters which in our professional judgement, were of
most significance to be reported in our report.
Other Matters
We draw your attention to Note No. 8 of the financial statements where pursuant to the disclosure requirements
of Ind AS 40, “Investment Property”, the company has not disclosed the fair values of the investment properties
held by the company in the previous year. Our opinion is not modified in respect of this matter.
Information Other than the 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 Company’s annual report but does not include the financial statements and our
auditors’ report thereon. The Company’s annual report is expected to be made available to us after the date of
this auditor’s report.
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
identified above when it becomes available 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.
When we read the Company’s annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to Company’s Board of Directors as required under SA 720 ‘The Auditor’s
responsibilities Relating to Other Information.’
Responsibilities of Management 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 statement of changes in equity
of the Company in accordance with the 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 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.
Those Board of Directors are 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 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 judgement and maintain professional
skepticism throughout the audit. We also:
i) 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.
ii) 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.
iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
iv) 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 entity’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 entity to cease to continue as a going concern.
(v) 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 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
in terms of Section 143(11) of the Act, we give in “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
appears from our examination of those books; except for the matters stated in the paragraph 2(i)(vi)
below on reporting under Rule 11 (g) of the Companies (Audit & Auditors) Rules, 2014
c) The Balance Sheet, the Statement of Profit & Loss including Other Comprehensive Income, the Cash
Flow Statement and the Statement of Changes in Equity 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 the Companies (Indian Accounting Standards) Rules, 2015, as
amended.
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 are disqualified as on March 31, 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 the financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure B” to this report.
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 by the Company to its directors
during the year is in accordance with the provisions of section 197 of the Act.
h) The modifications relating to the maintenance of accounts and other matters connected therewith are as
stated in the paragraph 2(b) above on reporting under section 143(3)(b) of the Act and paragraph 2(i)(vi)
below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
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
financial statements as referred to in Note 22 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 are no amounts during the year which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv) 1) The management has represented that, to the best of its knowledge and belief, 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 persons or
entities, including foreign entities (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, 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 to or on
behalf of the Ultimate Beneficiaries.
2) The management has represented, that, to the best of its knowledge and belief, 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, 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 from or on behalf of the Ultimate Beneficiaries; and
3) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under subclause (i) and (ii) of Rule 11(e) as provided under (1) and (2) above,
contain any material misstatement.
v) The Company has not declared or paid any dividend during the year.
vi) Based on our examination which included test checks, the company has used accounting software
for maintaining its books of account for the financial year ended March 31, 2025 which did not
have audit trail (edit log) feature enabled throughout the year.
Since the audit trail feature was not enabled, the Company has not complied with the requirement
to maintain and preserve audit trail.
For Vinod Kumar Jain & Co.
Chartered Accountants
FRN 111513W
Sd/-
(Vinod Kumar Jain)
Proprietor
Place : Mumbai Membership No. : 036373
Date : 21st May, 2025 UDIN: 25036373BMIPQC8650
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