We have audited the standalone financial statements of Meghna mfracori infrastructure
limited (“the Company”), which comprise the Balance Sheet as at March 31, 2025 the
Statement of Profit and Loss and the Statement of Cash Flows for the year ended on
that date, and a summary of the significant accounting policies and other explanatory
information.
Opinion
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 accounting principles generally accepted in India of the state of
affairs of (he Company as at March 31, 2025, its profit, Change in Equity and its cash
flows for the year ended on that date.
Basis for opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act -
responsibilities under those Standards are further described m the
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
KTofChartered 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 made there under, and we have fulfilled our other ethical responsibilities
fn accordance with these requirements and the ICAI's Code of Ethics, We believe tha
the audit evidence we have obtained is sufficient and appropriate to provide a basis fo
our audit opinion on the financial statements.
Emphasis of Matter
We draw your attention to note no. 30 (ii) of the financial statement which describes the
conbngenf Liat^lity. The Assessing Officer of *e fnco^Taxihad passe the or es fo
Assessment year 2018-19 against the Compara^f^^he demand ot Ks 3b.
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Crores. Company has filed the appeal against the Order. The assumption of going
concern is essentially dependent on winning of appeal against this order.
Our conclusion is not modified in respect of this matter.
Key audit matters
Kev audit matters are those matters that, in our professional judgment were of most
sianificance 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 determined that there are no key audit matters to be communicated in our
report.
Information Other than the Financial Statements and Auditor’s Report thereon
The Company's Board of Directors is responsible for the preparation of the other
information The other information comprises the information included in
Management Discussion and Analysis, Board's Report Including Annexures to» BoartIs
Rpnorts Business Responsibility Report, Corporate Governance and Shareholders
“ionTHoes hot incJe the 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 or conclusion thereon.
In connection with our audit of the standalone financial statements I®
to read the other information and, in doing so. consider whether the other infcrmat'on is
materially inconsistent with the financial statements or our knowledge obtained during
CSS or otherwise appears to be materially misstated. If, based on the
work wThave performed we conclude that there is a material misstatement of this other
TnfoLation we^ required to report that fact. We have nothing to report ,n this regard.
Management’s and Board of Directors' Responsibility for the Standalone
Financial Statements
The Management and Company^ Board
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pujes 2014
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, Management and 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 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.
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 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 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 controls.
* Obtain an understanding of internal financial controls 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 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 inadeqg^g^^ociify our opinion. Our
offS a/o\4
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 of
the current period and are therefore the key audit matters. We describe these matters in
our auditor’s report unless (aw 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, 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:
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) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial Statements comply with applicable Ind AS
specified under section 133 of the Companies Act, 2013, read with Rule 7 of the
Companies (Accounts) Rules with the Companies (Indian Accounting Standards) Rules,
2015 and Companies (Indian Accounting Standards) Rules, 2016, as amended from
time to time and other accounting principles generally accepted in India.
e) On the basis of the written representations received from the directors as on March
31, 2025, and 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 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”. Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's internal financial controls over financial
reporting.
g) 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 read with Schedule V to the Act.
h) 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 litigation on its financial position in
its financial statements — Refer Note 30(ii) 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 during the year ended 31st March
2025.
•iv- (a) 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 (“Ultimate
Beneficiaries”) by or on behalf of the Company or provide any guarantee , security or
the like form on behalf of 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 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 (“Ultimate
Beneficiaries”) by or on behalf of the Funding Parties or provide any guarantee ,
security or like form on behalf of the Ultimate Beneficiaries.
(c ) 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 clause iv (a) and (b) contain any material
misstatement.
(v) The interim dividend declared and paid during the year by the Company is in
compliance with section 123 of the Act.
(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 has a feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the
software. Further, during the course of our audit we did not come across any instance of
the audit trail feature being tampered with.
But there is no audit tail which has been preserved by the company as per the statutory
requirement for record retention as the company was non compliant with audit trail
facility in the previous year.
For M K Singhal & Co.
Chartered Accountants
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Manoj Kumar Singhal /$!}
(Proprietor) --
M.No. 053124
Firm number: 130361W
UDIN :25053124BMUKZD5575
Place : Mumbai
Date: May 21, 2025
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