We have audited the accompanying standalone financial
statements of Shreeji Shipping Global Limited (Formerly
known as "Shreeji Shipping Global Private Limited" &
converted from "Shreeji Shipping") ("the Company"),
including operations of the Company's branch office at
Africa, the financial effects whereof have been incorporated
in the books of account maintained at the Head Office
which comprise the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Cash Flows and the Statement of
Changes in Equity for the year ended on that date, and notes
to the standalone financial statements, including a 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 (hereinafter referred to as "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, (hereinafter referred to as
"Ind AS") and other accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31,
2026, and its profit and other comprehensive income, its cash
flows and the changes in equity 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) specified
under section 143(10) ofthe 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 (hereinafter referred to as "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 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 year. 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 the matters described below
to be the key audit matters to be communicated in our report.
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Key Audit Matters
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Auditor's Response
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Evaluation of Dry Docking Cost, Repair Expenses
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Our audit procedures in response to this Key Audit Matter included,
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and remaining useful life of Ships :
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inter alia, the following:
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As per Ind AS 16, Property, Plant and Equipment,
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• Obtained an understanding of the Company's processes and
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subsequent expenditure relating to major inspections,
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controls relating to ships repair and dry-docking expenditure.
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overhauls and planned dry-docking of ships is
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• Evaluated the design and tested the operating effectiveness
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recognised as part of the carrying amount of the ship
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of key internal controls over classification of expenditure
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or as a separate component, as appropriate, when the
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between capitalisable dry-docking costs and routine repairs and
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recognition criteria prescribed under the Standard are
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maintenance.
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met. Such expenditure is subsequently depreciated over
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• On a sample basis, examined supporting documents for significant
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the estimated useful life of the relevant component.
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repair and dry-docking expenditure, including shipyard invoices,
completion reports and dry-docking records, to assess the nature
and accounting treatment of such expenditure.
• Assessed whether expenditure capitalised as dry-docking costs
met the recognition criteria under Ind AS 16 and whether routine
repairs and maintenance were appropriately charged to the
Statement of Profit and Loss.
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Key Audit Matters
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Auditor's Response
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The Company is required to periodically undertake
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Evaluated the estimated useful lives assigned to dry-docking
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dry-docking and major inspections of its vessels to
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components with reference to management's assessment,
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meet statutory and classification requirements and
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historical dry-docking cycles and expected economic benefits.
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to maintain the ships in seaworthy condition. The
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•
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Tested the depreciation charge relating to capitalised dry-docking
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determination of whether expenditure represents
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expenditure, including the commencement of depreciation and
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capitalisable dry-docking expenditure or repairs and
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useful lives applied.
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maintenance expenditure involves management
judgement. Further, determination of the estimated
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•
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Considered the adequacy of related disclosures in the Standalone
Financial Statements in accordance with Ind AS 16 and other
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useful life of the dry-docking component involves
judgement, including consideration of the expected
period of economic benefit and applicable statutory
and classification requirements.
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applicable Indian Accounting Standards
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Considering the materiality of such expenditure and
the judgement involved in determining its nature,
recognition and useful life, we considered this matter to
be a Key Audit Matter.
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Litigations, Claims and Contingent Liabilities:
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Our audit procedures in response to this Key Audit Matter included,
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The Company is involved in various legal, regulatory
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inter alia, the following:
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and other disputes, the outcomes of which cannot be
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•
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Obtained an understanding of the processes and relevant
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determined with certainty and may result in significant
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controls implemented by the Company for identifying, assessing,
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financial liabilities. The assessment of whether such
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monitoring and reporting legal, regulatory and other litigations
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claims against the company are is required to be
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and claims.
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recognised as a provision or disclosed as a contingent
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Reviewed the litigation register and, on a sample basis, corroborated
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liability involves significant management judgement,
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significant matters with relevant legal correspondence and
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particularly in evaluating the probability of an adverse
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other supporting documentation to assess the completeness of
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outcome and, where applicable, estimating the
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litigations and claims considered for a disclosure purposes.
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potential financial impact.
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Obtained an understanding of the status of significant ongoing
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The assessment of these matters involves significant
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litigations and claims through discussions with management and
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uncertainty and requires management to consider
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relevant personnel.
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the status of proceedings, legal advice, precedents
and other relevant factors. Given the magnitude of
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Inspected selected legal correspondence, notices and other
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certain litigations, the inherent uncertainty associated
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supporting documents.
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with their outcomes and the judgement involved in
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Assessed management's evaluation of the likelihood of an
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assessing the related accounting and disclosures, we
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adverse outcome and the related financial implications, with
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considered this matter to be a Key Audit Matter.
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reference to the facts and circumstances of the respective cases,
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(Refer Note No. 40 to the Standalone Financial
Statements regarding provisions, contingent liabilities
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developments during the year and relevant legal precedents,
wherever applicable.
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and commitments.)
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Obtained and evaluated, where considered relevant and available,
legal opinions and other communications from external legal
advisors and considered the same in assessing management's
evaluation of the likely outcome of significant litigations and
claims
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Assessed the adequacy of related disclosures in the financial
statements in accordance with applicable Indian Accounting
Standards.
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Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Management and Board of Directors are responsible for the other information. The other information comprises
the information included in the Annual Report, but does not include the Consolidated Financial Statements, 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.
Responsibilities of Management and Those Charged with
Governance for the Standalone Financial Statements
The Company's Management and Board of Directors are
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, total comprehensive
income, changes in equity and cash flows 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 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 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
and the Board of Directors are 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.
The Company's Management and Board of Directors are also
responsible for overseeing the Company's financial reporting
process.
Auditor's 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 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:
• 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 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 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.
Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the standalone 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 standalone
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 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 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 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.
Other Matters
The Company has a branch located in Africa. The branch is
not currently engaged in active business operations; however,
one of the Company's barges is stationed at the said location,
in respect of which the branch continues to incur repair and
maintenance expenses, crew-related expenses and other
related expenses including depreciation on the said barge.
The books of account of the said branch are maintained at the
Head Office of the Company in India and no separate audit of
the financial information of the said branch has been carried
out in Africa.
The financial information relating to the said branch,
aggregating to '23.08 million during the year, comprises
expenses of '6.32 million, current tax expense of '3.66 million
and foreign exchange gain of '13.10 million arising on a trade
receivable of the said branch. We have audited the aforesaid
amounts based on the books of account and other records
maintained at the Head Office, together with the supporting
documents, information and explanations made available to us
by the Management.
Our opinion on the financial statements is not modified in
respect of this matter.
Report on Other Legal and Regulatory Requirements
1. 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.
c) The Balance Sheet and 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) I n our opinion, the aforesaid standalone 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, 2026, taken
on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2026, from
being appointed as 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 standalone financial
statement of the Company and the operating
effectiveness of such controls, refer to our separate
report in "Annexure A" . Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial
controls with reference to standalone 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, no remuneration has been paid by
the Company to its directors during the year.
Accordingly, the provisions of Section 197 of the Act
relating to payment of remuneration to directors are
not applicable to the Company.
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 litigations on its financial position in
its standalone financial statements - Refer Note
No. 40 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.
iii. There were no amounts required to be
transferred by the Company to the Investor
Education and Protection Fund during the year.
Accordingly, the question of delay in transfer of
any such amounts does not arise.
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. The interim dividend declared and paid by the
Company during the year is in accordance with
Section 123 of the Companies Act 2013. No
final dividend has been proposed by the Board
of Directors for 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 31,2026 which
has 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 featured being tampered with
and the audit trail has been preserved by the
Company as per the statutory requirements for
record retention.
2. 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
B" a statement on the matters specified in paragraphs 3
and 4 of the Order.
For Sarda & Sarda
Chartered Accountants
(FRN 109264W)
Rajnikant Pragada
Proprietor
M. No. 118132
UDIN: 26118132RWCRWI3954
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