1. We have audited the accompanying standalone financialstatements of Raymond Limited (the ‘Company’), whichcomprise the Standalone Balance Sheet as at 31 March2025, the Standalone Statement of Profit and Loss(including Other Comprehensive Income), the StandaloneStatement of Cash Flow and the Standalone Statement ofChanges in Equity for the year then ended, and notes tothe standalone financial statements, including materialaccounting policy information and other explanatoryinformation.
2. In our opinion and to the best of our information andaccording to the explanations given to us, the aforesaidstandalone financial statements give the informationrequired by the Companies Act, 2013 (the ‘Act’) in themanner so required and give a true and fair view inconformity with the Indian Accounting Standards (‘IndAS’) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules, 2015(as amended) and other accounting principles generallyaccepted in India, of the state of affairs of the Companyas at 31 March 2025, and its profit (including othercomprehensive income - gain), its cash flows and thechanges in equity for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standardson Auditing specified under section 143(10) of the Act.Our responsibilities under those standards are furtherdescribed in the Auditor’s Responsibilities for theAudit of the Standalone Financial Statements sectionof our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (‘ICAI’) together withthe ethical requirements that are relevant to our audit ofthe standalone financial statements under the provisionsof the Act and the rules thereunder, and we have fulfilledour other ethical responsibilities in accordance with theserequirements and the Code of Ethics issued by the ICAI.We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for ouropinion.
Emphasis of Matter - Demerger of lifestyle business undertaking
4. We draw attention to note 40(a) to the accompanyingstandalone financial statements which describes thatpursuant to the scheme of arrangement (the ‘Scheme’)between the Company, Raymond Lifestyle Limited(formerly known as Raymond Consumer Care Limited)(‘Resulting Company’ or ‘Transferee Company’), RayGlobal Consumer Trading Limited (‘Transferor Company’)
and their respective shareholders, as approved bythe Hon’ble National Company Law Tribunal and filedwith respective Registrar of Companies, the LifestyleBusiness Undertaking of the Company was demerged andtransferred to Resulting Company with effect from 30 June2024. The said demerger was given accounting effect inthe year ended 31 March 2025 from the effective date inaccordance with Appendix A to Ind AS 10 “Distributionof Non-cash Assets to Owners” (‘Ind AS 10’) and Ind AS105 “Non-Current Assets Held for Sale and DiscontinuedOperations” ('Ind AS 105’). Our opinion is not modified inrespect of this matter.
Emphasis of Matter - Demerger of real estate business
undertaking
5. We draw attention to note 40(b) to the accompanyingstandalone financial statements which describes thatpursuant to the scheme of arrangement (the ‘Scheme’)between the Company (‘Demerged Company’), RaymondRealty Limited (‘Resulting Company’) and their respectiveshareholders, as approved by the Hon’ble NationalCompany Law Tribunal, Mumbai Bench and filed withrespective Registrar of Companies, the Real EstateBusiness Undertaking of the Company has been demergedand transferred to Resulting Company with effect from 01May 2025. Accordingly, the assets and liabilities as at 31March 2025 related to Real Estate Business Undertakinghave been classified as “held for distribution” and the netresults of Real Estate Business Undertaking for the currentand comparative year have been disclosed separately asdiscontinued operations in the accompanying standalonefinancial statements, in accordance with Ind AS 105. Ouropinion is not modified in respect of this matter.
6. Key audit matters are those matters that, in ourprofessional judgment, were of most significance in ouraudit of the standalone financial statements of the currentperiod. These matters were addressed in the contextof our audit of the standalone financial statements as awhole, and in forming our opinion thereon, and we do notprovide a separate opinion on these matters.
7. We have determined the matters described below to bethe key audit matters to be communicated in our report.
Key audit matters
How our audit addressed the key audit matters
Impairment testing of investment in and other receivables
Our
procedures included, but were not limited to the
from a joint venture
following:
Refer note 1(b)(D)(x) for Company’s material accounting policy
•
Obtained an understanding of management’s process,
information on impairment. Also refer notes 5, 14 and 15 for
evaluated design and tested the operating effectiveness of
details of investment and other receivables from Raymond UCO
controls around impairment and recoverability assessment
Denim Private Limited (the 'joint venture’/'Raymond UCO’),
as per Ind AS 36 and Ind AS 109;
including its credit risk assessment, in the accompanying
Evaluated the Company’s accounting policies with respect
standalone financial statements.
to impairment/ credit risk assessment and assessed its
As at 31 March 2025, the carrying amount of investment
compliance with the requirements of Ind AS 36 and Ind AS
in Raymond UCO is Rs. 14,956 lakhs (net of provision for
109;
diminution in the value of investment of Rs. 20,950 lakhs).
Obtained and reviewed valuation report as prepared by
Further, as at such date, the Company has loans, interest and
management experts for determination of recoverable
other receivables aggregating Rs. 3,424 lakhs from the joint
value of investment in the joint venture and also assessed
venture.
the appropriateness of methodology, valuation model and
In accordance with the requirements of Ind AS 36 “Impairment
key assumptions used by the management experts;
of Assets” ('Ind AS 36’) and Ind AS 109 “Financial instruments”
Assessed the professional competence, objectivity and
('Ind AS 109’), management has assessed that the losses
capabilities of management valuation specialist;
suffered by the joint venture over the years indicate
Performed inquiries and evaluated whether management’s
impairment in the carrying values of the aforementioned
assumptions such as future cash flows, growth rates,
balances. Accordingly, the management has performed
discount rates, terminal growth rate etc., as used in cash
impairment assessment and has estimated the recoverable
flow projections are reasonable by understanding the
amount of its investment and other receivables in the joint
historical performance, approved business plans for the
venture using, inter alia, 'Discounted Cash Flow valuation
joint venture and our understanding of the business and
model’, which is inherently complex and involves the use of
comparable companies;
significant management estimates and assumptions such as,projections of future cash flows, growth rates, discount rates,terminal growth rate, expected future market and economicconditions etc.
Considering the inherent subjectivity involved in the futurecash flow projections, we assessed the valuation of the jointventure independently based on assumptions relating torevenue growth rate noted for comparable companies with
As per such assessment carried out by the management, the
the help of auditor’s valuation specialists and performed
carrying value of the investment has been impaired by Rs.
sensitivity analysis; and
3,250 lakhs in the current year, as disclosed in note 5(ii) to theaccompanying standalone financial statements.
Considering the materiality of the carrying value ofaforementioned balances, significant management judgementrequired in estimating the quantum of impairment in thevalue of these balances and such estimates and judgementsbeing inherently subjective, and this matter requiring frequentdiscussions with those charged with governance, we haveidentified this as a key audit matter for the current year audit.
Ensured the appropriateness and adequacy of presentationand disclosures as enumerated in Ind AS.
Revenue recognition from real estate project under
Our procedures included, but were not limited to the following:
development
Evaluated the appropriateness of the Company’s
Refer notes 1(b)(D)(xvi) and 40(b) to the standalone financial
accounting policy for revenue recognition from real estate
statements for material accounting policy information andrelated disclosures.
projects in terms of principles enunciated under Ind AS 115;
Revenue recognised from real estate project under
Obtained an understanding of the management’s
development ('construction project’) during the year ended 31
processes and evaluated the design and tested operating
March 2025 amounts to Rs. 175,472 lakhs.
effectiveness of controls over the revenue recognition from
In accordance with Ind AS 115 “Revenue from Contracts
construction projects and estimation of total costs;
with Customers” ('Ind AS 115’), the Company has assessed
Evaluated the appropriateness of the management’s
and concluded that its performance obligations arising from
assessment that the performance obligations arising from
the construction project satisfy the criteria for recognition
the construction project satisfy the criteria for revenue
of revenue over the period of time. Accordingly, revenue
recognition over time, in accordance with Ind AS 115;
is recognised using a percentage of completion method
On a sample basis, compared revenue transactions
computed as per the input method.
recorded during the year with the underlying agreements
We focused on this area because significant management
and invoices raised on customers;
judgments and estimates are applied in:
Assessed the reasonableness of key inputs and
> determining whether the criteria for satisfaction of
assumptions used in the estimation of total contract costs;
performance obligation and recognition of revenue over
Examined costs included within work-in-progress balances
the period of time in accordance with Ind AS 115 was
on a sample basis by verifying supporting documents
met;
such as underlying invoices and signed work orders and
> estimating total contract costs of the construction
further compared it with the budgeted costs to determine
project, including contingencies that could arise from
percentage of completion of project as applied for revenue
variations to the original contract terms; and
recognition;
> estimating the proportion of contract work completed
Tested the mathematical accuracy of the underlying
for the construction project which requires estimates in
calculations; and
relation to forecasting contract revenue and total costs.
Ensured the appropriateness, completeness and adequacy
The estimates of various contract-related costs and revenue
of presentation and disclosure requirements as enumerated
can be potentially impacted on account of various factors
in Ind AS.
and differ from the actual outcomes. The changes in these
judgements and the related estimates as contracts progress
can result in material adjustments to revenue recognised
during the year and margins.
Considering the materiality of the amounts involved, and the
significant judgements applied in determining the appropriate
accounting treatment as mentioned above, this matter
required significant auditor’s attention and therefore, has been
identified as a key audit matter for the current year audit.
Cybersecurity incident related to financial reporting
Information Technology (IT) systems
Assessed the impact of the cybersecurity incident on the
Refer note 49 to the accompanying standalone financial
Company’s financial reporting IT environment, including
statements for disclosure with respect to the cybersecurity
data security, and the effectiveness of internal financial
incident.
controls;
During the current year, the Company had identified a
Obtained and reviewed the reports of the external IT
ransomware attack within its IT network that affected its
consultants, engaged by management to understand
financial reporting IT systems and operations and caused a
the cause of the incident and its impact on Company’s IT
temporary interruption of system operations from 11 February
infrastructure, including financial systems.
2025 to 16 February 2025. The Company is significantly
With the assistance of auditor’s IT and cyber incident
dependent on its financial reporting IT systems for processing
response specialists, we evaluated the actions taken by
information and financial data that support the overall
the management in response to the cybersecurity incident,
preparation of the standalone financial statements.
performed procedures to evaluate management’s
In response, management promptly initiated containment,
Assessed management’s evaluation and conclusions with
evaluation, restoration, and remediation measures, with
respect to compliance with applicable laws and regulations
the assistance of external cybersecurity and IT specialists
and inquired with Company’s internal IT and compliance
including implementation of necessary alternate controls and
teams to corroborate management’s assessment;
manual reconstruction of financial data for the interrupted
With the assistance of auditor’s IT specialists, we tested
period.
Company’s IT general controls and IT automated controls
Following the completion of the aforesaid remediation
for undisrupted periods;
activities, the Company has assessed and concluded that the
With respect to manual data reconstruction approach
incident did not impact the accuracy and completeness of the
adopted by the management, we performed the following
financial information.
procedures, amongst others, to ensure the completeness
This incident necessitated significant auditor effort, including
and accuracy of data restored:
involvement of professionals with expertise in cyber incident
> Obtained an understanding of process followed by
response and IT, and significant auditor’s professional
the management in consultation with management’s
judgements were involved in designing the audit procedures
cyber and IT specialists for manual reconstruction of
and evaluating the management’s response on potential
data and performed walkthrough of such process;
extent and consequences of the cybersecurity incident on theCompany’s financial reporting IT environment and controlsand manual data reconstruction approach adopted by themanagement. Accordingly, we have identified the cybersecurityincident as a key audit matter for the current year audit.
> For the period of data loss where manual controlswere implemented by the management and datawas restored from alternative backups, performedreconciliations and tested additional samples ontest check basis for ascertaining the accuracy andcompleteness of transactions in such period, withsupport of IT specialist as required.
We assessed whether the disclosures made by managementin the standalone financial statements are appropriate andadequate
Refer note 1(b)(D)(xxi) and 1(b)(D)(xxii) for Company’smaterial accounting policy information on asset held forsale/ distribution and discontinued operations and note40(a) for details of demerger and related disclosures in theaccompanying standalone financial statements.
During the current year, the Company’s lifestyle businessundertaking was demerged into Raymond Lifestyle Limitedon a going concern basis, pursuant to composite scheme ofarrangement (the ‘Scheme’) with effect from 30 June 2024being the date of filing of certified order of National CompanyLaw Tribunal (NCLT) with Registrar of Companies (ROC).Pursuant to the Scheme, the Company has transferred netliability of Rs. 26,376 lakhs, recognised dividend payable ofRs. 851,600 lakhs at fair value and recorded gain on demergeras an exceptional item of Rs. 877,976 lakhs (net of transactioncost and income tax on transaction cost), in accordance withAppendix A to Ind AS 10 and Ind AS 105.
Determination of fair value for recognition of dividend payableinvolved fair valuation of transferred assets and liabilities andsignificant assumptions around growth rate, terminal growthrate, discounting factor etc
Ý Evaluated the design and tested the operating effectivenessof key internal financial controls relating to recognition,measurement, presentation and disclosures in respect toaforementioned Scheme;
Ý Read the NCLT order dated 21 June 2024 approving theScheme and verified the subsequent filing of the order withROC on 30 June 2024 to understand the key terms andconditions;
Ý Evaluated the appropriateness of the accounting treatmentprescribed in the Scheme and with the applicable accountingstandards including the management judgements involved,for ascertaining whether the demerger is a common controltransaction or non-common control transaction;
Ý Obtained and tested the management’s working foridentifying the assets and liabilities transferred includingaccuracy of amounts as on the effective date;
Ý Obtained and reviewed valuation report as prepared bymanagement expert for determination of fair value of assetstransferred. Also, assessed the professional competence,objectivity and capabilities of the valuation specialistengaged by the management;
We have identified this matter as a key audit matter due to its
With assistance of auditor’s valuation experts, evaluated the
pervasive impact on Company’s overall financial statements
valuation methodology and tested significant assumptions
including the presentation and disclosures, significant
and judgments applied by the management in fair valuation
auditor’s judgements being involved to test underlying
of the lifestyle business undertaking, including performance
management’s assumptions and judgements in relation to
of sensitivity analysis on key inputs such as growth rate,
assessment of control, accounting the Scheme under Ind AS
discounting factor, terminal growth rate etc.; and
10, identification of assets and liabilities to be transferred as
Ensured the appropriateness of measurement principles
per the Scheme, determination of fair values of transferred
and completeness and adequacy of presentation and
assets and liabilities.
disclosure requirements as enumerated in Ind AS.
The above matter is also considered fundamental to the
understanding of the users of the accompanying standalone
financial statements
8. The Company’s Board of Directors are responsible forthe other information. The other information comprisesthe information included in the Annual Report but doesnot include the standalone financial statements and ourauditor’s report thereon. The Annual Report is expectedto be made available to us after the date of this auditor’sreport.
Our opinion on the standalone financial statements doesnot cover the other information and we will not expressany form of assurance conclusion thereon.
In connection with our audit of the standalone financialstatements, our responsibility is to read the otherinformation identified above when it becomes availableand, in doing so, consider whether the other informationis materially inconsistent with the standalone financialstatements or our knowledge obtained in the audit orotherwise appears to be materially misstated.
When we read the Annual Report, if we conclude thatthere is a material misstatement therein, we are requiredto communicate the matter to those charged withgovernance.
Responsibilities of Management and Those Charged with
Governance for the Standalone Financial Statements
9. The accompanying standalone financial statements havebeen approved by the Company’s Board of Directors. TheCompany’s Board of Directors are responsible for thematters stated in section 134(5) of the Act with respectto the preparation and presentation of these standalonefinancial statements that give a true and fair view of thefinancial position, financial performance including othercomprehensive income, changes in equity and cash flowsof the Company in accordance with the Ind AS specifiedunder section 133 of the Act and other accountingprinciples generally accepted in India. This responsibilityalso includes maintenance of adequate accountingrecords in accordance with the provisions of the Actfor safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities;selection and application of appropriate accounting
policies; making judgments and estimates that arereasonable and prudent; and design, implementation andmaintenance of adequate internal financial controls, thatwere operating effectively for ensuring the accuracy andcompleteness of the accounting records, relevant to thepreparation and presentation of the financial statementsthat give a true and fair view and are free from materialmisstatement, whether due to fraud or error.
10. In preparing the standalone financial statements, the Boardof Directors is responsible for assessing the Company’sability to continue as a going concern, disclosing, asapplicable, matters related to going concern and usingthe going concern basis of accounting unless the Boardof Directors either intends to liquidate the Company or tocease operations, or has no realistic alternative but to doso.
11. The Board of Directors is also responsible for overseeingthe Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone
Financial Statements
12. Our objectives are to obtain reasonable assuranceabout whether the standalone financial statements asa whole are free from material misstatement, whetherdue to fraud or error, and to issue an auditor’s report thatincludes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an auditconducted in accordance with Standards on Auditing willalways detect a material misstatement when it exists.Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, theycould reasonably be expected to influence the economicdecisions of users taken on the basis of these standalonefinancial statements.
13. As part of an audit in accordance with Standards onAuditing, specified under section 143(10) of the Act, weexercise professional judgment and maintain professionalskepticism throughout the audit. We also:
• Identify and assess the risks of materialmisstatement of the standalone financial
statements, whether due to fraud or error, designand perform audit procedures responsive to thoserisks, and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion.The risk of not detecting a material misstatementresulting from fraud is higher than for one resultingfrom error, as fraud may involve collusion, forgery,intentional omissions, misrepresentations, or theoverride of internal control;
• Obtain an understanding of internal control relevantto the audit in order to design audit proceduresthat are appropriate in the circumstances. Undersection 143(3)(i) of the Act, we are also responsiblefor expressing our opinion on whether the Companyhas adequate internal financial controls withreference to standalone financial statements inplace and the operating effectiveness of suchcontrols;
• Evaluate the appropriateness of accounting policiesused and the reasonableness of accountingestimates and related disclosures made bymanagement;
• Conclude on the appropriateness of Board ofDirectors’ use of the going concern basis ofaccounting and, based on the audit evidenceobtained, whether a material uncertainty existsrelated to events or conditions that may castsignificant doubt on the Company’s ability tocontinue as a going concern. If we conclude thata material uncertainty exists, we are required todraw attention in our auditor’s report to the relateddisclosures in the standalone financial statementsor, if such disclosures are inadequate, to modify ouropinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor’sreport. However, future events or conditions maycause the Company to cease to continue as a goingconcern; and
• Evaluate the overall presentation, structure andcontent of the standalone financial statements,including the disclosures, and whether thestandalone financial statements represent theunderlying transactions and events in a manner thatachieves fair presentation.
14. We communicate with those charged with governanceregarding, among other matters, the planned scope andtiming of the audit and significant audit findings, includingany significant deficiencies in internal control that weidentify during our audit.
15. We also provide those charged with governance witha statement that we have complied with relevantethical requirements regarding independence, and tocommunicate with them all relationships and othermatters that may reasonably be thought to bear on ourindependence, and where applicable, related safeguards.
16. From the matters communicated with those charged withgovernance, we determine those matters that were ofmost significance in the audit of the standalone financialstatements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor’sreport unless law or regulation precludes public disclosureabout the matter or when, in extremely rare circumstances,we determine that a matter should not be communicatedin our report because the adverse consequences of doingso would reasonably be expected to outweigh the publicinterest benefits of such communication.
17. As required by section 197(16) of the Act, based on ouraudit, we report that the Company has paid remunerationto its directors during the year in accordance with theprovisions of and limits laid down under section 197 readwith Schedule V to the Act.
18. As required by the Companies (Auditor’s Report) Order,2020 (the ‘Order’) issued by the Central Governmentof India in terms of section 143(11) of the Act, we givein Annexure - I, a statement on the matters specified inparagraphs 3 and 4 of the Order, to the extent applicable.
19. Further to our comments in Annexure - I, as required bysection 143(3) of the Act based on our audit, we report, tothe extent applicable, that:
a) We have sought and obtained all the informationand explanations which to the best of our knowledgeand belief were necessary for the purpose of ouraudit of the accompanying standalone financialstatements;
b) Except for the matters stated in paragraph 19(h)(vi) below on reporting under Rule 11(g) of theCompanies (Audit and Auditors) Rules, 2014 (asamended), in our opinion, proper books of accountas required by law relating to preparation of theaforesaid standalone financial statements havebeen kept so far as it appears from our examinationof those books. Further, the back-up of the booksof account and other books and papers of theCompany maintained in electronic mode hasbeen maintained on servers physically located inIndia, on a daily basis, except during the periodof cybersecurity incident as further explained innote 49 to the accompanying standalone financialstatements;
c) The standalone financial statements dealt withby this report are in agreement with the books ofaccount;
d) In our opinion, the aforesaid standalone financialstatements comply with Ind AS specified undersection 133 of the Act;
e) On the basis of the written representations receivedfrom the directors and taken on record by the Board
of Directors of the Company, none of the directorsis disqualified as on 31 March 2025 from beingappointed as a director in terms of section 164(2)of the Act;
f) The reservation relating to the maintenance ofaccounts and other matters connected therewithare as stated in paragraph 19(b) above on reportingunder section 143(3)(b) of the Act and paragraph19(h)(vi) below on reporting under Rule 11(g) ofthe Companies (Audit and Auditors) Rules, 2014(as amended);
g) With respect to the adequacy of the internalfinancial controls with reference to standalonefinancial statements of the Company as on 31March 2025 and the operating effectiveness ofsuch controls, refer to our separate report inAnnexure - II, wherein we have expressed anunmodified opinion; and
h) With respect to the other matters to be included inthe Auditor’s Report in accordance with rule 11 ofthe Companies (Audit and Auditors) Rules, 2014(as amended), in our opinion and to the best ofour information and according to the explanationsgiven to us:
i. The Company has disclosed the impact ofpending litigations on its financial positionas at 31 March 2025;
ii. The Company did not have any long-termcontracts including derivative contracts forwhich there were any material foreseeablelosses as at 31 March 2025;
iii. There has been no delay in transferringamounts, required to be transferred, to theInvestor Education and Protection Fundby the Company during the year ended 31March 2025;
iv.
a. The management has representedthat, to the best of its knowledge andbelief, as disclosed in note 52(f) tothe standalone financial statements,no funds have been advanced orloaned or invested (either fromborrowed funds or securitiespremium or any other sources orkind of funds) by the Company to orin any persons or entities, includingforeign entities (the 'intermediaries’),with the understanding, whetherrecorded in writing or otherwise,that the intermediary shall, whether,directly or indirectly lend or invest inother persons or entities identifiedin any manner whatsoever by or
on behalf of the Company (the'Ultimate Beneficiaries’) or provideany guarantee, security or the like onbehalf the Ultimate Beneficiaries;
b. The management has representedthat, to the best of its knowledgeand belief, as disclosed in note52(f) to the standalone financialstatements, no funds have beenreceived by the Company from anypersons or entities, including foreignentities (the 'Funding Parties’),with the understanding, whetherrecorded in writing or otherwise,that the Company shall, whetherdirectly or indirectly, lend or investin other persons or entities identifiedin any manner whatsoever by oron behalf of the Funding Party('Ultimate Beneficiaries’) or provideany guarantee, security or the like onbehalf of the Ultimate Beneficiaries;and
c. Based on such audit proceduresperformed as consideredreasonable and appropriate in thecircumstances, nothing has cometo our notice that has caused usto believe that the managementrepresentations under sub-clauses(a) and (b) above contain anymaterial misstatement.
v. The final dividend paid by the Companyduring the year ended 31 March 2025 inrespect of such dividend declared for theprevious year is in accordance with section123 of the Act to the extent it applies topayment of dividend.
vi. As stated in note 50 to the standalonefinancial statements and based on ourexamination which included test checks,except for instance mentioned below,the Company in respect of financial yearcommencing on 1 April 2024, has usedaccounting software for maintaining itsbooks of account which has a feature ofrecording audit trail (edit log) facility and thesame has been operated throughout the yearfor all relevant transactions recorded in thesoftware. Further, during the course of ouraudit, we did not come across any instanceof audit trail feature being tampered withother than the consequential impact of theexception given below. Furthermore, other
than the consequential impact of the exceptions below, the audit trail has been preserved by the Company as perthe statutory requirements for record retention where such feature was enabled.
Nature of exception noted
Details of exception
Instances of accounting software for maintaining
The audit trail feature was not enabled at the database
books of account for which the feature of recording
level for accounting software to
log any direct data
audit trail (edit log) facility was not operated throughout
changes, used for maintenance
of all accounting
the year for all relevant transactions recorded in thesoftware
records by the Company
Chartered AccountantsFirm’s Registration No.: 001076N/N500013
Partner
Membership No.: 106815UDIN: 25106815BMJIFN9327
Place: MumbaiDate: 12 May 2025