We have audited standalone financial statements of Trade Wings Limited (“the Company”), which
comprise of the balance sheet as at March 31, 2024, the statement of Profit and Loss (Including other
comprehensive income), statement of changes in equity and statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of material 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
standalone 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,
2015 as amended, (“Ind as”) and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2024, its profit and total comprehensive income, changes in equity
and its cash flows 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) of the Companies Act, 2013. 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 together with the independent requirement that
are relevant to our audit of the standalone financial statements under the provisions of the Act and the rules
made there under, 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 we have obtained is
sufficient and appropriate to provide a basis for our opinion on 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 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. Based on the circumstances and facts of the audit and entity, there aren’t
key audit matters to be communicated in our report.

Information other than standalone financial statements and Auditors report thereon

The company’s Board of Directors are responsible for the preparation of the other information. The other
information comprises of the information included in the management discussion and analysis, Board’s
report including Annexure to Boards Report, Corporate Governance and Shareholders information, but does
not include the standalone financial statements and our auditor’s report thereon.

Our opinion on 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 statement, our responsibility is to read the other
information and in doing so, consider whether the other information is materially inconsistent with the
standalone financial statement or other information obtained during the course of our audit or otherwise
appear 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 Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 (“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 accounting principles generally accepted in
India, including the accounting Standards specified under section 133 of the Act. 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 implementation and maintenance of 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 standalone financial statements, management 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 management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so. The Board of Directors are responsible for
overseeing the Company’s financial reporting process.

Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (hereinafter referred as "the Account Rules")
states that for the financial year commencing on or after the 1st day of April 2023, eveiy company which
uses accounting software for maintaining its books of account, shall use only such accounting software
which has a feature of recording audit trail of each and every transaction, creating an edit log of each change
made in the books of account along with the date when such changes were made and ensuring that the audit
trail cannot be disabled.

The amendments require every company that uses an accounting software to use such software that has a
feature of audit trail which cannot be disabled. The management has a responsibility for effective
implementation of the requirements prescribed by account rules i.e., every company which uses an
accounting software for maintaining its books of account, should use only such accounting software which
has the following features:

Records an audit trail of each and every transaction, creating an edit log of each change made in the books
of account along with the date when such changes were made; and ensuring that audit trail is not disabled.

Thus, it is the management, who is primarily responsible for ensuring selection of the appropriate
accounting software for ensuring compliance with applicable laws and regulations.

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 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
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 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.

• 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.

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.

Emphasis of matter

As per Note no 30(xii) on notes to accounts the balances for Sundry Debtors and Sundry creditors as on
31 st March’ 2024 are subject to confirmation. The figures reported in the financial statement are as per the
ledger account.

We draw attention to Note 30(ix) to the financial statements, which states that no provision for diminution
in the value of the investments in the wholly owned subsidiary- Trade Wings Hotels Limited, has not been
recognized in the financial statements for the reasons stated in the note.

Our opinion is not qualified in respect of that matter.

Other Matter

We have not audited the financial statements Cargo divisions included in the financial statements of the
Company, whose financial statements reflect total Assets of Rs. 131.81 lakhs and total revenues of
Rs.804.82 lakhs for the year ended on that date, as considered in the financial statements. The financial
statements of Cargo division have been audited by another auditor.

Our opinion is not qualified in respect of that matter

Report on Other Legal and Regulatory Requirements

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 Companies Act, 2013, we give in
the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

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 including other comprehensive income, the
statement of change in equity, and the Cash Flow Statement dealt with by this Report are in agreement with
the books of account.

d) In our opinion, the aforesaid standalone financial statements do comply with the Ind AS specified under
Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 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”.

g) With respect to the matter to be included in the Auditors’ Report under section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, no remuneration paid by the
Company to its directors during the current year. The Ministry of Corporate Affairs has not prescribed
other details under Section 197(16) which are required to be commented upon by us.

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, in our opinion and to the best of our information and
according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial position.

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, to the Investor Education and Protection Fund by the
Company.

iv. (a)The management has represented that, to the best of it's 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, 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 have been
received by the company from any person(s) or entity(ies), 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 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; and

(c) Based on such audit procedures considered reasonable and appropriate in the circumstances, nothing
has come to their notice that has caused them to believe that the representations under sub-clause (a) and
(b) contain any material mis-statement.

v. As explained to us, and on the basis of documents produced before us, no dividend declared and paid
during the year by the company.

(vi) Based on our examination, which included test checks, the Company has used accounting software’s
for maintaining its books of account for the financial year ended March 31, 2024, 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’s. Further, during the course of our audit we did not come across any
instance of the audit trail feature being tampered with. As proviso to Rule 3(1) of the Companies (Accounts)
Rules, 2014 is applicable from April 1, 2023, reporting under Rule ll(g)of the Companies (Audit and
Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is
not applicable for the financial year ended March 31, 2024.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which provides for books
of account to have the feature of audit trail, edit log and related matters in the accounting software used by
the Company, is applicable to the Company only with effect from financial year beginning April 1, 2024,
the reporting under clause (g) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended),
is currently not applicable.

For and on behalf of
Aalok Mehta & Co.

Chartered Accountants

Firm’s registration number: 126756W

Aalok Mehta
Proprietor

Membership number: 114930
Mumbai,

Date: 28^th May, 2024

UDIN: 24114930BKFSSL5407 ((${