We have audited the Standalone
financial statements of India Tourism
Development Corporation Limited
(“the Company”) which comprise the
Balance Sheet as at March 31, 2025, 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 (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 (“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 (financial position)
of the Company as at March 31, 2025,
and its profit (financial performance
including other comprehensive
income), changes in equity and its
cash flows for the year ended on that
date except for the possible effects of
the matters described in the Basis for
Qualified Opinion section of our report.

Basis for Qualified Opinion

A. MSMED Act Compliances:

As per the information provided to us,
the Company has identified suppliers
registered under the MSMED Act,
2006, by obtaining confirmation from
suppliers and information has been
collated to the extent of information
received.

In the absence of the requisite audit
evidence, we are unable to determine
the delay in making payment to
MSME entities, liability of interest and
compliance on such delayed payments
in terms of provisions of MSMED Act
(Refer point No. 31 of Note No. 39 of
the Standalone Financial Statements).

B. Revenue from License fee

The Company has not generated
invoices for license fees on licensees
of units, viz. Ashok Hotel, Samrat Hotel
& Taj Restaurant (units of ITDC) to the
tune of Rs. 1292.59 lakhs during the
year 2020-21 on account of Covid-19
pandemic, and hence not considered
in Books of Accounts. The matter is still
under consideration before the board
of Directors of ITDC. Thus, the sale of
services from license fees and trade
receivables of the Company continued
to be understated to this extent.
(Refer Point no. 11 of Note 39 to the
Standalone Financial Statements).

C. Ashok Travels and Tours (ATT)
Delhi

1. ATT had entered into a General
Sales Agent (GSA) agreement
with M/s Shree Plan Your Journey
Pvt. Ltd. (SPYJ) in September
2019 for marketing of its travel-
related business. Upon expiry of
this agreement, SPYJ was again
appointed as GSA through a fresh
open tender process dated October
21, 2024. As per management, the
terms and conditions of the new
agreement are to be considered
independently from the earlier

arrangement. In respect of the GSA

agreement dated September 2019,

we observed the following points:

I. After the initial deposit of
security of '300.00 lakh. The
said amount was required to be
increased additionally through
the deposit of funds as and
when required based on the
business. As per the agreement,
the evaluation is to be made
by the Company on a monthly
basis, and in case of its non¬
compliance, the issue of all
travel-related services would be
stopped till funds are received.

However, as at March 31,
2025, total amount receivable
from the business conducted
through the GSA amounts to
'5,238.96 lakh, whereas, ATT
has kept on ‘HOLD' only an
amount of '1,579.82 lakh in
the form of security deposit,
bank guarantee, commission
and other services payable to
cover the outstanding limit.
Hence, there is a deficit which
is not in consonance with the
terms of the agreement (dated
September, 2019) and directive
of the Board.

II. We observe that various
conditions of the agreement
with SPYJ were not complied
&/or not enforced like credit
limit, reconciliation, monthly
evaluation, additional Bank
Guarantee (BG) etc. Despite
raising the issues in the
previous years and also in
the current year. There is
periodical reconciliation of PLB
from Airlines, identification
of unlinked receipts, credit
note delays, settlement of
commission bills after receiving
full payment from SPYJ clients,
compliance of SoP etc. Separate

reconciliation for compliance
towards old agreement was
not available on record. Above
mentioned deficiencies have
repercussions on timely
compliance of TDS and
provisions under GST Act.

In view of the circumstances
stated in para I and II above
we are unable to comment
on the final outcome of non¬
compliance of the terms
of Agreement, compliance,
reconciliation and/ or
assessment of recoverability for
the outstanding in the accounts
pertaining to SPYJ and ATT
customers and its consequential
impact on the Standalone
Financial Statements.

2. During the year 2024-25, ITDC
through its division - Ashok
Travels & Tours (ATT), undertook
a prestigious project to provide
luxury tent accommodation and
allied facilities during Mahakumbh
2025 in Prayagraj. The project was
executed through one of ATT's
empanelled General Sales Agents
(GSA) named M/s Zenith Leisure
Holidays Ltd. further, Considering
the special nature of assignment
and business involved, ITDC
has engaged, an independent
Chartered Accountant (CA) firm to
conduct reconciliation, verification,
and certification of the project
accounts and based on the interim
report of such CA firm, income and
expenses have been recognised
in the financial statement for the
period ended march 31, 2025. The
outcome of the project accounts
is subject to final report and
reconciliation. (Refer point No. 21
of Note No. 39 of the Standalone
Financial Statements).

In the absence of the final report
duly verified by the management
not being made available to us,
we were unable to verify the
same hence in view of this the
final impact of the same on the

opinion, except as stated elsewhere
in the report.

Emphasis of Matters

We draw attention to the following
notes on the standalone financial
statements being matters pertaining
to India Tourism Development
Corporation Limited requiring
emphasis by us:

1. Disinvestments

Pursuant to decision of the
Government of India, ministry
of Tourism is under process of
examining the proposals of sale/
lease of hotel properties of the
Company including properties
of Subsidiary Companies. (Refer
point No. 15(a) to (i) & 16 of Note
No. 39 to the Standalone Financial
Statements)

2. Status of Joint Venture Company

The Company formed Joint Venture
Company with Aldeasa of Spain
by making of investment in 5000
equity shares of '10/- each, for
which provision has been made
for 100% diminution in value of
investment. The said Company has
been struck off by the Registrar
of Companies and dissolved w.e.f.
21st Aug, 2017. The liability '226.51
lakhs as on 31st March, 2025 is
outstanding towards ITDC Aldeasa,
including amount deposited of
'108.38 lakhs. (Refer point no.14
of note no.39 and foot note to note
no.10 of the Standalone Financial
Statements)

Further, the disclosure under
point no. 29(IV)(d) to note no.39 is
limited to the extent of one party
as mentioned above and in the
absence of required information
with regards to identifying such
balances and transactions with
other struck off parties(if any), we
are unable to comment in absence
of any audit evidence in this regard.

3. Amount due from Subsidiaries

Management fee amounting to
'65.50 lakhs and interest of '312.46

lakhs on Loans given to Subsidiary
prior to 01.04.2016 being prior
to Ind AS Transition has not been
recognized in the Standalone
Financial Statements. (Refer point
no. 12 to Note 39 to the Standalone
Financial Statements).

No provision for outstanding dues
from subsidiaries exceeding 3 years
was made, for which management
represented that the same will
be recovered on settlement of
Disinvestments.

4. Trade Receivables and Trade
Payables:

• The Company initiated balance
confirmations for receivables
and payables; however,
responses were minimal,
limiting the ability to perform
reconciliations or assess the
amount recoverable/ payable.
As a result, the impact on
the Standalone Financial
Statements is presently
unascertainable. (Refer point
no 1 to note 39 of Standalone
Financial Statements)

• Receivables include long-
outstanding balances beyond
credit terms without adequate
recovery monitoring. Provisions
have been made as per Company
policy, including Rs. 1,200.82
lakhs towards legal cases,
though the overall recovery
process requires strengthening.
(Refer point no 20 and 29(I) to
note 39 of Standalone Financial
Statements)

• On the payables side, no system
exists for confirmation and
reconciliation of trade payable.
Trade payables are bifurcated
into MSME and others, but
reconciliation status is assessed
only where litigation exists. In
the absence of sufficient audit
evidence, we are unable to
comment thereon and impact
thereof on Standalone financial
statements is not ascertainable

and quantifiable. (Refer point no
29(II) to note 39 of Standalone
Financial Statements)

5. Property tax

There is a dispute regarding the
assessment of property tax raised by
NDMC for The Ashok Hotel, Samrat
Hotel & Janpath Hotel. The order was
challenged by ITDC by filing a writ
petition with the Hon'ble High Court of
Delhi, which was heard on September
25, 2020. NDMC issued demand cum
attachment notices from time to
time which all are challenged by ITDC
before the Hon'ble High Court of Delhi
and hearings took place before the
Hon'ble High Court of Delhi. As per
latest court hearing on December 18,
2024, the Hon'ble High Court of Delhi
had directed that both the parties
should make an attempt to resolve
the dispute amicably, consequently
the company has again submitted the
proposal on dated March 10, 2025 after
reassessment of property tax liability
up to F.Y. 2023-24 of '9867.00 lakhs
for the Ashok Hotel & Hotel Samrat to
NDMC. (Refer point No.3 of Note 38 to
Standalone Financial Statements)

6. Unlinked receipts

Unlinked receipts of '221.82 Lakhs
from debtors against billing by the
Company, which could not be matched
with the amount standing to the debit
of the receivables is appearing as
liabilities “Advance from Customers” in
the standalone financial statements of
the Company. To that extent, the Trade
Receivables and Current Liabilities are
overstated. (Refer footnote to note
number 26 of the standalone financial
statements).

7. Inventory

The consumption of stocks, stores,
crockery, cutlery, etc. is being arrived
by adding opening balances to the
purchases and deducting therefrom
closing balances as per practice being
followed from the past. In absence
of maintenance of proper record on
day-to-day basis for receipts, issues
and closing balances, the shortage,

scrap, misuse or theft of inventory is
not ascertainable and quantifiable.
(Refer Point no.3 to the Note No.39 of
Standalone Financial Statements).

Further the valuation is continued in
certain cases at cost instead of lower
the cost or NRV in terms of policy
of the Company. Impact thereof is
not ascertainable and quantifiable.
(Refer Note 7 of Standalone Financial
Statements)

8. TDS Receivable/income tax
assessments

TDS Receivable appearing in the books
of accounts, for which reconciliation
between books of accounts, 26AS, and
claim made in Income Tax Returns is in
progress. Correctness of TDS receivable
could not be verified, and hence we are
unable to ascertain the impact thereof
in the standalone financial statements
(Refer foot note no.2 to note no.13 of
Standalone Financial Statements).

9. Loss/shortage of Property, Plant
& Equipment

Records for Property Plant Equipment
(Fixed Assets) are not properly
maintained and updated at various
units. Further, statements wherever,
prepared for physical verification has
no base and as such verification is not
capable of reconciliations either with
the Books of Accounts or Fixed Assets
Records, wherever, maintained. Hence
impact of loss/ shortage/ scrap of
assets remains indeterminable. (Refer
foot note (e) of Note no.2 of Standalone
Financial Statements)

10. Security deposit with DIAL

At Ashok International Trade
Division(AITD-A unit of ITDC), the
sum of '160.97 lakhs paid in the year
2006-07 as security deposit in the
form of fixed deposit (FD) receipt in
favour of Delhi International Airport
Private Limited (DIAL) was shown as
recoverable. The of FD was encashed
during 2007-08 by DIAL on account of
service tax charged by DIAL in billing
of service provided to the Company.
The management, after making due

assessment, has made provision for
doubtful debts in the F.Y. 2020-21.
However, the matter is being disputed
by the Company, as it was in the past
(Refer to point no.1 to note no.38 of the
Standalone Financial Statements).

11. Samrat Hotel (A Unit of ITDC)

At Samrat Hotel (a unit of ITDC), a
licensee viz, Good Times Restaurant
Pvt. Ltd filed claim towards refund of
licensee fee. A sum of '904.16 Lakhs
has been deposited by the Company as
per interim orders of High Court dated
24.12.2020 (including interest). The
matter is in appeal before Hon'ble High
Court, Delhi Good Times Restaurant
Pvt. Ltd has also filed an execution
petition, proceedings whereof has been
listed for 03.08.2022. Management
is confident for no liability and hence
no provision has been considered.
(Refer point no 7 of Note no 38 to the
Standalone Financial Statements).

12. Ashok Consultancy and
Engineering Services (ACES)

a) In Ashok Consultancy and
Engineering Services (ACES- A unit
of ITDC), out of total 85 projects,
56 projects were completed/closed
but not closed in books of accounts
as final bills were reportedly not
received/settled.(Refer point no
18 of note no 39 of the standalone
financial statements)

b) Dues recoverable from DDA

MoU was signed between ITDC
and DDA, as a special business
dealing for furnishing DDA Flats
with furniture and fixtures during
Commonwealth Games 2010
(CWG). Litigations were raised
by the vendors/ parties engaged
by ITDC (for supply of furniture
& fixtures), due to non-receipt
of their ordered items by DDA.
Subsequent payments were made
by ITDC to vendors as per the Court
Orders from time to time. Recovery
proceedings were initiated by
ITDC from DDA as per the MoU.
Thereafter, the matter is under
dispute between ITDC and DDA, and

is further referred to Administrative
Mechanism for Resolution of
CPSE's Disputes (AMRCD).
Department of Public Enterprise
(MoF) further issued a notification
dated 10th February'2023 whereby
a committee is formed to examine
and submit its recommendations
within the stipulated time period
of three months from the date of
notification of the committee. Total
amount recoverable from DDA
is '1,882.09 lakhs (PY '1,882.09
Lakhs). (Refer point no. 19 to Note
no. 39 of Standalone Financial
Statements)

ITDC policy and practice adopted
for provisioning of receivables,
disclosed under Point No. 4
to General Note No. 39, is for
transactions entered into during
the normal course of business
and the transaction entered is not
covered under the same. The matter
is under consideration before the
AMRCD and the management is
very confident of recovery of the
amount involved, therefore, no
provision was considered necessary
as per the company policy.

c) Ministry of Tourism has appointed
ITDC as Central Nodal Agency for
Central Sector Schemes from F.Y.
2022-23, i.e., Swadesh Darshan
Scheme and PRASAD (Pilgrimage
Rejuvenation and Spiritual
Augmentation Drive) for monitoring
over the expenditure limits allotted
to the State Tourism Board and to
resolve day to day queries raised
by Sub Nodal Agency. The amount
received against the same has been
shown under earmarked balance
on the face of the balance sheet
separately and corresponding
amount is shown under “other
financial liability” (Refer foot note
to Note no. 10(A) and footnote
to Note no. 24 of the standalone
financial statements).

13. Hotel The Ashok

Hotel The Ashok has allotted space

to various licensees for business/

office use. During the review, it has
been observed that several licensees
agreement have expired and are
pending formal renewal. However,
invoice continues to be carried out
based on these expired agreement
and corresponding revenue is being
recognised in the books. (Refer
footnote no. (1) of note no. 27 of the
standalone financial statements).

14. Turnover of Ashok Travels & Tour
(ATT), Delhi

Turnover of Package Tour Operations
(incl. Transport & Hotel) of Ashok
Travels & Tours, New Delhi (ATT), was
being shown on Gross Basis earlier,
however, as per the terms of contract,
ATT was acting purely as an agent.
Company has reviewed its revenue
recognition in compliance to Ind AS
115 and adjusted revenue and cost of
services and previous year accordingly.
However, there will be no impact on
the profitability. (Refer Point No. 22 to
Note No. 39 of Standalone Financial
Statements).

15. Legal / interest etc. on contingent
liabilities

Amount indicated as contingent
liabilities/ claims against the company
only reflects basic values. Legal, interest
and other costs are not considered at
this stage. (Refer footnote 2 of note 38
of the standalone financial statement)

Our opinion is not modified in
respect of these matters.

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 period. 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:

Our opinion is not modified with
respect to above key matters.

Other Matters
A. Goods and Service Tax

• The company has a mechanism
for the collection of GST input and
output data from the respective
Delhi based unit on a monthly
basis for the compilation and
submission of GST returns and
payment of GST taxes, which is
being reconciled by the above units
and Delhi Head Quarter from time
to time and the differences arising
in such reconciliation are not being
properly traced.

• Further Company has availed GST
Input (ITC) on the invoices of the
Creditors/Vendors but the same
has not been surrendered back in
case payment has not been made
within 180 days. The amount
whereof is not ascertainable and
quantifiable in the absence of due
records.

In both the above cases, GST
liability has not been provided
which will impact on the results of
Standalone Financial Statements,
but the amount thereof is not
ascertainable/ determinable in
absence of availability of records.

B. NSE AND BSE Impose fine for non¬
compliance of Regulation 17(1)
of the SEBI (Listing obligations
and Disclosure Regulations)
Regulations, 2015, as amended.

During the financial year 2024-25,
Bombay Stock Exchange (BSE) and
National Stock Exchange (NSE) have
levied fines of Rs. 21.95 lakhs on ITDC
for non-compliance of Regulation 17(1)
of SEBI due to less number of required
Independent Directors. ITDC has sent
requests to Stock exchanges (BSE &
NSE) for the waiver of such demands.
Management is hopeful that the
demand from BSE & NSE will be waived
and consequent contingent liability of
such demands has been considered in
the notes to the accounts.

Our opinion is not modified with
respect of above matters.

Information other than the
standalone Financial Statements
and Auditors' Report thereon

The Company's Management and Board
of Directors are responsible for the
preparation of the other information.
The other information comprises
the information included in the
Management Discussion and Analysis,
Board's Report including Annexures to
Board's Report, Business Responsibility
Report, Corporate Governance and

Shareholder's Information, but does
not include the 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 during the course
of our 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.

Management's and Board of
Directors' Responsibility for the
Standalone Financial Statements

The Company's Management and
Board of Directors is 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 accounting
principles generally accepted in
India, including the Indian Accounting
Standards (Ind AS) prescribed under
section 133 of the Act read with
the Companies ( Indian Accounting
Standards ) Rules 2015 as amended.
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
misstatements, 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 the operations or has no realistic
alternative but to do so.

The Board of Directors is also
responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibility 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 with
respect to Standalone Financial
Statements 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 Ind As
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
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.

3. (A) As required by section 143(3) of
the Act read with Companies (Audit
and Auditors) Rules 2014 and
amendments therein, subject to
matters of qualification, emphasis,
key matters &other matters stated
above, in our opinion and to the best
of our information and according to
the explanations given to us:

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 accounts 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
Statement of Cash Flow dealt
with by this Report are in
agreement with the books of
account.

d) In 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) Being a Government Company,
pursuant to notifications NO.
GSR 463(E) dated 05th June,
2015 Issued by the Ministry of
corporate Affairs, Government
of India, provisions of sub
section (2) of section 164 of the
Act, are not applicable to the
Company.

f) Matters of Qualifications have
been stated above under
qualified opinion.

g) 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-C”.

h) As per Notification no. GSR

463(E) dated June 05, 2015
issued by the Ministry of
Corporate Affairs, Government
of India, section 197 of the
Act is not applicable to the
Government Companies.

Accordingly reporting in
accordance with requirement
of provisions of section 197(16)
of the Act is not applicable on
the Company.

i) With respect to 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 as at 31st March,
2025 on its financial position
in Standalone Financial
Statements - Refer note
no -38 of 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; and

iii. There has been no delay
in transfer of amount
required to be transferred,
to the Investor Education
and Protection Fund by the
Company.

iv. a. The Management has

represented that;the

Company has not used an
Intermediary for advancing
/loaning/investing funds to/
in an ultimate beneficiary

or has not provided any
guarantee /security or the
like on behalf of the ultimate
beneficiary.

b. The Management has
represented that; the
Company has not acted as an
intermediary for advancing /
loaning / investing funds to
/ in an ultimate beneficiary
identified by the Funding
Party or has not provided
any guarantee/security or
the like on behalf of the
Funding party.

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 sub¬
clause (iv) (a) and (iv) (b)
contain any material mis¬
statement.

v. As stated in foot note to
note no. 15 to the standalone
financial statements, the
Board of Directors of the
Company has proposed final
dividend for the year which
is subject to the approval of
the members at the ensuing
Annual General Meeting.

The amount of dividend
proposed is in accordance
with Section 123 of the Act
to the extent it applies to
declaration of dividend.

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 31st,
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
software. Further during
the course of our audit, we
did not come across any
instance of the audit trail
feature being tampered
with. Additionally, the audit
trail has been preserved
by the company as per the
statutory requirements for
record retention.