We have audited the accompanying standalone
financial statements of JITF Infralogistics Limited
(the “Company”), which comprise the Balance
Sheet as at March 31, 2025, the Statement of
Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity
and the Statement of Cash Flows for the year
ended, and notes to the financial statements,
including 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 of the Company as at March 31, 2025,
and its profit and (including other comprehensive
income), changes in equity and its cash flows for
the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the
Standards on Auditing (“SA”s) specified under
section 143(10) of the 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 (“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 made thereunder, and we have fulfilled
our other ethical responsibilities in accordance
with these requirements and the 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 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 that no key audit matters to
communicate in our report.
Information Other than the Financial
Statements and Auditor’s Report Thereon
The Company's Board of Directors is responsible
for the other information. The other information
comprises the information included in the Board's
Report along with its Annexures included in the
Company's Annual Report, but does not include
the standalone financial statements and our
auditor's report thereon. The other information is
expected to be made available to us after the date
of this Auditor's report.
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. When we read Annual
Report, if we conclude that there is a material
misstatement therein, we are required to
communicate the matter to those charged with
governance.
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 Act
with respect to the preparation of these standalone
financial statements that give a true and fair view
of the financial position/state of affairs, 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 Indian
Accounting Standards (Ind AS) specified 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 the 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,
Board of Directors is responsible for assessing the
Company's ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of
accounting unless Board of Directors either
intends to liquidate the Company or to cease
operations, or has no realistic alternative but to
do so.
Those Board of Directors is 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 the
aggregate, they could reasonably be expected
to influence the economic decisions of users
taken on the basis of these standalone financial
statements.
As part of an audit in accordance with SAs, we
exercise professional judgment and maintain
professional scepticism throughout the audit. We
also:
• Identify and assess the risks of material
misstatement of the 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 financial
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 reference 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 the 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 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.
Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor's
Report) Order, 2020 (“the Order”) issued by
the Central Government in terms of Sub¬
section (11) of Section 143 of the Act, we give
in “Annexure A” a statement on the matters
specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by Section 143(3) of the Act,
based on our audit 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, except for
the matters stated in paragraph 2(h)(vi)
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended) (“the Rules”);
c) The Balance Sheet, the Statement of Profit
and Loss including Other Comprehensive
Income, Statement of Changes in Equity and
the Statement of Cash Flows dealt with by
this Report are in agreement with the relevant
books of account.
d) In our opinion, the aforesaid standalone
financial statements comply with the Indian
Accounting Standards (referred to as “IND
AS”) specified under Section 133 of the Act,
read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;
e) On the basis of the written representations
received from the directors as on March
31, 2025 taken on record by the Board of
Directors, none of the directors is disqualified
as on March 31, 2025 from being appointed
as a director in terms of Section 164(2) of the
Act.
f) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer
to our separate Report in “Annexure B”.
g) With respect to the maintenance of accounts
and other matters connected therewith,
reference is made to our remarks in paragraph
2(h) (vi) below on reporting under Rule 11(g)
of the Rules;
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 has disclosed the impact of
pending litigations on its financial position
in its standalone financial statements-Refer
note no. 25.10 of the standalone financial
statements.
ii. The Company has made provision, as required
under the applicable law or accounting
standards, for material foreseeable losses,
if any, on long-term contracts including
derivative contracts;
iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company during the year. -refer note
no. 25.17(A) of the standalone financial
statements.
iv. a) The management has represented
that to the best of its knowledge and
belief, as disclosed in note no. 25.18(xi)
no funds (which are material either
individually or in 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(s) or entity(ies), 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, as disclosed in note no. 25.18(xi)
no funds (which are material either
individually or in aggregate) 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.
c) Based on such audit procedures that
we have 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 (a)
and (b) above as required by Rule 11( e)
of Companies (Audit & Auditors) Rules,
2014, as amended, contain any material
mis-statement.
v. The Company has not declared or paid
dividend during the year, accordingly the
provisions of section 123 of the Companies
Act, 2013 are not applicable
vi. Based on our examination, which included
test checks, the Company has a widely
used ERP as its accounting software for
maintaining its books of account which has
a feature of recording audit trail (edit log)
facility and that has operated throughout the
year for all relevant transactions recorded in
the software, except that(a) database level
logs records only the modified values; and
(b) the audit trail (edit log) for modification
made by certain users with specific access
was not enabled for a part of the year. During
the course of performing our procedures,
we did not notice any instance of the audit
trail feature being tampered with. Further,
the audit trail, to the extent maintained in
the prior year, has been preserved by the
Company as per the statutory requirements
for record retention. Also, refer note 25.19 to
the standalone financial statements.
3. Managerial remuneration has been paid/
provided for by the Company to its directors
in accordance with the provisions of Section
197 read with Schedule V of the Companies
Act,2013.
For Lodha & Co. LLP
Chartered Accountants
Firm Registration No. 301051E/E300284
Gaurav Lodha
Partner
Place : New Delhi Membership No. 507462
Date : 26th May, 2025 UDIN : 25507462BMKNLL2861
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