We have audited the accompanying standalone Ind AS financial statements of
TAAZA INTERNATIONAL LIMITED, 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 on that date, and a summary of
the significant 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, 2025, the loss
and total comprehensive income, changes in equity and its cash flows for the
year ended on that date.
MSRM International Trading Private Limited being the Financial Creditor of
Taaza International Limited filed an application (CP No. 1/7/HBD/2024)
under section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) before
the National Company Law Tribunal (“NCLT”) at Hyderabad Bench for
initiation of Corporate Insolvency Resolution Process (“CIRP”) of the Taaza
International Limited. The said application for initiation of CIRP was admitted
by Hon'ble NCLT Hyderabad Bench vide its order dated October 01, 2024.
Basis for opinion
We conducted our audit of the Ind AS financial statements in accordance
with the Standards on Auditing specified under section 143(10) of the Act
(SAs). 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 independence 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 ICAI’s Code of Ethics. We believe that the audit evidence we have obtained
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.
Information Other than the Ind AS Financial Statements and Auditor’s
Report Thereon
The Company’s Management is 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 Ind AS financial
statements and our auditor’s report thereon.
Our opinion on the Ind AS 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.
We have not reviewed the other information and accordingly, we are not able
to report in this regard.
Management’s Responsibility for the Ind AS Financial Statements
The powers of the Board of Directors of the company have been suspended
after admitting into CIRP.
The Company’s Management 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 the Ind AS and other accounting
principles generally accepted in India. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the Ind AS 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 Management is responsible for overseeing the Company’s financial
reporting process.
Auditor’s Responsibilities for the Audit of the Ind AS Financial
Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS
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 Ind AS 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 Ind AS
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 controls.
• Obtain an understanding of internal financial controls relevant to the
audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the Company has adequate
internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
management.
• Conclude on the appropriateness of management’s use of the going
concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related
disclosures in the standalone financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s 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 Ind AS 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 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 Ind
AS 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 Section 143(11) of the Act,
we give in “Annexure- A” a statement on the matters specified in
paragraphs 3 and 4 of the order.
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.
c) The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, Statement of Changes in Equity and the
Statement of Cash Flow dealt with by this Report are in agreement with
the relevant books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with
the Ind AS specified under Section 133 of the Act.
e) We have not received any written representation from the directors as
on March 31,2025 accordingly we are unable to comment whether the
said director is qualified on March 31, 2025 from being appointed as a
director in terms of Section 164 (2) of the Companies Act,2013.
f) The Company does not provide any managerial remuneration to its
directors and thus the provision of section 197 read with schedule V of
the Act are not applicable to the company for the year ended March 31,
2025.
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- B”.
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:
a. As the Company was in CIRP, we are unable to comment the impact
of all its pending litigations on its financial position in its Ind AS
financial Statements as on 31st March 2025.
b. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
c. There are no amounts required to be transferred, to the Investor
Education and Protection Fund by the company as on March 31,
2025.
d. Based on the audit procedures adopted by us, nothing has come to
our notice that has caused us to believe that the representations
made by the Management under sub clause (a) and (b) above,
contain any material misstatement.
i) The company has neither declared nor paid any dividend during the
year as per Section 123 of the Act.
j) 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, 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 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 11(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, 2025.
For BOPPUDI & ASSOCIATES
Chartered Accountants
Firm Reg No. 0502S
CA B. Appa Rao
Place: Hyderabad Proprietor
Date: 26.09.2025 Membership No. 028341
UDIN: 25028341BMILRW3088
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