We have audited the accompanying Standalone financial statements of TAYLORMADE
RENEWABLES LIMITED (the 'Company') which comprise the Balance Sheet as at 31 March 2025,
the Statement of Profit and Loss, the Cash Flow Statement for the year then ended 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,
except for the matters specified in the para - Basis of Qualified Opinion, the aforesaid 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 accounting principles generally
accepted in India of the state of affairs of the Company as at 31 March 2025 and its profit 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 specified under Section 143(10) of the Act. Our responsibility under those Standards
are further described in Auditor’s Responsibility for the Audit of the standalone financial
statements section of our report. We are independent of the company in accordance of with code
of ethics issued by ICAI together with the independence requirement that are relevant to our audit
of standalone financial statement under the provisions of the Act and the rule 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 audit opinion on the stand-alone financial statement except
for the following matters:
Company is in process of obtaining the confirmations from long standing debtors, the same has not
yet been completed. Refer Note 4 to the financial statement for the period ended on 31st March, 2025.
We would like to draw attention to Note 1.3(iii) to the financial statement for the period ended on
31st March, 2025 where in the company has done the valuation of stock based on the technical
analysis of the management instead of Ind AS 2. The Company is into highly technical business field and
inventory is being managed at various locations. The final value of the inventory has been calculated & certified
by the management only being highly technical in nature due to various types, size, grade & other bifurcation.
Hence, we have not been able to cross confirm the same.
The Company has a significant outstanding balance payable to Micro, Small and Medium Enterprise
(MSME) creditors. Furthermore, certain amounts payable to MSME creditors are disputed, but no
formal disclosures or explanations pertaining to these disputes have been provided to us.
Accordingly, we are unable to comment on the potential impact, if any, on the financial statements.
The Company has significant long-term unsecured advances, considered good, extended over the
years towards the purchase of land; however, the related purchase transactions have not yet been
completed.
As a result of these matters, we were unable to determine whether any adjustments might have been
found necessary in respect of recorded or unrecorded transactions and accounts receivable/payable
in the Balance Sheet, and the corresponding elements making up the Statement of Profit and Loss.
Emphasis of Matter
• The company has recently adopted Indian Accounting Standards (IND AS), which require
management to make certain judgments and estimates. These judgments and assumptions are
critical to the preparation of the financial statements. and in this regard Note no: 1.2 of notes
to result shall be referred to.
• During the financial year, the company acquired a controlling interest in Taylormade Enviro
Private Limited by acquiring 51% of its equity shares. In accordance with the applicable
accounting standards (Ind AS 110 - Consolidated Financial Statements), this acquisition
results in the consolidation with Taylormade Enviro Private Limited's financial statement.
Consequently, the consolidated financial statements have been prepared for the first time in
the current financial year.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, 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. We have
determined the matters described below to be the key audit matters to be communicated in our
report.
We have fulfilled the responsibilities described in the Auditor's responsibiliti es for the audit of
the financial statements section of our report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to respond to our assessment of the
risks of material misstatement of the financial statements.
One such key audit matter was the evaluation of the Company's internal financial controls over
financial reporting. While many controls were operating as intended, our audit noted certain
areas that could benefit from further strengthening—particularly in the control environment, risk
assessment, and information technology controls. These matters, if not addressed, have the
potential to impact the Company's ability to consistently detect errors or irregularities. During
our audit, we reviewed the design and operating effectiveness of relevant controls and discussed
improvement strategies with management. Continued enhancement of these controls will
support increased reliability in financial reporting.
Responsibilities of Management and Those Charged with Governance for the 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 financial statements that give a true and fair view of
the state of affairs, profit/loss and cash flows of the Company in accordance with the accounting
principles generally accepted in India 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 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 statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the 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.
Those Board of Directors are also responsible for overseeing the Company's financial reporting
process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that induces our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with Standards on Auditing 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 financial statements.
As part of an audit in accordance with Standards on Auditing, we exercise professional judgment
and maintain professional skepticism throughout the audit. We also:
Ý Identify and assess the risks of material misstatement of the 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.
Ý 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) of the Act, we are also responsible
for explaining our opinion on whether the Company has adequate internal financial controls system
in place and the operating effectiveness of such controls.
Ý Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Ý Conduce 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 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.
Ý Evaluate the overall presentation, structure and content of the financial statements, Including the
disclosures, and whether the 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, make it probable that the economic decisions of a 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.
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 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 of India in terms of Section 143(11) of the Act, we give in the ’’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, we report that:
a) Except for the matters specified in basis of opinion para we have sought and obtained all the
information and explanations which to the best of our knowledge and belief were necessary for the
purpose 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 & Loss and the cash Flow Statement deal with by this
report are in agreement with the books of account;
d) Except for the matters specified in basis of opinion para in our opinion, the aforesaid financial
statements comply accounting principles generally accepted in India specified under Section 133
of the Act.
e) On the basis of the written representations received from the directors and taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March 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 over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
Annexure B;
g) In our opinion, the managerial remuneration for the year ended March 31st, 2025 has been paid /
provided by the Company to its directors in accordance with the provisions of section 197 read with
Schedule V to the Act;
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 (as amended), 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 which were 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 their 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 person(s)
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; This is only based on the management
representation as we have not been provided with any material or information to confirm
the same.
B] the management has represented, that, to the best of their 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 This is only based on the management representation as we
have not been provided with any material or information to confirm the same.
C] We are unable to state that nothing has come to our notice that has caused us to believe
that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a)
and (b) above due to inability to obtain sufficient evidence.
V. The Company has not declared or paid dividend during the year.
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 31, 2025
which has a feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all the relevant transactions recorded in the software except that,
audit trail feature was not enabled at database level for accounting software to log any direct
data changes. Further, during the course of our audit, we did not come across any instance of
the audit trail feature being tempered with in respect of such accounting software where such
feature is enabled. Further, the audit trail for the prior financial year has been preserved by
the Company as per the statutory requirements for record retention.
Date: 27th May, 2025 FOR M A A K & ASSOCIATES
Place: Ahmedabad (Chartered Accountants)
Reg No. :135024w
MARMIK GSHAH
Partner
M.No. : 133926
UDIN: 25133926BMJGYG7943
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