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Trade-Wings Ltd.

BSE: 509953	Sector: Services
NSE: N.A.	ISIN Code: INE961E01017

BSE 00:00 | 18 Apr

Trade-Wings Ltd

NSE 05:30 | 01 Jan

Trade-Wings Ltd

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OPEN	48.00
PREVIOUS CLOSE	48.00
VOLUME	25
52-Week high	49.40
52-Week low	48.00
P/E
Mkt Cap.(Rs cr)	14
Buy Price	0.00
Buy Qty	0.00
Sell Price	0.00
Sell Qty	0.00

OPEN	48.00
CLOSE	48.00
VOLUME	25
52-Week high	49.40
52-Week low	48.00
P/E
Mkt Cap.(Rs cr)	14
Buy Price	0.00
Buy Qty	0.00
Sell Price	0.00
Sell Qty	0.00

Trade-Wings Ltd. (TRADEWINGS) - Auditors Report

Company auditors report

<dhhead>INDEPENDENT AUDITOR'<font

FACE="Arial" SIZE="2">SREPORT</dhhead>

To the Members of M/s. Trade -Wings Limited Report on theStandalone

Financial Statements

Opinion

We have au dited accompanying standalone financialstatements of Trade

Wings Limited ("the Company<font

SIZE="2">") which comprise ofthe balance sheet

as at March 31 2021 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 significant

accounting policies and other explanatory information.

In our opinion and to the best of our information andaccording to the

explanations given to us the aforesaid standalone financial statements give the

information required by The Companies Act 2013 ("<font

FACE="Arial" SIZE="2">The Act"<font FACE="Arial"

SIZE="2">)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 ("<font

FACE="Arial" SIZE="2">ind as")

and other accounting principles generally accepted in India of the state of affairs of

the Company as at March 31 2021 Loss and total comprehensive income changes inequity

and its cash flow's for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financialstatements 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 describedin

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 issuedby

the Institute of Chartered Accountants of India together with the independentrequirement

that are relevant to our audit of the standalone financial statements under theprovisions

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'<font

FACE="Arial" SIZE="2">s Code of Ethics. Webelieve 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 ourprofessional 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 thefinancial

statements as a whole and in forming our opinion thereon and we do not provide a

separate opinion on these matters. Description of Key AuditMatter

<tr>

<td >TheKey Audit

Matter</td>

<td ><p

ALIGN="RIGHT">Howthe matter was addressed in our Audit</td>

</tr>

<tr>

<td >ReferNote 17

-Impact of COVID-19 pandemic on Business operation</td>

<td >Our

Audit procedures includes the following</td>

</tr>

<tr>

<td ROWSPAN="2" >On

11th March 2020 the World Health Organisationdeclared the Novel Coronavirus (COVID-19)

outbreak to be a pandemic. The Indian Government has imposed lock - downs across the

country extended upto 30rh June 2020These lockdownsand restrictions due to

COVID -19 pandemic have posed significant challenges to the business of the company.This

required the company to assess impact of COVID 19 on its operations. The Company has

assessed the Impact of COVID -19 on the future cash flow projections. The Company hasalso

prepared a range of scenarious to estimate financing requirements.</td>

<td >Assessed

impact of Government's

announcement to lift the lockdown restriction and Company'<font

FACE="Arial" SIZE="2">s plan to re-startbusiness operations in a phased manner.</td>

</tr>

<tr>

<td >Assessed

disclosures made in the standalone financial statements with regard to the above.</td>

</tr>

<tr>

<td >Inview of the above

we indentified impact of COVID -19 on going concern as a key audit matter.</td>

</tr>

</table>

Information other than standalone financial statementsand Auditors

report thereon

The company'<font FACE="Arial"

SIZE="2">sBoard of Directors are responsible for the preparation of the other

information. The other information comprises of the information included in themanagement

discussion and analysis Boards 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 notcover the other

information and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the standalone financialstatement 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 thatthere 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 withgovernance for

the Standalone Financial Statements

The Company'<font FACE="Arial"

SIZE="2">sBoard 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 ofthe

financial position financial performance total comprehensive income changes inequity

and cash flows of the Company in accordance with the accounting principles generally

accepted in India including the accounting Standards specified under section 133 ofthe

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 implementationand maintenance

of accounting policies; making judgments and estimates that are reasonable and prudent;

and design implementation and maintenance of adequate internal financial controlsthat

were operating effectively for ensuring the accuracy and completeness of the accounting

records relevant to the preparation and presentation of the financial statement thatgive

a true and fair view and are free from material misstatement whether due to fraud or

error. ¦

In preparing the standalone financial statementsmanagement is

responsible for assessing the Company'<font FACE="Arial"

SIZE="2">sability to continue as a going concern disclosing as applicable matters

related to going concern and using the going concern basis of accounting unlessmanagement

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.

Auditor's

Responsibilities for the Audit of the standalone Financial Statements

Our objectives are to obtain reasonable assurance aboutwhether the

standalone financial statements as a whole are free from material misstatement whether

due to fraud or error and to issue an auditor'<font

FACE="Arial" SIZE="2">s report that includesour opinion. Reasonable assurance is a high

Level of assurance but is not a guarantee that an audit conducted in accordance withSAs

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 exerciseprofessional

judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of materialmisstatement of the

standalone financial statements whether due to fraud or error design and performaudit

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 dr the

override of internal control.

Obtain an understanding of internal controlrelevant 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 expressingour

opinion on whether the company has adequate internal financial controls system in place

and the operating effectiveness of such controls.

Evaluate the appropriateness of accountingpolicies used and the

reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness ofmanagement<font

SIZE="2">'s use of the goingconcern 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 theCompany<font

SIZE="2">'s ability to continueas 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 theaudit

evidence obtained up to the date of our auditor'<font

FACE="Arial" SIZE="2">s report. Howeverfuture events or conditions may cause the Company

to cease to continue as a going concern.

* Evaluate the overallpresentation 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 governanceregarding among

other matters the planned scope and timing of the audit and significant auditfindings

including any significant deficiencies in internal control that we identify during our

audit.

We also provide those charged with governance with astatement -that we

have complied with relevant ethical requirements regarding independence and to

communicate with them all relationships and other matters that may reasonably bethought

to bear on our independence and where applicable related safeguards.

From the matters communicated with those charged withgovernance 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'<font FACE="Arial"

SIZE="2">sreport 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 wouldreasonably

be expected to outweigh the public interest benefits of such communication.

Emphasis of matter

The balances for Sundry Debtors and Sundry creditors as on31st March<font

SIZE="2">' 2021 are subject toconfirmation. The

figures reported in the financial statement are as per the ledger account.

We draw attention to Note 34 to the financial statementswhich 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 thatmatter.

We draw your attention to Note 17 which describes theuncertainties

relating to the CQVID-19 pandemic outbreak and management'<font

FACE="Arial" SIZE="2">s evaluation of theimpact on the financial statements of the FFMC

Division as at the Balance Sheet date. The Impact of these uncertainties on the FFMC

Division's Operation is

significantly dependent on future developments.

Our opinion is not qualified in respect of that matter

Other Matter

We have not audited the financial statements Cargodivisions included

in the financial statements of the Company whose financial statements reflect total

Assets of Rs.52.20 lakhs and total revenues of Rs.919.36 lakhs for the year ended onthat

date as considered in the financial statements. The financial statements of Cargo

division have been audited by other auditor.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor'<font

FACE="Arial" SIZE="2">s Report} Order 2016("<font

FACE="Arial" SIZE="2">the Order"<font FACE="Arial"

SIZE="2">)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 reportthat:

a) We have sought and obtained all the information andexplanations

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 bylaw 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 Lossincluding other

comprehensive income the statement of change in equity and the Cash Flow Statementdealt

with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financialstatements comply

with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations receivedfrom the

directors as on March 31 2021 taken on record by the Board of Directors none of the

directors is disqualified as on March 31 2021 from being appointed as a director interms

of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financialcontrols over

financial reporting of the Company and the operating effectiveness of such controlsrefer

to our separate Report in "Annexure

B"

g) With respect to the other matters to be included in theAuditor<font

SIZE="2">'s Report in accordancewith 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 whichwould impact

its financial position.

ii. The Company did not have any long-term contractsincluding

derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts required to be transferred tothe Investor

Education and Protection Fund by the Company.

For and on behalf of

Aalok Mehta & Co.

Chartered Accountants

Firm's

registration number: 126756W

"Annexure A<font

SIZE="2">" to the IndependentAuditors<font

SIZE="2">' Report

Referred to in paragraph 1 under the heading '<font

FACE="Arial" SIZE="2">Report on Other Legal& Regulatory Requirement<font

SIZE="2">' of our report ofevendate to the

standalone Ind AS financial statements of the Company for the year ended March 31 st

2021:

Sr. No. Particulars

In Respect of its Fixed Assets:

(i) (a) The company is maintaining proper records showingfull

particulars including quantitative detailsand situation of fixed assets;

(b) These fixed assets have been physically verified bythe management

at reasonable intervals In accordance with regular programme of verification. Accordingto

the information and explanationgiven to us no material discrepancies were noticed onsuch

verification.

(c) The title deeds of immovable properties (which areincluded under

the Note l- Property plant

and equipment') are held in

the name of the Company except for land and building having carrying value of Rs.11.30

lakhs as at March 312021.

(d) Fixed Assetsincludes Rs.53.62/- related to purchase ofvehicle for

which

documentation andregistration procedures are pending. i

(ii) In Respect of its inventory:

According to the information and explanations given to usPhysical

verification of inventory has beenconducted at reasonable intervals by the managementand

no material discrepancies were noticed onphysieal verification during the year.

(iii) According to information and explanations given tous the

company has granted unsecured

loans to companies covered in the register maintainedunder section 189

of the Companies Act 2013and with respect to the same: the Company has taken Interest

bearing unsecured loans and advance from one Director covered in register maintainedu/s

189 of Companies Act 2013 ~ '

(a) In our opinion the terms and conditions of grant ofsuch loans are

not prima facie prejudicial to the company'<font

FACE="Arial" SIZE="2">sinterest."

(b) The schedule of repayment of principal and payment ofinterest has

been stipulated and the repayment/receipts of the principal amount and the interest are

regular

(c) There is no overdue amount in respect of loans grantedto such

companies.

(iv) According to information and explanations given tous the Company

has complied with the provisionsof section 185 and 186 of the Companies Act 2013 in

respect of loans investments guarantees andsecurity.

(v) According to information and explanations given to usthe company

has not accepted any depositswithin the meaning of Sections 73 to 76 of the Act and the

Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordingly theprovisions

of clause 3(v) of the order is not applicable.

(vi) According to the information and explanations givento us the

Central Government has not prescribedmaintenance of cost records under sub-section (1)of

section 148 of the Companies Act'<font FACE="Arial"

SIZE="2">2013.

(vii) According to the information and explanations givento us in

respect of statutory dues:

(a) The company is generally regular in depositingundisputed statutory

dues including providentfund employees'<font

FACE="Arial" SIZE="2"> state insuranceincome-tax sales-tax wealth tax GST duty of

customs duty ofexcise value added tax cess and any other statutory dues with the

appropriate authorities.

(b) There were no undisputed amounts payable in respect ofprovident

fund employees' state

insurance income-tax sales-tax wealth tax service tax duty of customs duty of

excise valueadded tax cess and any other statutory dues in arrears as at March312021

for period of more thansix months from the date they became payable except for

<tr>

<td >Rs.

33827/-</td>

</tr>

<tr>

<td >ProfessionTax</td>

<td >Rs.

15626/-</td>

</tr>

</table>

(viii) The company has not defaulted in repayment of loansor borrowing

to a financial institution bankGovernment or dues to debenture holders.

(ix) The Company has not raised moneys by way of initialpublic offer

or further public offer (including debtinstruments) and term loans during the year

(x) According to the information and explanations given tous we have

not noticed or reported any fraudby the company or any fraud on the Company by its

officers or employees during the year

(xi) According to the information and explanations givento us and

based on our examination of the records of the company the company has not paid/provided

for managerial remuneration. Accordingly paragraph 3(xi) of the order is notapplicable.

(xii) This clause of the Caro 2016 is not applicable tothe Company as

the company is not a

Nidhi Company. -

(xiii) According to the information and explanations givento us all

transactions with the related parties arein compliance with sections 177 and 188 of

Companies Act 2013 where applicable and the details havebeen disclosed in theFinancial

Statements etc. as required by the applicable accounting standards

(xiv) According to the information and explanations givento us the

company has not made any preferentialallotment or private placement of shares or fullyor

partly convertible debentures during the year underreview.

(xv) According to the information and explanations givento us the

company has not entered into any non-cashtransactions with directors or personsconnected

with him and the provisions of section 192 ofCompanies Act 2013 have been compliedwith;

(xvi) This clause of the Caro 2016 is not applicable tothe Company as

the company is not required to beregistered under section 45-IA of the Reserve Bank of

India Act 1934.

For and on behalf of Aalok Mehta & Co.

Chartered Accountants

Finm's

registration number: 126756W

"ANNEXURE B<font

SIZE="2">" TO THE INDEPENDENTAUDITOR<font

SIZE="2">'S REPORT OF EVEN DATEON THE STANDALONE

IND AS FINANCIAL STATEMENTS OF TRADE WINGS LIMITED

Report on the Internal Financial Controls under Clause (i)of

Sub-section 3 of Section 143 of the Companies Act 2013("<font

FACE="Arial" SIZE="2">the Act"<font FACE="Arial"

SIZE="2">)

We have audited the internal financial controls overfinancial

reporting of TRADE-WINGS LIMITED ("<font FACE="Arial"

SIZE="2">theCompany") as of

March 31 2021 in conjunction with our audit of the standalone Ind AS financialstatements

of theCompany for the year ended on that date.

Management'<font FACE="Arial"

SIZE="2">sResponsibility for Internal Financial Controls

The Company'<font FACE="Arial"

SIZE="2">smanagement is responsible for establishing and maintaining internal financial

controls based on theinternal control over financial reporting criteria established bythe

Company considering the essential components ofintenal control stated in the GuidanceNote

on Audit of Internal Financial Controls over Financial Reporting issuedby the Instituteof

Chartered Accountants of India. These responsibilities include the designimplementation

andmaintenance of adequate internal financial controls that were operating effectivelyfor

ensuring the orderly andefficient conduct of its business including adherence tocompany<font

SIZE="2">'s policies thesafeguarding of its

assets theprevention and detection of frauds and errors the accuracy and completenessof

the accounting records and the timelypreparation of reliable financial information as

required under the Companies Act 2013.

Auditors'

Responsibility

Our responsibility is to express an opinion on theCompany's internal

financial controls over financial reporting basedon our audit. We conducted our auditin

accordance with the Guidance Note on Audit of Internal Financial ControlsOver Financial

Reporting (the "Guidance

Note") and the Standards on

Auditing issued by ICA1 and deemed to beprescribed under section 143(10) of theCompanies

Act 2013 to the extent applicable to an audit of internal financial controls both

applicable to an audit of Internal Financial Controls and both issued by theInstitute-of

CharteredAccountants of India. Those Standards and the Guidance Note require that we

comply with ethical requirements andplan and perform the audit to obtain reasonable

assurance about whether adequate internal financial controls overfinancial reportingwas

established and maintained and if such controls operated effectively in all material

respects.

Our audit involves performing procedures to obtain auditevidence about

the adequacy of the internal financial controlssystem over financial reporting andtheir

operating effectiveness. Our audit of internal financial controls over financialreporting

included obtaining an understanding of internal financial controls over financial

reporting*. assessing the riskthat a material weakness exists and testing andevaluating

the design and operating effectiveness of internal controlbased on the assessed risk.The

procedures selected depend on the auditor'<font

FACE="Arial" SIZE="2">s judgments includingthe assessment ofthe risks of material

misstatement of the financial statements whether due to fraud or error. We believethat

the auditevidence We have obtained is sufficient and appropriate to provide a basis formy

/our audit opinion on the Company'<font FACE="Arial"

SIZE="2">sintemalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over FinancialReporting

A company's internal financial control over financialreporting is a

process designed to provide reasonable assuranceregarding the reliability of financial

reporting and the preparation of financial statements for external purposesinaccordance

with generally accepted accounting principles. A company's internal financial controlover

financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that inreasonable

detailaccurately and fairly reflect the transactions and dispositions of the assets of

the company;

(2) provide reasonableassurance that transactions arerecorded as

necessary to permit preparation of financial statements in accordance withgenerally

accepted accounting principles and that receipts and expenditures of the company are

being made only inaccordance with authorizations of management and directors of the

company; and

(3) Provide reasonable assuranceregarding prevention ortimely

detection of unauthorized acquisition use or disposition of the company's assets

thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls overFinancial

Reporting

Because of the inherent limitations of internal financialcontrols over

financial reporting including the possibility ofcollusion or improper managementoverride

of controls material misstatements due to error or fraud may occur andnot be detected.

Also projections of any evaluation of the internal financial controls over financial

reporting to futureperiods are subject to the risk that the internal financial control

over financial reporting may become inadequate because of changes in conditions orthat

the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respectsan adequate

internal financial controls system over financialreporting and such internal financial

controls over financial reporting were operating effectively as at March 312021basedon

the internal control over financial reporting criteria established by the Company

considering the essential components of internal control stated in the Guidance Note on

Audit of Internal Financial Controls over FinancialReporting issued by the Institute of

Chartered Accountants of India. ..

For and on behalf of Aalok Mehta & Co.

Chartered Accountants

Firm's registration number: 126756W

Aalok Mehta Proprietor

Membership number: 114930

MumbaiMarch7 2022

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