Financial Year: 2024
The independent auditor's report for AITMC Ventures Limited's consolidated Ind AS financial statements for the year ended March 31, 2024, contains a qualified opinion due to non-compliance with Employees' Provident Fund and Employees' State Insurance Acts by both AITMC Ventures Limited and its subsidiary, SPH Aviation Private Limited. The report details the responsibilities of management and those charged with governance in preparing the financial statements, emphasizing the maintenance of adequate accounting records and internal financial controls. The auditor's responsibilities include obtaining reasonable assurance about the absence of material misstatement and reporting on internal financial controls.
The report also includes an "Annexure A" detailing qualifications or adverse remarks reported in the CARO reports of the holding company and its subsidiaries. Management’s assessment and Board approval of the financial statements are also documented. The standalone financial statements show assets, liabilities, and equity positions for 2024, 2023, and 2022. Key figures include total assets of ₹6,049.93 lacs in 2024. Profit and Loss statement reflects year-ended revenue from operations and other income, totaling ₹4,573.63 lacs in 2024.
Annexure 2 details the report on internal financial controls over financial reporting, affirming the management's responsibility for maintaining effective controls and the auditor's responsibility to express an opinion on those controls. The auditor's opinion states that the company has an adequate internal financial controls system in all material respects, operating effectively as of March 31, 2024. The financial statement includes summary of significant accounting policies and the auditor's report, highlighting qualified opinion for regulatory non-compliance regarding employee benefits.
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