Auditor Report of Giriraj Civil Developers Ltd.

Mar 31, 2025

a) We have audited the accompanying Standalone Financial Statements of JirlraJ Civil Developers
Limited ''"the Company"), which comprise the Balance Sheet as at March 31, 202b, the State .
o* Profit and Loss, 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 (hereinafter referred to as
"the Standalone Financial Statements").

b) 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, 20. J

('' the Act") in the manner so required and give a true and fair view In conformity with the Accounting

Standards prescribed under section 133 of the Act read with the Companies (Accounting Standards
Rules, 201b, as amended, and other accounting principles generally accepted in India, or the state of
affairs of the Company as at March 31, 2025, the profit and its cash flows for the year ended on

that date

2. Basis of Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards
on Auditing specified under section 143(10) or the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor''s Responsibilities for the Audit of the Standa.one
Finandal Statements section of our report. We are independent of the Company Ini accordance wrtth
the Code of Ethics issued by the Institute or Chartered Accountants of India (ICAI) together with the
independence requirements that are relevant to our audit of the 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.

3. Key Audit Matters

Key Audit Matters are these matters that, in our professional Judgment, were of most significance in
our Audit of Standalone financial statement of the current period. These matters were addressed in
the context or our Audit of Standalone financial statement as a whole, and In forming our opinion
thereon, and we do not provide a separate opinion on these matters. There are no significant key audit
matters observed by us except the matters reported In the notes to accounts.

4. Information Other than the Standalone Financial Statements and Auditor''s Report Thereon:

a) The Company''s Board of Directors 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 8oard''s Report, Business Responsibility Report, Corporate
Governance and Shareholder''s Information, but does not include the Standalone Financial Statements
and our auditor''s report thereon. Our opinion on the standalone financial statements does not cover
the other information and we do not express any form of assurance oonduslon thereon.

b) In connection with our audit of the 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. If, based on the work we have performed, we condude
that there is no material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

5. Management''s Responsibility for the Standalone Financial Statements

a) 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, financial performance, total comprehensive Income, changes in
equity and cash flows of the Company n accordance with the accounting standard 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.

b) In preparing the Standalone 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 Board
of Directors are responsible for overseeing the Company''s financial reporting process.

6. Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

a) 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 indudes 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 f, 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.

b) As part of an audit in accordance with SAs, we exercise professional Judgment and maintain
professional skepticism throughout the audit. We also:

D

i) 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.

il) 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)(l) of the Act, we are
also responsible for expressing our opinion on whether the Company has adequate Internal financial
controls with reference to financial statements in place and the operating effectiveness of such
controls.

Ill) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management

iv) 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

v) Evaluate the overall presentation, structure and content of the Standalone Financial Statements,
induing the disclosures, and whether the Standalone Fmandal Statements represent the
underlying transactions and events in a manner that achieves fair presentation

c) Materiality is the magnitude of misstatements In the Standalone Financial Statements that, incivldually
or in aggregate, makes 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 tho scope of our aud t work and in evaluating the results of our work;
and (ii) to evaluate the effect of any identified misstatements In the Standalone Financial Statements.

d) We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, nduding any significant deficiencies in
internal control that we identify during our audit.

e) 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.

U Ho I__11

XI. Report on other Legal and regulatory requirements

l. 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 wero necessary fey the purposes of our audit

b) In our opinion, proper books of account as required by lav/ 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 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 standalone financial statements comply v/ith the accounting
standard specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014

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, 202$ 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 financial statements of
the Company and the operating effectiveness of such controls, refer to our separate Report «n
"Annexure A". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal Financial controls with reference to financial statements.

g) With respect to the other matters to be Included In the Auditor''s Report In accordance with the
requirements of section 197(16) of the Act, as amended. In our opinion and to the best of our
information and according to the explanations given to us, the remuneration paid by the Company to
its directors during the year is in accordance with the provisions of section 197 of 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, 2021, as amended 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 positron in its 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.

iv) a) The management has represented that, to the best of it''s knowledge and belief, other than as
disclosed in the notes to the accounts, 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 entity(ies), including foreign entitles ("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, secunty or
the like on behalf of the Ultimate Beneficiaries;

b) The management has represented, that, to the best of it''s knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been received by the company from any
person(s) or entity(ies), including foreign entities (Tending 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 entitles 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

c) Based on such audit procedures that the auditor has considered reasonable and appropriate in
the circumstances, nothing has come to their notice that has caused them to believe that the
representations under sub-clause (a) and (b) contain any material mis-statement.

d) The company has not declared or paid dividend during the year In contravention of the section

123 ol the Companies Act, 2013

i) Based on our examination which Included test checks, the Company has used accounting softwarc(s)
for maintaining its books of account for the financial year ended March 31, 2025, which have 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 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 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.

2. 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 B" a statement on the matters
specified In paragraphs 3 and 4 of the Order.

For R H A D & Co.
Chartered Accountants

(Firm Reg. No. 102588W)

to

f ''• V Vi W-MCT/-

(Dinesh Bangar)
Partner

M. No.036247

Place: Mumbai

Dated: 29/05/2025

UDIN:25036247BMLWWQ4000

---

Mar 31, 2024

a) w* hava audited tha accompanying Standalone Financial Statements of Girfraj Civil Developers Limited ("the Company*}, which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accouhdng policies and other explanatory information (hereinafter referred to as *the standalone Rnandai Statements").

b) 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 Art") In the manner so requited and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with the companies (Accounting Stahdards) Rules, 2015, as amended, and other accounting principles generally accepted io India, of the state of affairs of the Company as at March 31, 2024, the profit and Its cash tows for tha year ended on that date

2. Basis of Opinion

We conducted our audit of the Standalone Financial Statements lo accordance with tne Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described In the Auditors Responsibilities for the Audit of the Standaiona Financial Statements section of oyr report. We are independent of the Company In accordance with tha Codo of Ethics issued by the Institute of Chartered Accountant* of India (iCAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act aod the Rules made thereunder, and we have fulfilled oor 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 oploloo on the Standalone Financial Statements

3. Information Other than the Standalone Financial Statements and Auditor''s Report Thereon:

a) The Company''s Board of Directors 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 indude the Standalone Financial Statements and our auditor''s report thereon. Our opinion on the standalone financial statements does net cover the other information and we do not express any farm of assurance conclusion thereon.

b) In conhection with our audit of the financial statements, our responsibility tt to read the other Information and, Jn 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. If, based on the work we have performed, we CDndube that thero Is no material misstatement of this other information, we are required to report that fact. We have nothing to report In this regard.

4. Management''s Responsibility for the Standalone Financial Statements

a) 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, finandai porformance, and cash flows of tbe Company

b) In preparing the Standalone Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as appllcobla, matters related to going

^{90ln9 concern} of accounting unless management elthar intends to liquidate the Company cr to cease operations, or has no realistic alternative but to do so. The Board or Directors are responsible for overseeing the Company''s finencial reporting process

5. Auditor''* Responsibilities for the Audit of the Standalone Financial Statements

a) Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as e whole are free from material misstatement, wnether due to fraud or error, and to

^P!^{pwt that} *^{ndudes OUr} opJhlon. Reasonable assurance is a high level of assurance, but fs rwta guarantee that an audit conducted in accordance with SAs will always detect a material

^e><^^ts^^{M,S3tatemonCS} can arise from fraud or error and are considered match* if, Individually or In the aggregate, they could roasonably be expected to Influence the economic decisions of users takeh on the basis of these Standalone Financial Statements.

b) As part of an audit In accordance with SAs, we exercise professional Judgment and maintain professional skepticism throughout the audit We also:

I) 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 obtan audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecdog 9 material misstatement resulting from fraud Is higher thah for orie resulting from error, as fraud may involve cofluston, forgery, intentional omissions, misrepresentations, or the override of internal control.

li) 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)(l) of the Act, we are alto responsible for expressing our opinion on whether the Company has adequate Interns! financial controls with reference to financial statements in place and the operating effectiveness of such controls,

i«) Evaluate the appropriateness of accounting policies usad and the reasonableness of accounting estimates and related disclosures made by management

iv) Conclude on the approa(lateness of management''s use of tha going concam basis of accounting and, based 00 the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt Oft the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw atteotioo 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 tha audit evidence obtained uo to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern

v) Evaluate tha ovarall presentation, structure and content of the 5tendatone Financial Statements, Inducing the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events !n a manner that achieves fair presentation

c) Materiality is the magnitude of misstatements In the Standalone Financial Statements that, IncBvidualty or in aggregate, makes It probeble 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 scobe of our audit work end in evaluating the results of our work; and (li) to evaluate the effect of any Identified misstatements in the Standalone Financial Statements

d) We communicate with those changed with governance regarding, among otber 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.

e) We also provide those charged with governance with a statement that we have complied witn relevant ethlcol requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to hear on our independanee, and where applicable, related safeguards.

II. Report on other Legal aod regulatory requirements

1. As required try 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 dur 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 aod Loss aod the Statement of Cash Row dealt with by this Report are in agreement with the relevaot books of account

d) In our opinion, the aforesaid standalone financial statements comply with the accounting

standard specified under Section 133 of the Act, read wtth Rule 7 of the Companies (Accounts) Rules, 2014 ¹

e) On the basis of tha written representations received from the directors as on March 31, 2024 taken on record by the 8oard of Directors, none of the directors Is disqualified es on March 31, 2024 frrpm being appointed es 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 financi* statements of the Company *nd the operating effectiveness of such controls, rafer to our separate Report In Annex*™ A .Our report expresses an unmodified opinion on the adequacy and operating

e ectiveness of the Company''s internal financfai controls with reference to financial statements.

g) With rospect to the other matter* to be inducted in th* Auditor* Report In accordance with the mqu^ernents of section 197(15) of the Act, as amended. In our opinion and to the best of our nfom^do" and according to the explanations given to us, the remuneration paid by tha Company co Its directors during the year Is In accordance with the provisions of section 197 of tbe Act.

^h) matters to be Included In the Auditor''s Report In accordance with Rule 11 of the Companies (Audit and Auditor*) Rures, 2021, as amend eq lo our opinion anti to the best of our Information and according to the explanations given to us:

° ““^lmP8Ct * ^{Pandln9 Wl}9^at,onson «= "™ncw P«*ioo m Its Standalone

¹¹⁵ fa? ^h“ ^ma?f *T^0Vtel00''^as "*>^{u!red undor th}<= applicable law or accounting standards

for material foreseeable losses, If any, on Song-tenn contracts including derivative ™n“ans

^l!° ^d?^lay ^ ^lransferrtn9 amounts, required to be transferred, to the Investor

Education and Protection Fund by the Company.

^^h.?m^Pre5ent?? ^e°^the •*“ ^of ** *ⁿ°*><*9e a"« belief, other than _as the like on behalf of the Ultimate Beneflcfartes; ^ Pmvlda any guarantee, security or

b) The management has represented, that, to the best of it''s knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any persons) or entries), including foreign entitles ^Funding Parties"), with the understanding, whether recorded In writing or otherwise, that the company shall, whetner, directly or Indirectly, fend or invest in other persons or entitles identified In any manner whatsoever by or. on behalf of the Funding Party fllitimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures that the auditor has considered reasonable and appropriate in the dnumstances, nothing has come to their notice that has caused them to believe that the representations under sub-clause (a) and (b) contain any material mjs-statement,

d) The company hes not declared or oaid dividend during the year in contravention of the section 123 of the Companies Act, 2013

e) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Roles, 2014 is applicable from l April 2023.

Based on our examioaben which Included teat checks, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit loo) facility and the same has operated throughout the year for all relevant transactions recorded In the respective software*

2, As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central tovemment In terms of Section 143(11) of the Act, we give in Armexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For R H A D & Co.

Chartered Accountants

(Firm Reg. No. 102S88W)

, t

(Dlnesh Bangar)

Partner

M.No. 036247

Place: Mumbai

Dated: 30-0S-2Q24

UDIN; 24036247BKCUSX7474

---

Mar 31, 2023

INDEPENDENT AUDITOR''S REPORT

To

The Members of

GirlraJ Civil Developers limited

L Report on the Audit of the Standalone financial Statements

1. Opinion

a} We have audited the accompanying Standalone Financial Statements af Ginraj Civil
Developers Limited (’’the Company''), which comprise the Balance Sheet 05 at March 3],
7073, the Statement or Profit and Loss (Including Other Comprehensive Income), the Statement
of Changes In Equity ant) the Statement of Cash Flows far the year ended on that date, and a
summary of the significant accounting policies and other explanatory information (hereinafter
referred to as "the Standalone Financial Statements''¹),.

b) 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 Dy the Companies
Act, 2013 ("the Act*} In the manner so required and give a true and fair view in conformity
with the Accounting Standards prescribed under section 133 oftheAct read with the Companies
(Accounting Standards) Rules, 2015, as amended, and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 3l| 2023, the profit anti
total comprehensive income, changes in equity end itscash Rows for the year ended on that care

2. Oasis of Opinion

We conducted our audit of the Standalone Financial Statements In accordance with the Standards
on Auditing specified under section 143(1 G) of the Act (SAe). 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 Chartered Accountants of India (ICAt) together
with the Independence requirements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethreal responsibilities lr accordance- with these requirements and the ICAl''s Code of Ethics, We
believe Chat the audit evidence we have obtained is sufficient gnd appropriate to provide a basis
for our audit opinion on the Standalone Financial Statements,

3, Information Other than the Standalone Financial Statements and Auditor’s Report

Thereon;

a) . The Company''s Board of Directors is responsible for the preparation of the other in formation. The

other information comprist-s 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 Indude the Standalone Financial
Statements and our auditor''s report thtrreon. Our opinion on the standalone financial statements
does not cover the other information and we do not express any form of assurance conclusion
thereon.

b) in connection with our audit of the 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. If, based on the work we have performed,
we conclude that there is no material misstatement of this other Information, we are required to
report that fact. We have nothing to report In this regard,

4, Management''s Responsibility for the Standalone Financial Statements

a) 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 ftandafone Financial Statements that give a
true and fair view of the financial position, financial performance, total comprehensive Income,
changes in squltv and cash flows of the company in accordance with the accounting standard
dnu 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 af 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,

b) In preparing the Standalone 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 Board of Directors are responsible for overseeing the Company''s financial reporting
process,

5, Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

a) Our Objectives are to obtain reasonable assurance about whether the Standalone Financial
Statements as a whole are ires from mete rial misstatement, whether due to fraud or error, and
to issue an auditor''s report that includes our opinion. Reasonably 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 arl&e 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

bl As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

l) 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 nsk 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.

11} Obtain an understanding of internal financial controls relevant to the audit In order to design
audit procedures that are appropriate in the circumstances. Under sea ion 143(3){l) of the Act,
we are also responsible For expressing our opinion on whether the Company has adequate
internal Financial controls with reference to financial statements m place and the operating
effectiveness of such controls.

ill) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management

iv} 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 tq the date of our auditor''s report. However, future
events or conditions may cause the Company to cease to continue as a going concern

v) 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 uvents In a manner that achieves fair presentation

c) 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 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 (lljj to evaluate the effect of any Identified misstatements
in the Standalone Financial Statements.

d) We communicate with those charged with governance regarding, among other rnatters, the
planned scope and timing dF the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit

ej We also provide those charged with governance with 3 statement that we have complied with
relevant ethical requirements regarding Independence, and to communicate with them all
relationships and other mat cert; that may reasonably be thought to bear on our Independence, and
where applicable, related safeguards.

II. Report on other Legal and regulatory requirements

1. As required by Section 143(3) of the Act, based on our audit we report that;

a) wo have sought and obtained a! I the Inform a don 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 Row 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 accounting
standard specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 201*3

e) Qn the basis of the written representations received from the directors as on March 31, 2023
taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013
from being appointed as a director in terms of Section 1G4 (2) of the Act.

f) with respect to the adequacy of the internal financial controls with reference to financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in
Annexure A". Out report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls with reference to financial stetemonts.

g) With rtidpect tti the other matters to be included In the Auditor''s Report In accordance with the
requirements Of section 197{1S) of the Act, as emended. In our opinion anrf to the best Of our
information and according co the explanations given to us, the remuneration paid by the Company
to Its directors during the year Is in accordance with the provisions of section 197 of the Act.

h) Wifi respect to the other matters to be Included In the Auditor''s Report In accordance with Rule 11
or the Companies (Audit and Auditors) Rules, 2021, as amended in our opinion and to the best of our
information and according to the explanations given to us;

i) The Company nas disclosed the impact of pending litigations on its financial position in Its
Standalone financial Statements

II) Hie Company has made provision, as required under the applicable law or accounting
standards, for material Foreseeable losses, If any, on long-term contracts including denvative
contracts

in) There has been no delay In transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the company.

b)The management has represented, that, to tne best of it^hs knowledge and belief, other than
as disclosed in the notes to the accounts, no funds have been received by the company from
any pereon(s) or entlty(les), including foreign entities ["Funding Parlies"), with the
understand log, 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

cj Based on such audit procedures that Che auditor has considered reasonable and appropriate
in the circumstances, nothing has come to their notice that has caused them to believe that
the representations under sub-clause (a) and (b) contain any material mis-statement,

d)The company has not declared or paid dividend during the year in contravention of the
section 1Z3 of the Companies Act, 2013

2. 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 B" a statement on the
matters specified in paragraphs 3 and A of the Order.

For R H A D ft Co,
Chartered Accountants

(Firm Reg Wo, L025BSW)

(Dlnesh Banger)
Partner

M.No. 036247

Plate: Mumbai

Dated: 29/05/2023

UDIW: 230362A7BGYNAE3196