Auditor Report of Jetmall Spices and Masala Ltd.

Mar 31, 2025

We have audited the accompanying Standalone Financial Statements of M/s Jetmall Spices and Masala
Limited, which comprise the Balance Sheet as at 31^st March, 2025 and the Statement of Profit and Loss
Account & 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, 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 Accounting Standards prescribed
under section 133 of the Act read with relevant rules and accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2025, and its loss and its cash flows for the year ended
on that date.

BASIS FOR OPINION

We Conducted our audit in accordance with the standards on auditing specified under section 143 (10) of
the Companies Act, 2013. 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
Accountant of India together with the ethical requirements that are relevant to our audit of the Standalone
Financial Statements under the provisions of the Act and the rules there under, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the code of ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.

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.

Sl. No	Key Audit Matter	Auditors’ Response
1	Revenue Recognition - Sale of goods Revenue is a key performance indicator for the Company. Given the volume of transactions and different contractual terms with customers, there is a risk of inappropriate timing of revenue recognition, which may materially affect the reported financial performance.	• We evaluated the Company’s revenue recognition policies and their compliance with the applicable accounting standards. • We performed substantive analytical procedures and test of details on a sample basis for revenue transactions around the year end. • We tested manual and automated controls over recording of revenue. • We assessed the adequacy of disclosures made in relation to revenue.

2	Valuation of Trade receivable	• Assessed the Company’s policy for provisioning of
	As at March 31, 2025, the Company’s	doubtful debts and its compliance with the
	trade receivables form a significant	requirements of Accounting Standards prescribed
	part of the balance sheet. The	under the Companies (Accounting Standards) Rules,
	estimation of allowance for expected	2021.
	credit losses (ECL) on such	• Obtained an understanding of management’s process
	receivables requires significant	for identifying and providing for doubtful debts.
	judgment by management,	• Performed test checks of ageing analysis of
	considering historical collection	receivables and evaluated subsequent collections
	trends, credit risk of customers, and	made after the balance sheet date.
	the prevailing business environment.	• Discussed with management the status of significant
		overdue balances and corroborated explanations with
		external evidence, where available.
		• Assessed the adequacy of disclosures relating to trade
		receivables and doubtful debt provisions in the
		financial statements.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS
AND AUDITOR''S REPORT THEREON

The Company''s board of director is responsible for the preparation of the other information. The
other information comprises the information included in the Board''s Report including Annexure to
Board''s Report, Business Responsibility Report 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 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. If, based on the work we have
performed, we conclude that there 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 WITH
GOVERNANCE FOR THE STANDALONE FINANCIAL STATEMENTS

The Company''s Board of Directors are 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 of the financial position, financial performance and Cash
flows of the Company in accordance with the Accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. 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 Standalone Financial Statements that give a true and

fair view and are free from material mis-statement, whether due to fraud or error.

In Preparing the Standalone Financial Statements, management is responsible for assessing the
Company''s ability to continue as 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 boards
of directors are also 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 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 includes our opinion. Reasonable assurance is 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
decision of users taken on the basis of these Standalone Financial Statements.

As Part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also

* 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.

* 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)(i) of the Companies Act,
2013, 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
estimated and related disclosure made by management.

* Conclude on the appropriateness of management''s use of 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 conclusion is 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

* Evaluate the overall presentation, structure and content on the Standalone Financial Statements,
including the disclosures, and whether the Standalone Financial Statements represent the
underlying transaction 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, 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 (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 Standalone 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 section 143 (3) of the Act, 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, Statement of Profit and Loss and Cash flow Statements dealt with by this
report are In agreement with the books of account.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the accounting
Standards specified under section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Accounts) Rules, 2014.

e) On the basis of the written representation received from the directors as on 31^st March, 2025
taken on record by the board of directors, none of the director is disqualified as on 31^st March, 2025
from being appointed as director in terms of section 164 (2) of the Companies Act'' 2013.

f) With respect to the adequacy of the internal financial controls with reference to Standalone
Financial Statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company''s internal financial controls with reference to Standalone
Financial Statements.

g) In our Opinion the managerial remuneration for the year ended March 31^st 2025 has been paid
by Company to it directors in accordance with the provision 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) Rule, 2014, in our opinion and to the best of our
information and according to the explanations given to us:

i) The Company do not have any pending litigations on its financial position in its Standalone
Financial Statements.

ii) The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses; and

iii) There were no amounts which we 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 its knowledge and belief no funds (which
are material either individually or in the aggregate) 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 or entity, including foreign entity (“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;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds(which
are material either individually or in the aggregate) have been received by the Company from any
person or entity, including foreign entity (“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;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, 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) of companies (Audit and Auditors) Rules 2014, as
provided under (a)and (b) above, contain any material misstatement.

v) The Company has not declared or paid any dividend during the year, hence compliance with
provision of section 123 is not applicable for the year.

vi) Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of account, which has a feature of recording audit trail (edit log)
facility, however the same has not been enabled. Since the feature of recording audit trail has not
been enabled, the same has not been preserved.

2. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”) issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
“Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Darpan & Associates

Chartered Accountants

ICAI Firm Registration No. 016156S

Darpan Kumar

Partner

Membership No. 235817
UDIN: 25235817BMJLNW9073
Place : Chennai
Date : 28^th May 2025

---

Mar 31, 2024

We have audited the accompanying Standalone Financial Statements of M/s Jetmall Spices and Masala
Limited, which comprise the Balance Sheet as at 31^st March, 2024 and the Statement of Profit and Loss
Account & 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, 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 Accounting
Standards prescribed under section 133 of the Act read with relevant rules and accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its profit
and its cash flows for the year ended on that date.

BASIS FOR OPINION

We Conducted our audit in accordance with the standards on auditing specified under section 143 (10)
of the Companies Act, 2013. 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 Accountant of India together with the ethical requirements that are relevant to our audit of
the Standalone Financial Statements under the provisions of the Act and the rules there under, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the code of
ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis of our opinion.

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 STANDALONE FINANCIAL STATEMENTS AND AUDITOR''S REPORT
THEREON

The Company''s board of director is responsible for the preparation of the other information. The other
information comprises the information included in the Board''s Report including Annexure to Board''s
Report, Business Responsibility Report 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 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. If, based on the work we have performed, we conclude
that there 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 WITH GOVERNANCE FOR THE
STANDALONE FINANCIAL STATEMENTS

The Company''s Board of Directors are 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 of the financial position, financial performance and Cash flows
of the Company in accordance with the Accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. 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 Standalone Financial Statements that give a true and fair view and are free from material mis¬
statement, whether due to fraud or error.

In Preparing the Standalone Financial Statements, management is responsible for assessing the
Company''s ability to continue as 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 boards of directors
are also 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 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 includes our opinion. Reasonable assurance is 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 decision of users taken on the
basis of these Standalone Financial Statements.

As Part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also

* 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.

* 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)(i) of the Companies Act, 2013, 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
estimated and related disclosure made by management.

* Conclude on the appropriateness of management''s use of 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 conclusion is 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.

* Evaluate the overall presentation, structure and content on the Standalone Financial Statements,
including the disclosures, and whether the Standalone Financial Statements represent the underlying
transaction 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, 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 (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 Standalone 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

As required by the companies (Auditor''s Report) Order 2020 (the Order), 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 statement on the matters specified in paragraphs 3 and 4 of the order , to the extent
applicable

1. As required by section 143 (3) of the Act, 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, Statement of Profit and Loss and Cash flow Statements dealt with by this report
are In agreement with the books of account.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the accounting Standards
specified under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts)
Rules, 2014.

e) On the basis of the written representation received from the directors as on 31^st March, 2024 taken
on record by the board of directors, none of the director is disqualified as on 31^st March, 2024 from
being appointed as director in terms of section 164 (2) of the Companies Act'' 2013.

f) With respect to the adequacy of the internal financial controls with reference to Standalone Financial
Statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls with reference to Standalone Financial
Statements.

g) In our Opinion the managerial remuneration for the year ended March 31^st 2024 has been paid by
Company to it directors in accordance with the provision 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) Rule, 2014, in our opinion and to the best of our information and
according to the explanations given to us:

i) The Company do not have any pending litigations on its financial position in its Standalone Financial
Statements.

ii) The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses; and

iii) There were no amounts which we 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 its knowledge and belief no funds (which
are material either individually or in the aggregate) 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 or entity, including foreign entity ("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;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person or
entity, including foreign entity ("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;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, 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) of companies (Audit and Auditors) Rules 2014, as provided
under (a) and (b) above, contain any material misstatement.

v) The company has not declared and 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 accounts for the financial year ended March 31st, 2024 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. Further, during the course of our audit we did not come across
any instance of the audit trail feature being tampered with.

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A"
a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Darpan & Associates

Chartered Accountants

ICAI Firm Registration No.016156S

Darpan Kumar
Partner

Membership No. 235817
UDIN: 24235817BKFAYQ5291
Place: Chennai
Date: 25^th May 2024

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Mar 31, 2023

INDEPENDENT AUDITOR''S REPORT

To the Members of Jetmall Spices and Masala Limited
Report on the Audit of the Standalone Financial Statements
Opinion

We have audited the standalone financial statements of Jetmall Spices and Masala Limited
("the Company"), which comprise the Balance Sheet as at 31st March 2023, and the Statement
of Profit and Loss, 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 and according to the explanations given to us,
the aforesaid standalone financial statements give the information required by 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 March 31, 2023, and
profit changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit 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 described in the Auditor''s Responsibilities for the Audit of the 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 together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of
the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.

Information other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors and Management is responsible for the preparation of the
other information. The other information comprises the information obtained at the date of
this auditor''s report, but does not include the financial statements and our auditor''s report
thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the 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 a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.

Responsibility of the Management and those charged with Governance for the Standalone
Financial Statements

The Company''s Board 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 of the financial position, financial performance,
changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the accounting Standards 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 statement that gives 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 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 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 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.

• 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)(i) of
the Companies Act, 2013, 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 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.

• 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.

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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), 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 statement on the matters specified in paragraphs 3and 4 of
the Order, to the extent applicable.

As required by Section 143(3) of the Act, 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, and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts)
Rules, 2014.

(f) On the basis of the written representations received from the directors as on 31st
March,2023 taken on record by the Board of Directors, none of the directors is disqualified as
on 31st March, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.

(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:

i. The Company do not have any pending litigations to report on its financial position in
its financial statements as reported by the management.

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 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 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;

(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 ("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

(c) Based on audit procedures which we 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 (i) and (ii) contain any material
mis-statement.

(v) The company has not declared or paid any dividend during the year in contravention
of the provisions of section 123 of the Companies Act, 2013.

(h) With respect to the matter to be included in the Auditors'' Report under Section 197(16) of
the Act, in our opinion and according to the information and explanations given to us, the limit
prescribed by section 197 for maximum permissible managerial remuneration has been
complied with.

As per our Report attached
For M/s. Venkat & Rangaa LLP
Chartered Accountants
FRN:0004597S

SD/-

Place: Chennai T. Zameer

Date: 30-05-2023 Partner

UDIN: 23230441BGTKXY8147 M. No.: 0230441