Auditor Report of Orient Technologies Ltd.

Mar 31, 2025

We have audited the financial statements of Orient
Technologies Limited (Formerly known as Orient
Technologies Private Limited) (the “Company") which
comprise the balance sheet as at 31 March 2025,
and 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 and
according to the explanations given to us, the aforesaid
financial statements give the information required by the
Companies Act, 2013 (“Act"), in the manner so required
and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2025, and
its profit and other comprehensive income, 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
Act. Our responsibilities under those SAs 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 Act 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 on the financial statements.

Key Audit Matter(s)

Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the financial statements of the current period.
These matters were addressed in the context of our audit
of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters.

Key audit matter	How the matter was addressed in our audit
Revenue recognition
The Company enters into contracts that may include	Our audit procedures in respect of revenue recognition,
multiple products and services. Revenue is recognised	including deferred revenue, unbilled revenue, and
when control of goods or services is transferred to the	prepaid expenses, included the followings:
customer, based on the transaction price agreed in the contract.	- Obtained an understanding of the Company''s revenue
	recognition policies and assessed compliance with
The Company generally acts as the principal in these	the applicable accounting standards
arrangements. Revenue from goods is recognised at a point in time, typically on delivery, while revenue from services is recognised over time as services are rendered.	- On a sample basis, tested revenue transactions by verifying supporting documents such as sales orders,
	invoices, delivery proofs, and service completion records
In certain cases, billing does not align with revenue recognition, resulting in unbilled revenue (for services performed but not yet billed) or deferred revenue (for amounts billed in advance). Similarly, the Company	- Performed cut-off testing around the year-end to ensure revenue was recognised in the appropriate accounting period
also recognises prepaid expenses for payments	- Examined the basis for recognising unbilled revenue
made towards back-to-back AMC contracts, before	and deferred revenue and verified their accuracy
receiving the services.	with supporting documentation
Given the volume of transactions and judgement	- Reviewed prepaid expense schedules to ensure they
involved in revenue recognition, including treatment	were correctly classified and amortised over the
of unbilled revenue, deferred revenue, and prepaid	appropriate periods
expenses, this was considered a key audit matter.	These procedures were designed to evaluate the appropriateness of the Company''s revenue recognition practices and related balances in the financial statements.

Other Information

The Company''s Management and Board of Directors
are responsible for the other information. The other
information comprises the information included in the
Company''s annual report, but does not include the
financial statements and auditor''s report(s) thereon.
The Company''s annual report is expected to be made
available to us after the date of this auditor''s report. Our
opinion on the financial statements does not cover the
other information and we will 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 identified above when it
becomes available and, in doing so, consider whether
the other information is materially inconsistent with the
financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.

When we read the Company''s annual report, if we
conclude that there is a material misstatement therein,
we are required to communicate the matter to those
charged with governance and take necessary actions, as
applicable under the relevant laws and regulations.

Management''s and Board of Directors'' Responsibilities
for the financial statements

The Company''s Management and Board of Directors are
responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these financial
statements that give a true and fair view of the state of
affairs, profit/ loss and other comprehensive income,
changes in equity and cash flows of the Company in
accordance with the accounting principles generally
accepted in India, including the Indian Accounting
Standards (Ind AS) specified under Section 133 of the
Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate
internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, the Management
and Board of Directors are 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 the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is also responsible for overseeing
the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the inancial
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 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.

• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting
estimates and related disclosures made by the
Management and Board of Directors.

• Conclude on the appropriateness of the
Management and Board of Directors use of the
going concern basis of accounting in preparation
of financial statements 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,
including the Audit Committee regarding, among other
matters, the planned scope and timing of the audit
and significant audit findings, including any significant
deficiencies in internal control that we identify during our
audit.

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

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the financial statements
of the current period and are therefore the key audit
matters. We describe these matters in our auditor''s report
unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in
our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.

Other Matters

The accompanying financial statements include
unaudited financial information of the Company''s branch
located in Singapore (Orient Technologies Private Limited
- Singapore Branch, Registration No. T16FC0015G),
which reflects total assets of ?709.62 lakhs as at 31
March 2025, total revenue from operations of ?806.87
lakhs, total net profit after tax of ?98.41 lakhs, total other
comprehensive income of ? NIL and net cash outflows
of (?113.38 lakhs) for the year ended on that date. These
unaudited financial information have been approved
and provided to us by the Company''s Management and
Board of Directors. Our opinion, in so far as it relates to
the Singapore Branch, is based solely on such unaudited
financial information. According to the information and
explanations given to us, these unaudited financial
information are not material to the Company.

Our opinion above on the financial statements, and our
report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters
with respect to our reliance on the work done and the
reports of the other auditors.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report)
Order, 2020 (“the Order"), issued by the Central
Government of India in terms of 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, to the extent applicable.

2. 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 including other comprehensive
income, the Statement of Changes in Equity
and the Cash Flow Statement dealt with by
this Report are in agreement with the books
of account.

d) In our opinion, the aforesaid Financial
Statements comply with the Indian Accounting
Standards specified in the Companies (Indian
Accounting Standards) Rules, 2015 (as
amended) 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 31st
March 2025 taken on record by the Board of
Directors, none of the directors is disqualified
as on 31st March 2025 from being appointed
as a director in terms of Section 164 (2) of the
Act.

f) With respect to the 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.

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 has disclosed the impact
of pending litigations on its financial

position in its Financial Statements
- Refer Note 35 to the Financial
Statements.

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 required to be
transferred to the Investor Education
and Protection Fund by the Company
during the year.

iv. The management of the Company has
represented to us that to the best of
its 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;

• 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

• Based on such audit procedures
we 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 (a) and (b) above, contain
any material misstatement.

v. The Company has declared and paid
interim dividend during the year and is
in accordance with section 123 of the
Companies Act 2013.

vi. Based on our examination which
included test checks, the Company
has used such accounting software for
maintaining its books of account for the
financial year ended 31 March 2025,
which has a feature of recording audit
trail (edit log) as required under Rule 3 of
the Companies (Accounts) Rules, 2014.
The audit trail feature has been enabled
and operated throughout the year for
all relevant transactions recorded in the
software. During the course of our audit,
we did not come across any instance
of the audit trail feature being tampered
with. Further, the audit trail has been
preserved by the Company as per
the statutory requirements for record
retention.

For Kirtane & Pandit LLP

Chartered Accountants

Firm''s Registration No: 105215W/ W100057

Sandeep Patil

Partner

Membership no 125497

UDIN: 25125497BMTDWW3868

Place: Mumbai

Date: May 15, 2025

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Mar 31, 2024

Orient Technologies Limited (Formerly known as Orient Technologies Private Limited)

Report on the Audit of Ind AS Financial Statements

Opinion

We have audited the Ind AS financial statements of Orient Technologies Limited (Formerly known as Orient Technologies Private Limited) (the “Company”) which comprise the balance sheet as at 31 March 2024, and 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 Ind AS 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 Ind AS financial statements give the information required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, and its profit and other comprehensive income, 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 Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Ind AS 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 Ind AS financial statements under the provisions of the Act 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 on the Ind AS financial statements.

Other Information

The Company’s Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company’s annual report, but does not include the financial statements and auditor’s report(s) thereon. The Company’s annual report is expected to be made available to us after the date of this auditor’s report. Our opinion on the Ind AS financial statements does not cover the other information and we will 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 identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Ind AS financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Ind AS financial statements that give a true and fair view of the state of affairs, profit/ loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, the Management and Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Ind AS financial statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS 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 Ind AS 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 Act, we are also responsible

for expressing our opinion on whether the company has adequate internal financial controls with reference to Ind AS financial statements 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 the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in preparation of Ind AS financial statements 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 Ind AS 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 Ind AS financial statements, including the disclosures, and whether the Ind AS 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Ind AS 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.

Other Matters

a) We did not audit M/s Orient Technologies Private Limited - Singapore Branch (Branch registration no. T16FC0015G), whose financial statements reflect total assets of Rs. 566.57 lakhs as at 31 March 2024, total revenues of Rs. 372.20 lakhs and net cash outflows amounting to Rs. 387.55 lakhs for the year ended on that date, as considered in the financial statements.

Singapore Branch financial statements have not been audited by us. These financial statements have been audited by other auditors whose reports have been furnished to us and our opinion on the financial statements, in so far as it relates to the amounts and disclosures included in respect of this Singapore Branch office and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid Singapore Branch office is based solely on the reports of the other auditors.

b) The financial statements of the Company for the year ended 31^st March 2023 were audited by the predecessor auditors, M/s R U Kamath & Co., Chartered Accountants (FRN 104650W), who have expressed an unmodified opinion on those financial statements, vide their audit report dated August 30, 2023.

Our opinion above on the financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of 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, to the extent applicable.

2. 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 including comprehensive income, the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) 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 31st March 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

g) 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 has disclosed the impact of pending litigations on its financial position in its Financial Statements - Refer Note 35 to the Financial Statements.

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 required to be transferred to the Investor Education and Protection Fund by the Company during the year.

iv. The management of the Company has represented to us 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;

• 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

• Based on such audit procedures we 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 (a) and (b) above, contain any material misstatement.

v. The Company has declared and paid dividend during the year and is in accordance with section 123 of the Companies Act 2013.

vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023. Based on our examination, the Company has used accounting software for maintaining its books of account, which has a feature of recording audit trail. However, the company had not enabled the feature of recording audit trail and therefore the same was not operative throughout the year.

3. With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act: In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.

For M/s. Kirtane & Pandit LLP

Chartered Accountants

Firm’s Registration No: 105215W/ W100057

Sandeep Patil

Partner

Membership no 125497

UDIN: 24125497BKEUEI9499

Place: Mumbai

Date: 28/06/2024