Auditor Report of The Phosphate Company Ltd.

Mar 31, 2025

The Phosphate Company Limited

Report on the audit of Ind AS financial statements

Opinion

We have audited the Ind AS financial statements of The Phosphate Company Limited (“the Company”), which comprise the balance sheet as at 31" March 2025, 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 material accounting policies and other explanatoiy information for the year ended on that date (hereinafter referred to as “Ind AS financial statements”).

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 Act in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section l33 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit and total 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 Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilitiesfvr 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 ofChartered Accountants of India (1CA1) together with the independence 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.

Key Audit Matters

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.

We have detennined the matters described below to be the key audit matters to be communicated in our report. For each matter below, our description of how our audit addressed the matter is provided in that context.

Key audit matters	How our audit addressed the key audit matter
Revenue from Sale of Goods
The Company recognizes revenue when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. As described in the accounting policy in note 2(b) and as reflected in note 26 of the Ind AS financial statements, revenue from sale of goods is measured at fair value of the consideration received or receivable, net ofreturns and allowances, trade discounts and volume rebates / incentives.	Our audit procedure includes the following: • Considered the adequacy of the company''s revenue recognition policy and its compliance in terms oflnd AS 115 "Revenue from contracts with customers'' • Assessed the design and tested the operating effectiveness of the internal financial controls related to revenue recognition. • Performed sample tests of individual sales transaction and traced to sales invoices and other related documents. ln respect of the samples selected, tested and the revenue has been recognized in accordance with Ind AS 115.

The Company has various incentive schemes for	• We discussed and obtained an understanding from
its distributors which are based on volume of sales	the management on the key assumptions applied and
achieved during tbe stipulated period. The	inputs used in estimating provisions for discounts,
estimate of sales likely to be achieved by each	sales incentives and sales returns and compared the
distributor requires judgment.	same with the past trends and the provision made by
Considering the judgment and estimates involved	the management.
in revenue recognition, it is considered to be a key	• Selected Samples of rebates and discounts during the
audit matter.	year, compared them with the supporting documents and perform recalculation of those variable considerations as per scheme documents. Assessed the relevant disclosure made in the Ind AS financial statement.

We have determined that there are no other key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor’s Report thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in Other Section of Annual 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 identified above 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.

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.

Management’s Responsibility for the Ind AS 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 Ind AS financial statements that gives 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 prescribed 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 implementation and maintenance of 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 oft he financial statements that gives a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS 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 also responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the lnd AS financial statements as a whole are f ee 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 lnd AS financial statements, whether due to fraud or eiror, design and perfonn 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 controls 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 control 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 ability of the Company 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 i.u the lnd 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 lnd 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 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 detennine 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

I. 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 and according to the information and explanations given to us and also on the basis of such checks as we considered appropriate, we give in the "Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order. to the extent applicable.

II. 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 ^raks of account as required by law have becn 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 Statements of Cash Flows dealt with by this report are in agreement with the ^boos of account;

d. In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards 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 and taken on record by the Board ofDirectors, none of the directors is disqualified as on March 31, 2025, 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 res^pec 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 ies^pec 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 no. 35 of the Ind AS financial statements).

ii. The Company did not have any long term contracts including derivative contracts for which there were any material fores^^le loesses;

m. There has ^«n no delay in transferring the amount, 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 ^«n advanced or loaned or invested (either from borrowed fimds 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 gn^antee, 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 1 J(e), as provided under (a) and (b) above, contain any material misstatement.

v. The Company has not declared and paid dividend during the year.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April I, 2023. Based on our examination, which included test checks, the company, have used an accounting software for maintaining its books of account 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 audit trail feature being tampered with.

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Mar 31, 2024

Wc have audited Ihc standalone Ind AS financial statements of The Phosphate Company Limited (‘ the Company"), which comprise ibe balance sheet as ai 31 March 2024, and the statement of profil and loss, (statement of changes in equity) and statement of cash flows tor the year then ended, and notes to the financial statements, including a summary of material accounting policies and other explanatory information for the year ended on that date (hereinafter referred to as "Ind AS financial statements”).

In our opinion and to the best of our infonnation and according to the explanations given to us, the aforcsaid standalone Ind AS 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules. 2015, as amended, ("lnd AS”) and other accounting principles generally accepted in lndia. of the state of affairs of the Company as at March 31,2024. its profit and total 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 seclion 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Respoiuiibiiitiesfor the Audit of the Standalone IndAS 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 Accounlants of India (ICA1) together with the independence 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 ol''Ethics. We believe that the audit evidence we have obtained is suflieient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit maners 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 tonning our opinion thereon, and we do not provide a scparaie opinion on these maners.

We have determined the matters described below to be the key audit maners to be communicated in our report. For each matter below. our description of how our audit addressed the matter is provided in that context.

Kev audit matters	How our audit addressed the key audit matter
Revenue from Sale of Goods
The Company recognizes revenue when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. As described in ihe accounting policy in note 2(b) and as reflected in note 26 of the Ind AS Standalone financial statements, revenue from sale of goods is measured at fair value of the considcralion received or receivable, net of returns and allowances, trade discounts and volume rebates / incentives.	Our audit procedure includes Ihe following: • Considered the adequacy of the company''s revenue recognition policy and its comp)iance in terms oflnd AS 11 5 "Revenue from contracts with customers'' • Assessed the design and tested the operating effectiveness of the internal financial controls related to revenue recognition.

The Company has various incentive schemes for its	• Perforated sample tests of individual sales transaction
distributors which arc based on volume of sales achieved	and trnccd to sales invoices and other reiaied documents,
during the stipulated period. The estimat . of sales likely to	In respect of the samples selected. tested and th revenue
be achieved by each distributor requires judgment	has been recognized in accordance with Ind AS 115.
Considering the judgment and estimates involved in revenue	• We discussed and obtained an understanding from the
recognition, ii is considered to be a key audit matter.	management on the key assumptions applied and inputs used in estimating provisions for discounts, sales incentives and sales relurns and compared the same with Lie past trends and the provision made by the management. • Selected Samples of rebates and diseourtts during the year, compared them with the supporting documents and perfomt recalculation of those variable considerations as per scheme documents. Assessed the relevant disclosure made in the standalone lnd AS financial statement.

We have determined that there arc no other key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor''s Report thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the infomiation included in Other Section of Annual Report, but docs not include the financial statements and our audi1or''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 identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or oor knowledge obtained in the audit or otherwise appears to 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. Wc have nothing to report in this regard.

Management''s Responsibility for the Standalone Ind AS Financial Statements

The Company''s Board of Di rectors 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 Ind AS financial statements that gives 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 prescribed under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act lbr safeguarding of the asscts of the Company and for preventing and detecting frauds and other irregularities; sclcction and application of appropriate implementation and maintenance of 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 gives a tme and fair view and are free fom material misstaiement, whether due lo fraud or error.

In preparing the standalone Ind AS financial statements. managcmcnl is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, malters related to going concern and using the going concern basis of accounting unless management either intends to liquidate tire Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor''s Responsibiljties for the Audit of Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s rcport that includes our opinion. Reasonable assurance is o high level ofassurance, bul is not a gwirantcc thul an audit conducted in accordance wilh SAs will always de''teci a material misstatement when it exists. Misstatements can arise from thud or e''rror and are considered mate''rial iC individually or in the aggregate. tley could reasonably be expected to influence the economic decisions of users taken on the basis oflhesc lnd AS financial statements,

As pan of an audit in accordance with SAs. we e''xcrcise'' professional judgmcm and mainlnin professional skepticism throughout the audit. \Ve also:

• ldemit)'' and assess the risks ofmalerial misstatement of the Standalone* Ind AS financial sutements. whether due to fraud or enor, 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 un understanding of inlernai controls rclcvanl to the* audi! in order 10 design audit procedures that are appropriate in the circumstances. Under section 143f3)(i) of the Companies Act, 2013 we are also responsible for expressing our opinion on whether the Company has adequate internal financial control system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used aid the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management ’s use ofthe 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 doubl on the ability of the Company to continue as a going concern. If we conclude that a material uueeitainty exists. we are n>quired lo draw attention in our auditor''s report to the related disclosure''s in the lnd AS financial stalcments or, if such disclosures arc inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor''s report. However. future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall ptesentation. structure and content of the Standalone Ind AS financial statements, including the disclosures. and whether the Standalone Ind AS financial statements represent the underlying transactions and eve''nts in a manner that achieves fair prescntatioo.

Matcrialily is the magnitude of misslatcments in the Standalone financial statcmenls that, individually or in aggregate. makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. \Ve consider quantitative materiality and qualitative factors io (i) planning the scope of our audit ,vork and in evaluating the results of our work: and (ii) to evaluate the effect of any identified misstatements in the 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 inte''rnal 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 eommunicated with those charged with governance, eve del ermine* those matters that were ofmost significance in the audit of financial statements of the current period and arc 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 detcrmine that a mailer should not be communicated in our report bccausc thc adverse consequences of doing so would reasonably he expected to outweigh the public interest benefits of such communication.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor''s Repon) Order, 2020 ("the Order") issued by the Central Government ofIndia in lcrms of sub-seclion (11) of Section 143 of the Companies Act, 2013 and according to the infonnation and explanations given to us and also on the basis of such checks as we considered appropriate, we give in the ''''Annexure A.. a statement on the maters specified in paragraphs 3 and 4 or the* Orde''r. to the extent applicable''.

II. As required by Section 143(3) of the Act. we report that:

a. We have sought and obtained all the information aid 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 fir 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 Statements of Cash J''-''fows dealt wi[h by this report arc in agreement with the books of aecounl;

d. In our opinion. the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under section 133 of the Act read with mle 7 ofthe Companies (Accounts) Rules. 2014;

c On the basis of the written representations received from the directors as on March 3l. 2024 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2024, from being appointed as a director in terms of section 164 (2) of the Act;

[¦.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 malters 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 infonnation 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 ihe other mailers to be included in the Auditor''s Rcport in accordance wilh Rule 11 of lhe Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according co the explanations given to us:

i. The Company las disclosed the impact of pending litigations on its financial position in its financial statements (Refer Note no. 35 ofthe standalone [nd AS 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 has been no delay in transferring the amount. required to be transfcrrcd. to the Investor Education and Proteclion Fund by the Company.

iv. a) The Management has represented that, 10 the best of its knowledge and belief, no funds (which arc material either individually or in the* aggregate)have been advanced or loaned or invested (e''ither from borrowed funds or share premium or any other sources or kind of finds) by the Company to or in any other person or entity. including foreign entity (“lnlennediaries”), with ihe undcrstanding, whether recorded in writing or otherwise, that the lntennediay 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 Bcncficiarics;

b) The Management has represented, that, to the best ofits knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any peison or entity, including foreign entity ("Funding Parties"). with the understanding, whether recorded in writing or otherwise. thal 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 guaramce. securily or the like on hehalf of the Ultimate Beneficiaries.

c) Bused 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 imder sub-clause (i) and (ii) of Rule 11 (e), as provided under (a) and (b) above. coma i n any material misstatement.

v. The Company has not declared and paid dividend during the year.

vi. Proviso to Rule 3(1) ofthe Companies (Accounts) Rules. 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April I. 2023. Based on our examination. which included test checks. the company, have used an accounting software for maintaining its books of account 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 nol 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 l, 2023, reporting under Rule l l(g) of the 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, 2024.

For SK AGRAWAL AND CO CHARTERED ACCOUNTANTS LLP Chartered Accountants Finn Regjstration No.-306033EIE300272

Hemam Kumar Lakbotia (Partner)

Membership No. 06885 1 UDIN: 24068851BKCAZL6866

Place: Kolkata Dated: May 29.2024