Auditor Report of Uravi Defence and Technology Ltd.

Mar 31, 2024

We haw; audited the accompanying finant al sf.afmrvnts of Uravi T & Wedge Lamps h’mfteeL |''the Companywhich cumpfise the bsfance sheet as at 31 Manh the slate merit of

profit and loss [Jncludlnfl other comprehensive income )j state-ment of changes In equity,, statement t>F cash Rows for Ehe year then erected, umJ limes :.nanria'' statements including a summary of the jjgqifirant accounting pclioes and oth.^r ^stplanstory informarion [heremafter collectively referred to as "the ^fjr.arn:i&[ tticernent^'').

In our opinion qnd lothe b(?il of Oui nformarion and arec-rning tot hi? f?rfplanat:oriS giuen To 0t. the aforess.c financial statements fiivc the nformation required by thp CttApanlv* Ac^ 2013 (“the Act") .r the ramer So required anq £h e a tree wit; fair view in Lce’.iormity with ihe fndian Ac«junt-ng Standards prescribed under section i!33 of the Act read with the Companies (Indian Acxountrng Standards) Met, 20i5. stnended. ("hvJ AS ) and other acoounrtjjiyg prinCFples Ebnerglly accepted in ^?ndla, of the state of affaire of the Company as at SI March 2024, and Its profit, toref comprehensive- -Acotne, change* tn equity and its cash flows for the year theft ended.

2. Claris for cpinicn

We conducted out nudlt ol the fhr>c-nciijl &tatemfir#i In istorcance with the Stapdor-ds on Auditing (SAs) pratcr^bed under Section i-i3(i0) o^f the Act. Our rE^fjrjns''tiitir.-e; underthose S-tirndarcs. are Further ascribed ir^ the rUd''tor’s ftetpcnsibiEltie* For tne Audit of the ^Eiranrid 5t?Ee merits a«ptlon of our report. We are nttependam of the tump^y in accordance with the- todi^r of F-thic* issued by the Institute of Chartered A^cuun rants of rndia !ICAi together with the eth c?F ''equipments that are relevant tc OU^r JUifrL of the- fi^anCiil statements under ih? passions of the Act and the rules tFsere under, and we have fulfilled our other ethFcal r«poH5(Mlit$s; in accordance WEth these requirements and the Code of ithiev We billets that the audit evidence* we have obtained is sufficient and spprepn^te to provide e basis forodiropinioiionthe financial stqtemei’ts

3. Key Audit Matters

Key audit matters are those matters that, In our professional judgment, were uf rrost sljr.i ''canc? in our audit of the financial stntemqnls oi the year, niese maitecfi were addressed in the context of our au-dil of the financial statements as a whole, and informing, our opinion thereon, and we do not provide a sipareta opinion on the>e matters. We have determ ined lho matters deCrrib^d hFlflw ^o bt llie key aud''l matters to be commun cated In our report

Sr, No.	Key Audit Mar ter	How the matter was addressed in OUT audit
l	Fnistence and Valuation of	Our euait procedures included: *¦ U nd £ rS tiu d MAnag^mpn t''^ control ever
	Inventories:

At Indicated -r> Note Z, th? vjhte of thp Company''s inventories at year erd WSl Rs.l&20.ie la-khs, represenrlng 53.3% of the Company''s total a&s«s. Valuation of Inventory a key audit matter due to hiph risk involved in value per unit and ?bsotBscence.

TTVOTsrTmanTflr? cccir^ a u vdiujpyn-- * CvjfLiatltn Of The design and teiLing the operating RfferiivehEii of the internal oonfoons rotating to physical inventory counts at the stores and :he warehouse, In testing this control, we observed she inventory cycle count pTOrtii on d sample basis, inspected the rtsuhs of the inventory cycle count and '' con^rmed that the valances spprcvetf anr? appropriately aCcOuntcti fOf. ¦ Euelu^tton of the dos^n and TEsting -.Kb operating eFfoctiveness of the internal controls reeling to purchases, sales and inventories including soi£nna:ed controls. ¦ Assessed the &ey estimates used by the hfanjeemeo: tcs determine sht net realisable vatus and the consistency thereof with the Company''s policy oh provision for non-rtroving Inventory and perforrrec a sensitivity analyse on the estimated jelling price and compared wiib the oast pet fleer * 1 dentifyi hr obsolete Invent ry, ;f arty.

4. Other information

Ihc Comp-iny''s ttoart; oF Directors are responsible Fur the oilier information. the other information comp''ites thp information Included m the Company''s Anr-dal fiepcrt bu: does not inc^:ude the fmancicl statements and out auditor''s iepor: thereon- Ol:r tjp.nion on financial statements dyes oat cover tfs? other information and we do not express any form cf assurance conclusion thereon

in connection with oui audit of the financial statements, cur responsibility :-s to read the other in.tornaat^:ort aro, in demg sos tu-nsider whether erm obier Intimation is mat^rialiy inconsistent with the financial sHftetnools w our knowledge obtained during the tcurse of cur audit or otherwise appears tc be ruateoaSly misstated. h. be sec on the work we have performed, we conclude that there is fl msTeriaJ misstatem-ent Of this ctnor itiformatKin we ?p0 Ttquited to report that ^id have npth.ngto report in this regard.

5. Man^gemerr; responsibility for the 1 inane Hi statements

The Competiy''i tfoard oF Uir3-lf v ew o^f the ¦''nancia position, financial performance ^nr lud^i i g other comp rthepsivp income, cash ftowi and chants in equ :y of the Company -ft accordance With the Ire A5 prescribed under Section ct the Act and ether accounting principles £fcT;t

tlv-5 resporl''sibitty also includes m^rVLenanca of ^CSeqL^te accounting regards in accordance with the; provisions uF l^Jie Ail For sategus^inp of the ass?:s of the tticniMny and for prtvent-ne and detecting frauds and other irregularities; selection and application pt appropriate accounting noliri^s; making judgments and estimates that are neatenable anc

prudent; and o^ssg/r, implementation a-nd f^ntfllliriCfc OF adequate infernal financial controls, that were operating effectively (or the accuracy and completeness of the

accounting records, reltfvani to the Ofeperat-pn gr:d pressmatron of the NiiiinciaJ statements that give a true and fair view and are fme from material nrsstatement, whether due tof^r1ud or er^gr.

in propa.''.ng the financial statements, man^ement is responsible for assessFna the Company''s ability to continue as a go rrg dulnutn, disclosing, as apj£lto H^uiduie the Company or to cease operations, cu has no iuj|iit«c alternative but to do so. The 603rd of Guerra rs are also resjMns-ble for oversee-ng the Company''s Pnanclel reporting ptipcess.

t. Auditor''5 responsibility (jar the audit of the financial statements

Our objectives are to obtain mason obfc assurance mjaut whether th¹ financial statements as s-whcleere free from material misstatement, whetfic? vueto frsud y error, and to issue an auditor''s report tbit includes our opinion. Me«oneble assurance .5 a high l eve. of assura-vo, but s not a guarantee that art audit conducted m ^coedahef ‘jwitb $,Al will always detect a material misstatement ^vh^n it exists tJ\iisfatedients tan arise from fraud or error and are eensicfercri material if. incividua''ly or in the aggregate, they couSd reasons tty be expected to influence the economic decisions of uje^:''s taken on the basis cf these financial stntemonts.

As part an audit in accordance with 5As, we excise ? rofussturul Judgment and mqirrain professional scepticism throughout the audit- W# ^k&;

* Identify and asses¹, the rkks o¹ material misstatement of the financial statements, whether cue to fraud or error, design and perform audit procedures responsive ic those risks, and Obtain audit evidence that Is sufficient end appjapr-ate to provide d basis for our opiriem. The r^k of r-Oi detecting a; material m is statement resulting from fraud is higher than for one resulting from error, as fraud rT.ay involve collusion, forgery,

1c ont tonal om-ssions, misrppmipnratians. or the aver ride of internal contra?

-» Ev*lvarg ihe''agp^pV''ial^Vrflnigfgu^tLiVfe palmm tssg and in* u

srcnuotlt# estimates and related disclosures made by managE^c-nt.

» Conclude on the appropriateness of managerneftt''s use of flf^:r>E concern basis of accounting and. based on the audit evidence iibtaliwd, whetntr a msterE*! exists related to events or conditions that (may cast significant doubt on tlvs Company''s ability to continue as a going concern. If we conclude that a menial uncertainty exists, we arty required to rfr^- attention In our zudiuiCs report to the nested disclosures in the fmantidi statements or, if such ditc|pwf*s are inadequate to modify our cpleion. Our conclusions are bitted on the audit evidence Attained up to tHg date of our auditor t report. However, fntUre events or conditions may cause the Company to twse to continue as a floins concern,

« fvfllua^e the overall presentation, structure and content of the finAntQ- statements, including the disclosures, and whether she friandW statements ^present the underlynfc tr^psactiotii and ev^nti in a manner that thieves fair presentaLion

W4j communicate with those charged with gflftemaiice regard ire, among nthcr mattery the planned scope and Slming of audit and sl&nlEicant eud t flndingi. indurfinR any Signlf cam deficiencies in nternal conholtnat *vc identify durng euraudit-

We also provide those charged with governance with a statement tM we have complied with relevant ethical requirements reEp^rfiif,E independence, and to communicate with ihcnr all relationships and other matter tflflt may reasonably be Thought to bear on oor Independence, and nobeie applet Able TtlsLec safcfiuai''d^

From the matters commLinfcftt*\''js determine .hcit matters thst were of most significants in the aud«t of the financial statements of the current year and Are therefore the key audit fnattfti We describe thee mat Iten In our auditor''s resort ynloss law or regulation precludes public diseizure about the matter or when. in admtflefy rare clrtXiTnStanfcefc we determine that ft matter should not by communkatM in 0Uf report because the jdverse consequences of doing mi would reasonably be e)((n*L.tecl to outweigh the pLtolPC interest benefits of such ecnrmutlication.

? Repo rt on Other Legal and Reg Ulatory re qufremeots

I. As required by tfte Compan.es (Auditor''s Report* Order, zazo ["the Qrde^:'' |, issued by th.f- Central Government of India in terms ₀f Section Infill of The Act, we give In the "Anntxuce A", a statement on the rafter* specified In the paragraph 1 £hd 4 o‘ ths OrdHr_r tn the extent applkabk

It. As requited by Section 1*3(3) of the Act, we rewrt thit:

a) \Ate Itave sought and obtained all the information and eKplqnatiuris which to the best Of our knowledge and ieke I were neteiHif!y for tbft purposes of OUT audh, _

—EJ In d^Jjr 35TRIWT pfuptfr W3ITF 0? ?CC^unT K rKJUl-Ut! tv fjw iMin? been hi.u. Lp -In. Company so faras it appean from our sxaminjcic-n uf Those b*ofcs;

r) ;ht balance sne^t, the star&m&nt of pro-fir and Eoss including other comprehensive income,, the statement of changes in equity and thfl statement of rash flow; dealt with by this ftepgrt are in agerennenr with the books or account,

d) 3n out ?pinion, the atpresjic flfl^rvcial statenewts comfiiy with the End Ai spatted under Seefon 133 oftIxi Act:

£) On the fcasis of allien representations received from the directors of the Oompeny and t alter on ^ecoml by tilt BounJ of Direttors, none pt the directors is disqualified as on 3^. Mirth 2024 from bema appointed as a director In terms of Sectisrr l$4f2\ cf the Act;

0 With respect to tbs adequacy of Uie IIlternel financial controls over financial reporting of jtha Company and the operating effectiveness of surh controls, refer to our separate Re pert in ’"Annexure 3^J''r

y; hi itu? opinion and atcordmg co l^e informal!un arid expl«r>4tk)n5 Riven to us, the remyrcerATion paid by the Company to its directors during the current year .& in accordance with the provisions ot seoion $9/ of the Aa read with Schedule v of the Aet.

h| with respea w the oner matters to be included tn the Aupirnr''s fteport in accordance with RUe ll of the Coir paries [Audit and Auditor? Rolei, 2014, lr our opinion and to th£ best of OLT information and accord rig to the eirplflh5Tion5fli^n to

us:

i. Th$ Company does not have any pending litigations for which provision pave not been made yvh>chwov u imp^Liils-financial position;

Li. The Comp any d id no: have ? ny Ic rig-term contfltiJS including d e mative eon tra CtS For which there were any material funriesabe losses, end

hi, iThere has been no cMs£ in irdi-sf erring amounts, recuir^d to be transferred, to the investor Education and Protection f und by the Company.

Iv, lhe monagemem has rifprE^ntt''U to us, to the best of tn^ir knowledge that no furufs lwn?ch tire material either individual or in oeeregstf f heve advanced or looped or inuestee Neither from borrowed funds or ;hare premium or ary ether sources or lend ijf funds} hy the Cnfr.paoy to or In ory other person^) o* entityfres.h

imr.l-jdang foreign entities l-intefmediorles''''], with the underhand I wg, whether recorded in writing or ot^erivis^, that the InterneCiary sh&E., whether directly or

-inpirgqtiy N IhVgH ?r. CtlHir m BIItWgT rJgnti^ed¦ -in -**f manner

whatsoever by ur pr behalf of the Company (''''Ultimate ficnel i: id r CS" > W provide ar>y guaranty, security or the I ks an behall of the U Hi mate Beneficiaries. Suscd qn reenable audrt procedures adopted by cs, nettle hss come

v. The management has also represented to us, to the best oi their knuwtedfie, that no turds (which- an- material e ther individually cr in aggregate) have been received by the Company from any person^) or entity[l«L including foreign entitles ("funding Parties''^! with the understand ins, whether recerdec ir pricing or otnenvis-e titat the Company shall, whether, directly or ind¹ reefy. lend or invest in ether persons or entities identified in any mirtnfir whatsoever by or OH behalf of the Funding Party (¦^Ultimate eeneflcjattcs"'' or prVTvide any guarantee, Security or the like on behalf of :hc Ult-matS iJtneFrdrfiies ?ased on reasuneb''e j yd it pr-pcetfurci adopted by os, nothing hus come to our notice that such representation contains any material misstatement.

vi. The Company has neither detli re C nor paid a ny (livid end durir>R t he yea r.

vii. 3asad on our examination wFiich included tost checks, rhe Company has used accounting software For miihtainmg booiks of account which ties a feature oF recurdii-B audit trail (edit log] faedity and the same has operated throughout the year For all relevant transactions recorded in the software. Further, dufinff the CO''jfmi of Our audit wc c-d not corre across any instant Q-t the audit frsit featurebeing tampered vnth.

^provisiontoKule Fl[l) ul the Companies (AKtJLintsj Rules^lAffifipplicabNifrom 1 April 2023, reporting under Rule 11l£| oF Fbrr Companies I Audit anu Auditors! ftulei, 3014 cm presef¥Stk>r of audit trail as per the statutory requirements for record retention is not applies*^ for Me financiaS year tPd*d FI I March 2014

For Harsh Gedhia St CO-

Chartere c Accou nta nty

pj^j^ fp3i

Harsh H. Dedhia

Proprietor (M No. -141494}

¦JOIN: O Q J''S* Ja

Place. Mam bat

Date: 13^l:''august, 10 24

1

Obtain understanding ol internal control relevant 10 t^e aua-t iff order to design audit

procerturesth^t ere appropriate in the circumstances. Under section I43{3jfi] ol the Act, wp nr j idio responsible for wpfssslng our opinion cn whether the Company h-is aceaotftfl internal finencia'''' controls system in place and the operating ef''PCt veness- pf such controls. _

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Mar 31, 2023

Uravi T & Wedge Lamps limited

Report on the audit of the financial statements

1. Opinion

We have audited the accompanying financial statements of Uravi T & Wedge Lamps limited (''the Company''), which comprise the balance sheet as at 31 March 2023, the statement of profit and loss (including other comprehensive income), statement of changes in equity, statement of cash flows for the year then ended, and notes to financial statements including a summary of the significant accounting policies and other explanatory information (hereinafter collectively referred to as "the financial statements").

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 ("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, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2023, and its profit, total comprehensive income, changes in equity and its cash flows for the year then ended.

2. Basis for opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) prescribed under Section 143(10) of the Act. 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 (ICAI) together with the ethical requirements that are relevant to our audit of the 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 for our opinion on the financial statements

. 3. 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 year. 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 determined the matters described below to be the key audit matters to be communicated in our report.

Sr. No.	Key Audit Matter	How the matter was addressed in our audit
1	Existence and Valuation of	Our audit procedures included: • Understood Management''s control over
	Inventories:

As indicated in Note 8, the value of the Company''s inventories at year end was Rs.1554.85 lakhs, representing 30% of the Company''s total assets. Valuation of inventory is key audit matter due to high risk involved in value per unit and obsolescence.

physical inventory counts and valuation • Evaluation of the design and testing the operating effectiveness of the internal controls relating to physical inventory counts at the stores and the warehouse. In testing this control, we observed the inventory cycle count process on a sample basis, inspected the results of the inventory cycle count and confirmed that the variances were approved and appropriately accounted for. • Evaluation of the design and testing the operating effectiveness of the internal controls relating to purchases, sales and inventories including automated controls. • Assessed the key estimates used by the Management to determine the net realisable value and the consistency thereof with the Company''s policy on provision for nonmoving inventory and performed a sensitivity analysis on the estimated selling price and compared with the cost per item. • Identifying obsolete inventory, if any.

4. Other information

The Company''s 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 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.

5. Management''s responsibility for the financial statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS prescribed under Section 133 of the Act and other accounting principles generally accepted in India.

- This responsibility also includes maintenance of adequate accounting records in acconlaiKe

with the provisions of the Act for safeguarding of the assets of the Company and f„ 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 fmancia controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Lancia 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, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters re ate to going concern and using the going concern basis of accounting unless management^{ei1 er} 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.

6. Auditor''s responsibility 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 scepticism 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 system in place and the operating effectiveness of such controls.

• 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.

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 year 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.

7. 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 Section 143(11) of the Act, we give in the "Annexure A", a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

II. As required by Sectionl43(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 statement of cash flows dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act;

e) On the basis of written representations received from the directors of the Company and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2023 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) 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.

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 does not have any pending litigations for which provision have not been made which would impact its financial position;

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

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

iv. The management has represented to us, to the best of their knowledge, that no funds (which are material either individually or in 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(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. Based on

reasonable audit procedures adopted by us, nothing has come to our notice that such representation contains any material misstatement.

v. The management has also represented to us, to the best of their knowledge, that no funds (which are material either individually or in aggregate) 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. Based on reasonable audit procedures adopted by us, nothing has come to our notice that such representation contains any material misstatement.

vi. The Company has neither declared nor paid any dividend during the year.

vii. 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 w.e.f. April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31,2023.

For Harsh Dedhia & Co.

Chartered Accountants

Harsh H. Dedhia

Proprietor (M No. -141494)

UDIN: 23141494BGZIYK9982

Place: Mumbai

Date: 29^th May, 2023

1

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

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Mar 31, 2018

INDEPENDENT AUDITORS'' REPORT

To

The Members of

Uravi T and Wedge Lamps Limited (Formerly known as Uravi T and Wedge Lamps Private Limited),

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Uravi T and Wedge Lamps Limited (Formerly known as Uravi T and Wedge Lamps Private Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2018 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Management 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 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, 2016. 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.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

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 31st March 2018, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor report) Order, 2016 ("The Order") Issued by the Central Government of India in terms of Section 143(11) of the Act, (hereinafter referred to as the "Order") and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give the "Annexure - A" statement on the matter specified in paragraph 3 & 4 of the order.

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 and the Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the 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 31st March, 2018 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 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 other matters to be included in the Auditor''s Report and to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigation on the financial position in its

financial statements - Refer Note 25 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 which were required to be transferred to the Investor Education and

Protection Fund by the company.

Annexure "A" Auditors'' Report

Annexure referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of the Independent Auditor''s Report on the Accounts of Uravi T and Wedge Lamps Limited (Formerly known as Uravi T and Wedge Lamps Private LimitedH''the company'') for the year ended 31st March, 2018.

I) In respect of Fixed Assets:

(a) The company has maintained the fixed assets register showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

(b) As explained to us, all the fixed assets have been physically verified by the management during the year at reasonable intervals, which in our opinion, is reasonable having regard to the size of the company and the nature of assets. No material discrepancies were noticed on such physical verification.

(c) The title deed of immovable properties are held in the name of the company.

II) In respect of Inventories:

As explained to us, the inventory has been physically verified by the management at regular intervals during the year.

In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Company has maintained proper records of inventory and there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

III) In respect of loans, secured or unsecured, the company has not granted to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.

The company has not granted any loans therefore sub clause (iii) (a), (b) and (c) are not applicable.

IV) According to the information and explanations given to us, the company has complied with the provisions of section 185 & 186 of The Act in respect of loans, investments, guarantees and securities.

V) The company has not accepted deposits, therefore the clause (v) is not applicable.

VI) We have broadly reviewed the cost records maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub section (1) of section 148 of the Companies Act, and are of the opinion that prima facie, the prescribed cost records have been made and maintained as per the documentary evidence provided by the management. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete.

VII) In respect of statutory dues:

(a) According to the information & explanation given to us, the company was generally regular in depositing dues in respect of Employees Provident Fund, Employees State Insurance Fund, Income Tax and other statutory dues with the appropriate authority during the year.

(b) According to records examined by us and the information and explanation given to us, and on the basis of our examination of the records of the company, details of dues in respect of Income Tax, Sales Tax, Duty of Customs, Employees Provident Fund, Employees State Insurance Fund, Duty of Excise and Value added tax which have not been deposited as on 31st March, 2018 on account of disputes are given below:

(c)

Name of the Statute	Nature of the Dues	Forum where Dispute is pending	Order Date	Amount (Rs. in Lacs)
Central Excise Act	EXCESS CENVAT	The Customs, Central Excise And Service	24.03.2017	113.33
	CREDIT	Tax Appellate Tribunal, West Zonal Bench, Mumbai

VIII) Based on our audit procedures and on the basis of information and explanations given by the management the company has not defaulted in the repayment of dues to bank during the year. Company has no borrowings from financial institutions and Debentures holders.

IX) The company has raised money by the way of initial public offer or further public offer and money raised has been properly applied for the purpose for which those are raised.

X) In our opinion and according to the information and explanations given to us no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

XI) In our opinion and according to the information and explanations given managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 with Schedule V to the Companies Act, 2013.

XII) In our opinion the company is not a Chit Fund, Nidhi or Mutual Benefit activity and therefore the provisions of Clause 3(xii) of the said order are not applicable.

XIII) In our opinion according to the information and explanations given to us, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and details are disclosed in the Financial statement as per Accounting Standard 18.

XIV) The company has not made any preferential allotment to parties and companies covered under register maintained under section 42 of the Companies Act, 2013, during the year, therefore the provisions of Clause 3(xiv) of the said order are not applicable.

XV) In our opinion according to the information and explanations given to us, company has not entered into any non-cash transaction with directors or persons connected with him as per provision of section 192 of Companies Act, 2013.

XVI) According to the information and explanations given to us, company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Place: Mumbai For P V DALAL & CO

Chartered Accountants

FRN:102049W

PARESH V. DALAL

(PROPRIETOR)

Date:- 10/05/2018 Membership No.033355

Annexure "B" Auditors'' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act. 2013 ("the Act").

We have audited the internal financial controls over financial reporting of Uravi T and Wedge Lamps Limited (Formerly known as Uravi T and Wedge Lamps Private Limited) ("the Company") as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that

a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and

c) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Place: Mumbai For P V DALAL & CO

Chartered Accountants

FRN: 102049W

PARESH V. DALAL

(PROPRIETOR)

Date:- 10/05/2018 Membership No.033355