Auditor Report of Vasa Denticity Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of VASA DENTICITY LIMITED (“die
Company”), which comprise the balance sheet as at March 31, 2025, the statement of profit and loss, and
statement of cash flows for the year then ended, and notes to die standalone financial statements, including a
summary of significant accounting policies and other explanatory information

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted in India,
of die state of affairs of the Company as at March 31, 2025, and its Profit, and its cash flows for the year ended
on that date.

Basis for Opinion «

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)
of the Companies Act, 2013. Our responsibilities under those Standards are further described in the “Auditor’s
Responsibilities for the Audit of the Standalone financial statements” section of our report. We are independent
of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the standalone 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 standalone financial statements of the current period. These matters were addressed in the context of
our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on tlqese matters.

The Key Audit Matter		How the matter was addressed in our audit
Revenue Recognition As the Company revenue is from the trading of vast number of dental products, there are risks related to completeness of revenue, improper sales cut off, timing		• Cut off procedures performed for year ended 31st March 2025. • Substantive verification of sales transactions. • Analytical review of sales transactions. • Debtors’ analysis to ensure that all sales reversal are recognized appropriately. • Review that the revenue has been recognized in accordance with the revenue recognition policy of the Company.

of recognitions, out of period sales etc. •	• Rev«w sales bookld by Company for itemSj if a„- ‘ rffebveness of internal ,
	-tojiiLLois related to sales transactions

Other Information

The Company’s Board of Directors is responsible for the other information The nth ¦ e •

the information included in the annual r n *¦ u a ¦ '' ^0tk^{er mformatlo}n comprises

;;tr^{repott The} ^ ^

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°^{f Managen,en}'' ^a”^{d Th}°^{Se Ch}“*''^d Governance for rhe Standalone flnancia.

to I⁰”"”’ ‘^S “^P°”^{ible f}” ^th'' «** in sechon 134(5) of toe Company

; _f ^{( A }}r^{Wlth reS}P^{CCt t0 1116} P^reP^aration of these standalone financial statements that give a true
and fair view of the financial position, finanaal performance, and cash flows of die Company in accordance

section"™^e⁸ 7a ^ “ ^Ma’ ^lndudlng Accounting Standards specified under

ection 133 of the Act. This responsibility also includes maintenance of adequate accounting records in

lnd°d ^ti ^ f ¹ H ^PTT °^{f Ae ACt f}°^{r SafegUardk}g ^{of the assets of} die Company and for preventing
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 mltenance’

a equate internal financial controls, that were operating effectively for ensuring the accuracy and

statemeiits^atgive ***”^ln“° ¹¹¹⁶ P-P-don and presentation of the standalone financial

ments that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Board of Directors is responsible for assessing the
Company sabihty to continue as a going concern, disclosing, as applicable, matters related to going concern
sing the going concern basis of accounting unless the Board of Directors either intends to liquidate die
Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone financial statements

our opinion. Reasonable assurance is a high level of as ^or> an to issue an auditor s report that includes

accordance with SAs will always detect _a mat ri 1 ^{SSUranCC Ut 1S not a} S^uarantee that an audit conducted in
fraud or error and are constmd matedd iT^ “ ^Mssta“ can arise from
to influence the economic decisions of user'' r k ^ ^U l ^{1116 a8gfegate they could} reasonably be expected
As part of an audit intco7^ ^ ^ *“*? —n*

skepticism throughout the audit. We also: '' ^{C eXelC1SC pW esslonaJ} judgment and maintain professional

a mateml misstatement resulting from fraud i_s higher than for one resulting from error as fid mav

Inti ^ ““ ~’ —-s, orle ovemdellnternal

• ” ^understandi"« of intemd control relevant to the aud.t in order to design audit procedures
at are appropriate in the circumstances. Under section 143(3)® of the Companies Act 2013

also responsible for expressing our opnnon on whether the company has7^2
o tools 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. ^S

• Conclude on die appropriateness of management’s use of the going concern basis of accounting and
based on die and,, evidence obtained, whether a matenal uncertainty exists related events t
conditions that may cast significant doubt on the Company''s ability to continue as a going concern If

rz o d r; ^ra*^teMl r*** ^{we aK} *•> j j_tor-_s

to the rdated disclosures in the standalone financial statements or, if such disclosures are inadequate
o modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditors report. However, future events or condidons may cause die Company to cease
continue as a going concern. ''^V

* f^V,^aIT^e rr^{11 PreSentation}’ ^{Structure and conten}t of the standalone financial statements
cudmg the disclosures, and whether the standalone financial statements represent the underlying
transactions and events jn a manner that achieves fair presentation. ^&

lui “TT“ J ”^tV^h0“ ^{Cl,iUSed With gOTe}"““ Other matters, the planned scope and

we id^{E s}«”‘^fioaut audit findings, mduding any sigmficant deficiencies in internal control that

we identify during our audit.

r;t,"r_gtxri”^ce ”^th * ~ r " ^h"^e—-

^ma7”*^S„^{nabI? be ,h}“«^ht *° ^b— tendance, aud where applicable,

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Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”), issued by the Central

m *e“Z‘ A “^{m tt}™^S °^{f SUb}-^SeC,i0" (“> °^{f s}“““ 1« of*. Companies Ac, 2013, we give
extent ^ ‘ ⁰ⁿ ^ “ *"*** 3 and 4 of *e Order, to *e

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

a. We have sought and obhuned all the information and explanations which 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 Sheer, the Statement of Profit and Loss and the Cash Flow Statement dealt with
by this Report are in agreement with the books of account

d. In our opinion, *e aforesaid standalone financial statements comply wi* *e Accounting

Standards specified under Section 133 of the Act, read wi* Rule 7 of tire Comp,ores
(Accounts) Rules, 2014. ^r

e. On the basis of the written representations received from the directors as on March 31, 2025
taken on record by the Board of Directors, none of the directors is disqualified as on March
31, 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 m
Annexure B”.

g. With respect to the matter to be included in the Auditor’s Report under Section 197116) of

the Act: * ^v 1

In our opinion, die managerial remuneration for the year ended March M omth u • ,

rsri: "^rec,o,s m ** *¦—

h. With respect to the other matters to be included in the Auditor’s Report in accordance with
e 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. There are no pending litigations on the Company.

7'' ITT¹â€™â€⁵''^{”°*''h”e “7 l0”8*tem'' COnttacts mcl“di"« dative contracts for
Which there were any material foreseeable losses.}

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

iv. (a) The Management has represented that, to the best of its knowledge and belief no
funds (which are material either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed hinds or share premium or any other-
sources or kind of hinds) by the Company _or i„ any other person or entity
inducing foreign entity (“Intermediaries”), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend
or invest m other persons or entities identihed in any manner whatsoever by or on
behalf of the Company (“Ultimate Benef.ciar.es”) or provide any guarantee, secunty
or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief no
funds (which are material either individually or in the aggregate) have been received
by the Company from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party

( Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us
to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

v. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account which have a feature of
recording audit trail (edit log) facility and that has operated throughout the year for

elevant transacts recorded in acconnung software. Dunng the coarse of
performing on, procedures we did not nonce any instance of audit L feature being
ampered with and die audit nail has been preserved by the Company as per the
statutory requirements for record retention. ^{7 P}

For KRA & Co.

Chartered Accountants *

(Firm Registration No.020266N)

Saurabh Garg
Partner

Membership No.: 510541
UDIN: 25510541BMJJNL8163
Place: Delhi
Date: May 16, 2025

---

Mar 31, 2024

We have audited the standalone financial statements of VASA DENTICITY LIMITED (“the Company”), which comprise the balance sheet as at March 31,2024, the statement of profit and loss, and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its Profit, and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute ot Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion,

Key Audit Matters

Ke\ audit matters are those matters that, in our professional judgment, were of most significance in our audit ot the financial statements of the current period. Ihese matters were addressed in the context ot 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.

The Key Audit Matter	How the matter was addressed in our audit
Revenue Recognition As die Company revenue is from the trading of vast number of dental products, there are risks related to completeness of revenue, improper sales cut off, timing of recognitions, out of period sales etc.	• Cut off procedures performed for year ended 31s'' March 2024. • Substantive verification of sales transactions. • Analytical review of sales transactions. • Debtors’ analysis to ensure that all sales reversal are recognized appropriately.

	• Review that the revenue has been
	recognized in accordance with the
	revenue recognition policy of the Company.
	• Review sales booked by Company for unusual items, if any.
	• Verification of existence and operating effectiveness of internal controls related
	to sales transactions.

Other Information

I he Company s Board of Directors is responsible tor the other information. The other information comprises the information included in the annual report but does not include the financial statements and our auditor’s report thereon. The 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 or 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 will read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

Ihe Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ( the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial 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 Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using ihe 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.

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

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are tree 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 ot 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 ot 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.

S Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, wc arc also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

® Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

* Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

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

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 auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulator}'' 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 Companies Act, 2013, we give m 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. I he Balance Sheet, the Statement of Profit and Loss and the Cash flow Statement dealt with by this Report are in agreement with the books of account

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

e. On tire basis of the wntten representations received from the directors as on March 31, 2024 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.

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 matter to be included in the Auditor’s Report under Section 197(16) of the Act:

In our opinion, the managerial remuneration for the year ended March 31, 2024 has been paid by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;

h. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

11. 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 amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no

funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or land of funds) by the Company to or in any other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; .

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, securin'' or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account which have a feature of recording audit trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in accounting software During the course of performing our procedures we did not notice any instance of audit trail feature being tampered with.

vt. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, as amended is applicable for the Company only w.e.f. 1 April 2023, therefore, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, as amended, on

preservation of audit trail as per the statutory requirements for record retention is not applicable for financial year ended 31 March 2024.

For KRA & Co.

Chartered Accountants (Firm Registration No.020266N)

Saurami Garg

Partner

Membership No.: 510541 UDIN: 24510541BKAORU1267 Place: Delhi Date; May 16, 2024

---

Mar 31, 2023

VASA DENTICITY LIMITED

Repot! on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of VASA DENTICITY LIMITED (“the Company"), which compose the balance sheet as at March 31, 2023, the statement of profit and loss, and statement of cash flows for the year then ended, and notes to the financial statements, including a summarv of significant accounting policies and other explanatory information

In our opinion and to the best of our informauon and according to the explanauons given to us. the aforesaid standalone financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, and its Profit, and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are furdter described in the ‘ Auditor’s Responsibilities for die Audit of the Financial Statements” section of our report. We arc independent of die Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act. 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. W e 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 audii 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 fomung our opinion thereon, and we do not provide a separate opinion on these matters.

The Key Audit Matter	How the mattet was addressed in our audit
Revenue Recognition As the Company revenue is from the trading of vast number of dental products, there are risks related to completeness of revenue, improper sales cut off, timing of recognitions, out of period sales etc.	• Cut off procedures performed for year ended 31s'' March 2023. • Substantive verification of sales transactions. • Analytical review of sales transactions. • Debtors’ analysis to ensure that all sales reversal are recognized appropriately. • Review that the revenue has been

	recognized in accordance with the
	revenue recognition policy of the
	Company.
	• Review sales booked by Company for
	unusual items, if any.
	• Verification of existence and operating
	effectiveness of internal controls related
	to sales transactions.

Other Information

The Company’s Board ot Directors is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our auditor’s report thereon. The 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 or 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 will read the annual report, if we conclude that diere is a material misstatement therein, we are requited to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the mailers slated in section 134(5) n! the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements dial give a irue 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. 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; mailing 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 Lhe financial statements that give a true and fail view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, mailers related io going concern anil using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operauons, or has no realisUc alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arc free from matenal misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we arc also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability'' to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, il such disclosures are inadequate, to modify our opinion. Our conclusions ate 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 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 determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure A” 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 beliet 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 ot those books

c. The Balance Sheet, the Statement of Profit and Ixiss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account

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

c. On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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, With respect to the matter to be included in the Auditor’s Report under Section 197(16) ot the Act:

In our opinion, the managerial remuneration for the year ended March 31. 2023 has been paid by the Company to its directors in accordance with the provisions of section 197 read with Schedule V ro 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. There are no pending litigations on the Company.

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 amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from Imrrowed funds or share premium or any other sources or kind ot funds) bv the Company to or in any other person or entity, including foreign enuty (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indireedy lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ulumate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, direedy or indireedy, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

For KRA & Co.

Chartered Accountants (Firm Registration No.020266N)

Saurabh Gap£

Partner

Membership No.: 510541 UDIN: 23510541BGUJVD3774 Place: Delhi Date: July 18, 2023