ఆడిటర్ నివేదిక Antariksh Industries Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of ANTARIKSH INDUSTRIES LIMITED
(the “Company”) which comprise the balance sheet as at March 31, 2025, and the statement of
profit and loss (including other comprehensive income), statement of changes in equity and
statement of cash flows for the year then ended, and notes to the financial statements,
including a summary of material accounting policies and other explanatory information
(hereinafter 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 March 31,
2025, its profit and total comprehensive income (including other comprehensive income), the
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act, 2013.
Our responsibilities under those Standards are further described in the Auditor’s Responsibilities
for the Audit of the financial statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants
of India (ICAI) 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 on the financial statements.

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

Key Audit Matter	Auditor’s Response
Valuation, accuracy, completeness and disclosures pertaining to Trade Receivables.	Our audit approach consisted testing of the design and operating effectiveness of the

Trade receivables constitutes material component of Financial Statement. Correctness, completeness, and valuation are critical for reflecting true and fair financial results of operations.

internal controls and substantive testing as follows: • We evaluated the company''s procedures for recognizing and measuring trade receivables to ensure that they are accurately stated in the financial statements. • We considered the risk of trade receivables being understated due to unrecorded or omitted transactions and for that we examined the company''s internal controls and procedures for capturing and recording all trade receivable transactions. • We focused on the recoverability of trade receivables, especially in situations where significant amounts are overdue or there is evidence of potential credit risks. We also assessed the company''s assessment of collectability, reviewed supporting documentation, and evaluated the adequacy of any impairment provisions. • We assessed the adequacy and accuracy of the disclosure related to trade receivables in the financial statements.

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

The Company’s Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the management Discussion and
Analysis, Board’s Report Including Annexures to Board’s Report, Business Responsibility Report,
Corporate Governance Report, and Shareholder Information, but does not include the financials
statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.

In connection with our audit of the 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 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.

Responsibilities of Management and Those Charged with Governance 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, changes
in equity and cash flows of the Company in accordance with the Ind AS and other 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 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 the going concern basis of accounting unless the Board of Directors
either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.

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

Auditor’s Responsibilities for the Audit of the financial statements

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

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

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the 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 identify matter that
were of such significance in the audit of the financial statements for the financial year ended
March 31, 2025, that they would be considered key audit matters. Accordingly, such matters
have been described in our auditor’s report. Furthermore, there were no circumstances where
disclosure was precluded by law or regulation, or where adverse consequences were 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, based on our audit 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) As per the information and explanations given to us and as per our records, the company
does not have any branch office audited under sub-section (8) of Section 143 by a person

other than the company’s auditor. Accordingly, reporting under clause (c) of sub-section
(3) of Section 143 of the Companies Act, 2013 is not applicable.

d) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by
this Report are in agreement with the relevant books of account.

e) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act.

f) There are no observations or comments on financial transactions or matters which have
any adverse effect on the functioning of the company.

g) 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.

h) There is not any qualification, reservation or adverse remark relating to maintenance of
accounts and other matters connected therewith no need to include this.

i) 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’. Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company’s internal financial controls over financial
reporting.

j) With respect to the other matters to be included in the Auditor''s Report in accordance
with the requirements of section 197(16) of the Act, as amended: In our opinion and to
the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Companies Act, 2013 read with Schedule V.

k) 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, as amended, in our
opinion and to the best of our information and according to the explanations given to
us:

i) The Company did not have any pending litigations.

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 amount which is to be transferred to the Investor Education and
Protection Fund during the financial year.

iv) (a) The management has represented that, to the best of its knowledge and belief,
no funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the company to or in any
other persons or entities, including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:

• whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or

• provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

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

(c) Based on 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 (a) and (b) contain any material
misstatement.

v) The Company has neither declared nor paid any dividend during the year.
Hence, reporting the compliance with section 123 of the Act is not applicable.

vi) Based on our examination of the books of account and other relevant records of the
Company, and according to the information and explanations given to us, we report
that the Company has used accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log) facility.

Further, in accordance with the requirements of the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014, applicable with effect from April 1, 2023, the
audit trail feature has been operated throughout the financial year ended
March 31, 2025, for all transactions recorded in the software, and the audit trail has
not been tampered with and the audit trail has been preserved by the Company as
per the statutory requirements for record retention.

For D M K H & CO.

Chartered Accountants
Firm Registration No.: 116886W

Shikha Kabra
Partner

Membership No.: 179437
UDIN: 25179437BMSCJO4346
Place: Mumbai
Date: May 30, 2025

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Mar 31, 2024

We have audited the standalone financial statements of ANTARIKSH INDUSTRIES LIMITED
(the "Company") which comprise the standalone balance sheet as at 31 March 2024, and
the standalone statement of profit and loss (including other comprehensive income),
standalone statement of changes in equity and standalone statement of cash flows for the
year then ended, and notes to the standalone financial statements, including a summary of
material 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 ("Act") in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs
of the Company as at 31 March 2024, and its profit and other comprehensive income,
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities under those SAs are further described in the
Auditor''s Responsibilities for the Audit of the 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 Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion on the standalone financial statements.

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.

Our opinion is not modified in respect of these matters.We have determined the matters
described below to be key audit matter to be communicated in our report.

Sr.No	Key Audit Matter	Auditors Response
1.	Valuation, accuracy, completeness and disclosures pertaining to Trade Receivables. Trade receivables constitutes material component of Financial Statement. Correctness, completeness, and valuation are critical for reflecting true and fair financial results of operations.	Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows: • We evaluated the company''s procedures for recognizing and measuring trade receivables to ensure that they are accurately stated in the financial statements. • We considered the risk of trade receivables being understated due to unrecorded or omitted transactions and for that we examined the company''s internal controls and procedures for capturing and recording all trade receivable transactions. • We focused on the recoverability of trade receivables, especially in situations where significant amounts are overdue or there is evidence of potential credit risks. We also assessed the company''s assessment of collectability, reviewed supporting documentation, and evaluated the adequacy of any impairment provisions. • We assessed the adequacy and accuracy of the disclosure related to trade receivables in the financial statements.

Information Other than the Standalone Financial Statements and Auditor''s Report
Thereon

The Company''s Board of Directors is responsible for other information. The other
information comprises the information included in the management Discussion and
Analysis, Board''s Report Including Annexures to Board''s Report, Business Responsibility
Report, Corporate Governance Report, and Shareholder Information, but does not
include the standalone financials statements and our auditor''s report thereon.

Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with the standalone financial statements, or our knowledge obtained
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 and Board of Directors'' Responsibilities for the Standalone Financial
Statements

The Company''s Management and Board of Directors are responsible for the matters
stated in Section 134(5) of the Act with respect to the preparation of these standalone
financial statements that give a true and fair view of the state of affairs, profit/ loss and
other comprehensive income, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the standalone
financial statements 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 Management and Board of
Directors are responsible for assessing the Company''s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable
assurance is 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 standalone 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 risk of material misstatement of the Standalone Financial
Statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal financial 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
has adequate internal financial controls systems 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 exits related to events or conditions that may cast significant doubt on
the Company''s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor''s report to the
related disclosures in the Standalone Financial Statements or, if such disclosures are
inadequate, to modify our opinion. Our 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 standalone Financial
Statements, including the disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and events in a manner that
achieves fair presentation.

Materiality is the magnitude of misstatement in the standalone Financial Statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Financial Statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatement 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 and
significant deficiencies in internal control that we identify during our audit.

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

Report on Other Legal and Regulatory Requirements

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'' statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.

2A. 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 Company has no branches hence, the provisions of section 143(3)(c) is not
applicable.

(d) The standalone balance sheet, the standalone statement of profit and loss
(including other comprehensive income), the standalone statement of changes in
equity and the standalone statement of cash flows dealt with by this Report are in
agreement with the books of account.

(e) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 4 of
the Companies Indian Accounting Standard Rules, 2015 as amended.

(f) On the basis of the written 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.

(g) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to
our separate Report in "Annexure B",our report expresses an unmodified opinion
on the adequacy and operating effectiveness of the company''s internal financial
controls over financial reporting.

(h) With respect to the other matters to be included in the Auditor''s Report in
accordance with the requirements of section 197(16) of the Act, as amended:In our
opinion and to the best of our information and according to the explanations given

to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

(i) There is not any qualification, reservation or adverse remark relating to
maintenance of accounts and other matters connected therewith.

(j) 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 did not have any pending litigations.

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

iv.

a) The management has represented that, to the best of its knowledge and
belief, as disclosed in note no. 29 to the accounts, No funds have been
advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the company to or in any
other persons or entities, including foreign entities ("Intermediaries"), with
the understanding, whether recorded in writing or otherwise, that the
Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the
Holding Company or its subsidiary companies and joint venture company
incorporated in India or

• provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries

b) The management has represented, that, to the best of its knowledge and
belief, as disclosed in note no. 29 to the accounts, no funds have been
received by the Company from any persons or entities, including foreign
entities ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall:

• directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the
Funding Parties or

• provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries.

c) Based on such audit procedures as 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 clause (a) and (b) contain any material mis-statement.

v. The company has neither declared nor paid any dividend during the year.
Hence, reporting the compliance with section 123 of the Act is not applicable.

vi. Based on our examination which included test checks, the company has used an

accounting software for maintaining its books of account for the financial year
ended March 31, 2024, which has a feature of recording audit trail (edit log)
facility and the same has been operative from 17th July 2023 for all relevant
transactions recorded in the software. Further, during the course of our audit
we did not come across any instance of the audit trail feature being tampered
with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable
from April 1, 2023 reporting under Rule 11(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 DMKH & Co.

Chartered Accountants

Firm''s Registration No. : 116886W

Sd/-

CA Manish Kankani
Partner

Membership No. 158020
UDIN:24158020BKAKGW8582
Place: Mumbai
Date: May 30, 2024

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Mar 31, 2014

Report on the Financial Statements

1. We have audited the accompanying financial statements of CHANKYA INVESTMENTS LIMITED which comprise the Balance Sheet as at 31st March, 2014, the statement of Profit and Loss and Cash Flow Statement for the year ended on that date, and summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. The company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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.

4. 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 judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements 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 Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. In our opinion and to the best of our information and according to the explanation given to us, the aforesaid financial statements subject to NOTE NO 1 (C) REGARDING DEPRECIATION PROVIDED AS PER INCOME TAX RULES INSTEAD OF PROVIDING AS PER SCHEDULE XIV OF THE COMPANIES ACT 1956, 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 :

(a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

(b) in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flow of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Act, we give in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the Order.

8. As required by Section 227 (3) of the Act, we report that :

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Act.

(e) On the basis of the written representations received from the Directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1) (g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 7 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) Fixed Assets have been physically verified by the management during the year and no serious discrepancies have been noticed on such verification.

c) In our opinion, the company has not disposed off a substantial part of fixed assets during the year and therefore paragraph 4 (i) (c) of the companies (Auditor''s Report) order, 2003 (hereinafter referred to as the said order) is not applicable.

2. The company does not have any inventory other than quoted shares and securities and in our opinion and according to the records verified by us and information and explanations given to us, the Company has maintained proper records of its.

3. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 and therefore paragraph 4 (iii) of the said order is not applicable.

4. In our opinion, the Company has an adequate internal control procedure commensurate with its size and the nature of its Business.

5. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered in the register maintained under section 301 of the Companies Acts, 1956 and therefore paragraph 4 (v) of the said order is not applicable.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public to which the provisions of section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under are applicable, and therefore paragraph 4 (vi) of the said order is not applicable.

7. The Company does not have a formal internal audit system at any time during the year.

8. Maintenance of cost record is not applicable to the company under clause (d) of sub section (1) of section 209 of the Companies Act, 1956, therefore paragraph 4 (viii) of the said order is not applicable.

9. As per the financial and other records verified by us, the Company is generally regular in depositing undisputed statutory dues in respect of Income-Tax, and other dues with the appropriate authorities. Considering the present operations of the Company, there can be no liability on account of Excise Duty, Sales Tax, Customs Duty and Cess. As explained to us, there were no dues arising to the Company in respect of the Investor Education and Protection Fund, Wealth Tax during the year.

10. The Company has not incurred cash loss in the Financial Year and it has not accumulated losses.

11. The Company has not taken any loan from bank or Financial institutions therefore clause 4 (xi) of the said order is not applicable.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and therefore paragraph 4 (xii) of the said order is not applicable.

13. The provisions of any special Statue applicable to chit fund and nidhi / mutual benefit fund/society are not applicable to the company and therefore paragraph 4 (xiii) of the said order is not applicable.

14. The Company is dealing in shares, securities and in our opinion and according to the records verified by us and information and explanations given to us, the Company has maintained proper records of its.

15. Other investments therefore paragraph 4 (xiv) of the said order is applicable.

16. According to the information and explanations given to us, during the year the company has not given any guarantee for loans taken by others from banks or financial institutions and therefore paragraph 4 (xv) of the said order is not applicable.

17. The Company has not taken term loan during the year and therefore paragraph 4 (xvi) of the said order is not applicable.

18. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, in our opinion, there are no funds raised on short term basis which have been used for long term investments and vice versa.

19. The company has not made any preferential allotment of shares during the year and therefore paragraph 4 (xviii) of the said order is not applicable.

20. The Company has not issued any debentures during the year and therefore paragraph 4(xix) of the said order is not applicable.

21. The Company has not raised any money by way of public issues during the year and therefore paragraph 4 (xx) of the said order is not applicable.

22. Based upon the audit procedures performed and as per the information and explanations given to us by the management, we report that no fraud on or by the company has been noticed during the year.

For S. JAIN BOHRA & CO. CHARTERED ACCOUNTANTS. FIRM REGD. NO. 114855W

Sd/-

(R. C. BOHRA) PLACE : MUMBAI Partner DATE : 15/05/2014 (M. NO. 73480)

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Mar 31, 2013

1. We have audited the accompanying financial statements of CHANKYA INVESTMENTS LIMITED which comprise the Balance Sheet as at 31st March, 2013, the statement of Profit and Loss and Cash Row Statement for the year ended on that date, and summary of the significant accounting policies and other explanatory information

Management''s Responsibility for the Financial Statements

2. The company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

3. Our responsibl ity is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Insttuteof Chartered Accountants of lndia.Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whett Jrthe financial statements are free from material misstatement.

4. 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 judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevantto the Company''s preparation and fair presentation of the financial statements 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 Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. in our opinion and to the best of our information and according to the explanation given to us, the aforesaid financial statements subject to NOTE NO 1 (C) REGARDING DEPRECIATION PROVIDED AS PER INCOME TAX RULES INSTEAD OF PROVIDING AS PER SCHEDULE XIV OF THE COMPANIES ACT 1956, 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:

(a) in the case of Balance Sheet, of the state of affairs of the Company as at 31 st March, 2013;

(b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flow of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companes (Auditor''s Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Act, we give in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the Order.

8. As required by Section 227 (3) of the Act, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audi.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss, and the Cash Flow Statement dealt wth by this Report are in agreement with the books of account

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply wth the Accounting Standards referred to in Section 211(3C) of the Act.

(e) On the basis of the written representations received from the Directors as on 31 st March, 2013taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of Section 274(1) (g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 7 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date) 1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) Fixed Assets have been physicallyverified by the management during the year and no serious discrepancies have been noticed on such verification.

c) In our opinion, the company has not disposed off a substantial part of fixed assets during the year and therefore paragraph 4 (i) (c) of the companies {Auditor''s Report) order. 2003 (hereinafter referred to as the said order) is not applicable.

2. The company does not have any inventory therefore paragraph 4 ( i i) of the said order is not applicable.

3. The Company has neither granted nor taken any loans, secured or unsecured, to/ from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 and therefore paragraph 4 (iii) of the said order is not applicable.

4. In our opinion, the Company has an adequate internal control procedure commensurate with its size and the nature of its Business.

5. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered in the register maintained under section 301 of the Companes Acts, 1956and therefore paragraph 4 (v)0fthe said0rderis not applicable.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the pubic to which the provisions of section 56A and 58AA of the Companes Act, 1956 and the Rules framed there under are applicable, and therefore paragraph 4 of the said order is not applicable.

7. The Company does not have a formal internal audit system at any time during the year.

8. Maintenance of cost record is not applicable to the company under clause (d) of sub section (1) of section 209 of the Companies Act, 1956, therefore paragraph 4 (viii) of the said order is not applicable.

9. As per the financial and other records verified by us, the Company s generally reguar in depositing undisputed statutory dues in respect of Income-Tax, and other dues with the appropriate authorities. Considering the present operations of the Company, there can be no liability on account of Excise Duty, Sales Tax, Customs Duty and Cess. As explained to us, there were no dues arising to the Company in respect of the Investor Education and Protection Fund, Wealth Tax during the year.

10.The Company has not incurred cash loss in the Financial Year and it has not accumulated losses. 11. The Company has not taken any loan om bank or F inanc ial institutions therefore clause 4 (xi) of the said order is not applicable. 12.The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and therefore paragraph

4(xiiof the said order is not applicabe. 13.The provisions of any special Statue applicable to chit fund and nidhi/ mutual benefit fund/society are not applicabe to the company and therefore paragraph

4 (xiii) of the said order is not applicable. 14.TheCompany is not dealing in shares, securities, and other investments therefore paragraph 4 (xiv) of the said order is not applicable. 15.According to the information and explanations given to us, during the year the company has not given any guarantee for loans taken by others from banks or financial institutions and therefore paragraph 4
4 (xvi) of the said order is not applicable. 17.According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, in our opinion, there are no funds raised on short term bass which have been used for long term investments and vice versa. 18.The company has not made any preferential allotment of shares during the year and therefore paragraph 4 (xviii) of the said order is not applicable. 19.The Company has not issued any debentures during the year and therefore paragraph 4(xix) of the said order is not applcable.

20. The Company has not raised any money by way of public issues during the year and therefore paragraph 4 (xx) of the said order is not applicable.

21. Based upon the audit procedures performed and as per the information and explanations given to us by the management, we report that no fraud on or by the company has been noticed during the year.



FOR & ON BEHALF OF THE BOARD OF DIRECTORS PRASHANT VAIDYA PRAVIN SHAH

DIRECTOR DIRECTOR

PLACE : MUMBAI

DATE : 23/07/2013

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Mar 31, 2012

1. We have audited the attached Balance Sheet of CHANKYA INVESTMENTS LIMITED as at 31st March, 2012 and also the statement of Profit and Loss and Cash Flow Statement for the year ended on that date, annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. Further to our comments as referred to in paragraph 4, we report as follows:

a) We have 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 to far as appears from our examination of the books.

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account

d) In our opinion, the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt with by this report are In compliance with the Accounting Standards referred to In section 211(3C) of the Companies Act 1956.

e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to, NOTE NO. 1 (C) REGARDING DEPRECIATION PROVIDED AS PER INCOME TAX RULES INSTEAD OF PROVIDING AS PER SCHEDULE XIV OF THE COMPANIES ACT 1956, RESULTING IN LESS PROFIT TO THE EXTENT OF RS. 44,684/- give the information required by the Companies Act 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

(ii) in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date; and

iii) in the case of the Cash Flow Statement of the cash flows for the year ended on that dale.

f) On the basis of the written representations received from the directors as on March 31,2012, we report that none of the Directors is disqualified as on March 31,2012, from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

4. As required by Companies (Auditor's Report) order 2003 and on the basis of such checks of the books and records of the Company as we considered appropriate and as per the Information and explanations given to us during the course of audit we further report as under:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) Fixed Assets have been physically verified by the management during the year and no serious discrepancies have been noticed on such verification.

c) In our opinion, the company has not disposed off a substantial part of fixed assets during the year and therefore paragraph 4 (i) (c) of the companies (Auditor's Report) order, 2003 (here in after referred to as the said order) Is not applicable.

2. The company does not have any inventory therefore paragraph 4 (ii) of the said order is not applicable.

3. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956 and therefore paragraph 4 (iii) of the said order is not applicable.

4. In our opinion, the Company has an adequate Internal control procedure commensurate with its size and the nature of its Business.

5. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered In the register maintained under section 301 of the Companies Acts, 1956 and therefore paragraph 4 (v) of the said order is not applicable.

6. In our opinion and according to the Information and explanations given to us, the company has not accepted deposits from the public to which the provisions of section 58A and 58AA of the Companies Act 1956 and the Rules framed there under are applicable, and therefore paragraph 4 (vi) of the said order is not applicable.

7. The Company does not have a formal Internal audit system at any time during the year.

8. Maintenance of cost record is not applicable to the company under clause (d) of sub section (1) of section 209 of the Companies Act 1956, therefore paragraph 4 (viii) of the said order is not applicable.

9. As per the financial and other records verified by us, the Company is generally regular in depositing undisputed statutory dues in respect of Income-Tax, and other dues with the appropriate authorities. Considering the present operations of the Company, there can be no liability on account of Excise Duty, Sales Tax, Customs Duty and Cess. As explained to us, there were no dues arising to the Company In respect of the Investor Education and Protection Fund, Wealth Tax during the year.

10. The Company has incurred cash loss In the Financial Year but it has not accumulated losses.

11. The Company has not taken any loan from bank or Financial institutions therefore clause 4 (xi) of the said order is not applicable.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and therefore paragraph 4 (xii) of the said order is not applicable.

13. The provisions of any special Statue applicable to chit fund and nidhi / mutual benefit fund/society are not applicable to the company and therefore paragraph 4 (xiii) of the said order is not applicable.

14. The Company is not dealing in shares, securities, and other investments therefore paragraph 4 (xiv) of the said order is not applicable.

15. According to the information and explanations given to us, during the year the company has not given any guarantee for loans taken by others from banks or financial institutions and therefore paragraph 4 (xv) of the said order is not applicable.

16. The Company has not taken term loan during the year and therefore paragraph 4 (xvi) of the said order is not applicable.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, In our opinion, there are no funds raised on short term basis which have been used for long term Investments and vice versa.

18. The company has not made any preferential allotment of shares during the year and therefore paragraph 4 (xviii) of the said order Is not applicable.

19. The Company has not issued any debentures during the year and therefore paragraph 4(xix) of the said order is not applicable.

20. The Company has not raised any money by way of public issues during the year and therefore paragraph 4 (xx) of the said order is not applicable.

21. Based upon the audit procedures performed and as per the information and explanations given to us by the management we report that no fraud on or by the company has been noticed during the year.

For S. JAIN BOHRA & CO. CHARTERED ACCOUNTANTS. FIRM REGD. NO. 114S55W

(R. C. BOHRA) Partner (M. NO. 73480)

PLACE : MUMBAI DATE: 11/06/2012