ఆడిటర్ నివేదిక Canara Robeco Asset Management Company Ltd.

Mar 31, 2026

1. We have audited the Financial Statements of Canara
Robeco Asset Management Company Limited

(the "Company"), which comprise the Balance Sheet
as at March 31, 2026, the Statement of Profit and
Loss (including other Comprehensive Income), the
Statement of Changes in Equity and the 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
("the Financial Statements").

2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Financial Statements give the information required
by the Companies Act, 2013 ("Act") in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31,
2026, and its profit and other comprehensive income,
changes in equity and its cash flows for the year ended
on that date.

BASIS FOR OPINION

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

KEY AUDIT MATTER

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

Key audit matter: Revenue from Asset Management Services

Refer to the Material Accounting Policy Note 3.6 and 22 to financial statements- Revenue from Operations

Key audit matter	How the matter was addressed in our audit
Revenue from Asset Management Services is the most	In view of the significance of the matter, we applied the
significant account balance in the Statement of Profit and	following audit procedures in this area, among others to
Loss. It comprises of management fees and advisory fees	obtain sufficient appropriate audit evidence:
amounting to Rs. 42,494.50 Lakhs.	(i)	Obtained and read the accounting policy for revenue
We have identified Revenue from Asset Management		recognition.
Services as a key audit matter since:	(ii)	Obtained an understanding of the significant revenue
(i) There are inherent risks in computation of management		items and identified where there is a higher risk of
fees due to the manual input of key contractual		error due to manual processes, complex contractual
terms and computation of applicable assets under		terms, and areas of judgement.
management (''AUM''), which could result in errors.	(iii)	Tested the design and operating effectiveness of
(ii) Multiple schemes of Canara Robeco Mutual Fund		key controls in place across the Company relevant
require effective monitoring over key financial terms		to recognition of revenue from asset management
and conditions being captured and applied accurately.		services.
Any discrepancy in such computations could result in misstatement of management fee and advisory fee recognised in the financial statements.	(iv)	On a sample basis, obtained and tested arithmetical accuracy of revenue calculation and the reconciliation with the accounting records.

Key audit matter	How the matter was addressed in our audit
	(v) On sample basis, verified the manual input of contractual terms with rates approved by the authorised personnel.
	(vi) Test checked the asset management fee invoices and reconciled with the accounting records.
	(vii) On a sample basis, checked the receipts of such income in bank statements.
	(viii) Evaluated the adequacy of disclosures relating to the revenue from asset management services earned by the Company.

OTHER INFORMATION

5. The Company''s Management and Board of Directors
are responsible for the other information. The other
information comprises the information included in the
Company''s Annual Report but does not include the
Financial Statements and auditor''s report thereon.
The Company''s annual report is expected to be made
available to us after the date of this auditor''s report.

Our opinion on the Financial Statements does not cover
the other information, and we will not express any form
of assurance conclusion thereon.

6. 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.

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

MANAGEMENT''S AND BOARD OF DIRECTORS''RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

8. The Company''s Management and Board of Directors are
responsible for the matters stated in Section 134(5) of
the Actwith respecttothe preparation ofthese Financial
Statements that give a true and fair view of the state of
affairs, profit/ loss and other comprehensive income,
changes in equity and cash flows of the Company in
accordance with the accounting principles generally
accepted in India, including the Indian Accounting
Standards (Ind AS) specified under Section 133 of the
Act. This responsibility also includes maintenance of

adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate
internal financial controls, that were operating
effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation
and presentation of the Financial Statements that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.

9. In preparing the Financial Statements, the Company''s
Management and the 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.

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

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THEFINANCIAL STATEMENTS

11. 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.

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

• Obtain an understanding of internal control
relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances. Under Section 143(3)(i) of the
Act, we are also responsible for expressing our
opinion on whether the Company has adequate
internal financial controls with reference to the
Financial Statements in place and the operating
effectiveness of such controls;

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

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

• Evaluate the overall presentation, structure and
content of the Financial Statements, including the

disclosures, and whetherthe Financial Statements
represent the underlying transactions and events
in a manner that achieves fair presentation;

13. 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;

14. 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.

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

REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS

16. As required by the Companies (Auditor''s Report) Order,
2020 ("the Order") issued by the Central Government
of India in terms of sub-section (11) of Section 143 of
the Act, we give in the Annexure A, a statement on the
matters specified in paragraphs 3 and 4 ofthe Order, to
the extent applicable.

17. A. As required by Section 143(3) ofthe 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. The Balance Sheet, the Statement of Profit and
Loss (including Other Comprehensive Income),

the Statement of Changes in Equity and the
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account;

d. In our opinion, the aforesaid Financial Statements
comply with the Ind AS specified under Section
133 of the Act;

e. On the basis of the written representations
received from the directors as on March 31, 2026,
to April 16, 2026, taken on record by the Board
of Directors, none of the directors is disqualified
as on March 31, 2026, 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 with reference to the Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in Annexure B;

B. 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:

a. The Company has disclosed the impact of pending
litigations as at March 31, 2026, on its financial
position in its Financial Statements. (Refer Note
32 to the Financial Statements);

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

c. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company.

d. (i) 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 person(s) or entity(ies), including
foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,

whether, directly or indirectly lend or invest
in other persons or entities identified in
any manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

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

(iii) Based on the audit procedures that we have
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 (i) and (ii)
above, contain any material misstatement.

e. The interim dividend declared and paid by the
Company during the year and until the date of
this audit report is in accordance with Section 123
of the Act.

The final dividend paid by the Company during
the year, in respect of the same declared for the
previous year, is in accordance with Section 123
of the Act to the extent it applies to payment
of dividend.

As stated in Note 21(f) to the Financial Statements,
the Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The dividend
declared is in accordance with Section 123 of
the Act to the extent it applies to declaration
of dividend.

f. Based on our examination which included test
checks, the Company has used an accounting
software for maintaining its books of account
which has a feature of recording audittrail (edit log)
facility and the same has operated throughout the
year for all relevant transactions recorded in the
software. Further, for the periods where audit trail
(edit log) facility was enabled and operated for the
accounting software, we did not come across any
instance of the audit trail feature being tampered
with and the audit trail has been preserved by the
Company as per the statutory requirements for
record retention.

C. 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:

In our opinion and according to the information and
explanations given to us, the remuneration paid by

the Company to its directors during the current year
is in accordance with the provisions of Section 197 of
the Act. The remuneration paid to any director is not
in excess of the limit laid down under Section 197 of
the Act. The Ministry of Corporate Affairs has not
prescribed other details under Section 197(16) of the
Act which are required to be commented upon by us.

For Borkar & Muzumdar Chartered Accountants

Firm Registration Number: 101569W

Satish Kumar Gupta

Partner

Membership Number: 101134
UDIN: 26101134SROIFP1314

Place: Mumbai
Date: April 27, 2026

---

Mar 31, 2025

1. We have audited the accompanying Financial Statements of Canara Robeco Asset Management Company Limited (“the Company"), which comprise
the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including other Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year ended on that date and notes to the Financial statements, including a summary of material
accounting policies and other explanatory information (hereinafter referred to as "the Financial Statements").

2. In our opinion and to the best of our information and according to the explanations given to us, the 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 ("Ind AS") prescribed under section 133 of the Act, and other accounting principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2025, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that
date.

Basis for Opinion

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

Other Matter

4. The comparative figures as at March 31, 2024, presented in the accompanying Financial Statements, were audited by predecessor auditor of the
Company, who have expressed an unmodified opinion thereon in their Independent Auditors'' Report dated April 23, 2024.

Our audit opinion is not modified in respect of this matter.

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

5. The Company''s Board of Directors is responsible for the preparation of other information.

The other information comprises the information included in the Company''s Annual Report but does not include the Financial Statements and our
audit report thereon.

Our opinion on the Financial Statements does not cover the other information, and we do not express any form of assurance conclusion thereon.

6. 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.

7. 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 to those charged with governance.

The other information is expected to be made available to us after the date of this audit report and if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.

Management''s Responsibility for the Financial Statements

8. 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 the 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. 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.

9. In preparing the Financial Statements, the Company''s 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 Board of Directors either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

10. 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

11. 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.

12. 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 financial control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls with reference to the Financial Statements, in place and the operating effectiveness of such controls;

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

13. Materiality is the magnitude of misstatements in the 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
misstatements in the Financial Statements.

14. 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;

15. 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

16. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

d. In our opinion, the aforesaid Financial Statements comply with the Ind AS specified under Section 133 of the Act;

e. On the basis of the written representations received from the directors as on March 31,2025 taken on record by the Board of Directors, none of
the directors are 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 with reference to the Financial Statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in Annexure B wherein we have expressed an unmodified opinion;

g. 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, in
our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its
directors during the year is in accordance with the provisions of section 197 of the Act.

h. With 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 has disclosed the impact of pending litigations on its financial position in its Financial Statements. (Refer Note 31 to the
Financial Statements);

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

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. (i) The Management has represented that, to the best of it''s 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 person(s) or
entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the

Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

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

(iii) Based on such audit procedures that we have 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 (1) and (2)
above, contain any material mis- statement.

(iv) The dividend declared and paid by the Company during the year and until the date of this report is in compliance with Section 123 of
the Companies Act, 2013.

(v) Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of
account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software and the audit trail has been preserved by the Company as per the statutory requirements for
record retention. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.

18. As required by Section 143 (5) of the Act, with respect to reporting under the directions issued by the Comptroller and Auditor-General of India, we
report that:

Sr. No.	Directions issued by the Comptroller and Auditor-General of India	Auditor''s Comment
a)	Whether the Company has system in place to process all the accounting transactions through IT system? If yes, the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implications, if any, may be stated.	The Company has a system in place to process all the accounting transactions through IT system. As such, we have not come across any accounting transactions processed outside IT system which would have an impact on the integrity of the accounts or any financial implications.
b)	Whether there is any restructuring of an existing loan or cases of waiver/ write off of debts/loans/interest etc. made by a lender to the Company due to the Company''s inability to repay the loan? If yes, the financial impact may be stated. Whether such cases are properly accounted for? (in case, lender is a Government Company, then its direction is also applicable for statutory auditor of lender Company).	Based on our examination of relevant records of the Company and the information and explanations received from the Management, there were no borrowings made by the Company and hence this clause is not applicable for the financial year 2024-25.
c)	Whether funds (grants/subsidy etc.) received/receivable for specific schemes from central/ state government or its agencies were properly accounted for/ utilized as per its term and conditions? List the cases of deviation.	Based on our examination of relevant records of the Company and the information and explanations received from the Management, there are no funds (grants/subsidy etc.) received/ receivable from Central/State agencies and hence this clause is not applicable for the financial year 2024-25.

For Borkar & Muzumdar

Chartered Accountants
Firm Registration No. 101569W

Brijmohan Agarwal

(Partner)

Place: Mumbai Membership No. 033254

Date: May 5, 2025 UDIN : 25033254BMINSP2088