ఆడిటర్ నివేదిక Jyot International Marketing Ltd.

Mar 31, 2025

Jyot International Marketing Limited

Opinion

We have audited the accompanying standalone Ind AS financial statements of Jyot International Marketing Limited (''the Company''), which comprise the Balance sheet as at 31 March 2025, the Statement of Profit and Loss, including the statement of other comprehensive income, the Cash Flow Statement and the statement of changes in Equity for the year then ended, and notes to the standalone Ind AS financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Opinion section, the aforesaid standalone Ind AS financial statements give the information required by the Companies Act, 2013, as amended (''the Act'') in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act, read with the Companies ( Indian Accounting Standards ) Rules 2015 as amended ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March 2025, its profit including comprehensive income, its cash flows and its statement of change in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), as 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 standalone Ind AS financial statements'' section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements, subject to the following qualification:

• The Group has booked total interest income of Rs. 6,70,75,966/- during the year on Loans & Advances given, however out of the said amount, only Rs. 5,31,06,973/- have been recovered during FY 2024-25.

• The Group has not deposited Tax Deducted at Source amounting to Rs. 48,23,689/- for FY 2024-25.

• Emphasis of matter

Income Tax Department has issued an Assessment Order for Financial Year 2021-22 raising a demand of Rs. 50,23,17,478/-, however, the company has filed an Appeal before higher Authority, challenging the Assessment Order of Income Tax Department. No Provision has been made in the books.

Our opinion is not modified in respect of this matter.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended 31 March 2025. These matters were addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For

each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the standalone Ind AS financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements.

Impairment of financial assets as at balance sheet date (expected credit losses)

Ind AS 109 requires the Company to provide for impairment of its loan receivables (designated at amortized cost and fair value through other comprehensive income) using the expected credit loss (ECL) approach. ECL involves an estimation of probability weighted loss on financial instruments over their life, considering reasonable and supportable information about past events, current conditions, and forecasts of future economic conditions which could impact the credit quality of the Company''s loans and advances.

In the process, a significant degree of judgment has been applied by the Management for:

• Staging of loans and advances [i.e. classification in ''significant increase in credit risk'' (''SICR'') and ''default'' categories];

• Grouping of borrowers based on homogeneity by using appropriate statistical techniques;

• Estimation of behavioral life;

• Determining macro-economic factors impacting credit quality of receivables;

• Estimation of losses for loan and advances with no/minimal historical defaults.

How our Audit addressed the key Audit matters

• Read and assessed the company''s accounting policies for impairment of financial assets and their compliance with Ind AS 109.

• The Governance framework approved by the Board of Directors.

• Evaluate the reasonableness of the management estimates by understanding the process of ECL estimates and related assumption.

• Assessed the criteria for staging of loans and advances based on their past due status to check compliance with requirement of Ind AS 109.

• Assessed the additional considerations.

• Assessed disclosures included in the standalone Ind AS financial statements in respect of expected credit losses.

Other information

The other information comprises the information included in the Annual report but does not include the standalone Ind AS financial statements and our auditor''s report thereon. The Company''s Board of Directors is responsible for the other information.

Our opinion on the standalone Ind AS 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 Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether such 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 standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including comprehensive income, cash flows and changes in equity 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 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the 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 Ind AS 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 Ind AS financial statements, Management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are also responsible for overseeing the Company''s financial reporting process.

Auditor''s responsibilities for the audit of the standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s 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 Ind AS financial statements.

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

• Identify and assess the risks of material misstatement of the standalone Ind AS 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 financial statements in place and the operating effectiveness of such controls

• Evaluate the appropriateness of accounting policies used and 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 standalone Ind AS financial statements, including the disclosures, and whether the standalone Ind AS financial statements represents the underlying transactions and events in a manner that achieves fair presentation.

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone Ind AS financial statements for the financial year ended 31^st March 2025 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 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 Act, we give in the ''Annexure 1'' a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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

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

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

e) On the basis of the written representations received from the directors as on 31 March 2025

taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2025 from being appointed as a director in terms of section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company with reference to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in ''Annexure 2'' to this report;

g) In our opinion, the managerial remuneration for the year ended 31 March 2025 has been paid/provided by the Company to its directors if any is in accordance with the provisions of section 197 read with Schedule V to the Act;

h) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 is applicable from 1^st April 2023.

Based on our examination which included test checks the company has used accounting software for maintaining books of account, which have feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in respective software.

Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not come across any instance of the audit trail feature being tampered with.

i) 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 if any on its financial position in note 2.12 in its standalone financial statements;

(ii) The Company has not made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts;

(iii) There was no amount which are required to be transferred, to the Investor Education and Protection Fund by the Company.

(iv) The management has represented that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person or entity, 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;

(v) The management has represented, that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the company from any person or entity, including foreign 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;

(vi) 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 (iv) and (v) above contain any material mis-statement.

(vii) The company has not declared any Dividend during the year.

Place : Ahmedabad For, Labadiya & Mehta.

Date : 24/05/2025 Chartered Accountants

Firm Reg. No.125591W Sd/-

Meet Shah (Partner)

Membership No.: 169259 UDIN : 25169259BMMOFF1803

---

Mar 31, 2024

We have audited the accompanying standalone Ind AS financial statements of Jyot International
Marketing Limited (''the Company''), which comprise the Balance sheet as at 31 March 2024, the
Statement of Profit and Loss, including the statement of other comprehensive income, the Cash
Flow Statement and the statement of changes in Equity for the year then ended, and notes to the
standalone Ind AS financial statements, including a summary of significant accounting policies and
other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS financial statements give the information required by the Companies
Act, 2013, as amended (''the Act'') in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed under Section 133 of the Act, read
with the Companies ( Indian Accounting Standards ) Rules 2015 as amended (“Ind AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at 31
March 2024, its profit including comprehensive income, its cash flows and its statement of change
in equity for the year ended on that date.

Basis for opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the
Standards on Auditing (SAs), as 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
standalone Ind AS financial statements'' section of our report. We are independent of the Company
in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone Ind AS financial statements, subject to the following qualification:

• The Group has booked total interest income of Rs.41145475/- during the year on Loans &
Advances given, however out of the said amount, only Rs.1922319/- have been recovered
during F Y 2023-24

• The Group has not deposited Tax Deducted at Source amounting to Rs.3617235/- for F Y
2023-24.

• Emphasis of matter

Income Tax Department has issued an Assessment Order for Financial Year 2021-22 raising
a demand of Rs.502317478/-, however, the company has filed an Appeal before higher
Authority, challenging the Assessment Order of Income Tax Department. No Provision has
been made in the books.

Our opinion is not modified in respect of this matter.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone Ind AS financial statements for the financial year ended 31 March 2024.
These matters were addressed in the context of our audit of the standalone Ind AS financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. For each matter below, our description of how our audit addressed the
matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in
our report. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the
audit of the standalone Ind AS financial statements section of our report, including in relation to
these matters. Accordingly, our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the standalone Ind AS financial statements.
The results of our audit procedures, including the procedures performed to address the matters
below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial
statements.

Impairment of financial assets as at balance sheet date (expected credit losses)

Ind AS 109 requires the Company to provide for impairment of its loan receivables (designated at
amortised cost and fair value through other comprehensive income) using the expected credit loss
(ECL) approach. ECL involves an estimation of probability weighted loss on financial instruments
over their life, considering reasonable and supportable information about past events, current
conditions, and forecasts of future economic conditions which could impact the credit quality of the
Company''s loans and advances.

In the process, a significant degree of judgment has been applied by the Management for:

• Staging of loans and advances [i.e. classification in ''significant increase in credit risk'' (''SICR'')
and ''default'' categories];

• Grouping of borrowers based on homogeneity by using appropriate statistical techniques;

• Estimation of behavioral life;

• Determining macro-economic factors impacting credit quality of receivables;

• Estimation of losses for loan and advances with no/minimal historical defaults.

How our Audit addressed the key Audit matters

• Read and assessed the company''s accounting policies for impairment of financial assets and
their compliance with Ind AS 109 and the

• Governance framework approved by the Board of Directors.

• Evaluate the reasonableness of the management estimates by understanding the process of
ECL estimates and related assumption.

• Assessed the criteria for staging of loans and advances based on their past due status to
check compliance with requirement of Ind AS 109

• Assessed the additional considerations

• Assessed disclosures included in the standalone Ind AS financial statements in respect of
expected credit losses.

Other information

The other information comprises the information included in the Annual report but does not
include the standalone Ind AS financial statements and our auditor''s report thereon. The
Company''s Board of Directors is responsible for the other information.

Our opinion on the standalone Ind AS 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 Ind AS financial statements, our responsibility is to
read the other information and, in doing so, consider whether such 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 standalone Ind
AS 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 standalone Ind AS financial statements that give a true
and fair view of the financial position, financial performance including comprehensive income,
cash flows and changes in equity 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 read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended. 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 the
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 Ind AS 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 Ind AS financial statements, Management is responsible for assessing
the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless Management either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are also responsible for overseeing the Company''s financial
reporting process.

Auditor''s responsibilities for the audit of the standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor''s 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 Ind AS financial
statements.

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

• Identify and assess the risks of material misstatement of the standalone Ind AS 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 financial statements in place and the operating
effectiveness of such controls

• Evaluate the appropriateness of accounting policies used and 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 standalone Ind AS financial
statements, including the disclosures, and whether the standalone Ind AS financial
statements represents the underlying transactions and events in a manner that achieves fair
presentation.

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

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

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the standalone Ind AS financial statements for the
financial year ended 31 March 2024 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 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 Act, we give in

the ''Annexure 1'' a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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

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

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended;

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

f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company with reference to these standalone Ind AS financial statements and the
operating effectiveness of such controls, refer to our separate Report in ''Annexure 2'' to this
report;

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

h) With respect to the other matters to be included in the Auditor''s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, 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 if any on its financial
position in its standalone Ind AS financial statements;

(ii) The Company has not made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long term
contracts including derivative contracts;

(iii) There was no amount which are required to be transferred, to the Investor
Education and Protection Fund by the Company.

(iv) The management has represented that, to the best of their knowledge and belief,
no funds (which are material either individually or in the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the company to or in any other person or
entity, 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;

(v) The management has represented, that, to the best of their knowledge and belief, no

funds (which are material either individually or in the aggregate) have been
received by the company from any person or entity, including foreign 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;

(vi) 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 (iv) and (v) above contain
any material mis-statement.

(vii) The company has not declared any Dividend during the year.

Place : Ahmedabad For, Parag A. Shah & Co.

Date : 30/05/2024 Chartered Accountants

Firm Reg. No.129665W

[Parag A. Shah ]
PROPRIETOR
Membership No.047713
UDIN : 24047713BKEATF5178