ఆడిటర్ నివేదిక Mahip Industries Ltd.

Mar 31, 2025

A. We have audited the accompanying "Statement of Audited Standalone Financial Results for
the Half Year/Year ended 31^st March, 2025" (refer ''Other Matters'' section below) of Mahip
Industries Limited ("the Company"), which includes joint statements ("the Statement"), being
submitted by the Company pursuant to the requirements of Regulations 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing
Regulations").

B. In our opinion and to the best of our information and according to the explanations given to
us, the Statement, except for the possible effect of the matter described in the basis for
Qualified opinion section of our report; 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 Accounting standard specified under section
133 of the act, read with the Rule 7 of the companies (Accounts) Rules, 2014 and other
accounting principles generally accepted in India:

1. In the case of the balance sheet, of the state of affairs of the company as at March 31, 2025

2. In the case of the profit and loss Account, of the loss for the period ended on that date.

3. In case of Cash flow statement, of the cash flow for the period ended on that date.

2. Basis for Qualified Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards
on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India (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 made 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 Standalone Financial Statements.

1. Balance confirmation statements from parties in respect of Trade Receivables, Trade Payables,
Loans and Advances (given or received), and Other Advances have not been obtained and made
available for our verification. Consequently, we are unable to comment upon the accuracy and
completeness of these balances as appearing in the financial statements.

2. The Company has accepted loans/deposits in contravention of the provisions of Section 73 of the
Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014. Necessary
compliance including filing of returns and maintenance of required records has not been made.

3. The Company has not undertaken any revaluation of its fixed assets at the end of the reporting
period, which is in contravention of the requirements prescribed under Accounting Standard (AS) 10
- Property, Plant and Equipment.

3. Emphasis of Matter

The Company has written off old TDS payable balances amounting to ^13.48 lakhs and credited the
same to Other Income. While we note that these entries relate to earlier periods and were adjusted
during year-end ledger reconciliation, Consequently, the recognition of such write-back as income
results in an overstatement of Profit Before Tax and understatement of Liabilities. Management has
clarified that this was a one-time clean-up exercise and similar adjustments will not recur in future
years.

We draw attention that the Company has recognized income of ^133.42 lakhs under the head
"Exceptional Items", arising from reversal of previously recorded expenses, TDS provisions, and
legacy account balances. These adjustments were carried out to reconcile old entries and streamline
books of account. The management has represented that these are one-time clean-up entries and
that the company has now adopted a consistent and compliant accounting framework going
forward.

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

A. 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 and Shareholder''s
Information, but does not include the Standalone Financial 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

B. 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 standalone Financial Statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information; we
are required to report that fact. We have nothing to report in this regard.

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

A. The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements
that give a true and fair view of the financial position, financial performance, (changes in equity)
and cash flows of the Company in accordance with the accounting principles generally accepted
in India, including the accounting Standards specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error.

B. In preparing the Standalone Financial Statements, management and 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.

C. The Board of Directors are responsible for overseeing the Company''s financial reporting
process.

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

A. 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.

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

i) Identify and assess the risks 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.

ii) Obtain an understanding of internal financial controls 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

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

iv) 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
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

v) 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

C. Materiality is the magnitude of misstatements in the Standalone Financial Statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Standalone 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 Standalone Financial
Statements.

D. 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.

E. 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.

F. From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Standalone Financial Statements of
the 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.

II. 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(3) of the Act, we give in the
"Annexure A" statement on the matters specified in paragraph 3 and 4 of the order, to the extent
applicable.

2. As a 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. Except for the possible effects of the matter described in the basis for qualified opinion
paragraph above, in our opinion proper books of accounts as required by law have been
kept by the company so far as appears from our examination of those books.

C. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
Statement of Changes in Equity and the Statement of Cash Flow 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 Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2013;

E. The matter described in the basis for Qualified opinion paragraph above, in our opinion, may
have an adverse effect on the functioning of the company.

F. 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;

G. The qualification relating to the maintenance of accounts and other matters connected
therewith are as stated in the basis for Qualified paragraph above.

H. 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 a disclaimer of opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls over financial reporting.

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, in our opinion and to the best of
our information and according to the explanations given to us:

i) The Company has not disclosed the impact of pending litigations on its financial
position in its financial statements. Refer Point 7 of CARO, 2020 ("Annexure A" to this
report).

ii) The Company has not entered into any derivative contract during the relevant period.
Hence, Company is not required to make provision for material foreseeable losses on
long-term contracts including derivative contracts.

iii) The company is not required to transfer any amounts to the investor education and
protection fund, hence there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Company.

iv) (a) The Management has represented that, to the best of its knowledge and belief,
company has advanced funds (which are material either individually or in the
aggregate) by the Company to other persons in Individual capacity and/or entity, with
the understanding, whether recorded in writing or otherwise;

(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that the Company

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

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, we are of the opinion that the company has
advanced funds to the Individuals and have received funds regarding the same which
are in contravenes to sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b)
above, which contain material misstatement.

v) The company did not declare any dividend during the year.

vi) Based on our examination, which includes test checks, the company has not used an
accounting software for maintaining its books of account for the period ended 31st
March, 2025, 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. Further, during the course of our audit we did not come across any instance
of audit trail feature being tampered with.

As proviso to rule 3(1) of the Companies (Accounts) Rules, 2021 is applicable from April
1, 2024, 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 period ended as on 31st March, 2025.

2. 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, the provisions of the
said Order are applicable to the Company, as it qualifies for the exemption prescribed under the
Order, We give in the "Annexure A" statement on the matters specified in paragraph 3 and 4 of
the order to the extent applicable.

for B.A.BEDAWALA & CO.

Chartered Accountants

Sd/

Place : AHMEDABAD - INIT M. SHAH

Date : 21/05/2025 PARTNER

UDIN :25138769BMIJZR5702 M.NO:138769

FRN:101064W

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Mar 31, 2024

We have audited the accompanying standalone financial statements of MAHIP INDUSTRIES
LIMITED (Formerly Known as Care Corupack Ltd) ("the Company"), which comprise the
Balance Sheet as at March 31 2024, the Statement of Profit and loss and the Cash Flow
Statement for the Period then ended and a summary of significant accounting policies and
other explanatory information.

Modified Opinion

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 Qualified Opinion section
of our report, 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 Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014 and other accounting principles generally
accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March
31, 2024;

b) In the case of the Profit and Loss Account, of the Loss for the period ended on that
date.

c) In case of Cash Flow Statement, of the Cash Flow for the period ended on that date.
Basis for Qualified Opinion

We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities
under those Standards are further described in the Auditor''s Responsibility 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 (ICAI) 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 made 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 obtained by us is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.

1. In the absence of the actuarial valuation report, the impact on loss for the year on
account of such valuation is not ascertainable and relevant disclosures not been given.
The Company has not made provision for gratuity and leave encashment for the year.
This is not in compliance with AS-19 and AS-15 Employee Benefits. Had the provision
been made in the financial statements, Employee Benefits and loss for the year, as per
the Statement of Profit & Loss would have been higher by the amount of such provision
and the long-term investments, long-term and short-term loans and advances and the
Shareholder''s funds, as per the Balance Sheet would have been lower by the same
amount.

2. The company has violated the TDS provisions of the Income Tax Act, 1961 and has made
default in deduction of TDS and on the payments made to the parties and the TDS
deducted is also not paid to the government account within the time limit prescribed
under the Income Tax Act, 1961.

3. The balance confirmation statements for outstanding in the statements relating to the
trade receivable/ trade payable / loans and advances given or taken and other advances
given or received have not been made available to us.

4. Re-grouping is done for certain accounts, the reasons for the same are not explained to
us.

5. Provision for Expenses Receivable of RS. 1.04 crores are sued by the company and it is
pending in court. Hence they made entry according to it.

6. Company filled case against One of the Party name SMRVA INFRASTRUCTURE PROJECTS
PVT LTD of Rs.1.84 Crores and case is pending with the court.

7. The company has violated the provisions of the Companies Act, 2013 by providing
depreciation on rates provided by Income Tax Act, 1961 and not the parent Law the
Companies Act, 2013.

8. Related Party transactions entered into by Company are not in agreement with
Companies Act, 2013.

9. The company has not been making revaluation of the Fixed Assets on the end of
reporting periods in violation to Accounting Standard-16.

10. The company has Received and Advanced money to many persons in Individual capacity
and other corporate entities. As per audit procedures and explanations given to us, we
are of the opinion that these transactions entered into by the company is in
contravention to the Section 185 and Section 186 of Companies Act, 2013. Furthermore,
we are of the opinion that there is no written agreement for the repayment of the
amount advanced and no provision of Interest accrued is made 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 other information. The other
information comprises the information included in the Management Dimension and
Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility
Report, Corporate Governance and Shareholder''s Information, but does not include the
standalone financial 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
during the course of our audit or otherwise appears to be materially misstated.

Based on the work we have performed; we conclude that there is a no material
misstatement of this other information; we are required to report that fact. we have
nothing to report in this regard.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including
the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding 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 standalone 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 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 also:

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

• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act, 2013, we 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 management.

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

• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

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

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

with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore
the key audit matters. We describe these matters in our 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 A" statement on the matters specified in paragraph 3 and 4 of

the Order, to the extent applicable.

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

a) We have sought and, except for the matters described in the Basis for Qualified
Opinion paragraph, obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our audit;

b) Except for the possible effects of the matter described in the Basis for Qualified
Opinion paragraph above, in our opinion proper books of account as required by law
have been kept by the Company so far as appears from our examination of those
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) Except for the possible effects of the matter described in the Basis for Qualified
Opinion paragraph, in our opinion, the Balance Sheet, Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards specified under
section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2013;

e) The matter described in the Basis for Qualified Opinion paragraph above, in our
opinion, may have an adverse effect on the functioning of the Company.

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

g) The qualification relating to the maintenance of accounts and other matters
connected therewith are as stated in the Basis for Qualified Opinion paragraph
above.

h) 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 disclaimer of opinion
on the adequacy and operating effectiveness of the Company''s internal financial
controls over financial reporting.

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, in our
opinion and to the best of our information and according to the explanations given
to us:

i) The Company has not disclosed the impact of pending litigations on its financial
position in its financial statements. Refer Point 7 of CARO, 2020 ("Annexure A" to
this report).

ii) The Company has not entered into any derivative contract during the relevant
period. Hence, Company is not required to make provision for material foreseeable
losses on long-term contracts including derivative contracts.

iii) The company is not required to transfer any amounts to the investor education
and protection fund, hence there has been no delay in transferring amounts,
required to be transferred, to the Investor Education and Protection Fund by the
Company.

iv) (a) The Management has represented that, to the best of its knowledge and
belief, company has advanced funds (which are material either individually or in the
aggregate) by the Company to other persons in Individual capacity and/or entity,
with the understanding, whether recorded in writing or otherwise;

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

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, we are of the opinion that the company has
advanced funds to the Individuals and have received funds regarding the same which
are in contravenes to sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, which contain material misstatement.

v) The company has not declared any dividend in the year.

For, JIGAR SHAH & ASSOCIATES
Chartered Accountants
Firm Reg. No.: 128263W

Date: 27.05.2024
Place: Ahmedabad

CA JIGAR M SHAH
Proprietor
M. NO.: 075778
UDIN: 24075778BKBNYA2057