ఆడిటర్ నివేదిక Sagar Diamonds Ltd.

Mar 31, 2024

SAGAR DIAMONDS LIMITED

Report on the audit ol the Financial Statements Opinion

We have audited the accompanying financial statements of SAGAR DIAMONDS LIMITED (the "Company"), which comprise the balance sheet as at March 31, 2024, and the statement of Profit and Loss and statement of cash flows for the year then ended, and notes to the financial statements, Including a summary of significant accounting policies and other explanatory information (hereinafter referred to as ''financial statements'').

in our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the ''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, 2024, and loss and its cash flows for the year ended on that date.

Basis for Opinion

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

Emphasis of Matter

We draw attention to Note 26 & 27 of the Statement which describes the Management''s evaluation of business operations halted due to restrictions imposed by regulators and impact on the performance of the Company, and further evaluation of past COVID-19 impact on the future performance of the Company. 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 financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated In our report.

	key Audit Matter	Auditor’s Response
i	Payables	Our audit prcK^dure for these ar®as incMed
	tfafpruj payable tarry risk m grimral which	We obtained an understands g, evaluated the
	¦Mude proceeds from past trade receivables	design and tested operating effectiveness of
	and advance given, to pay outstanding	controls.
	balances Due to these factors we have	• Analyzed aging at yearend
	identified testing of recoverability of past	In respect of material balances, inspected
	receivables, advances and trade payable as	relevant documents and correspondence with
	key audit matter.	parties, wherever available. We draw attention to note 26 & 27 of the
		Statement.

Information other than the financial statements and auditors'' report thereon

The Company''s management and board of directors are responsible for the preparation of the other (formation. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Corporate Governance and Shareholder''s Information, Business Responsibility Report but does not include the financial statements and our auditor''s 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.

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. We are required to communicate the matters to those charged with governance as required under SA 720 The auditors'' responsibilities relating to other information''.

When we read the annual report, if we conclude that there is a material misstatement of this other information, we are required to report that fact.

Responsibility of Management and Board of Director for the Financial Statements

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

In preparing the financial statements, Management and Board of Directors are responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternativH$Ff$p.

Tho^o Poaul of Oiifitois aie also responslblr for overseeing the company''s financial reporting process. Auditor''s Responsibilities for the Audit of the Flnnncl.nl Statements

Out objectives arc 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 skepticism throughout the audit. We also:

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

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

• Conclude on the appropriateness of management and Board of Directors'' 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.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, make 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.

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 cpwmnmk^te with them all relationships and other matters that may reasonably be thought to bear on our In^plpdenedi''AiW where applicable, related safeguards.

hom I hr matters communltated with those charged with governance, we determine those matters that wer« of moM significance Mr the audit of the financial statements of the current period and are therefore the key audit mattru We describe these matters In our auditor''s report unless law or regulation precludes public disclosure about tbe matter or when, In extremely rare circumstances, we determine that a matter should not be communicated In our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and 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 as at March 31, 2024, the Statement of Profit and Loss, and the Cash Flow Statement for the year then ended dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act and rules thereunder, as amended.

(e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 154 (2) of the Act.

(f) With respect to the adequacy and the operating effectiveness of the internal financial controls over financial reporting of the Company, refer to our separate report in "Annexure B"; and

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of sub-section (16) of Section 197 of the Act, as amended, we report that to the best of our information and according to the explanations given to us, 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, in our opinion and to the best of our information and according to the explanations given to us: ¹

iv («| U*r manAgi''imml Ims n^,|i»''U‘nl«*tl that, In Hi** of II* ?nowf*»''l*i<» and b»li«f, no fundi (whlih .*ic malMlal rlthei Individually or In aggregate) have he**r» advanc''d Of loaned of tn\« *it il (either Irmo In mown I hinds or sham premium or any other sourc*i or kind of funds) hy the < nmpany lo m In any oilier persnn(s) or enllty(les), Including foreign entitles ( intrimediaiies"), wilh I hr* understanding, whether recorded lo wrlilng or otherwise, that th* lnieimrdiioviilo any guarantee, sn urlly or the like on bthalf of thn Ultimate Beneficiaries;

(h) the management Iran represented, that, lo thn host of Hi knowledge and belief, no fundi (whirl* .or¹ material either Individually or In aggregate) have been received by the Company from any penon(i) or ontlty(les), Including foreign ontltlcs ("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 entitles Identified In any manner whatsoever hy or on behalf of the funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub clause (I) and (II) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as provided In (a) and (b) above, contain any material misstatement.

FOR MANISH K RAMAWATI & CO., CHARTERED ACCOUNTANTS ^{ICAI Flrm} Reg. No.: 0135914W

s/* v

yxV^{M; U/>1 /oy}y£j /^4_ CA MANISH KUMAR J V'''' PROPRIETER

Place: Kolkata Membership No.: 417886

Date: August 10, 2024 UDIN: 24417886BKBDLU6141

1

The Company does not have any pending litigation which would have Impact on Its financial position.

ii. The Company has 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. The company is not required to transfffT^ny amount to investor Education & Protection Fund.

---

Mar 31, 2023

SAGAR DIAMONDS LIMITED

Report on the audit of the Financial Statements

We have audited the accompanying financial statements of SAGAR DIAMONDS LIMITED (the "Company"),
which comprise the balance sheet as at March 31, 2023, and the statement of Profit and Loss and
statement of cash flows for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies and other explanatory information (hereinafter referred to as
''financial statements'').

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the
''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, 2023, and profit and its
cash flows for the year ended on that date.

Basis for Qualified Opinion

We draw attention to note 25 of the Statement, regarding the Management''s contention about the
recoverability of the Trade Receivables mentioned therein. We have not been able to substantiate the
Management''s contention regarding the carrying value of Trade Receivables aggregating to INR
7,56,123.47 lakh. Accordingly, we are unable to comment on the appropriateness of the carrying value
of such Trade Receivables and their consequential impact on the financial results and the financial
position of the Company as at and for the year ended March 31, 2023.

We also draw attention to show cause notice received by the Company from the Development
Commissioner, Surat Special Economic Zone, Sachin regarding non-compliance with regard to overdue
outstanding receivables, accordingly we are unable to comment on their consequential impact on the
financial position of the Company as at and for the year ended March 31, 2023.

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

Emphasis of Matter

We draw attention to Note 26 of the Statement which describes the Management''s evaluation of COVlD-
19 impact on the future performance of the Company. 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 financial statements of the current period. These matters were addressed in the context of
our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not

provide a separate opinion on these matters. We have determined the matters described below to be the
key audit matters to be communicated in our report.

Sr. No.	Key Audit Matter	Auditor''s Response
1	Existence of closing inventory and its valuation The company has recognized inventory of INR 31,525.22 Lakh at March 31, 2023. Inventories are held by company. We focused on this matter because of: a. Significance of the inventory balance. b. Complexity involved in determining valuation.	Our audit procedure for this area included: - Testing the company''s control by checking approvals over cost, selling price and inventory accounting. - Testing of valuation of inventory as per accounting standard. - We attended inventory physical count on the reporting date. We have carried out following procedure: a. Inventory sample selected and compared the quantities with book records. Difference on physical count, if any, have been verified that the same has been accounted. b. Made inquiries regarding damage, non¬ moving and obsolete inventory items. No significant exception noted on these process.
2	Receivables, Payables and Advances Yearend outstanding advances given and trade receivables carry certain risk in general which include overdue balance, entity in weaker economic / geopolitical environment, entity''s ability to pay. Advances taken and trade payable carry risk in general which include proceeds from trade receivables and advance given, to pay outstanding balances. Procedure to mitigate such risks includes element of management judgment and important to assess recoverability of advance given and trade receivable. Due to these factors we have identified testing of recoverability of trade receivables, advances and trade payable as key audit matter.	Our audit procedure for these areas included: We obtained an understanding, evaluated the design and tested operating effectiveness of controls related to customer acceptance process and the assessment of recoverability of Receivables and advances given. - Analyzed aging at yearend. - In respect to material trade receivables, payable and advance balance outstanding at March 31, 2023, we have rolled out for third party balance confirmation of which few have been received up to date of signing of financials by board of directors and for other subsequent clearance of balances has been verified on sample basis. - In respect of material balances, inspected relevant documents and correspondence with parties, wherever available. - In respect of material trade receivables, payables and advances which are past due, additional procedures we performed to evaluate the historical payment trends and assessed management''s assessment and impact considered by management. We draw attention to note 25 of the Statement for overdue receivables and resultant overdue trade payables and advances.

Information other than the financial statements and auditors'' report thereon

The Company''s management and board of directors are responsible for the preparation of the other
information. The other information comprises the information included in the Management Discussion
and Analysis, Board''s Report including Annexures to Board''s Report, Corporate Governance and
Shareholder''s Information, Business Responsibility Report but does not include the financial statements
and our auditor''s 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.

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. We are required to communicate the matters to those charged with
governance as required under SA 720 ''The auditors'' responsibilities relating to other information''.

When we read the annual report, if we conclude that there is a material misstatement of this other
information, we are required to report that fact.

Responsibility of Management and Board of Director for the Financial Statements

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

In preparing the financial statements, Management and Board of Directors are responsible for assessing
the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless 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
skepticism throughout the audit. We also:

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

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

• Conclude on the appropriateness of management and Board of Directors'' 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.

Materiality is the magnitude of misstatements in the financial statements that, individually or in
aggregate, make 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.

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 Companies Act, 2013, we

give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order,

to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best of our
knowledge and 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 as at March 31, 2023, the Statement of Profit and Loss, and the Cash Flow
Statement for the year then ended dealt with by this Report are in agreement with the books
of account;

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act and rules thereunder, as amended.

(e) On the basis of the written representations received from the directors as on March 31, 2023
taken on record by the Board of Directors, none of the directors is disqualified as on March
31, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy and the operating effectiveness of the internal financial controls
over financial reporting of the Company, refer to our separate report in "Annexure B"; and

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with
the requirements of sub-section (16) of Section 197 of the Act, as amended, we report that to
the best of our information and according to the explanations given to us, 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, in our opinion and to the best of
our information and according to the explanations given to us:

i. The Company does not have any pending litigation which would have impact on its
financial position.

ii. The Company has 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. The company is not required to transfer any amount to investor Education & Protection
Fund.

iv. (a) The management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in 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(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;

(b) The management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in aggregate) 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

(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, as provided in (a) and (b) above, contain any material
misstatement.

For AK Barman & Associates,
Chartered Accountants

ICAI Firm Reg. No. : 316190E

Sd/-

CA BARMAN ANJAN KUMAR
PARTNER
Membership No. : 052949
UDIN: 23052949BGWXZY9295

Place: Kolkata

Date: September 08, 2023