ఆడిటర్ నివేదిక Tiaan Consumer Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statements of TIAAN CONSUMER
LIMITED ("the Company”), which comprise the balance sheet as at March 31, 2025, and the
statement of profit and loss (including other comprehensive income), the statement of
changes in equity and the statement of cash flows for the year then ended, and notes to the
standalone financial statements, including a summary of material accounting policies and
other explanatory information.

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid standalone financial statements give the information required by the
Companies Act, 2013 ("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
(Ind AS) and other accounting principles generally accepted in India, of the state of affairs of
the Company as at 31 March 2025, and its Profit and total comprehensive income, changes
in equity and its cash flows for the year ended on that date, subject to the fact that trade
receivables amounting to Rs. 3.20 crores are doubtful of recovery and thus required
provision should have been made by the company. The company should have prepared a
financial statements in compliance with IND AS as prescribed, which may significantly
affects the financial statements of the company.

Basis for opinion

We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor’s Responsibilities for the Audit of
the 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 ("the 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 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 opinion on the
standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current period. These
matters were addressed in the context of our audit of the standalone financial statements as
a whole, and in forming our opinion thereon, 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 Matters	Auditor''s Response
Loan borrowed The company is mainly a CIC company and had borrowed Inter-corporate deposits. For the year ended March 31, 2025 the Company had balance of borrowed loans at '' 2,50,000.00 lacs. There is variety of terms that define contract of loan where terms of loans, such as repayment schedule, Rate of Interest, securities associated, overdues if any etc. This area was of most significance in our audit due to the magnitude of amount involved and there conversion of the same to equity capital. Accordingly, due to the significant risk associated in accordance with terms of applicable AS, it was determined to be a key audit matter in our audit of the standalone financial statements.	Our audit procedures included the following: • Considered Company''s loan policy and its compliance. • Assessed the design and tested the operating effectiveness of internal controls related to loans. • Performed sample tests of individual transaction and other related documents. Further, in respect of the samples tested we checked that the loans has been taken as per the policy. • Selected sample of loans obtained and checked the documents. • We checked the documents related to valuation of the loans where such loans converted to Equity Capital • Obtained few balance confirmations as at the year end to evaluate loans. • We checked the Shareholders List maintained by RTA.
Loan advanced The company is mainly a CIC company and had advanced Inter-corporate deposits. For the year ended March 31, 2025 the Company had balance of loans and advances to the tune of '' 1,47,804.47 lacs. There is variety of terms that define contract of loan where terms of loans, such as repayment schedule, Rate of Interest, securities associated, overdues if any etc. This area was of most significance in our audit due to the magnitude of amount involved and there conversion of the same to equity capital. Accordingly, due to the significant risk associated in accordance with terms of applicable AS, it was determined to be a key audit matter in our audit of the standalone financial statements.	Our audit procedures included the following: • Considered Company''s loan policy and its compliance. • Assessed the design and tested the operating effectiveness of internal controls related to loans. • Performed sample tests of individual transaction and other related documents. Further, in respect of the samples tested we checked that the loans has been advanced as per the policy. • Selected sample of loans extended and checked the documents. • We checked the documents related to valuation of the loans where such loans converted to Equity Capital • Obtained few balance confirmations as at the year end to evaluate loans. • We checked the Demat Statement issued by depositories.

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

The Company’s board of directors is responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion
and Analysis, Board’s Report including Annexures to Board’s Report, Business
Responsibility and Sustainability Report, Corporate Governance and Shareholder’s
Information, 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.

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 on in
this regard.

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

1.1 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, total comprehensive income, changes in equity and cash flows of the
Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards specified under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the standalone financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

1.2 In preparing the standalone financial statements, the Management and Board of
Directors are responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do
so.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

• 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.

• Obtain an understanding of internal financial control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the 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 the Management.

• Conclude on the appropriateness of the 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 material
uncertainty exists, we are required to draw attention in our Auditor’s Report to the related
disclosures in the standalone financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

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

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.

The previously issued standalone financial statements were audited by the predecessor
auditor whose report for the year ended 31 March 2024 issued on 28 November 2024
expressed an unmodified opinion on those standalone financial statements were also
prepared without complying to companies (Accounting Standard) rules 2021 to comply with
Ind As.

Report on other legal and regulatory requirements

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

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 my examination of those books.

(c) The company does not have any branch office.

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

(e) In our opinion, the aforesaid standalone financial statements does not comply with
the Indian Accounting Standards specified under Section 133 of the Act.

(f) There is no uncertainty regarding the going concern the status of company.

(g) On the basis of the written representations received from the directors as on March
31, 2025 taken on record by the board of directors, none of the directors are
disqualified as on March 31, 2025 from being appointed as a director in terms of
Section 164 (2) of the Act;

(h) The accounting and statutory records are being maintained at the registered office of
the company.

(i) With respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refer to our
separate report in “Annexure B”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company’s internal financial controls
over financial reporting;

(j) With respect to the other matters to be included in the Auditor’s Report in accordance
with the requirements of section 197 (16) of the Act, as amended, in our opinion and
to the best of our information and according to the explanations given to our, no
remuneration paid by the Company to its directors during the year.

(k) With respect to the other matters to be included in the Auditor’s Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and
to the best of our information and according to the explanations given to our;

a. The Company does not have any pending litigations which would impact on its
financial position.

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

c. The company was not required to transfer any amount during the year to the
Investor Education and Protection Fund by the Company.

d. (a) The Management has represented that, to the best of it’s knowledge and
belief, no funds have been advanced or loaned or invested 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, 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 it’s knowledge and
belief, no funds have been received by the Company from any person(s) or
entity(ies), including foreign entities ("Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the Company shall, 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 performed 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(e), as provided under (a) and (b) above, contain any material
misstatement subject to the fact that no that some expenses have been booked
on cash basis .

e. The Company has not declared or paid any dividend during the year and has not
proposed a final dividend during the year.

f. The company has not provided for Income Tax of Rs.537240 during the year.

g. With respect to the proviso to rule 3 sub section 1 of companies (Accounts) rules
2014, the company did not maintain the accounting software which has a feature
of recording of audit trail of each and every transaction, creating and edit log of
each change made in the books of accounts along with the date when such
changes were made and ensuring that the audit trail cannot be disabled.

For VRSK & ASSOCIATES (Firm’s Registration No. 011199N)

Chartered Accountants

Sd/-

CA VINEET GUPTA (Membership No.089823)

Partner

New Delhi, May 29, 2025

UDIN: 25089823BMIIVK7117

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Mar 31, 2024

We have audited the Standalone financial statements of Tiaan Consumer Limited ("the
Company"), which comprise the balance sheet as at March 31,2024, and the statement of
profit and loss (including other comprehensive income), the statement of changes in
equity and the statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of 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 possible effects of the matter described in the Basis for Qualified
Opinion paragraph, the aforesaid standalone financial statements give the information
required by the Act in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India of the state of affairs of the
Company as at 31st March 2024, and its profit/loss Rs. (31,15,611) and its cash flows for
the year ended on that date:

Basis for Qualified opinion

The Company has Capital Work in Progress for Rs.75,00,000/- in previous financial year
and they write off the whole Capital Work in Progress of Rs.75,00,000/- during current
financial year. However, Company is unable to explain the nature of Capital Work in
Progress and also unable to provide any conclusive evidence for this Capital Work in
Progress writing of. In the Auditor judgement this write off could be Material but not in
Pervasive in nature.

The Company''s inventories are carried in the Balance sheet as at 31-03-2024
Rs.3,42,03,000.

Management has not stated the inventories at the lower of cost and net realizable value
but has stated them solely at cost (thoroughly management has stated inventories at
same cost since previous year till following current year), which

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constitute a departure from the Accounting Standard prescribed under section 133
of the Companies Act, 2013.

The Company''s record indicates that, had management stated the inventories at the
lower of cost and net releasable value, however their net releasable value is doubtful
in auditor''s conviction & it would have been required to write the inventories down
to their net releasable value. Accordingly, cost of sales would have been increased
by write down value, and income tax, net income and shareholder''s fund would have
been reduced accordingly.

The Company has purchased a share of Prism Security Pvt Ltd. for Rs. 6,00,00,000/-
from Victory Software Pvt Ltd on partly payment & partly credit basis, however
management is unable to provide the sufficient audit evidence for purchase ofshare.
Company is unable to provide Purchase agreement of share from Victory Software
to verify the agreement and their terms & condition to pay the Victory Software
against these share purchase.

Also Company doesn''t have any board resolution for the utilization of fund into this
invest of share or purchase these shares from Victory Software Pvt Ltd
Such kind of Investment and utilization purpose of Investment and management
prerequisites are not found up to ours convition.

We conducted our audit in accordance with the standards on auditing 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 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
however, there is some audit evidence which is not provided by the management and
it could be Material but not Pervasive in nature, provide a basis for our qualified
opinion.

In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
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 31st March 2024, its profit/loss statement and its cash flows
statement for the year ended on that date.

Key audit matters (of Delhi p)

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 informing our opinion thereon, and we do not provide a separate opinion
on these matters. In addition to the matter described in the Basis for Opinion section
we have determined the matters described below to be the key audit matters to be
communicated in our report.

In context of the Audit of the Financial Statements, it has been noticed that,

1. An order has been given by National Company Law Tribunal, Ahmedabad,
Division Bench, Courtl dated 11-10-2023. Order under Section 7IBC in the
matter of Mekaster Finlease Ltd (Applicant) V/s Tiaan Consumer Ltd
(Respondent).

a. The application is filed on 19-06-2023 by the Applicant- Mekaster Finlease
Ltd. (hereinafter referred to as " the Financial Creditor") against the
Respondent -M/s Tiaan Consumer Limited (hereinafter referred to as " the
Corporate Debtor") under section 7 of the Insolvency and Bankruptcy
Code,2016(hereinafter referred to as "IBC,2016”) read with Rule 4 of the
Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,
2016 for initiation of Corporate Insolvency Resolution Process (CIRP) against
the Respondent/Corporate Debtor, to appoint Interim Resolution Professional
(hereinafter referred to as "IRP”) and declare the moratorium for making
defaulted in payment of its outstanding dues Rs. 1,55,31,200/-. Including
interest

b. It is stated that the rate of interest agreed between the parties was 12% p.a.
at the monthly rates and a penal interest of 12% over and above the interest
rate for defaulted amount for the defaulted period.

c. It is stated that the Corporate Debtor defaulted in repayment of the loan and
loan recall notice was issued on 18/03/2023 by the financial creditor.

d. In view of the facts as stated supra and also in view of the financial debt'' is
proved by the Financial Creditor and the ''default'' being committed on the part
of the Corporate Debtor of an amount of more than Rs.1 crore, this Tribunal
is left with no other option than to proceed with the present case and initiate
the Corporate Insolvency Resolution Process in relation to the Corporate
Debtor.

2. Accordingly, in light of the above facts and circumstances, it is, hereby order
as under-

a. The Respondent/Corporate Debtor Tiaan Consumer Limited is admitted in
Corporate Insolvency Resolution Process (CIRP) under section 7 of the Code.

b. As a consequence, thereof moratorium under Section 14 of Insolvency and
Bankruptcy Code, 2016 is declared for prohibiting all of the following in terms
of Section 14(1) of the Code.

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(of Delhi Pi

• The institution of suits or continuation of pending suits or proceedings
against the Corporate Debtor including execution of any judgement,
decree or order in any court of law, tribunal, arbitration panel or other
authority.

• Transferring, encumbering, alienating or disposing of by the
Corporate Debtor any of its assets or any legal right or beneficial
interest therein;

• Any action to foreclosure, recover or enforce any security interest
created by the Corporate Debtor in respect of its property including
any action under the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act,2022;

• The recovery of any property by an owner or lessor where such
property is occupied by or in the possession of the Corporate Debtor.

• The provision of sub section (1) shall however, not apply to such
transactions, agreements as may be notified by the Central
Government in conclusion with any financial sector regulator and to a
surety in a contract of guarantee to a Corporate Debtor.

3. Tiaan Consumer Ltd. is a Manufacturer and Trader of Herbal/Ayurveda
Product''s however; company doesn’t have any Fixed Assets for FY- 2023-24

4. In previous year Audited Financials we have found that Depreciation on Fixed
Assets not calculated/claimed appropriately depreciation on fixed assets is
excess/short claimed and management is also unable to provide the basis of
providing such inappropriate depreciation.

Particulars	Gross Block as of 31-Mar-2023	Depreciation Charged During the Year	Excess/short Depreciation claimed
Building	42,93,031	43,75,830	(82799)
Computer	27,170	16,302	10,868
Furniture & Fixture	85,632	13,701	71,931
Electric Installation	-	-
Total	44,05,833	44,05,833	82,799

5. Company doesn''t have new manufacturing or any inward of Raw material for
manufacturing and trading during the year.

6. Company doesn''t have any new purchase order from any vendor during the
year.

7. Company has Closing balance of Rs.80,84,999/- however, Company has
received from creditor (Loan or Advance from Vendor) itself is Rs.86,67,625/-
which indicates company doesn’t have any operational revenue, source of
fund (bank balance) is amount received from creditor.

8. Company has purchased a security of Prism Security Private Limited for
Rs.6,00,00,000 from Victory Software Private limited as of 12-05-2023 on

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credit basis and pay partly amount for Rs.3,54,75,000 to the Victory Software
Private Limited during the month of August,2023, and remaining amount of
2,45,25,000 is still payable to Victory Software Private Limited.

Other Matter Paragraph

Other Matter paragraphs, on the other hand, refer to issues that are not presented
or disclosed in the financial statements but are relevant to the users'' understanding
of the audit, the auditor’s responsibilities, or the auditor''s report These paragraphs
provide additional context and clarity, ensuring that users have a holistic
understanding of the financial reporting and auditing process.

1. The Company do not maintain their books of account in updated
accounting software.

As per The Ministry of Corporate Affairs (Companies Accounts Amendment
Rule,2021) mandating that companies using accounting software must choose
platforms equipped with a feature recording an audit trail for every transaction.
The updated audit trail rule in accounting software is implemented from
April01,2023.

2. Segment Reporting _ Indian Standard

The Institute of Chartered Accountants of India has issued AS-17 on
"Segment Reporting"(corresponding international accounting standard
being IAS-14) effective from 1-4-2001. The standard is mandatory for
enterprises whose equity or debt securities are listed on a recognised
stock exchange in India and for enterprises that are in the process of
issuing equity or debt securities that will be listed on a recognised stock
exchanging in India. It is also mandatory for enterprises having a turnover
of over Rs.50 crores in an accounting period. For other entities, it is
recommendatory.

Company''s business activity falls within two primary/secondary
business segment viz Finance Activity and dealing in share and
securities. However, company do not disclose their segment reporting in
their financials and notes to accounts.

Disclosure requirements ofAS-17

According to AS-17, segment reporting should cover 75% or more of the total
revenue of the enterprise. The segments could be business segment or geographic
segments. The information can also be presented in a matrix form.

Following disclosures should be made by reporting enterprise: ff/

[of Delht H

An enterprise should disclose segment revenue for each reportable segment
Segment revenue from sales to external customers and segment revenue from
transaction with other segments should be separately reported.

An enterprise should disclose segment result for each reportable segment and
segment liabilities for each reportable segment It should also disclose the total
cost incurred during the period to acquire segment assets that are expected to be
used during more than one period (fixed assets, and intangible assets) for each
reportable segment

An enterprise should disclose in the segment result the total amount of
depreciation and amortisation in respect of segment assets for the period for each
reportable segment

For the purpose of reporting segment revenue from transactions with other
segments, inter-segment transfers should be priced. The basis of pricing inter¬
segment transfers and any change therein should be disclosed in the financial
statements.

Changes in accounting policies adopted for segment reporting that have a material
effect on segment information should be disclosed. Such disclosure should include a
description of the nature of the change, and the financial effect of the change, if it
is reasonably determinable.

An enterprise should indicate the types of products and services included in each
reported business segment and indicate the composition of each reported
geographical segment, if not otherwise disclosed in the financial statements or
elsewhere in the financial report

3. Financial Ratio Disclosure

As per companies Act,2013 every company shall disclose all those ratios which
are prescribed and shall explain the items in numerator and denominator for
computing the above ratios. Moreover, if any change in the ratio is more than
25% as compared to the preceding year then the explanation for the same shall
be provided.

• Current Ratio

• Debt- Equity Ratio

• Debt Service Coverage Ratio

• Return on Equity Ratio

• Inventory Turnover Ratio

(of Delhi

JJ

• Trade Receivable Turnover Ratio

• Trade Payable Turnover Ratio

• Net Capital Turnover Ratio

• Net Profit Ratio

• Return on Capital Employed

• Return on Investment

However, Management doesn''t disclose their financial ratios in their financials or
their Notes to Accounts.

4. Comparative Information -Corresponding Figures and Comparative
Financial Statements.

• Prior period Financial Statements Audited by a Predecessor Auditor
(M/s Mehul M Shah & Co, Proprietor CA Mehul Shah)

• The Predecessor Auditor was expressed an Unmodified Opinion.

• Date of Audit Report is 28^th April, 2023.

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

The Company''s board of directors is responsible for the preparation of the other
information. The other information comprises the Information included in the
Management Discussion and Analysis, Board''s Report including Annexures to
Board''s Report, Business Responsibility Report, Corporate Governance and
Shareholder''s Information, 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.

If, based on the work we have performed, we conclude that there is a material
misstatement of this other information; we are required to report that fact We have
nothing to report in this regard.

Management’s responsibility for the financial statements

A

The Company''s board of directors is responsible for the matters stated in section 134
(5) of the Act with respect to the preparation of these financial statements that give
a true and fair view of the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the Company in
accordance with the Indian Accounting Standards (Ind AS) prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015
and Companies (Indian Accounting Standards) Rules, 2016, as amended from time
to time, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the financial 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 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.

The boards 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

• 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

As required by the Companies (Auditor''s Report) Order, 2016 ("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 Annexure "A* a statement on the matters specified
in paragraphs 3 and 4 of the Order.

j4s 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 my examination of those books;

(c) The balance sheet, the statement of profit and loss, and the cashflow statement
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, read with rule 7 of the Companies
(Accounts) Rules, 2014;

(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 164(2) of the Act;

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

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

to our, [he remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act; and

(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 our;

a. The Company does not have any pending litigations which would impact its
financial position;

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

c. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company

For GSA & ASSOCIATES LLP
(Chartered Accountants)

Firm RegnAlo: 00025

CA. MXrflNDMlt TIWARI^s^^M

(PARTNER) 1

M. NO: 501419/ N500339

PLACE: NEW DELHI
DATE: 28-11-2024

---

Mar 31, 2018

Report on the Financial Statements for the F.Y. 2017-18

We have audited the accompanying financial statements of Tiaan Ayurvedic & Herbs Limited (“the Company”), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss, the Cash Flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

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 Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these 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 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.

Auditor’s Responsibility

Our responsibility is to express a reasonable opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2018; and

b) in the case of the Profit and Loss Account and the statement of Cash Flow for the year ended on March 31, 2018;

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order 2016 (‘the order’) issued by Central Government of India in terms of subsection (11) of section 143 of the Act, we enclose in the “Annexure 1” a statement on the matters specified in paragraphs 3 & 4 of the said order, to extent applicable.

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

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

b) 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 statement of Cash Flow 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, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) In our opinion there are no observations or comments on the financial, which 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, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.

g) With respect to the adequacy of the Internal Financial Controls over financial reporting of the Company and the operatmg effectiveness of such contro|s, we give our separate Report in “Annexure 2”

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 litigations which would impact its financial position.

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

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

IV. The disclosure regarding details of specified bank notes held and transacted during 8 November, 2016 to 30 December 2016 has not been made since the requirement does not pertain to financial year ended 31st March, 2018.

“ANNEXURE 1” TO THE INDEPENDENT AUDITOR’S REPORT

In terms of the information and explanations sought by us and given by the company and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that: -

1) a) The Company has a regular program of physical verification of its fixed assets by which all the fixed assets are verified in a phased manner over a period of two years. In our opinion, the periodicity of physical verification is a reasonable having regards to the size of the Company and nature of its assets. Pursuant to the program a portion of the fixed assets has been physically verified by the management, during the year and no material discrepancies have been notice on such verification.

b) According to the information and explanations received by us, and on the basis of our examination of the records of the company, the title deeds of immovable properties as disclosed in the Note E to the financial statement of the Company.

2) Physical verification of inventory has been conducted by the management at reasonable intervals as required under clause 3(ii).

3) The Company has not granted loans, secured or unsecured to any companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Hence the reporting requirement under clause (iii) of the said order does not arise.

4) Based on our scrutiny of the Company’s records and according to the information and explanations received by us from the management, we are of the opinion that in respect of loans and guarantees given, investments made, and securities purchased by the company, the provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.

5) In our opinion and according to information and explanations given to us, the Company has not accepted any deposits from the public and hence the reporting requirement under clause (v) of the said order does not arise.

6) Being a trading company having turnover below prescribe limit, the provisions of section 148(1) of the Act with regard to the maintenance of cost records are not applicable to the Company.

7) a) Based on our scrutiny of the Company’s Book of Account and other records and according to the information and explanations received by us from the management, we are of the opinion that the company is regular in depositing with appropriate authorities undisputed statutory dues applicable to it and no undisputed amounts payable in respect of any statutory dues were outstanding as at 31st March, 2018 for a period of more than six months from the date they became payable.

b) According to the records of the company and the information and explanations received by us from the management, there are no disputed statutory dues outstanding in the name of the company.

8) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion, the company has not defaulted in repayment of dues to a financial institution, bank, Government or dues to debenture holders.

9) According to the records of the company, the company has neither raised any moneys by way of Initial Public Offer or Further Public Offer (including debt instrument) nor has the company raised any term loans during the Financial Year start from 01/04/2017 to 31/03/2018. Hence, in our opinion the reporting requirement under clause (ix) of the said order does not arise.

10) Based upon the audit procedures performed and according to the information and explanations given to us, no fraud by the company or any fraud on the company by its officers or employees has been noticed or reported during the course of our audit, that causes the financial statements to be materially misstated.

11) According to the records of the company, Managerial remuneration has been paid or provided during the year under audit is within the limit of provision of companies act, 2013.

12) In our opinion and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is not a Nidhi Company. Hence, in our opinion the reporting requirement under clause (xii) of the said order does not arise.

13) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

14) Based on our scrutiny of the Company’s Book of Account and other records and according to the information and explanations received by us from the management, we are of the opinion that the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Hence, the reporting requirement under clause (xiv) of the said order does not arise.

15) Based on our scrutiny of the Company’s Book of Account and other records and according to the information and explanations received by us from the management, we are of the opinion that the company has not entered into any non-cash transactions with its directors or persons connected with him. Hence, the reporting requirement under clause (xv) of the said order does not arise.

ANNEXURE 2” TO THE INDEPENDENT AUDITOR’S REPORT

( Referred to in paragraph (2)g under ‘ Report on Other Legal and Regulatory Requirements ‘ in our Independent Auditor’s Report of even date , to the members of the Company on the Financial statements for the year ended 31st March ,2018).

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of the Company as of Tiaan Ayurvedic & Herbs Limited 31st March, 2018 in conjunction with our audit of the financial statement of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018.

For Mehul M Shah & Co.

Chartered Accountants

Mehul Shah

Date: 24th May, 2018 Proprietor

Place: Vadodara M. No. 044044

FR No 141907W