3i Infotech Ltd Auditor Reports

To the Members of

3I Infotech Limited

REPORT ON THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

Disclaimer of Opinion

We were engaged to audit the accompanying standalone Ind AS ??nancial statements of 3I INFOTECH LIMITED ("the Company”) which comprise the Balance Sheet as at March 31, 2024, the Statement of Pro??t and Loss (including Other Comprehensive Loss), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and notes to ??nancial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "the standalone Ind AS ??nancial statements").

We do not express an opinion on the accompanying standalone Ind AS ??nancial statements of the Company. Because of the signi??cance of the matter described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain suf??cient appropriate audit evidence to provide a basis for an audit opinion on these standalone Ind AS ??nancial statements.

Basis for Disclaimer of Opinion

1. As depicted in Note No. 18, the Board had set up a Legacy Committee as a Sub – Committee of the Audit Committee, to evaluate and address all long outstanding legacy related matters. After evaluating the reports of Sub Committee, the Board of Directors of the Company at its meeting held on January 31, 2024, decided to initiate Forensic Audit for legacy issues, the completion of which is still pending. In the absence of outcome of the Forensic Audit, we are unable to comment on the possible consequential effects thereof, if any, on the standalone Ind AS ??nancial statements.

2. As depicted in Note No. 5(a), the Company has carried net investment in 3i Infotech Holdings Private Limited, a wholly owned subsidiary, amounting to INR 101.04 crores in Equity Shares and INR 711.73 crores in Redeemable Preference Shares after making a loss allowance, on the basis of internal evaluation, of INR

421.70 crores in the current ??nancial year. We have not been provided the audited ??nancial statements of the subsidiary. In the absence of suf??cient and appropriate audit evidence, we are unable to comment on the management estimate for loss allowance amounting to INR 421.70 crores and recoverability of carrying value of investments in subsidiary amounting to INR 812.77 crores in the standalone Ind AS ??nancial statements.

3. As depicted in Note No. 6, 5(b) & 5(c), the Company has a net receivable balance on account of trade receivables, loans & interest of INR 76.36 crores from its various foreign subsidiaries, after making a loss allowance of INR 329.90 crores on the basis of internal evaluation in the current ??nancial year. The recoverability of the same are long outstanding. In the absence of suf??cient and appropriate audit evidence of recoverability of these balances and basis of the loss allowance, we are unable to comment on the management estimate for loss allowance amounting to INR 329.90 crores and recoverability of carrying value of net receivables amounting to INR 76.36 crores in the standalone Ind AS ??nancial statements.

4. As depicted in Note No. 4(a), the intangible assets developed amounting to INR 44.55 crores, were capitalized during the current year. However, the management has on the basis of internal evaluation made a loss allowance of INR 21.93 crores in the current ??nancial year. In the absence of suf??cient and appropriate audit evidence, we are unable to comment on the management estimate for loss allowance amounting to INR 21.93 crores and recoverability of balance carrying value amounting to INR 17.33 crores in the standalone Ind AS ??nancial statements.

5. As depicted in Note No. 18, in the current ??nancial year, the Company has presented all the legacy outstanding balances of its receivable of INR 76.36 crores, investments of INR 812.77 crores and payable of INR 1080.97 crores relating to its wholly owned subsidiaries as a single line item in the Balance Sheet of INR 191.84 crores under "Legacy related liabilities and assets." We are unable to comment on the appropriateness of the presentation of these receivables/investments and payables in the standalone Ind AS ??nancial statements.

MANAGEMENTS RESPONSIBILITY FOR THE STANDALONE IND AS FINANCIAL STATEMENTS

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone Ind AS ??nancial statements that give a true and fair view of the ??nancial position, ??nancial performance, including total comprehensive loss, changes in equity and cash ??ows of the Company in accordance with the standalone Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 ??nancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS ??nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the standalone Ind AS ??nancial statements by the directors of the company, as aforesaid.

In preparing the standalone Ind AS ??nancial statements, management is responsible for assessing the Companys 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 Companys ??nancial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS

Our responsibility is to conduct an audit of the standalone Ind AS ??nancial statements in accordance with Standards on Auditing and to issue an auditors report. However, because of the matter described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain suf??cient appropriate audit evidence to provide a basis for an audit opinion on these standalone Ind AS ??nancial statements.

We are independent of the Company in accordance with the Code of Ethics and provisions of the Act that are relevant to our audit of the standalone Ind AS ??nancial statements in India under the Act, and we have ful??lled our other ethical responsibilities in accordance with the Code of Ethics and the requirements under the Act.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of section 143 (11) of the Act, and except for the possible effects, of the matter described in the Basis for Disclaimer of Opinion section, we give in the "Annexure A", a statement on the matters speci??ed in paragraphs 3 and 4 of the Order, to the extent applicable.

2. (A) As required by Section 143(3) of the Act, based on our audit we report that:

a) As described in the Basis for Disclaimer of Opinion section, we sought but were unable to obtain all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) Due to the effects/possible effects of the matter described in the Basis for Disclaimer of Opinion section and for the matters stated in the paragraph 2(B) (vi) below on reporting under Rule 11(g), we are unable to state whether 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. We are unable to comment if the back-up of the books of account and other relevant books and papers in electronic mode has been kept on servers physically located in India on a daily basis during the period from April 01, 2023 till March 31, 2024.

c) The company has a branch of??ce, although no separate ??nancial statements are prepared by the Branch and hence section 143(8) does not apply to the company.

d) Due to the effects/possible effects of the matter described in the Basis for Disclaimer of Opinion section, we are unable to state whether the Balance Sheet, the Statement of Pro??t and Loss including Other Comprehensive loss, the Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

e) Due to the effects/possible effects of the matter described in the Basis for Disclaimer of Opinion section, we are unable to state whether the ??nancial statements comply with the Indian Accounting Standards speci??ed under section 133 of the Act read with rule 7 of the Companies (Accounts) Rules, 2014.

f) The matter described in the Basis for Disclaimer of Opinion section above, in our opinion, may have an adverse effect on the functioning of the company.

g) 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 are

INDEPENDENT AUDITORS REPORT (Contd.)

disquali??ed as on March 31, 2024, from being appointed as a director in terms of Section 164 (2) of the Act.

h) The reservation relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Disclaimer of Opinion section above.

i) With respect to adequacy of internal ??nancial controls over ??nancial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B". Our report expresses a Disclaimer of Opinion on the adequacy and operating effectiveness of the Companys internal ??nancial controls over ??nancial reporting.

j) With respect to the other matters to be included in the Auditors 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 us, the remuneration paid by the company to its directors during the year is in accordance with the provisions of section 197 of the Act.

(B) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

(i) Except for the possible effects of the matter described in the Basis for Disclaimer of opinion section, the Company has disclosed the impact of pending litigations on its ??nancial position as referred to Note No. 31 to the standalone Ind AS ??nancial statement.

(ii) Except for the possible effects of the matter described in the Basis for Disclaimer of opinion section, the Company has made provision, in the standalone Ind AS ??nancial statements as required under the applicable law or accounting standard, for material foreseeable losses if any, on long term contracts including derivative contracts.

(iii) There has been no delay in transferring amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

(iv) (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("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 identi??ed in any manner whatsoever by or on behalf of the Company ("Ultimate Bene??ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene??ciaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identi??ed in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Bene??ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene??ciaries; 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 (a) and (b) of Rule 11(e), as provided under

(a) and (b) above, contain any material misstatement.

(v) The Company has not declared or paid any dividend during the year, therefore the provisions of section 123 of the Act is not applicable.

(vi) Based on our examination which included test checks, except for the instances mentioned below, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility, however the same has not operated throughout the year for all relevant transactions recorded in the respective software but only from July 01, 2023.

Further, from July 01, 2023 where audit trail (edit log) facility was enabled and operated, we did not come across any instance of the audit trail feature being tampered with during the course of our audit.

(vii) As Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 01, 2023, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per statutory requirements for record retention is not applicable for the ??nancial year ended March 31, 2024.

For GMJ & Co Chartered Accountants FRN: 103429W

CA Madhu Jain

Partner

Place: Mumbai M. No.: 155537

Date: May 30, 2024 UDIN: 241555 37BKCR QH9743

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our report to the members

of “The Company" of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

i. In respect of the companys Property, plant and equipment and intangible assets:

a. A. The company has maintained proper records showing full particulars including quantitative details and situation of Property, Plant and Equipment and relevant details of right-of-use assets.

B. The Company has maintained proper records showing full particulars of intangible assets.

b. The Company has a program of physical veri??cation of Property, Plant and Equipment and right-of-use assets so to cover all the assets in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain Property, Plant and Equipment were due for veri??cation during the year and were physically veri??ed by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such veri??cation.

c. Based on our examination of the documents provided to us, we report that the title deeds/ agreements of immovable properties with respect to the leasehold properties at Vashi are held in the name of the Company (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) as at the balance sheet date.

d. The Company has not revalued any of its Property, Plant and Equipment (including right- of-use assets) and intangible assets during the year.

e. No proceedings have been initiated during the year or are pending against the Company as at March 31, 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

ii a. As the Company is a service company, primarily rendering software services, it did not hold any physical inventories during the year. Accordingly, paragraph 3(ii)(a) of the Order is not applicable to the Company.

b. The Company has been sanctioned working capital limits (Overdraft against FDR) in excess of INR 5 crores in aggregate from the banks on the basis of security of current assets (FDRs) but no returns ??ling is required against the same, hence reporting under clause 3(ii)(b) of the Order is not applicable. There are no limits outstanding at the year end.

iii a. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, ??rms, limited liability partnership or any other parties during the year and the Company has not provided any secured loans, to companies, ??rms, limited liability partnership or any other parties during the year. However, the Company has made investments in companies and granted unsecured loans to companies, in respect of which the requisite information is as below. The Company has not made any investments in or granted any loans, secured or unsecured, to ??rms and limited liability partnership.

(A) Based on the audit procedures carried on by us and as per the information and explanations given to us, the Company has provided unsecured loans to the subsidiaries as below:

Amount In INR Crores

Particulars	Loan Amount
Aggregate amount during the year ended March 31, 2024
Subsidiaries	1.90
Balance outstanding as at balance sheet date-March 31, 2024
Subsidiaries	42.73

b. According to the information and explanations given to us and based on the audit procedures conducted by us, in our opinion the investments made and the terms and conditions of the grant of unsecured loans are, prima facie, not prejudicial to the interest of the Company.

c. Since the company has granted unsecured loan which is either repayable on demand or without specifying any terms or period of repayment, reporting under clause 3(iii)(c) to 3(iii)(e) of the Order is not applicable.

d The Company has granted unsecured loans to related parties which is either repayable on demand or without specifying any terms or period of repayment, in respect of which the requisite information is as below. However, the company has not granted any advances in the nature of loans to related parties or loans or advances in the nature of loans to promoters either repayable on demand or without specifying any terms or period of repayment.

Amount In INR Crores

Particulars	Amount	Percentage of Total Loans
Aggregate amount granted during the year ended March 31, 2024
Subsidiaries	1.90	4.45%
Balance outstanding as at balance sheet date – March 31, 2024
Subsidiaries	42.73	100.00%

iv. In our opinion and according to the information and explanations given to us, the Company has advanced a loan in compliance with the provisions of Section 185 of the Act. It has not provided any guarantee and security. The Company has complied with the provisions of Section 186 of the Act to the extent applicable, with respect to the loans and investments made, guarantees given and security provided.

v. The Company has not accepted deposits from public within the meaning of directives issued by RBI (Reserve Bank of India) and Sections 73 to 76 or any other relevant provisions of the Act and rules framed there under.

vi. The Central Government has not prescribed the maintenance of cost records under Section 148 (1) of the Companies Act 2013, for any of the services rendered by the Company. Accordingly, paragraph 3(vi) of the Order is not applicable.

vii. In respect of statutory dues:

a. According to the information and explanations given to us and on the basis of examination of records of the Company, no undisputed amounts payable in respect of provident fund, Employees State insurance, income tax, goods and service tax, duty of customs, cess and other material statutory dues were in arrears as at March 31, 2024 for a period of more than six months from the date they became payable.

b. According to the books of accounts and records as produced and examined by us in accordance with the generally accepted auditing practices in India, as at March 31, 2024, the following are the particulars of the dues that have not been deposited on the account of dispute.

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Amount In INR Crores

Name of Statute	Nature of Demand	Period to which amount Relates	Amount of Dispute	Forum where dispute is pending
AP VAT Act, 2005 Income Tax Act 1961	Sales Tax Income Tax	Financial Year 2009-10 and 2010-11 Assessment Year 2002-03	0.68 3.65	Appellate deputy Commissioner High Court (Judicature at Bombay)
		Assessment Year 2003-04	0.58	High Court (Judicature at Bombay)
		Assessment year 2004-05	0.20	High Court (Judicature at Bombay)
		Assessment year 2006-07	41.03	High Court (Judicature at Bombay)
		Assessment year 2008-09	28.22	Income Tax Appellate Tribunal
		Assessment year 2009-10	5.04	Income Tax Appellate Tribunal
		Assessment year 2011-12	5.18	Income Tax Appellate Tribunal
		Assessment year 2013-14	14.14	Income Tax Appellate Tribunal
Finance Act, 1994	Service Tax	FY 04-05 to FY 10-11	9.68	Supreme Court
		FY 04-05 to FY 11-12	50.15	Supreme Court
		FY 2012-13	1.58	Customs Excise and Service Tax Appellate Tribunal
		Financial Year 2004-05 & 2005-06	0.16	Commissioner of Service Tax

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. a. The Company has taken loans from banks, there are no default in repayment of dues to any lender.

b. The Company has not been declared wilful defaulter by any bank or ??nancial institution or government or any government authority.

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT (Contd.)

c. The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.

d. On an overall examination of the ??nancial statements of the Company, funds raised on short- term basis have, prima facie, not been used during the year for long-term purposes by the Company.

e. On an overall examination of the ??nancial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

f. The Company has not raised any loans during the year on the pledge of securities held in subsidiaries or joint ventures and hence reporting on clause 3(ix)(f) of the Order is not applicable.

x. a. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

b. During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)

(b) of the Order is not applicable.

xi. a. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud by or on the Company by its of??cers or employees, noticed or reported during the year, nor have we been informed of such case by the management. However, the Board of Directors of the Company at its meeting held on January 31, 2024, decided to initiate Forensic Audit for legacy issues, the completion of which is still pending.

b. No report under sub-section (12) of section 143 of the Companies Act has been ??led in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year.

c. We are informed that no whistle blower complaints were received by the Company during the year.

xii. According to the information and explanations given to us, the Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Order are not applicable to the Company.

xiii. According to information and explanations given to us and based on our examination of the records of the Company, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 and details of such transactions have been disclosed in the standalone Ind AS ??nancial statements as required by Ind AS 24, Related Party Disclosures speci??ed under section 133 of the Act read with the relevant rules issued thereunder. Refer Note No. 32 to the standalone Ind AS ??nancial statements.

xiv. a. In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.

b. We have considered, the internal audit reports for the year under audit, issued to the Company in determining the nature, timing and extent of our audit procedures.

xv. According to information and explanations given to us and based on our examination of records of the Company, the company has not entered into any non- cash transactions with directors or persons connected with him. Accordingly, paragraph 3 (xv) of the Order is not applicable.

xvi. a. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a),

(b) and (c) of the Order is not applicable.

b. In our opinion, the group has no core investment company (as de??ned in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

xvii. In our opinion, and according to the information and explanations provided to us, the Company has incurred cash losses of INR 54.24 crores in the current ??nancial year and earned cash pro??t in the immediately preceding year. Unquanti??ed impact in the Basis of Disclaimer of Opinion section in audit report has not been taken into consideration for the purpose of making comments in respect of this clause.

xviii. There has been no resignation of the statutory auditors of the Company during the year.

xix. On the basis of the ??nancial ratios, ageing and expected dates of realisation of ??nancial assets and payment of ??nancial liabilities, other information accompanying the ??nancial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

xx. According to information and explanation given to us and on the basis of our examination of the records of the Company, section 135 is applicable to the company but due to past losses the liability for the expenditure does not arise and hence reporting under clause 3(xx)

(a) and (xx)(b) of the Order is not applicable for the year.

For GMJ & Co Chartered Accountants FRN: 103429W

CA Madhu Jain

Partner

Place: Mumbai M. No.: 155537

Date: May 30, 2024 UDIN: 241555 37BKCR QH9743

ANNEXURE ‘B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(i) under ‘Report on Other Legal and Regulatory Requirements section of our report to the Members of 3i Infotech Limited of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT")

We were engaged to audit the internal ??nancial controls over ??nancial reporting of "3i Infotech Limited” (“the Company") as of March 31, 2024, in conjunction with our audit of the standalone Ind AS ??nancial statements of the Company for the year ended on that date.

MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Companys management is responsible for establishing and maintaining internal ??nancial controls based on the internal control over ??nancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI). These responsibilities include the design, implementation and maintenance of adequate internal ??nancial controls that were operating effectively for ensuring the orderly and ef??cient conduct of its business, including adherence to companys 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 ??nancial information, as required under the Companies Act, 2013.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the Companys internal ??nancial controls over ??nancial 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 ??nancial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India.

Because of the matter described in the Disclaimer of

Opinion section below, we were not able to obtain suf??cient appropriate audit evidence to provide a basis for an audit opinion on internal ??nancial controls with reference to the standalone Ind AS ??nancial statements of the Company.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A companys internal ??nancial control over ??nancial reporting is a process designed to provide reasonable assurance regarding the reliability of ??nancial reporting and the preparation of standalone Ind AS ??nancial statements for external purposes in accordance with generally accepted accounting principles. A companys internal ??nancial control over ??nancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re??ect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone ??nancial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations 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 companys assets that could have a material effect on the standalone Ind AS ??nancial statements.

DISCLAIMER OF OPINION

Consequent to the matters described in the “Basis for Disclaimer of Opinion" section of our Independent Auditors Report of even date on the standalone Ind AS ??nancial statements of the Company, we are unable to determine if the Company has established adequate internal ??nancial controls with reference to ??nancial statements and whether they were operating effectively as at March 31, 2024. Accordingly, we do not express an opinion on the internal ??nancial controls with reference to ??nancial statements.

For GMJ & Co Chartered Accountants FRN: 103429W

CA Madhu Jain

Partner

Place: Mumbai M. No.: 155537

Date: May 30, 2024 UDIN: 241555 37BKCR QH9743