Ajax Engineering Ltd Auditor Reports

To the Members of Ajax Engineering Limited (formerly Ajax Engineering Pr?vate Limited)

Report on the Audit of the Financial Statements Opini?n

We have audited the accompanying financial statements of Ajax Engineering Limited (formerly Ajax Engineering Pr?vate Limited) ("the Company"), which comprise the Balance sheet as at March 31 2024, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the financial statements, including a summary of material accounting policies and other explanatory information.

In our opini?n 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 Companies Act, 2013, as amended ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principies generally accepted in India, of the State of affairs of the Company as at March 31,2024, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opini?n

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditors 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 thereunder, and we have fulf?lled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit Opini?n on the financial statements.

Other Information

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Directors report, but does not inelude the financial statements and our auditors report thereon.

Our opini?n on the financial statements does not cover the other information and we do not express any form of assurance conclusi?n thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibility of Management for the 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 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 accounting principies generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, specified under section 133 of the Act. This responsibility also ?ncludes 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 ffauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate intemal 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 ffom material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys ability to continu? 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 altemative but to do so.

Those Board of Directors are also responsible for overseeing the Companys financial reporting process. Auditors 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 auditors report that ineludes our opini?n. 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 opini?n. 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, orthe override of intemal control.

• Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(?) of the Act, we are also responsible for expressing our opini?n on whether the Company has adequate intemal financial Controls with reference to financial statements in place and the operating effectiveness of such Controls.

• Eval?ate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements 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 Companys ability to continu? as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financia! statements or, if such disclosures are inadequate, to modify our opini?n. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continu? as a going concern.

• Eval?ate 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 govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audit.

We also provide those charged with govemance 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.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 143(3) of the Act, we report, to the extent applicable, 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 opini?n, 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 except for the matters stated in the paragraph (h) and (i)(vii) below on reporting under Rule 1 l(g) of the Companies (Audit and Auditors) Rules, 2014, as amended;

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

agreement with the books of account;

(d) In our opini?n, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended, specified under section 133 of the Act;

(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 intemal financial Controls with reference to these financial statements and the operating effectiveness of such Controls, refer to our sep?rate Report in "Annexure 2" to this report;

(g) The provisions of section 197 read with Schedule V of the Act are not applicable to the Company for the year ended March 31, 2024;

(h) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph (b) above on reporting under section 143(3)(b) and paragraph (i)(vii) below on reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014, as amended;

(i) 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 opini?n and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its f?nancial position in its fmancial statements - Refer Note 33(b) to the financial statements;

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. a) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 41 to the f?nancial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 41 to the f?nancial statements, 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, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on such 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 (a) and (b) contain any material misstatement.

v. The interim dividend declared and paid by the Company during the year and until the date of this audit report ?s in accordance with section 123 of the Act.

vi. As stated in Note 14 to the f?nancial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vii. Based on our examination which included test checks, the Company has used three accounting softwares for mainta?ning its books of account which has a feature of recording audit trail (edit log) facility which was not enabled throughout the year for all relevant transactions recorded in the software, as described in Note 42 to the fmancial statements. Accordingly, we are unable to comment upon whether during the year there was any instance of audit trail feature being tampered with in respect of the accounting software.

Annexure ‘1 referred to in paragraph under the heading "Report on Other Legal and Regulatory Requirements" of our report of even date

Re: Ajax Engineering Limited (formerly Ajax Engineering Pr?vate Limited) ("the Company")

[n terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we State that:

(i) (a)(A) The Company has maintained proper records showing full particulars, including quantitative details and

situation of property, plant and equipment.

(B) The Company has maintained proper records showing full particulars of intangibles assets.

(b) All property, plant and equipment have not been physically verif?ed by the management during the year but there is a regular programme of verification which, in our opini?n, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given by the management, the title deeds of immovable properties included in property, plant and equipment (other than properties where the Company is a lessee and the lease agreements are duly executed in favour of the lessee) are held in the ?ame of the Company except for land amounting to Rs 85.56 million included in property, plant and equipment and leasehold land amounting to Rs 151.58 million included in right-to-use assets are held in the erstwhile ?ame of the Company and the Company is in the process of perfecting such title/lease deeds. Further, the property, plant and equipment inelude land amounting to Rs 7.23 million, for which the lease-cum-sale deed has expired, and the management is in discussion with the authorities for transfer of title in the ?ame of the Company. Also refer Note 4 and Note 31 to the financial statements.

(d) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets during the year ended March 31, 2024.

(e) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) The management has conducted physical verification of inventoiy including inventory lying with third

parties at reasonable intervals during the year. In our opini?n the coverage and the procedure of such verification by the management is appropriate. There were no discrepancies of 10% or more in aggregate that were noted for each class of inventory in respect of such physical verification.

(b) As disclosed in Note 15 to the financial statements, the Company has been sanctioned working capital limits in excess of Rs. five crores in aggregate from banks and financial institutions during the year on the basis of security of current assets of the Company. Based on the records examined by us in the normal course of audit of the financial statements, the quarterly retums/ statements filed by the Company with such banks and financial institutions are not in agreement with the audited/ unaudited books of accounts of the Company and the details are as follows:

Rs in million)

Period ended June 30, 2023	Valu? per books of account	Valu? per return/statement	Discrepancy*
Sales	4,024.24	4,093.50	(69.26)
September 30, 2023
Cost of goods sold	5,713.69	5,971.20	(257.51)
March 31, 2024
Sales	17,414.03	16,260.00	1,154.03
Inventors	2,118.35	2,096.72	21.63

*The discrepancies are on account of book closure related entries not being factored by the Company and certain manual errors during selection of ledgers while submitting quarterly statements to the bank.

(iii)(a) During the year, the Company has provided interest free loans to other parties (i.e., employees) as follows:

(Rs million)

Particulars	Loans
Aesrecate amount of loan granted during the \ear- Others (i.e., employees)	12.78
Balance outstandin? as at the balance sheet date- Others i i.e., emplo. ees)	6.43

Other than the above the Company has not made any investments, provided loans, advances in the nature of loans, stood guarantee or provided security to companies, f?rms, Limited Liability Partnerships or any other parties.

(b) The terms and conditions of the grant of all loans to employees during the year are, in our opini?n, prima

facie, not prejudicial to the Companys interest. Other than above, the Company has not made investments, provided guarantees, provided security and granted advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties.

(c) The Company has granted loans during the year to the employees where the schedule of repayment of

principal has been stipulated and the repayment or receipts are regular.

(d) There are no amounts of loans and advances in the nature of loans granted to companies, firms, limited liability partnerships or any other parties which are overdue for more than ninety days.

(e) There were no loans or advance in the nature of loan granted to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(e) of the Order is not applicable to the Company.

(f) The Company has not granted any loans or advances in the nature of loans, either repayable on demand or without specifying any terms or period of repayment to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(f) of the Order is not applicable to the Company.

(iv) There are no loans, investments, guarantees, and security in respect of which provisions of sections 185 and 186 of the Companies Act, 2013 are applicable and accordingly, the requirement to report on clause 3(iv) of the Order is not applicable to the Company.

(v) The Company has neither accepted any deposits from the public ?or accepted any amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the Act and the rales made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the manufacturing machine and other equipment, and are of the opini?n that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

(vii) (a) Undisputed statutory dues including goods and Service tax, provident fund, employees State insurance,

income-tax, duty of custom, cess and other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(b) There are no dues of goods and Services tax, provident fund, employees State insurance, income tax, sales-tax, Service tax, customs duty, excise duty, valu? added tax, cess, and other statutory dues which have not been deposited on account of any dispute except the following:

?ame of the statute	Nature of the dues	Amount (Rs in millions)	Amount paid under protest (Rs in millions)	Period to which the amount relates	Forum where the dispute is pending
Income Tax Act, 1961	Tax disallowance	0.98	0.98	Assessment Year (AY) 2013-14	Commissioner of Income Tax (Appeals)
		0.75	0.15	AY 2014-15
		0.03	-	AY 2016-17	Assessing Officer
		0.16	-	AY 2017-18
		0.26	0.05	AY 2018-19	Commissioner of Income Tax (Appeals)
		0.66		AY 2007-08 to 2014-15 & AY 2022-23	Assessing Officer
The Central excise Act, 1944	Excise duty	0.08	0.08	FY 2011-12 to FY 2013-14	Customs, Excise and Service Tax Appellate Tribunal
The Customs Act, 1962	Special Additional Duty	113.74	103.60	FY 2010-11 to FY 2023-24	(CESTAT)
	Custom Duty	0.61	0.05	FY 2017-18 to FY 2018-19	Commissioner of Customs (Appeals)
		0.15	-	FY 2011-12	CESTAT
The Employees Provident	Employee Deposit linked	3.33		FY 2011-12 to FY 2020-21	Assistant Commissioner
Fund Act, 1952	insurance scheme

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments underthe Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest

thereon to any lender.

(b) The Company has not been declared wilful defaulter by any bank or fmancial institution or govemment

or any govemment authority.

(c) The Company did not have any term loans outstanding during the year henee, the requirement to report on clause (ix)(c) of the Order is not applicable to the Company.

(d) On an overall examination of the financial statements of the Company, no funds raised on short-term basis have been used for long-term purposes by the Company.

(e) The Company does not have any subsidiary, associate or joint venture. Accordingly, the requirement to report on clause 3(ix)(e) and (f) of the Order is not applicable to the Company.

(x) (a) The Company has not raised any money during the year by way of initial public offer / further public

offer (including debt instruments) henee, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or pr?vate placement of shares / fully or partially or optionally convertible debentures during the year under audit and henee, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) No fraud by the Company or no fraud on the Company has been noticed or reported during the year.

(b) During the year, no report under sub-section (12) of section 143 of the Act has been filed by cost auditor or by us in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Govemment.

(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.

(xii) The Company is not a nidhi company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a) to (c) of the Order is not applicable to the Company.

(xiii) Transactions with the related parties are in compliance with sections 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the fmancial statements, as required by the applicable accounting standards. The provisions of section 177 are not applicable to the Company and accordingly the requirements to report under clause 3(xiii) of the Order insofar as it relates to section 177 of the Act is not applicable to the Company.

(xiv) (a) The Company has an intemal audit system commensurate with the size and nature of its business.

(b) The intemal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.

(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and henee requirement to report on clause 3(xv) of the Order is not applicable to the Company.

(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to

the Company. Accordingly. the requirement to report on clause (xvi)(a) of the Order is not applicable to the Company.

(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report on clause (xvi)(b) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable to the Company.

(d) There are no other companies part of the Group, henee, the requirement to report on clause 3(.\vi) of the Order is not applicable to the Company.

(xvii) The Company has not incurred any cash losses in the current and immediately preceding Financial year.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xvii?) of the Order is not applicable to the Company.

(xix) On the basis of the Financial ratios disclosed in Note 40 to the Financial statements, ageing and expected dates of realization of Financial assets and payment of Financial liabilities, other information accompanying the financial statements, 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 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 faets up to the date of the audit report and we neither give any guarantee ?or 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) (a) In respect of other than ongoing projeets, there are no unspent amounts that are required to be transferred

to a fund specified in Schedule Vil of the Companies Act (the Act), in compliance with second proviso to sub section 5 of Section 135 of the Act. This matter has been disclosed in Note 28(b) to the Financial statements.

(b) In respect of ongoing projects, the Company has transferred unspent amount to a special account, within a period of thirty days from the end of the fmancial year in compliance with sub section (6) of section 135 of the Act as disclosed in Note 28(b) to the financial statements.

Annexure 2 to the lndependent Auditors Report of even date on the financia) statements of Ajax Engineering Limited (formerly Ajax Engineering Pr?vate Limited)

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 with reference to financial statements of Ajax Engineering Limited (formerly Ajax Engineering Pr?vate Limited) ("the Company") as of March 31, 2024 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys Management ?s responsible for establishing and maintaining internal financial Controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (TCAF). These responsibilities inelude 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 the Companys policies, the safeguarding of its assets, the prevention and detection of ffauds 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 opini?n on the Companys internal financial Controls with reference to these financial statements 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, as specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial Controls, both issued by ICAI. 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 with reference to these financial statements was established and maintained and if such Controls operated effectively in all material respeets.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial Controls with reference to these financial statements and their operating effectiveness. Our audit of internal financial Controls with reference to financial statements included obtaining an understanding of internal financial Controls with reference to these financial statements, 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 auditors 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 opini?n on the Companys internal financial Controls with reference to these financial statements.

Meaning of Internal Financial Controls With Reference to these Financial Statements

A companys internal financial Controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for extemal purposes in accordance with generally accepted accounting principies. A companys internal financial Controls with reference to financial statements ineludes 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 principies, 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 companys assets that could have a material effect on the financial statements.

Inherent Limitations of Infernal Financial Controls With Reference to Financial Statements

Because ofthe inherent limitations of intemal financial Controls with reference to financial statements, including the possibility of collusion or ?mproper management override of Controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the intemal financial Controls with reference to Financial statements to future periods are subject to the risk that the intemal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteri?rate.

Opini?n

In our opini?n, the Company has, in all material respects, adequate intemal Financial Controls with reference to financial statements and such intemal financial Controls with reference to Financial statements were operating effectively as at March 31, 2024, based on the intemal control over Financial reporting criteria established by the Company considering the essential components of intemal control stated in the Guidance Note issued by the ICAI.