alankit ltd Auditors report

To The Members of Alankit Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone _inancial statements of Alankit Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2023, the Statement of Pro it 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 _inancial statements, including a summary of signi icant accounting policies and other explanatory information (hereinafter referred to as "standalone _inancial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid _inancial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of a airs of the Company as at March 31, 2023, and its loss including other comprehensive income, changes in equity and its cash _lows for the year ended on that date.

Basis for Opinion

We conducted our audit of the _inancial statements in accordance with the Standards on Auditing (SAs) speci ied 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 (ICAI) together with the ethical requirements that are relevant to our audit of the _inancial statements under the provisions of the Act and the Rules made there under, and we have ful illed our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is suf icient and appropriate to provide a basis for our opinion.

Emphasis of Matters

(i) We draw attention to note no. 4 of standalone _inancial statement, which describe the amortisation of Goodwill based on management assessment that no future economic bene its are expected from its use or disposal, although assessment has not been made by the Independent Valuer. Loss due to Goodwill amortisation is shown as exceptional item in the standalone pro it and loss statement.

(ii)

We draw attention to note no. 41 of the standalone inancial statement which describe that Income Tax aggregating to Rs. 17460.95 Lac for the assessment year 2010-11 to 2020-21 have been received by the company against which company has _iled appeal with the Commissioner of Appeal (Income Tax) and in the opinion of Management no liability is likely to be arise on _inalization.

Our Opinion is not modi ied due to above Emphasis of Matters.

Key Audit Matters

Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most signi icance in our audit of the _inancial statements of the current period. These matters were addressed in the context of our audit of the _inancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matters to be communicated in our report.

(i) As on 31* March 2023 carrying amount of Trade Receivables and other Current Assets had inherent uncertainty of realization (Refer Note no. 10 and 15 to the _inancial statements). Our audit procedures consisted of reviewing managements key assumptions and inputs used in computing the value of recoverable amounts.

(ii) The company has material matters under dispute which involves signi_icant judgement to determine the possible output of these disputes. (Refer Note No.38, Note No. 40 and Note no. 41 to the standalone inancial statements) . We obtained the details of disputes with their present status and documents. We made an indepth analysis of the dispute. We also considered legal procedures and other rulings in evaluating management position on these disputes to evaluate whether any changes were required to managements position on these disputes.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Annual Report, but does not include the standalone _inancial statements and our auditors report thereon. The Annual Report is expected to be made available to us after the date of this auditors report.

Our opinion on the standalone _inancial statements does not cover the other information and we will not

express any form of assurance conclusion thereon.

In connection with our audit of the standalone _inancial statements, our responsibility is to read the other information identi ied above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone _inancial statements or our knowledge obtained during the course of our audit, or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are

required to communicate the matter to those charged with governance.

Managements Responsibility for the Standalone 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 _inancial statements that give a true and fair view of the _inancial position, _inancial performance (including other comprehensive income), changes in equity and cash _lows of the Company in accordance with the accounting principles generally accepted in India, including the Indian accounting Standards (Ind AS) speci ied 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 _inancial controls, that were operating e ectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone _inancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone _inancial statements, the 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 the management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Companys _inancial reporting process.

Auditors Responsibilities for the Audit of the Standalone _inancial statements

Our objectives are to obtain reasonable assurance about whether the standalone _inancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 in luence the economic decisions of users taken on the basis of these standalone _inancial 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 risk of material misstatement of the standalone _inancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and

obtain audit evidence that is suf icient 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 _inancial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances.Under section 143(3)(i) of the Act, we are also

responsible for expressing our opinion on whether the Company has adequate internal _inancial

controls system in place and the operating e ectiveness 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 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 signi icant doubt on the Companys ability to continue 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 standalone _inancial 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 auditors 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 _inancial statements, including the disclosures, and whether the standalone _inancial 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 signi icant audit _indings, including any signi icant de iciencies 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 signi icance in the audit of the standalone _inancial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors 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 bene its of such communication

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, we give in"Annexure A" a statement on the matters speci ied in paragraphs 3 and 4 of the Order, to the extent applicable.

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

a) We have sought and obtained all the information and explanations which to the best of our

knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company

so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Pro it and Loss including Other Comprehensive Income, 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.

d) In our opinion, the aforesaid standalone _inancial statements comply with the Accounting Standards speci ied under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of the written representations received from the directors as on March 31, 2023

taken on record by the Board of Directors, none of the directors is disquali ied as on March 31, 2023 from being appointed as a director in terms of Section 164 (2)

of the Act.

f) With respect to the adequacy of the internal _inancial controls with reference to the standalone _inancial statements of the Company and the operating e ectiveness of such controls, refer to our separate Report in "Annexure B" to this report.

g) 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.

h) 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:

The Company has disclosed the impact of pending litigations on its _inancial position in its [standalone _inancial statements- Refer Note No. 38, 40 and 41 to the standalone _inancial

statements.

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

There were no amounts which were required to be transferred to the investor education and

protection fund by the company.

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 ied in any manner whatsoever by or on behalf of the Company ("Ultimate Bene iciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene iciaries;

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 ied in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Bene iciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene iciaries; c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub- clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

_ In our opinion and based on the information and explanation provided to us, the company has declared or paid dividend during the year in compliance with section 123 of the Companies

Act, 2013.

Annexure B To the Independent Auditors Report

(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements

section of our report of even date to the Members of Alankit Limited)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143

of the Companies Act, 2013 ("the Act")

Opinion

We have audited the internal _inancial controls with reference to standalone _inancial statements of Alankit Limited ("the Company") as of March 31, 2023 in conjunction with our audit of the standalone _inancial statements of the Company for the year ended on that date.

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal _inancial controls system with reference to standalone _inancial statements and such internal _inancial controls with reference to standalone _inancial statements were operating e ectively as at March 31, 2023, based on the internal control with reference to standalone _inancial statements 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.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal _inancial controls based on the internal controls with reference to standalone _inancial statements 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 _inancial controls that were operating e ectively for ensuring the orderly and ef icient 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 _inancial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal _inancial controls with

reference to standalone _inancial 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, 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 _inancial 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 _inancial controls with reference to standalone _inancial statements was established and maintained and if such controls operated e ectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal _inancial controls system with reference to standalone _inancial statements and their operating e ectiveness. Our audit of internal _inancial controls with reference to standalone _inancial statements included obtaining an understanding of internal _inancial controls with reference to standalone _inancial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating e ectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the standalone _inancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is suf icient and appropriate to provide a basis for our audit opinion on the Companys internal _inancial controls system with reference to standalone _inancial statements.

Meaning of Internal Financial Controls with reference to Standalone _inancial statements

A companys internal _inancial control with reference to standalone _inancial statements is a process designed to provide reasonable assurance regarding the reliability of _inancial reporting and the preparation of standalone _inancial statements for external purposes in accordance with generally accepted accounting principles. A companys internal inancial control with reference to standalone _inancial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re lect 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 _inancial 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 companys assets that could have a material e ect on the standalone _inancial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone _inancial

statements

Because of the inherent limitations of internal _inancial controls with reference to standalone _inancial statements, 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 _inancial controls with reference to standalone _inancial statements to future periods are subject to the risk that the internal _inancial control with reference to standalone _inancial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.