Alfavision Overseas (India) Ltd Auditor Reports

To,

The Members of

ALFAVISION OVERSEAS (INDIA) LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the standalone financial statements of ALFAVISION OVERSEAS (INDIA) LIMITED ("the Company"), which comprise the balance sheet as at 31 March 2025, and the statement of profit and loss (including other comprehensive income), statement of changes in equity and statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of the 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, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("Act") in the manners 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 31 March 2025, its profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statement in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) other Act. Our responsibilities under those SAs 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 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 Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 for the financial year ended 31 March,2025. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matter described below to be the key audit matter to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the standalone financial statements section of our report, including in relation to these matters. Accordingly our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

Key Audit Matter	Auditors Response
Existence and completeness of Trade Receivables and Other Advances	Principal Audit Procedures
We discussed in basis of unqualified opinion, the company has to get confirmation and made reconciliation with all respective parties on periodic basis.	Our audit procedures related to confirmation and reconciliation included the following, among others:
	We tested the effectiveness of controls relating to (1) recording of revenue and estimation of price and application controls pertaining to revenue recording.
	We selected a sample of revenue recognized during the year and verified with the necessary documents.
	We have verified the subsequent payment received and trace to the bank statements.
Allowance for credit losses	Principal Audit Procedures
The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Company considered current and anticipated future economic conditions relating to industries the Company deals with and the countries where it operates. In calculating expected credit loss, the Company has also considered credit reports and other related credit information for its customers to estimate the probability of default in future.	Our audit procedures related to the allowance for credit losses for trade receivables and unbilled revenue included the following, among others:
We identified allowance for credit losses as a key audit matter because the Company exercises Significant judgment in calculating the expected credit losses.	We tested the effectiveness of controls over the (1) development of the methodology for the allowance for credit losses, including consideration of the current and estimated future economic conditions (2) completeness and accuracy of information used in the estimation of probability of default and (3)Computation of the allowance for credit losses.
	For a sample of customers: We tested the input data such as credit reports and other credit related information used in estimating the probability of default by comparing them to external and internal sources of information.
	We tested the mathematical accuracy and computation of the allowances by using the same input data used by the Company.

Other Information

The Companys management and Board of Directors are responsible for the other information. The other informationcomprises the information included in the Companys annual report, but does not include the standalone financial statements and ourauditors report thereon.

Our opinionon the standalone financial statements does notcover the other information and we do not express any formofassurance conclusion thereon.

In connection with our audit of the standalone financialstatements, our responsibility is to read the other informationand, in doing so, consider whether the other informationis materially inconsistent with the standalone financialstatements or

our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on thework we have performed, we conclude that there is a material misstatement of this other information, we are required toreport that fact. We have nothing to report in this regard.

Responsibility of Management for the StandaloneFinancialStatements

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 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 principles generally accepted in India, including the Indian Accounting Standards (IndAS) specified under Section 133 of the Act read with [the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the 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.

In preparing the standalone financial 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 financial reporting process.

Going Concern

In preparing the standalone financial statements, managementand Board of Directors are responsible for assessing theCompanys ability to continue as a going concern, disclosing,as applicable, matters related to going concern and using thegoing concern basis of accounting unless management eitherintends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Board of Directors is also responsible for overseeing theCompanys financial reporting process.

Auditors Responsibilities for the Audit of the standalone Financial Statements

Our objectives are to obtain reasonable assurance aboutwhether the standalone financial statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes ouropinion. Reasonable assurance is a high level of assurance,but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatementof the standalone financial statements, whether due tofraud or error, design and perform audit proceduresresponsive to those risks, and obtain audit evidencethat

is sufficient and appropriate to provide a basisfor our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than forone resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, orthe override of internal control.

• Obtain an understanding of internal control relevantto the audit in order to design audit procedures that are appropriate in the circumstances. Under Sectionl43(3)(i) of the Act, we are also responsible forexpressing our opinion on whether the company hasadequate internal financial controls with referencetostandalone financial statements in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, basedon the audit evidence obtained, whether a materialuncertainty exists related to events or conditions thatmay cast significant doubt on the Companys abilityto continue as a going concern. If we conclude thata material uncertainty exists, we are required todraw attention in our auditors report to the relateddisclosures in the standalone financial statementsor,if such disclosures are inadequate, to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report.However, future events or conditions may cause theCompany to cease to continue as a going concern.

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

We communicate with those charged with govemanceregarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control that weidentify during our audit.

We also provide those charged with governance with astatement that we have complied with relevant ethicalrequirements regarding independence, and to communicatewith them all relationships and other matters that mayreasonably be thought to bear on our independence, andwhere applicable, related safeguards.

From the matters communicated with those charged withgovemance, we determine those matters that were of most significance in the audit of the standalonefinancialstatementsfor the financial year ended 31 March, 2025 and is therefore the keyaudit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosureabout 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 doingso would reasonably be expected to outweigh the publicinterest benefits 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 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, to the extent applicable.

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

a) We have sought and obtained all the informationand explanations which to the best of ourknowledge and

belief were necessary for thepurposes of our audit;

b) In our opinion, proper books of account asrequired by law have been kept by the Companyso far as it appears from our examination ofthose books;

c) The balance sheet, the statement of profit and loss (including othercomprehensive income), the statement of changes in equity and the statement of cash flows dealt with by this reportare in agreement with the books of account;

d) In our opinion, the aforesaidstandalonefinancialstatements comply with the Accounting Standardsspecifiedunder Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

e) On the basis of the written representationsreceived from the directors as on 31 March 2025 taken on record by the Board of Directors, noneof the directors is disqualified as on 31 March, 2025 from being appointed as a director in termsof Section 164(2) oftheAct;

f) With respect to the adequacy of the intemalfinancial controls with reference to standalone financialstatements of the Company and the operatingeffectiveness of such controls, refer to our separate report in "Annexure 2"to this report;

g) In our Opinion, the managerial remuneration of the year ended 31 March, 2025 has been paid/provided by the Company to its Directors the provisions of Section 197 read with Schedule V to the Act;

h) With respect to the other matters to be included in the Auditors Report in accordance with Rulel 1 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. The Company has no pending litigations therefore not required to disclosed the impact of pending litigations on its financial position in its standalone financial statements;

ii. The Company has made provision as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-termcontracts including derivative contracts.

iii. There were no amount, required to be transferred to the Investor Education and Protection Fund by the Company.

i) The Turnover of the entity is not matching with the GST Portal as some excess sales is shown on

the GST Portal which will be adjusted in 25-26 in GST Returns and same will be shown correctly in GSTR-9ofF.Y. 24-25.

iv. a. The management has represented that,to the best of its knowledge and belief, no funds have been

advanced or loaned orinvested (either from borrowed funds orshare premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity, including foreign entities ("Funding Parties"), withthe understanding, whether recorded inwriting or otherwise, that the Companyshall, whether, directly or indirectly, lendor invest in other persons or entitiesidentified in any manner whatsoever by oron behalf of the Funding Party ("UltimateBeneficiaries") or provide any guarantee, security or the like on behalf of the UltimateBeneficiaries; and

c. Based on such audit procedures that wereconsidered reasonable and appropriate inthe circumstances, nothing has come toour notice that has caused us to believe thatthe representations under sub-clause (a)and (b) contain any material misstatement.

v. The dividend declared/paid during the year and subsequent to the year-end by the Company is in compliance

with Section 123 oftheAct.

Annexure l(Referred in paragraph 1 under the heading "Report on other Legal and Regulatory Requirement" of our report of even date

(i) (a) According to the information and explanation given to us and based on the audit procedures performed by

us-

(A.) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment including right to use.

(B.) The Company has maintained proper records showing Ml particulars of intangible assets.

(b) The Company has a regular program of physical verification of its property, plant and equipment including right to use under which the assets are physically verified in a phased manner over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this program, certain property, plant and equipment including right to use were verified during the year and no material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us and based on the audit procedures performed by us, the title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favor of the lessee) disclosed in the financial statements are held in the name of the Company.

(d) According to the information and explanation given to us, 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 andrules made thereunder.

(ii) (a) According to the information and explanation given to us, the inventory has been physically verified during

the year by the management at regular intervals. In our opinion, the procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business, and no material discrepancy of 10% or more exists in the aggregate in each class of inventory.

(b) The Company is engaged in agricultural activities, but certain inventory located at the agricultural land are not being adequately maintained, and therefore same is not considered.In our opinion and according to the information and explanations given to us, no quarterly returns or statements comprising of value of closing stock of inventory, receivables and payables filed by the Company with the bank as Company has obtained term Loan from the bank where no requirement of presenting quarterly returns or statements.

(iii) During the year the Company has not provided loans to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement of clause (iii) (a) to (f) of the order is not applicable to the Company.

(iv) As per information and explanation given to us, the Company has complied with the provisions of Section 186 of the Act to the extent applicable with respect to the investment made and guarantees given, and there are no transactions covered by Section 185 ofthe Act during the year.

(v) In our opinion and as per the information and explanation given to us, the Company has not accepted any deposits from the public within the meaning of Section 73 to 76 of the Act and rules framed there under to the extent notified. Accordingly, reporting under clause 3(v) ofthe Said Order is not applicable to the Company.

(vi) We have broadly reviewed the books of accounts maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 as amended prescribed by the Central Government under Section 148(1) of the

Act in respect of products where, the maintenance of cost records has been specified, and we are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.

(vii) a. According to the information and explanation given to us, and the records of the company examined by us,

in our opinion, the Company is generally regular in depositing undisputed statutory dues relating to Provident Fund, Employees State Insurance, Income Tax, Duties of Customs, Goods and Service Tax, Cess and other material statutory dues as applicable to it with appropriate authorities. There are no undisputed statutory dues payable which are outstanding as at 31 st March, 2025 for a period of more than 6 months from the date they became payable.

b. According to the information and explanation given to us, and the records of the company examined by us,

there are no dues of Income tax, Custom duty, Goods and Service Tax, Cess, Professional tax and other statutory liabilities which have not been deposited with appropriate authorities on account of any dispute.

(viii) According to the information and explanation given to us, the Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the reporting under clause 3(viii) of the said Order is not applicable to the Company.

(ix) According to the information and explanation given to us-

a. The Company has defaulted in repayment of loans or other borrowings or in payment of interest thereon to

lender "Karnataka Bank", Further Bank has Made company account as NPA from 26.05.2023 and informed to company through letter dated 27.07.2023;

Nature of borrowing including debt securities	Name of lender	Amount unpaid on the due date	Whether interest or principal	Number of days of delay or unpaid	Auditors re marks, if any
Term Loan	Kamata kaBank	1,50,49,952.00	Same is not bifurcated by the bank	Account is NPA from 26.05.2023	1. Company account is NPA from 26.05.2023.
Term Loan	Kamata kaBank	9,46,62,699.00	Same is not bifurcated by the bank	Account is NPA from 26.05.2023	2. Further No Bifurcation is available with company of principal or Interest of Unpaid due amount as on 26.05.2023 as not provided by Bank to company.
Term Loan	Kamata kaBank	2,03,78,645.00	Same is not bifurcated by the bank	Account is NPA fro m 26.05.2023
Term Loan	Kamata kaBank	77,17,373.00	Same is not bifurcated by the bank	Account is NPA from 26.05.2023
Car Loan	Kamata kaBank	9,96,667.00	Same is not bifurcated by the bank	Account is NPA from 26.05.2023

b. The Company has not been declared a willful defaulter by any bank or financial institution or other lender;

c. The terms loans were applied only for those purpose for which they were obtained;

d. Funds raised for short-term basis were not utilized for long-term purposes;

e. The Company has subsidiary, associate or joint ventures. Accordingly, reporting under clause 3(ix)(e) of the said Order is not applicable to the Company.

f. The Company has subsidiary, associate orjoint ventures. Accordingly, reporting under clause 3(ix)(f) ofthe said Order is not applicable to the Company.

(x) (a) As per the information and explanation given to us, the Company has not raised any money through Initial /

Further Public Offer during the year. Therefore, reporting under clause 3(x)(a) of the said Order is not applicable to the Company.

(b) As per the information and explanation given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures during the year. Accordingly, reporting under clause 3(x)(b) of the said Order is not applicable to the Company.

(xi) (a) As per the information and explanation given to us, no fraud has been done by the company or on the

company during the year. Nothing was noticed and reported in this regard.

(b) As per the information and explanation given to us, No report u/s 143(12) ofthe Act has been filed inForm ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As per the information and explanation given to us, no whistle blower complaints were received by the Company during the year.

(xii) According to the information and explanations, the Company is not a NidhiCompany. Accordingly, reporting under clause 3 (xii) of the said Order is not applicable to the Company.

(xiii) 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.

(xiv)

a. In our opinion and according to the information and explanation given to us, the Companyhave an adequate internal audit system commensurate with the size and nature of its business;

b. We have not considered the internal audit reports of the Internal Auditor issued till the date of signing of our report relevant to the year under audit.

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

(xvi) According to the information and explanation given to us-

(a) The Company is not required to be registered under section 45-LA of the Reserve Bank of India Act, 1934 (2

of 1934);

(b) The Company has neither conductedany Non-Banking Financial Activity nor Housing Finance Activity;

(c) Since, the Company is not a Non-Banking Financial Company ("NBFC") as per regulation of RBI, it is also not a Core Investment Company ("CIC");

(d) In our opinion and based on the representation received by us from the management, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

(xvii) The Company has not incurred any cash losses in the current financial year as well as in the preceding financial year.

(xviii) On the basis of the financial ratios disclosed in note 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 plans of the Board of Directors and management 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 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.

(xix) According to the information and explanation given to us, the company is not required to transferred to a fund specified in Schedule VII of the Companies Act, (the Act), in compliance with second proviso to sub-section 5 of the Section 13 5 of the Companies Act. Accordingly, the reporting under clause 3(xx)(a) and (b) of the said Order is not applicable to the Company.

Annexure 2 to the Independent Auditors Report of even date on the standalone financial statements of

ALFAVISION OVERSEAS (INDIA) LIMITED for the year ended March 31, 2025

Report on the Internal Financial Controls under clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("theAct")

We have audited the internal financial controls with reference to standalone financial statements of ALFAVISION OVERSEAS (INDIA) LIMITED ("the Company") as of March 31, 2025 in conjunction with our audit of the standalone financial 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 financial controls based on the internal control with reference tostandalonefinancial 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 (TCAT). 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 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 financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone 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, 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 with reference to standalone financial statements 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 with reference tostandalonefinancial statements and their operating effectiveness. Our audit of internal financial controls with reference tostandalonefinancial statements included obtaining an understanding of internal financial controls with reference to standalone 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 judgment, including the assessment of the risks of material misstatement of the standalonefinancial 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 Companys internal financial controls system with reference tostandalonefinancial statements.

Meaning of Internal Financial Controls with reference to stand a lone financial statements

A companys internal financial control with reference tostandalonefinancial statements is a process designed to provide

reasonable assurance regarding the reliability of financial reporting and the preparation ofstandalonefinancial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference tostandalonefinancial statements 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 standalonefinancial 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 effect on the standalonefinancial statements.

Inherent Limitations of Internal Financial Controls with reference tostandalonefinancial statements

Because of the inherent limitations of internal financial controls with reference tostandalonefinancial 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 financial controls with reference to standalonefinancial statements to future periods are subj ect to the risk that the internal financial control with reference to standalonefinancial statements 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 with reference tostandalonefinancial statements and such internal financial controls with reference to standalone financial statements were operating effectively as at March 31, 2025, based on the internal control 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 byThe Institute of Chartered Accountants of India.

	For CA. S.N. Gadiya & Co. Chartered Accountants FRN: 002052C
Place: Indore	(CA. S.N. Gadiya & Co.) Proprietor
Date: May 30,2025	M No: 071229
UDIN: 25071229BMIGYG9398