ANI Integrated Services Ltd Auditor Reports

TO,

THE MEMBERS OF ANI INTEGRATED SERVICES LIMITED

Report on the Audit of the Standalone Financial Statements

1. Opinion

We have audited the standalone financial statements of ANI INTEGRATED SERVICES LIMITED ("the Company"),

which comprise the balance sheet as at 31 March 2025, and the statement of Pro t and Loss, and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounng policies and other explanatory informaon. (hereinaKer referred to as the "standalone financial statements.")

In our opinion and to the best of our informaon and according to the explanaons given to us, the aforesaid Standalone financial statements give the informaon required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounng principles generally accepted in India, of the state of a airs of the Company as at March 31, 2025, and its profit and its cash flows for the year ended on that date.

2. Basic of Opinion

We conducted our audit in accordance with the Standards on Auding (SAs) specified under secon 143(10) of the Companies Act, 2013. Our responsibiliCes under those Standards are further described in the Auditors Responsibilies for the Audit of the standalone Financial Statements secon of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Instut e 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 Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilies 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.

3. Key Audit MaKers

Key audit maIers are those maIers that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These maIers 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 maIers. We have determined the maIers described below to be the key audit maIers to be communicated in our report.

Key Audit MaKers	Auditors Responses
1. Recognion and measurement of revenues of ongoing contracts:	Principal Audit Procedures:
The recognion and measurement of revenues of ongoing contracts and revenue which is unbilled involves certain key judgments relaCng to measurement, documentaon and cer c aon of such measurements, idenC caCon of milestones and compliance related obligaons.	Our audit approach was a combinaon of test of internal controls and substanCve procedures which included the following:
	Evaluated the design of internal controls relaCng to recording of revenues at each period end as per contract terms.
	Selected a sample of contracts and through inspecon of evidence of performance of these controls, tested the operang e ecv eness of the internal controls relang to iden c aon and recognion of revenues.
	Reviewed a sample of contracts with unbilled revenues to idenCfy appropriateness of revenue recogniCon as compared to the cer ed documentaon by customers. Performed analyc al procedures and test of details for reasonableness of recogniCon of revenues and its corresponding costs.

4. Informaon Other than the Financial St atements and Auditors Report thereon

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

Our opinion on the financial statements does not cover the other informaon and we do not express any form of

assurance conclusion thereon.

In connecon with our audit of the financial statements, our responsibility is to read the other informaon and, in doing so, consider whether the other informaon is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other

informaon, we are required to report this fact. We have nothing to report in this regard.

5. Responsibilies of Manag ement for Standalone Financial Statements

The Companys Board of Directors is responsible for the maIers stated in secon 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparaon of these standalone financial statements that give a true and fair view of the financial posion, financial performance, and cash flows of the Company in accordance with the accounng principles generally accepted in India, including the accounng standards specified under Secon 133 of the Act. This responsibility also includes maintenance of adequate accounng records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for prevenng and detecng frauds and other irregularies; selecon and applic aon of appr opriate accounng policies; making judgmen ts and esma tes that are reasonable and prudent; and design, implementaon and maintenance of adequate internal financial controls, that were operang e ecv ely for ensuring the accuracy and completeness of the accounng records, relevant to the preparaon and presentaon 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 connue as a going concern, disclosing, as applicable, maIers related to going concern and using the going concern basis of accounng unless management either intends to liquidate the Company or to cease operaons, or has no realisc alternav e but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporng process.

6. Auditors Responsibilies f or the Audit of the Standalone Financial Statements

Our objecv es are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepcism

throughout the audit. We also:

Idenfy and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecng a material misstatement resulng from fraud is higher than for one resulng from error, as fraud may involve collusion, forgery, intenonal omissions, misrepresentaons, or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under secon 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operang e ecv eness of such controls.

Evaluate the appropriateness of accounng policies used and the reasonableness of accounng esma tes and

related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of accounng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast significant doubt on the Companys ability to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw aIenon in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or condions may cause the Company to cease to connue as a going concern.

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

We communicate with those charged with governance regarding, among other maIers, the planned scope and ming of the audit and significant audit ndings, including any significant deficiencies in internal control that we idenfy 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 relaonships and other maIers that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the maIers communicated with those charged with governance, we determine those maIers that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit maIers. We describe these maIers in our auditors report unless law or regulaon precludes public disclosure about the maIer or when, in extremely rare circumstances, we determine that a maIer should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communicaon.

7. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-secon (11) of secon 143 of the Companies Act, 2013, we give in the "Annexure B" to this report a statement on the maIers specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Secon 143(3) of the Act, we report that:

a) We have sought and obtained all the informaon and explanaons 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 examinaon of those books.

c) The Balance Sheet, the Statement of Pro t and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounng Standards specified under Secon 133 of the Act.

st

e) On the basis of the wri en representaons received from the directors as on 31 March, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a director in

terms of Secon 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporng of the Compan y and the operang e ecv eness of such controls, refer to our separate Report in "Annexure A". Our report expresses an

unmodi ed opinion on the adequacy and operang e ecv eness of the Companys internal financial controls

over financial reporng.

g) With respect to the other maIers to be included in the Auditors Report in accordance with the requirements of Secon 197(16) of the Act, as amended, in our opinion and to the best of our informaon and according to the

explanaons given to us, the remuneraon paid by the Company to its directors during the year is in accordance with

the provisions of Secon 197 of the Act.

h) With respect to the other maIers 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 informaon and according to the

explanaons given to us:

i) The Company has disclosed the impact of pending lig aons on its financial posion in its standalone nancial

statements

The Company did not have any long-term contracts including derivav e contracts for which there were any ii) material foreseeable losses.

iii) There are no amounts required to be transferred, to the Investor Educaon and Protecon 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 enty , including foreign enty ("Intermediaries"), with the understanding, whether recorded in wring or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of the Company ("Ulma te Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulma te 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 enty , including foreign enty ("Funding Pares"), with the understanding, whether recorded in wring or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or en Ces iden ed in any manner whatsoever by or on behalf of the Funding Party ("UlCmate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulma te Bene ciaries;

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our noce that has caused us to believe that the representaons under sub-clause (i) and (ii) 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 or for the financial year and hence reporng under

Rule 11(f) is not applicable.

vi) Based on our examinaon, which includes test checks, the Company has used accounng sow are for maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transacons recorded in the sow are. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retenon.

For M/s. Shah and Modi,

Chartered Accountants

FRN: 112426W

Sd/-

Himanshu T. Chheda

Partner

M. No. 114598

Date: 19/05/2025

Place: Thane

UDIN: 25114598BMIPXY6576

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

Report under The Companies (Auditors Report) Order, 2020 (CARO 2020) for the year ended on 31 March, 2025

To,

The Members of ANI INTEGRATED SERVICES LIMITED,

In terms of the informaon and explanaons 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) In respect of the Companys Property, Plant and Equipment and Intangible Assets:

a) i) The Company has maintained proper records showing full parcular s, including quant av e details and

situaon of Property, Plant and Equipment and relevant details of right-of-use assets.

ii) The Company has maintained proper records showing full parcular s of intangible assets.

b) The Company has a regular programme of physical veri caon of its Property, Plant and Equipment and right-of-use assets, by which all assets are veri ed in a phased manner over a period of three years. In our opinion, this periodicity of physical veri caon is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, certain Property, Plant and Equipment and right-of-use assets were physically veri ed during the year and no material discrepancies were noced on such veri caon.

c) There are no immovable properes (other than properes where the company is the lessee and the lease

agreements are duly executed in favour of the lessee) disclosed in the financial statements.

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 inia ted during the year or are pending against the Company as at March 31, 2025 for holding any benami property under the Benami Transacons (Prohibion) Act, 1988 (as amended in 2016) and rules made there under.

ii) a) The Company does not have any inventory and hence reporng under clause (ii)(a) of the Order is not applicable.

b) According to the informaon and explanaons given to us, the Company has been sanconed working capital limits in excess of Rs. 500 Lakhs, in aggregate from banks on the basis of security of current assets. In our

opinion and according to the informaon and explanaons given to us, the quarterly returns or statements comprising book debt statements and statements on ageing analysis of the debtors led by the Company with such banks are in agreement with the unaudited books of account of the Company of the respecv e quarters.

iii) According to the informaon and explanaon given to us, the company during the year, has not made any investments in, not given any guarantee or security to LLPs, rms or companies or any other person. The company has

granted loans or advances which are characterized as loans to its Subsidiary ANI Integrated Services Middle east

FZE.

a) The company has provided loan and advances to its subsidiary the details of which are menoned below:

Parcular s	Loans ( In Lakhs)
Aggregate amount granted/ provided during the year	NIL
Balance outstanding at Balance sheet date in respect of loan	117.23

b) The investments made, guarantees provided and the terms and condions of the grant of all the above-menoned loans and advance in the nature of loan (including receivable in nature of loan), during the year are,

in our opinion, prima facie, not prejudicial to the Companys interest.

c) The Company has granted loans and advance in the nature of loan (including receivable in the nature of loan) which are payable on demand. During the year the Company has not demanded such loans. Having regard to

the fact that the repayment of principal or payment of interest, wherever applicable, has not been demanded

by the Company, in our opinion the repayments of principal amounts and receipts of interest are regular.

d) According to informaon and explanaons given to us and based on the audit procedures performed, in respect of loans and advance in the nature of loan (including receivable in the nature of loan) provided by the

Company, there is no overdue amount remaining outstanding as at the balance sheet date as the Company has

not demanded such loans and advance in nature of loan.

e) None of the loans granted and advances in the nature of loans by the Company have fallen due during the year as the Company has not demanded such loans and advance in nature of loan

f) Above menoned advances are granted to its wholly owned subsidiary which is repayable on demand and it comprises hundred percent of the total advances granted.

iv) The Company has complied with the provisions of Secons 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made and guarantees and securies provided, if any.

v) The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporng under clause (v) of the Order is not applicable.

vi) The maintenance of cost records has not been specified by the Central Government under sub-secon (1) of secon 148 of the Companies Act, 2013 for the business acvies carried out by the Company. Hence, reporng under clause

(vi) of the Order is not applicable to the Company.

vii) In respect of Statutory dues:

a) In our opinion, the Company has generally been regular in deposing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Cess and other material statutory dues applicable to

it with the appropriate authories, except some delays in deposing Goods and Services tax dues.

b) According to the informaon and explanaons given to us, no undisputed amounts payable in respect of

Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Cess and other material

statutory dues were in arrears as at 31 March 2025, for a period of more than six months from the date they

became payable.

c) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31,

2025 on account of disputes are given below:

Nature of Statue	Nature of Dues	Forum where Dispute is pending	Period to which the amount relates	Amount ( In Lakhs)
The Income Tax Act,1961	Compounding Fees	Commissioner of Income Tax (TDS)	AY 2022-23	22.95

viii) There were no transacons relang 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). Accordingly, reporng as

per clause (viii) of the Order is not applicable to the Company.

ix) a) To the best of knowledge and according to informaon and explanaons given to us, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender, if any.

b) The Company has not been declared wilful defaulter by any bank or financial instuon or g overnment or any government authority.

c) To the best of our knowledge and belief, in our opinion, term loans availed by the Company were, applied by the Company for the purposes for which the loans were obtained.

d) On an overall examinaon of the financial 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 examinaon of the financial statements of the Company, the Company has not taken any funds from any enty or person on account of or to meet the obligaons of its subsidiaries.

f) The Company has not raised any loans on the pledge of securies held in its subsidiary.

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

b) During the year, The Company has made preferenal allotment of shares during the year. For such allotment of shares, the Company has complied with the requirements of Secon 42 and 62 of the Companies Act, 2013,

and the funds raise have been, prima facie, applied by the Company during the year for the purposes for which the funds were raised which is to fund the working capital requirements of the company. The Company has not made any preferenal allotment or private placement of (fully or partly or oponally) converble debentures during the year.

xi) a) To the best of knowledge and according to informaon and explanaons given to us, no fraud by the Company and no material fraud on the Company has been noced or reported during the year.

b) To the best of knowledge and according to informaon and explanaons given to us, no report under sub-secon (12) of secon 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 and up to the date

of this report.

c) To the best of knowledge and according to informaon and explanaons given to us, there were no whistle-blower complaints reported to the company and hence reporng under clause (xi) (c) of the Order is not

applicable.

xii) The Company is not a Nidhi Company as prescribed under Secon 406 of the Act. Accordingly, reporng under clause (xii) of the Order is not applicable to the Company.

xiii) According to the informaon and explanaons given to us and based on our examinaon of the records of the Company, the Company is in compliance with Secon 177 and 188 of the Companies Act, 2013 with respect to

applicable transacons with the related pares and details of such transacons have been disclosed in the

standalone financial statements as required by the applicable accounng standards.

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 during the year and ll date, in determining the nature, ming and extent of our audit procedures.

xv) In our opinion during the year the Company has not entered into any non-cash transacons with its Directors or persons connected with its directors, and hence provisions of secon 192 of the Companies Act, 2013 are not

applicable to the Company.

xvi) a) The Company is not required to be registered under secon 45-IA of the Reserve Bank of India Act, 1934. Hence, reporng under clause (xvi) (a), (b) and (c) of the Order is not applicable.

b) The Group does not have any Core Investment Company as part of the group and accordingly reporng under clause (xvi) (d) of the Order is not applicable.

xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xviii) There has been no resignaon of the statutory auditors of the Company during the year. xix) On the basis of the financial raos, ageing and expected dates of realisaon of financial assets and payment of financial liabilies, other informaon accompanying the financial statements and our knowledge of the Board of

Directors and Management plans and based on our examinaon of the evidence supporng the assumpons, nothing has come to our aIenon, which causes us to believe that any material uncertainty exists as on the date of the audit report indicang that Company is not capable of meeng its liabilies exisng 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 reporng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilies 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) There is no unspent amount towards Corporate Social Responsibility (CSR) on other than ongoing projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second

proviso to sub-secon (5) of Secon 135 of the said Act. Accordingly, reporng under clause (xx)(a) of the

Order is not applicable for the year.

b) There is no amount remaining unspent under sub-secon (5) of secon 135 of the Companies Act, pursuant to any ongoing project. Accordingly, reporng under clause (xx)(b) of the Order is not applicable for the year.

For M/s. Shah and Modi,

Chartered Accountants

FRN: 112426W

Sd/-

Himanshu T. Chheda

Partner

M. No. 114598

Date: 19/05/2025

Place: Thane

UDIN: 25114598BMIPXY6576

Annexure A

Report on the Internal Financial Controls under Clause (i) of Sub-secon 3 of Secon 143 of the Companies Act, 2013

("the Act")

We have audited the Internal Financial Controls over financial reporng of ANI INTEGRATED SERVICES LIMITED ("the Company"), as of 31 March, 2025 in conjuncon 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 is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporng issued by the Instut e of Chartered Accountants of India (ICAI). These responsibilies include the design, implementaon and maintenance of adequate internal financial controls that were operang e ecv ely for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and error, the accuracy and completeness of the accounng records, and the mely preparaon of reliable financial informaon, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporng based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporng (the "Guidance Note") and the Standards on Auding , issued by ICAI and deemed to be prescribed under secon 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 Instut e of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporng was established and maintained and if such controls operated e ecv ely in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporng and their operang e ecv eness. Our audit of internal financial controls over financial reporng included obtaining an understanding of internal financial controls over financial reporng , assessing the risk that a material weakness exists, and tesng and evaluang the design and operang e ecv eness 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 financial statements, whether due to fraud or error.

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

the company internal financial controls system over financial reporng.

Meaning of Internal Financial Controls over Financial Reporng

A companys internal financial control over financial reporng is a process designed to provide reasonable assurance regarding the reliability of financial reporng and the preparaon of financial statements for external purposes in accordance with generally accepted accounng principles. A companys internal financial control over financial reporng includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transacons and disposions of the assets of the company; (2) provide reasonable assurance that transacons are recorded as necessary to permit preparaon of financial statements in accordance with generally accepted accounng principles, and that receipts and expenditures of the company are being made only in accordance with authorizaons of management and directors of the company; and (3) provide reasonable assurance regarding prevenon or mely detecon of unauthorized acquision, use, or disposion of the companys assets that could have a material effect on the financial statements.

Inherent Limitaons of In ternal Financial Controls over Financial Reporng

Because of the inherent limitaons of internal financial controls over financial reporng , 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, projecons of any evaluaon of the internal financial controls over financial reporng to future periods are subject to the risk that the internal financial control over financial reporng may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the company has, in all material respects, an adequate internal financial controls system over financial reporng and such internal financial controls over financial reporng were operang e ecv ely as at 31 March 2025, based on the internal control over financial reporng criteria established by the company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Instut e of Chartered Accountants of India.

For M/s. Shah and Modi,

Chartered Accountants

FRN: 112426W

Sd/-

Himanshu T. Chheda

Partner

M. No. 114598

Date: 19/05/2025

Place: Thane

UDIN: 25114598BMIPXY6576