Beacon Trusteeship Ltd Auditor Reports

To the Members of
Beacon Trusteeship Limited

Report on the Audit of the Standalone financial statements

Opinion

We have audited the accompanying standalone financial statements of Beacon Trusteeship Limited ("the
Company"), which comprise the standalone Balance Sheet as at March 31, 2025, the standalone Statement
of Profit and Loss and the standalone Cash Flow Statement for the year then ended, notes to the standalone
financial statements, including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as "standalone financial statements").

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 ("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 affairs of the Company as at March 31, 2025, its profit and its cash flows for
the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 Standalone 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 standalone financial statements
under the provisions of the Companies Act, 2013 and the Rules made 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 on the
standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the standalone financial statements of the current period. 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 no key matters to be communicated in
our report.

Information Other than the Standalone financial statements and
Auditors Report Thereon

The Companys Management and Board of Directors are responsible for the preparation of the other
information. The other information comprises of the information included in the Companys annual report but
does not include the standalone financial statements and our auditors report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
standalone financial statements, or our knowledge obtained in the auditor or otherwise appears to be
materially mis-stated. 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.

Managements and Board of Directors Responsibility for the
Standalone financial statements

The Companys Management and Board of Directors are 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 financial position, financial performance, and cash flow of the Company in accordance with the
accounting principles generally accepted in India, including the Accounting Standards prescribed 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 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, the Management and Board of Directors are 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.

The Board of Directors are also responsible for overseeing the companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone
financial statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements 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. The description of the auditors responsibilities for the audit of the standalone financial
statements is mentioned below:

As a 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 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 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 the internal control.

• Obtain an understanding of internal control 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 an opinion on whether the company has adequate internal financial controls with reference to
standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Management and Board of Directors.

• Conclude on the appropriateness of Managements and Board of Directors 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 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 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 conditions may cause the Company to cease to
continue as a going concern.

• Evaluate the overall presentation, structure, and content of the standalone financial statements, including
the disclosures, and whether the standalone financial 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 significant audit findings, including any significant deficiencies 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 significance in the audit of the Standalone financial 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 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, 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 profit and loss and the Statement of cash flows dealt with by this
Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards
specified under Section 133 of the Act; read with Companies (Accounting Standards) Rules, 2006 (as
amended)specified under sectionl33 of the Act, read with the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the company and
operating effectiveness of such controls, refer our separate report in Annexure 2 to this report.

(g) With respect to the Other Matter to be included in the Auditors Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014 as amended, in our opinion and to the best of our information
and according to the explanations given to us:

(i) The Company does not have any pending litigations which would impact its financial position.

(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) The Management of the company has represented that, to the best of its knowledge and belief, other
than as disclosed in notes to accounts:

• no funds have been advance 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 recorded in writing or otherwise, 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:

• 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

• based on audit procedures that we have 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) of the Companies (Audit and Auditors) Rules, 2014, contain any material
misstatement.

(v) During the year, the company has neither declared nor paid any dividend, as such compliance of section
123 of the Act is not applicable.

(vi) Based on the audit procedures performed that have been considered reasonable and appropriate in the
circumstances, the company has used such accounting software for maintaining its books of accounts, which
had a feature of recording audit trail (edit log) facility and the same has been operated throughout the year
for all transactions recorded in the software and the audit trail feature has not been tampered with and the
audit trail has been preserved by the company as per the statutory requirements for record retention.

3. With respect to the matter to be included in the Auditors Report under Section 197(16): According to the
records of the Company examined by us and as per the information and explanations given to us, the
Company has paid / provided for managerial remuneration in accordance with the requisite approvals
mandated by the provisions of section 197 read with Schedule V to the Act.

Annexure 1 to the independent Auditors report on the financial
Statements of Beacon Trusteeship Limited for the year ended
31st March 2025

Report on Companies (Auditors Report) Order 2020 ("the Order"),with reference to aforesaid
standalone financial statements, in terms of Sectionl43(ll) of the Companies Act, 2013 ("the Act")

With reference to the Annexure 1 referred to in the Independent Auditors Report to the members of the
Company on the standalone financial statements for the year ended 31 March 2025, we report the following:

1. In respect of the companys Property, Plant and Equipment and Intangible Assets:

(i) (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 intangible assets

(ii) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Property, Plant and Equipment of the company has been physically verified by
the management once in a year and thus the periodicity of the physical verification is reasonable having
regard to the size of the company and the nature of its assets. Further no material discrepancies were
noticed during the physical verification of the assets.

(iii) With respect to immovable properties (other than properties where the Company is the lessee and the
lease agreements are duly executed in favour of the Company) disclosed in the Standalone financial
statements included in Property, Plant and Equipment, according to information and explanations given to us
and based on verification of the registered sale deed/ Transfer deed/ Conveyance deed provided to us, we
report that, the title deeds of such immovable properties are held in the name of the Company as at Balance
Sheet date.

(iv) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the company has not revalued its Property, Plant and Equipment and intangible
assets during the year.

(v) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, there were no such proceedings being initiated during the year or were pending
against the company as at 31 March 2025 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) (as amended in 2016) and rules made thereunder.

2. In respect of the reporting for inventories held by the Company:

(i) The company is a service company primarily engaged in providing trusteeship services and thus it does
not hold any inventories. Hence, reporting under clause 3(ii)(a) of the Order is not applicable to the company.

(ii) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the company has not availed any working capital limits from banks or financial
institutions on the basis of security of current assets.

3. According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Company has not provided any guarantee or security or granted any secured
loans or secured or unsecured advances in the nature of loans, to companies, firms, limited liability
partnerships or any other parties during the year. The Company has made investments in, granted
unsecuredloans and advancesin the nature of loans to companiesand other partiesin respect of which the
requisite information is as below. The Company has not made investments in or granted any unsecured
loans to firms, limited liability partnerships or any other parties during the year.

(i) Based on the audit procedures carried on by us and as per the information and explanations given to us,
the Company has made investments as mentioned below:

Rs. in Lakhs

Particulars	Investments
Aggregate amount during the year
- Unquoted investments	1,100.00
Balances outstanding as at balance sheet date
Unquoted investments
- Subsidiary company	1,100.00
- Associate company	7.60

(ii) Based on the audit procedures carried on by us and as per the information and explanations given to us,
the Company has provided loans to related parties, employees, and advances in the nature of loans as
below:

Rs. in Lakhs

Particulars	Loans	Advances in the nature of loans
Aggregate amount during the year
- Related Parties	297.36	-
- Employees	15.35	-
- Others	7.11	-
- Suppliers	-
Balances outstanding as at balance sheet date
- Related Parties	288.76	-
- Employees	8.59	-
- Others	-	-
- Suppliers	"	"

(iii) According to the information and explanations given to us and based on the audit procedures conducted
by us, in our opinion the investments made and the terms and conditions of the loans granted during the

year are, prima facie, not prejudicial to the interest of the Company. The Company has not provided any
guarantee or security or granted any advances in the nature of loans during the year.

(iv) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, in case of loans given, there are no stipulation of schedule of repayment of principal
and payment of interest. Based on the management representation and our examination of books of
accounts the unsecured loans given are considered good and repayable on demand.

(v) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the aforesaid loans are repayable on demand and hence no amount is overdue as
at the balance sheet date. Based on the management representation and our examination of books of
accounts the un-secured loans given are considered good and recoverable.

(vi) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, there is no loan or advance in the nature of loan granted falling due during the year,
which has been renewed or extended or fresh loans granted to settle the over dues of existing loans given to
same parties.

(vii) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, below table demonstrates the total unsecured loan given to parties repayable on
demand:

Rs. in Lakhs

Particulars	Loans	Advances in the nature of loans
Aggregate amount during the year
- Related Parties	297.36	-
- Employees	15.35	-
- Others	7.11	-
- Suppliers	-
Balances outstanding as at balance sheet date
- Related Parties	288.76	-
- Employees	8.59	-
- Others	-	-
- Suppliers	-	-

4. According to the information and explanations given to us and on the basis of our examination of the
records of the Company, in respect of investments made and loans, guarantees and security given by the
Company, in our opinion the provisions of Section 185 and 186 of the Companies Act, 2013 ("the Act")
have been complied with.

5. According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the company has not accepted any deposits as per the directives issued by the

Reserve Bank of India under the provisions of Sections 73 to 76 of the Act and other relevant provisions of
the Act and the rules framed there under. Accordingly, reporting under clause 3 (v) of the Order are not
applicable to the company.

6. According to the information and explanation given to us, the company is not in the business of sale of
any goods and hence reporting under clause3(vi) of the Order are not applicable to the company.

7. (i) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value
added tax during the year since effective 1st July 2017, these statutory dues has been subsumed into
Goods and Service Tax.

According to the information and explanation given to us and on the basis of our examination of records of
the Company, in respect of amounts deducted/accrued in the books of account, the company has been
regular in depositing undisputed statutory dues including provident fund, employees state insurance, income
tax, goods & service tax and other statutory dues applicable to company, during the year with the
appropriate authorities.

(ii) According to the information and explanation given to us, no undisputed amounts payable in respect of
provident fund, employees state insurance, income tax, goods & service tax and other statutory dues were
outstanding at the year-end for a period of more than six months from the date they became payable.

(iii) According to the information and explanation given to us there are no dues of income tax, employees
state insurance, sales-tax, goods & service tax and cess which have not been deposited on account of any
dispute. The provisions relating to duty of customs and duty of excise are not applicable to the company.

8. According to the information and explanation given to us and on the basis of our examination of records
of the Company, there are no transactions which are not recorded in the books of account and have been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 (43 of 1961). Accordingly, reporting under clause (viii) of the Order is not applicable to the Company.

9. (i) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, we report that the Company has not defaulted in the repayment of loans or
other borrowings to or in the payment of interest thereon to any lender during the year;

(ii) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, we report that the Company has not been declared as willful defaulter by any bank
or financial institution or government or any government authority.

(iii) There were no term loans taken by the company during the year and accordingly reporting under clause
3 (ix)(c)of the Order are not applicable to the company;

(vi) According to the information and explanations given to us and on an overall examination of the
standalone balance sheet of the Company, we report that the Company has not raised any funds on short
term basis during the year and accordingly reporting under clause 3 (ix)(d) of the Order are not applicable
to the company;

(v) According to the information and explanations given to us and on an overall examination of the

standalone financial statements of the Company, we report that the Company has not taken any funds from
any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures
(as defined under the Act).

(vi) According to the information and explanations given to us and procedures performed by us, we report
that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries,
joint ventures or associate companies (as defined under the Act).

10. (i) The Company has raised money by way of initial public offer during the year and in our opinion and
according to the information and explanations given by the management and audit procedures
performed by us, money raised by the Company by way of initial public offer were applied for the purpose
for which they were raised.

(ii) According to the information and explanations given to us and on the basis of our examination of the
records of the company, the Company has not made any preferential allotment or private placement of
shares or fully convertible debentures during the year. Accordingly, clause 3(x) (b) of the Order is not
applicable.

11. (i) According to the information and explanations given to us and on the basis of our examination of
records of the Company, we report that there is no instance of any fraud by the company or any fraud on
the Company by its officers or employees, either noticed or reported during the period under review, on or
by the Company.

(ii) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, no report under sub-section (12) of section 143 of the Companies Act has been filed
by us or Secretarial Auditor 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.

(iii) As represented by the management, there were no whistle blower complaints received by the company
during the year;

12. The company is not in the nature of a Nidhi Company as defined under Section 406 the Companies
Act,2013 and hence reporting under clause (xii) of the Order is not applicable.

13. According to the information and explanations given by the management, transactions with the related
parties are in compliance with section 177 and 188 of the Companies Act, 2013 where applicable and the
details have been disclosed in the notes to the financial statement, as required by the applicable
accounting standards (Refer Note 23 of standalone financial statements).

14. In our opinion, the Company has an adequate internal audit system commensurate with the size and
nature of its business. We have considered, the internal audit reports issued during the year and till the
date of the audit report covering period up to 31st March, 2025.

15. According to the information and explanations given by the management, the company has not entered
into any non-cash transactions with its directors or persons connected with its directors, and hence
provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

16. According to the information and explanations given by the management, the provisions of section 45- IA
of the Reserve Bank of India At, 1934 are not applicable to the company.Accordingly, reporting under
clause 3(xvi)(a), (b) and (c) of the Order are not applicable to the company. The Company is not part of
any group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2020 as
amended). Accordingly, the requirements of clause 3(xvi) (d) are not applicable.

17. The company has not incurred cash losses during the financial year covered by our audit as well as in the
immediately preceding financial year.

18. There has been no resignation by the statutory auditors during the year. However, the term of the
previous auditors concluded upon completion of the maximum tenure permissible under section 139(2) of
the Companies Act, 2013. Pursuant to the same, we, M/s MLR & Associates LLP, Chartered Accountants,
were appointed as the statutory auditors in accordance with Section 139(2) of the said Act. Accordingly,
the requirements of reporting under Clause (xviii) of the Order are not applicable.

19. According to the information and explanations given to us and on the basis of the financial ratios, ageing
and expected dates of realization of financial assets and payment of financial liabilities, other information
accompanying the standalone 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 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.

20. In our opinion and according to the information and explanations given to us, there is no unspent amount
under sub-section (5) of Section 135 of the Act pursuant to any project other than ongoing projects.
Accordingly, clause 3(xx)(a) and 3(xx)(b) of the Order is not applicable.

21. We have considered the CARO 2020 reports of the component companies included in the consolidated
standalone financial statements. Based on our review, no qualifications or adverse remarks have been
reported by the respective auditors in their CARO reports

Annexure 2 to the Independent Auditors Report of even date on
the Standalone financial statements of Beacon Trusteeship
Limited

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

To the Members of Beacon Trusteeship Limited

Opinion

We have audited the internal financial controls with reference to Standalone financial statements of Beacon
Trusteeship 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

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference
to these standalone financial statements and such internal financial controls with reference to these
standalone financial statements were operating effectively as at March 31, 2025, based on the internal
control over financial reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.

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 reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls
over Financial Reporting issued by the Institute of Chartered Accountants of India. 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 the
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 as specified under section 143(10) of the Companies Act, 2013, to the extent

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 these 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 with reference to these standalone financial statements and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls with reference to these 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 standalone 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 internal financial controls over financial reporting with reference to these standalone
financial statements.

Meaning of Internal Financial Controls with Reference to these
Standalone financial statements

A companys internal financial control with reference to these standalone financial statements is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of standalone financial statements for external purposes in accordance with generally accepted accounting
principles. A companys internal financial control with reference to these standalone financial 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 standalone
financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on
the standalone financial statements.

Inherent Limitations of Internal Financial Controls with Reference
to these Standalone financial statements

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

For MLR & Associates LLP

Chartered Accountants

Firms Registration No: 138605W/W100240

 

Manish Ranka

Partner

Membership No: 132723

UDIN: 25132723BMJKRH9403

 

Place: Mumbai

Date: 24 May 2025