Belding India Ltd Auditor Reports

To

The Members of

Belding India Limited

(Formerly known as Synthiko Foils Limited)

Report on the Audit of the Standalone Financial Statements

QUALIFIED OPINION

We have audited the Standalone Financial Statements of Belding India Limited (Formerly known as Synthiko Foils Limited) ("the Company"), which comprise the Balance Sheet as on March 31, 2026, and the Statement of Profit and Loss, the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information for the year ended on that date.

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the "Basis for Qualified Opinion" 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 Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as on March 31, 2026, and its profit, the changes in equity and its cash flows for the year ended on that date.

BASIS FOR QUALIFIED OPINION

i. Non-confirmation and Non-reconciliation of Balances: Our audit procedures included obtaining direct confirmations from vendors, inter-corporate deposits, loans and advances outstanding as at the end of the year. The responses received were, however, insufficient. In the absence of alternative audit procedures, we were unable to obtain sufficient appropriate

audit evidence to verify the existence, accuracy, and completeness of these balances. The effect of any adjustments arising upon reconciliation and settlement on the financial statements, including earnings per share and taxation, is consequently not ascertainable.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standard Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements relevant to our audit under the provisions of the Companies Act, 2013 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 obtained by us is sufficient and appropriate to provide a basis for our qualified audit opinion on the Standalone Financial Statements.

KEY AUDIT MATTER

Key audit matters are those matters that, in our professional judgment and based on the consideration of reports of other auditors on financial statements of components audited by them, 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.

Key audit matters are those matters that, in our professional judgment and based on the consideration of reports of other auditors on financial statements of components audited by them, 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.

Key Audit Matter	How the matter was addressed in our audit
Slump Sale of Foils Manufacturing Business
During the year ended March 31, 2026, the Company executed a slump sale of its Foils Manufacturing Business as a going concern pursuant to a Business Transfer Agreement (BTA) dated July 28, 2025.	Our audit procedures in relation to the slump sale included, but were not limited to, the following:
We identified the accounting for and presentation of this slump sale as a key audit matter owing to:	Evaluated the BTA, board/shareholder approvals to understand the key terms, conditions precedent, closing date, and agreed consideration.
The financial materiality of the transaction to the overall financial statements.	Assessed the competence, and objectivity of the independent valuer appointed by management, where applicable, and evaluated the methodology and key assumptions used.
Significant management judgements and estimates involved in determining the net asset value (NAV) of the transferred undertaking, allocation of liabilities, and computation of the resulting gain on disposal.	Tested the existence, completeness, and carrying values of the derecognized assets and liabilities as of the closing date, and critically evaluated the reasonableness of managements assumptions and allocation methodologies used for apportioning shared liabilities and retained obligations.
Compliance with applicable financial reporting standards, including evaluation of discontinued operations disclosures under Ind AS 105, tax implications under Section 50B of the Income- tax Act, 1961, and adequacy of disclosures in the financial statements.	Verified whether the financial results of the transferred business have been appropriately presented, classified, and disclosed as a discontinued operation and that the requisite disclosures meet the requirements of the applicable accounting standards and Schedule III to the Companies Act, 2013.

OTHER MATTER

The financial statements of the Company for the year ended March 31, 2026 have been audited by the predecessor auditor whose report dated May 29, 2025 had expressed an unmodified opinion.

Our conclusion is not modified in respect of this matter.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON

The Companys Board of Directors is responsible for the other information. The other information comprises the Boards Report including its Annexures ("other information"), 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 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 during the course of audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF BOARD OF DIRECTORS FOR THE STANDALONE FINANCIAL STATEMENTS

The Companys Board of Directors are responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("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, Cash Flows and changes in Equity of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards (Ind AS) 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 implementation and maintenance of 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 Statement 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 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 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 Standard on Auditing (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 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 internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system 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 management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to 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.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative

factors in (i) Planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

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 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 Section 143(3) of the Act, based

on our audit procedures 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 Flow and Statement of Changes in Equity 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 (Indian Accounting Standards) Rules,2015, as amended;

(e) On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026 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 with reference to these Standalone Financial Statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure A", we have considered the disclaimer in forming opinion on effectiveness of internal financial controls over financial reporting for the year and as on 31st March, 2026;

(g) With respect to the other matters to

be included in the Auditors Report in

accordance with the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act read with Schedule V.

(h) With respect to the other matters to

be included in the Auditors Report in

accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

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

i i. The Company did not have any longterm contracts including derivative contracts for which there were any material foreseeable losses.

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

iv. (a) The Management has represented

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

(b) The Management has represented, that, to the best of its knowledge and belief, as disclosed in the financial statements, during the year no funds have been received by the Company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances,

nothing has come to our notice that has caused us to believe that the representations under sub- clause

(i) and (ii) of Rule 11(e) as provided in (a) and (b) above, contain any material misstatement.

v. The Company has not proposed, declared or paid any equity dividend during the year.

vi. During the course of our audit, based on our examination which included test checks, we observed that the Company has used an accounting software for maintaining books of accounts for the year ended March 31, 2026 which has the feature to record an audit trail (edit log) facility and the same have been operated throughout the year for all relevant transactions recorded in the software, except for payroll records for which the audit trail was not operative throughout the year. 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 retention.

2. 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 Companies Act, 2013, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

Annexure - "A" referred to in our Independent Auditors Report

REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (I) OF SUB - SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT")

We have audited the Internal Financial Controls over financial reporting of Belding India Limited (Formerly known as Synthiko Foils Limited) ("the Company") as at March 31, 2026, 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 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, 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 internal financial controls over financial reporting of the Company 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") issued by the Institute of Chartered Accountants of India and the standards on auditing prescribed under Section 143 (10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. 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 reporting were 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 over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement in the Standalone Financial Statements, whether due to fraud or error.

Because of the matter described in Disclaimer of Opinion paragraph below, we were not able to obtain sufficient and appropriate audit evidence to provide a basis for an audit opinion on internal financial controls system over financial reporting of the Company.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A companys internal financial control over financial reporting 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 over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) 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 (iii) 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 OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management of 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 over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

DISCLAIMER OF OPINION

The Company is in the process of implementing internal financial control systems and formalizing its policies. As these controls and policies were partially implemented and operational during the year and as on March 31, 2026, we were unable to obtain sufficient and appropriate audit evidence to provide opinion

on Companys Internal Financial Controls over financial reporting. Accordingly, we have considered the disclaimer in forming opinion on effectiveness of internal financial controls over financial reporting for the year and as on March 31, 2026.We have considered the disclaimer reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Standalone Financial Statements of the Company, and the disclaimer does not affect our opinion on the Standalone Financial Statements of the Company.

Annexure - "B" referred to in our Independent Auditors Report

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

i. a. (A) The Company has maintained proper records showing full particulars, including quantitative details, situation, and particulars of disposal of Property, Plant and Equipment. Pursuant to the slump sale of its Foils Manufacturing Business undertaking as a going concern during the year, all items of Property, Plant and Equipment were disposed of / transferred, and consequently, the Company does not hold any Property, Plant and Equipment as at March 31, 2026.

(b) The Company has maintained proper records showing full particulars, including particulars of disposal, of Intangible Assets. Pursuant to the slump sale of the business undertaking during the year, all intangible assets were disposed of / transferred, and consequently, the Company does not hold any Intangible Assets as at March 31, 2026.

b. According to the information and

explanations given to us and based on our examination of records, the Property, Plant, and Equipment disposed of during the year were not physically verified by the management prior to their disposal. Consequently, we are unable to comment on whether any material discrepancies existed in respect of such assets.

c. According to the information and

explanations given to us and on the basis of our examination of the records of the Company, the title deeds of all immovable properties held by the Company during the year up to the date of their disposal were

held in the name of the Company. Pursuant to the slump sale of its Foils Manufacturing Business undertaking as a going concern, all such immovable properties were transferred to the buyer, and consequently, the Company does not hold any immovable property as at March 31, 2026.

d. The Company has revalued its Property, Plant and Equipment during the year in connection with the slump sale of its business undertaking. The revaluation was based on the valuation carried out by a Registered Valuer.

e. According to the information and explanations given to us, no proceedings have been initiated during the year or are pending against the Company as at March 31, 2026 for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and Rules made thereunder. Hence, reporting under clause 3(i)(e) of the Order is not applicable.

ii. a. The Company held inventory during the year prior to its transfer pursuant to Business Transfer Agreement dated July 18, 2025. Based on the information and explanations given to us, physical verification of such inventory was conducted by the management at reasonable intervals prior to the date of transfer, and no material discrepancies were noticed on such verification. Subsequent to the transfer and as at the balance sheet date, the Company does not hold any inventory, and therefore physical verification of inventory is not applicable.

b. The company has not been sanctioned working capital limits in excess of g 5 crores, in aggregate, at any point of time during the year, from banks or financial institutions on the basis of security of current assets. Hence, reporting under clause 3(ii)(b) of the Order is not applicable.

iii. During the year, the Company made investments in company, and has provided loans and advances in the nature of loans to Company

and Partnership Firm. Further, the Company has granted loan to company during the year, in respect of which:

a. The Company has provided loans during the year. The Company has provided advances in the nature of loan. Relevant details are given below:

Sr. Particulars	Loans	Advances in Nature of Loan
(a) Aggregate amount granted/ provided during the year
a. Subsidiary	151.99 Lakh	Nil
b. Joint Venture	Nil	Nil
c. Others	462.29 Lakh	Nil
(b) Balance outstanding as at balance sheet date in respect of above cases
a. Subsidiary	107.84 Lakh	Nil
b. Joint Venture	Nil	Nil
c. Others	360.34 Lakh	Nil

b. According to the information and

explanations given to us and based on our examination of the loan agreements and supporting documentation provided by

the Company, the terms and conditions on which the loans were granted during the year are, prima facie, not prejudicial to the interest of the Company.

c. The company has granted loan which

is repayable on demand along with accumulated interest. During the year, the company has not demanded repayment of such loan.

d. 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 overdue amount for more than ninety days in respect of principal amount of loan, as all loans given are repayable on demand and the company has not demanded repayment during the year. Hence, reporting under clause 3(iii)(d) of the Order is not applicable.

e. 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 overdue of existing loans given to same parties. Hence, reporting under clause 3(iii)(e) of the Order is not applicable.

f. The Company has granted loans or advances in the nature of loans that were either repayable on demand or without specifying any terms or period of repayment. Relevant details are given below:

Particulars	All Parties	Promoters	Related Parties
Aggregate amount of loans/ advances nature of loans (e)	468.18 Lakhs	Nil	107.84 Lakhs
- Repayable in on demand (a)	360.34 Lakhs	Nil	107.84 Lakhs
- Agreement does not specify any terms or period of repayment (b)	Nil	Nil	Nil
Total (a+b)	360.34 Lakhs	Nil	107.84 Lakhs
Percentage of loans to the total loans	76.97%	0.00%	100.00%

iv. The Company has not granted loans or provided guarantees or securities to parties covered under Section 185 of the Companies Act, 2013 ("the Act"). The Company has complied with

the provisions of Section 186 of the Act in respect of loans granted, investments made and guarantees and securities provided, as applicable.

v. The Company has not accepted any deposits or amounts which are deemed to be deposits from the public covered under sections 73 to 76 of the Companies Act, 2013 and the rules framed thereunder. The company has received unsecured loans from its directors which are exempted under Rule 2(1)(c)(viii) of the Companies (Acceptance of Deposits) Rules, 2014, and the necessary declarations have been obtained. Hence, the reporting under clause 3(v) of the Order is not applicable.

vi. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Act for the products manufactured by it (and/or services provided by it). Accordingly, reporting under clause 3(vi) of the Order is not applicable.

explanations given to us and on the basis of our examination of the records of the Company, in our opinion during the year, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including Goods and Service Tax, Provident Fund, Income-Tax, or other material statutory dues have been regularly deposited with the appropriate authorities.

According to the information and explanations given to us and on the basis of our examination of the records of the Company, no undisputed amounts payable in respect of Goods and Service Tax, Provident Fund, Income-Tax, or other material statutory dues were in arrears as at 31 March 2026 for a period of more than six months from the date they became payable.

payable.

vii. a. According to the information and

b. There were no statutory dues referred in sub-clause (a) which have not been deposited with the appropriate authorities on account of any disputes except for the following:

Name of Statute	Nature of the dues	Amount (g)	Period to which the amount related
Income Tax Act 1961	Income Tax Payable	76,588	FY 2013-14
Income Tax Act 1961	Income Tax Payable	40,719	FY 2018-19
Income Tax Act 1961	TDS Payable	1,00,380	From FY 2010-11 to 2021-22
MGST Act 2017 & CGST Act 2017	GST Interest Payable	17,489	FY 2019-20
Total		2,35,176

viii. 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 surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Hence, reporting under clause 3(viii) of the Order is not applicable.

ix. a. In our opinion, during the year, the Company

has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender(s). Hence, reporting under clause 3(ix)(a) of the Order is not applicable.

b. 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 been declared a willful defaulter by any bank

or financial institution or government or government authority. Hence, reporting under clause 3(ix)(b) of the Order is not applicable.

c. In our opinion and according to the information and explanations given to us, company has not obtained term loans from Banks and Financial Institutions and hence reporting under clause 3(ix)(c) of the Order is not applicable.

d. On an overall examination of the financial statements of the Company, we report that no funds raised on short-term basis by the Company. Hence, reporting under clause 3(ix)(d) of the Order is not applicable.

e. According to the information and explanations given to us and based on our examination of the records of the Company, 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 during the year. Hence, reporting under clause 3(ix)(e) of the Order is not applicable.

f. According to the information and explanations given to us, the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries or joint ventures. Hence, reporting under clause 3(ix)(f) of the Order is not applicable.

x. a. The Company has not raised any money by

way of initial public offer or further public offer (including debt instruments), during the year. Hence, reporting under clause 3(x) (a) of the Order is not applicable.

b. 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 made private placement and preferential allotment of shares. The requirements of Sections 42 and 62 of the Act have been duly complied with, and the funds raised through such private placement and preferential allotment have been utilized for the purposes for which they were raised.

xi. a. To the best of our knowledge and on

the basis of representation given by the management, no fraud by the Company or no material fraud on the Company has been noticed or reported during the year. Hence, reporting under clause 3(xi)(a) of the Order is not applicable.

b. To the best of our knowledge, no report under sub section (12) of Section 143 of the Act has been filed, in Form ADT - 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central (c) Government, during the year and up to the date of this report. Hence, reporting under clause 3(xi)(b) of the Order is not applicable.

c. As represented by the management of the Company, there are no whistle-blower complaints received by the Company during the year. Hence, reporting under clause 3(xi) (c) of the Order is not applicable.

xii. The Company is not a Nidhi Company. Accordingly, reporting under clause 3(xii) of the Order is not applicable.

xiii. I n our opinion, the Company is in compliance with Sections 177 and 188 of the Act, where applicable, for all transaction with related parties and details of related party transactions have been disclosed in the Standalone Financial Statements as required by the applicable accounting standards.

xiv. a. Based on information and explanations

provided to us and our audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

b. We have considered the internal audit reports of the Company issued till date for the period under audit.

xv. In our opinion and according to the information and explanations given to us during the year, the Company has not entered into any noncash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Act are not applicable.

xvi. a. The provisions of Section 45-IA of the Reserve

Bank of India Act, 1934 are not applicable. Hence, reporting under clause 3(xvi)(a) of the Order is not applicable.

b. The Company has not conducted any Non-Banking Financial or Housing Finance activities and is not required to obtain Certificate of Registration (CoR) for such activities from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(b) of the Order is not applicable.

c. The Company is not a Core investment Company (CIC) as defined in the regulations made by Reserve Bank of India. Accordingly, the provisions stated under clause 3 (xvi)(c) of the Order are not applicable.

d. Based on the information and explanations given to us and as represented by the management of the Company, the Group (as defined in Core Investment Companies (Reserve Bank) Directions, 2016) does not

have any CIC. Hence, reporting under clause 3(xvi)(d) of the Order is not applicable.

xvii. Based on the overall review of Standalone Financial Statements, the Company has not incurred cash losses in the current financial year and immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors during the year. Hence, reporting under clause 3(xviii) of the Order is not applicable.

xix. 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, 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 the 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.

However, we 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.

xx. During the year, section 135 regarding Corporate Social Responsibility of the Act is not applicable to the company. Hence, reporting under clause 3(xx)(a) and (b) of the Order are not applicable.