Brightcom Group Ltd Auditor Reports

To the Members of URIGHTCOM GROUP LIMITED

Report on the Standalone Ind AS Financial Statements

Qualified Opinion

We have audited the accompanying standalone financial statements of M/s. Brightcom Group Limited ("the Company"], which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in the Basis for Qualified Opinion section of our report, the aforesaid standalone financial statements give the information required by the Companies Act, 2013, as amended ("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 Group as at March 31,2024, its Profit including other comprehensive income, changes in Equity and its cash flows for the year then ended.

Basis for Qualified Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). 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 ICA1) together with the independence requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAls Code of Ethics. W^oWwt the audit evidence we have obtained is sufficient and appropriate to provid^basisiKrosir audit opinion on the standalone financial statements.

1) We cannot confirm the opening and closing balances as they are subject to change. SEBI vide its letter dated 13.04.2023 has ordered company to undertake examination of its financial statements for the period 2014-15 to 2021-22 by a peer-reviewed Chartered Accountant, to ensure that the same are in compliance with all the applicable accounting standards and submit the statement of impact of all the non-compliances. To this extent the current years opening balances and consequent effect on the closing balances thereof are subject to the verification and confirmation by the peer review auditor. (Refer SEBI Order No WTM/ASB/CFlD/_4/25730/2023-24 point no 177(b))

2) The companys revenue is predominantly derived from its foreign branch in the USA, which represents a significant part of its financial performance. To ensure this accuracy we have relied on the financial statements of the foreign branch in the USA which have been confirmed by their Certified Public Accountant (CPA) .

3) Considering the SEBIs Interim order cum show-cause notice dated 13th April,

2023 we have made the following observations:

a) As referred in Point No. 72, the companys investment in Ybrant Media Acquisition Inc, one of the subsidiaries of the company has negative equity/net worth indicating the existence of an indicator of impairment. But the company has neither impaired nor created any provision against the value of Investments in Ybrant Media Acquisition Inc.

b) As referred in Point No. 177[d], "the company" has to appoint at least one independent director on its board of directors as a director on the board of directors of each of its material subsidiaries within fifteen days of the date of its order.

c) As referred in Point No. 177[e] "the company" has to disseminate the standalone financial statements of each of its subsidiaries on its website, for the period between FY 2014-15 and FY 2021-22.

d) The opening balances of Investments, receivables and payables with related to subsidiaries in standalone financial statements are subject to the confirmation of peer review auditor and due to its c o rtse^ttMe ffect, the closing balances thereof are also subject to variation.

e) The promotors shareholding is based on available lporma^nj^jd may change, as the company has appealed against SEBIs ind 22nd August 2023 and subsequent confirmatory order dated Z^:Febrnary 2024.

The proceedings are ongoing.

The company" has still not made any provision for impairment of investments of Rs.16,886.81 lakhs made in M/s Vuchi Media Private Limited despite the fact that the proposed acquisition transaction was revoked by both the parties and have cancelled the definitive share purchase agreement that was entered into. And also 1,40,70,000 equity shares allotted to M/s Vuchi Media Private Limited are pending for cancellation subject to the legal process completion.

4) SEB1 has issued a show-cause notice and an interim order dated 13-04-2023, observing certain irregularities, followed by interim order dated 22-08-2023 and confirmatory order dated 28-02-2024. The company preferred appeals against the show-cause notice dated 13-04-2023 and interim order dated 22- 08-2023, vide appeal nos. 941 of 2023, 942 of 2023 this appeal has been withdrawn subsequent to the issuance of Confirmatory Order on 28-02-2024 and appeal No. 474 of 2024 has been filed before the Honble Securities Appellate Tribunal and the proceedings are ongoing with respect to Appeal No.s 941 of 2023 and 474 of 2024. We are notable to express an opinion on the issues covered by the said show-cause notice and interim orders, due to lis- pendency. The management of the company is yet to report the status of the compliance of the directions issued by SEBI in the confirmatory orders dated 29-02-2024.

Emphasis of Matter Paragraph

1. With respect to Income Tax the company has certain appeals pending with the authorities, the outcome of which is not ascertained as on the date of Balance Sheet.

2. The standalone Ind AS financial statements of the company for the previous financial year i.e., for the year ended 31.03.2023 have been audited by predecessor auditor. The figures as at 31.03.2023 are subject to variation in view of the SEBIs observations/directions and consequent effect on the closing balances thereof as at 31.03.2024.

3. Bank balances were verified to the extent of bank statements and balances confirmations provided to us.

Our opinion is not modified in respect of above matters.

Information Other than the Standalone Financial Statements and Auditors Report thereon

The "Companys" Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexure to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders 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 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 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 information; we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, related to going concern and using the going concern basis of accounting unless ar/ management either intends to liquidate the Company or to cease operations, or has no k W i sTjbcwternative but to do so.

The Board of Directors is 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 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 materia! 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 controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances.

Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal 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 a 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 /^S*P5nat?litors report to the related disclosures in the standalone financial statements afe.nsuch disclosures are inadequate, to modify our opinion. Our conclusions are I *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 standalone 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 safe guards.

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 A" a statement on the matters Specified in paragraphs 3 and 4 of the Order..required by Section 143(3) of the Act, based on our audit we report that;sought and except for the matters described in the Basis for Qualified

Opinion Section, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the accompanying financial statements.

b) Except for the possible effects of the matter described in the Basis for Qualified Opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) Except for the possible effects of the matter described in the Basis for Qualified Opinion, the Balance Sheet, Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows and the statement of changes in equity dealt with by this Report are in agreement with the books of account; as per Companies (Audit and Auditors) Rules, 2014 as amended.

d) Except for the possible effects of the matter described in the Basis for Qualified Opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014 as amended.

e) On the basis of the written representations received from the directors as on March 31,2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

f) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Qualified Opinion Section.

g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure-B". Our report expresses Qualified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

h) 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, during the year, the Company has not paid / provided remuneration.

i) 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 explanations given to us:

l The Company has disclosed the pending litigations which would have impact on its standalone financial position.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31s1 March, 2024.

iii. Based on our examination, we have identified the following non- compliances with the relevant laws and regulations:

• The company has not declared any dividend during the year.

* The Company has not transferred the unclaimed dividend amount to the Investor Education and Protection Fund even after seven years.

iv. (a) The Management has represented that, to the best of its knowledge and belief, 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 persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf of the Company or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf of the Funding Parties 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 notic? that has caused us to believe that the representations in sub-clause (iv) and (v) above contain any material misstatement.

(d) Total dividend of Rs. 3,402.28 lakhs is pending for payment which yvfct, spertains to various financial years (Refer Notes to the Financial statements)

v. The company does not maintain an audit trail and edit-log system as per MCA Guidelines.

Other Matters

The financial statements of the company for the previous financial year i.e., for the year March 31, 2023 were audited by the predecessor auditors, P Murali & Co, Charted Accountants, have expressed a qualified opinion vide audit report dated May 20, 2023

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to ill paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report to the Members of BRIGHTCOM GROUP LIMITED of even date.

i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property Plant &Gquipment (PPG).

(b) The company is maintaining proper records showing full particulars of intangible assets.

(c) According to the information and explanations given to us and on the basis of our examination of records of the Company, PPE have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable.

(d) According to the information and explanations given to us and on the basis of examination of records, title deeds of immovable properties are held in the name of the company.

(e) According to the information and explanations given to us and on the basis of our examination of records, the company has not revalued the Property. Plant and Equipment or intangible assets during the period under review.

(f) No proceedings have been initiated during the year or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

ii. (a) The Company is in the business of providing software development and digital marketing services. So, the Company does not hold any physical inventory.

(b) The company has not availed any working capital from banks/ Financial Institutions.

iii. a. The company has not made Investments in, provided any guarantee or security to companies, firms, LLP or any other parties.

b. The Company has granted advances to wholly owned subsidiary companies and thi^SS^S&MOutstanding as on balance sheet date is Rs.40,279.99 Lakhs with respect to j^r^adv^sgee. In the absence of proper information, we are unable to comment

whether these advances given are advances in the nature loan or regular in the course

of business advance.

iv. The company has not granted any loans to the parties covered under section IBS and 106 of the Companies Act, 2013. The Company has complied with the provisions of Section 185 and 186 of the Act in respect of Investments made by the Company and providing guarantees and securities. (Refer notes to notes to financial statements). However, company has granted advances to two of its wholly owned subsidiaries in respect of which, we are unable to comment whether those advances given are adva nces in the nature of loan or regular in the course of business advance.

v. As informed to us, the Company has not accepted any deposits during theyear from the public within the meaning of the provisions of section 73 of "the Act" and hence directives issued by the reserve bank of India and the provisions of section 73 to 76 or any other relevant provisions of "the Act" the Rules framed there under are not applicable to the Company at present.

vi. As informed to us, the maintenance of Cost Records have not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.

vii. (a) According to the information and explanations given to us and based on the records of "the Company" examined by us, "the Company" is regular in depositing the undisputed statutory dues except Income Tax and TDS which is overdue for a period of more than six months, with the appropriate authorities in India.

(Amount Rs. in Lakhs)

Name of Statute	Nature of Dues	Outstanding Amount
Income Tax Department	Self-Assessment Tax	715.56
Income Tax Department	TDS Payable	1071.02

(b)According to the information and explanations given to us and based on the records of "the Company" examined by us, there are statutory dues which have not been deposited on account of disputes as below as on March 31st 2024.

Name of the Statute	Year Pertaing to	Forum where it is pending	Amount Involved
Service Yax	Liability for the period May 2008 to September 2011	Appeal made to Central Excise & Service Tax Appellate Tribunal, Hyderabad.	1,460.05
Service Tax	Liability for the period May 2008 to September 2011	Appeal made to Central Excise & Service Tax Appellate Tribunal, Hyderabad.	413.23
Service Tax	Liability for the period April 2014 to June 2017.	Appeal made to Central Excise & Service Tax Appellate Tribunal, Hyderabad.	6,487.35
GST	Liability for the period July 2017 to March 2021.	Appeal made to Central Excise & Service Tax Appellate Tribunal, Hyderabad.	3,287.09
Income Tax	Liability for the A.Y.2006-07 to A.Y. 2009-10.	CIT(Appeals) / ITAT	835.02
Income Tax	Liability for the A.Y.2010-11 to A.Y. 2013-14.	CITfAppeals)/ ITAT	3,889.14
Income Tax	Liability for the A.Y.2014- 2015 to A.Y. 2020-22.	CITfAppeals)/ ITAT	8,687.92

viii. As per the information and explanation given to us, there are no instances where the company has surrendered or disclosed such transactions as income during the year ended 31st March, 2024 in the tax assessments under the income tax Act, 1961.

ix. According to the information and explanations given to us, the company has not ayaited^ny loan from financial institutions or banks or issued debentures as at

(b)The company lias not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year ended 31st March,2024. .

(a) Based on examination of books and records of the Company and according to the information and explanations given to us, no material fraud by the Company or on the Company has been noticed or reported during the year.

(b) According to the information and explanations given to us, no report under subsection (12) of section 143 of the Companies Act has been filed in form ADT- 4 as prescribed under rule 13 of the companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

(c) In the absence of information provided by the management, we are unable to comment whether whistleblower mechanism has been established in accordance with requirements of the companies act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and as to whether any whistleblower complaints have been received during the year by the company.

xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it.

xiii. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

xiv. (a) The company does not have internal audit system that commensurate with the size and nature of its business.

(b) We have not received internal audit reports from the management for the year under audit i.e., FY 2023-24.

xv. As per the information and explanation given to us and in our opinion during the year "the company" has not entered into any non-cash transactions with its directors or persons connected to its directors.

xvi. (a) The Comp^aamot required to be registered under section 45-IA of The Reserve Bank of

(c) The company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Hank of India.

(d) The Company is not part of any group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016 as amended).

xvii. The company has not incurred any cash losses during the current year and in the immediately preceding financial year, subject to adjustment if any, which may arise out of the SEB1 Interim Order as referred to the Basis for Qualified opinion.

xviii. There has been resignation of the statutory auditors of the Company during the Year. No issues, objections or concerns were raised by the outgoing auditors.

xix. 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 financial statements, based on the knowledge of the Board of Directors and management plans (Refer to Notes to the financial statement), The standalone financial statements of the company are prepared under the assumption of going concern.

xx. (a) Details of Amount spent towards CSR, if any, has not been provided to us.

(b) In the absence of information as above, we are not able to comment on unspent amount in respect of amount to be transferred in case of ongoing and other than ongoing projects.

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(g) under Report on Other Legal and Regulatory Requirements section of our report to the Members of BRIGNTCOM GROUP LIMITED of even date

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 BRIGHTCOM GROUP LIMITED ("the Company") as of March 31, 2024 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 (1CA1). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the companys internal financial controls over financial reporting 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 deemed to be prescribed under section 143(10) of the Act 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 ICAI. These standards and guidance note require that we comply with ethical requirements and plan and#3?5^^^d the audit to obtain reasonable assurance about whether adequate internal over financial reporting was established and maintained and if such effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about tin1 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 Judgment, including the assessment of the risk 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 and the companys Internal Financial Control system over financial reporting.

Meaning oflnternal 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 financial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control over financial reporting includes these policies and procedures that

1) Pertain to the maintenance of records that, in reasonable detailed, 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 financial statements in accordance with generally accepted principles, and that receipts and expenditures are being made only in accordance with authorization of management and directors of the Company

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 financial statements.

Inherent Limitation oflnternal Financial Controls over Financial Reporting

Because of the inherent limitation of internal financial controls over financial reporting, 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 over financial reporting to future periods are subject to the risk that the internal financial control over financial repojtigg^jcbecome inadequate because of changes in conditions, or that the degree of comi?aTfce>^mthe policies or procedures may deteriorate.

Qualified Opinion

In our opinion, the company does not have adequate Internal Financial Control Systems over financial reporting and such systems were not operating effectively as at March 31st, 2024, 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,