Burnpur Cement Ltd Auditor Reports

TO THE MEMBERS OF BURNPUR CEMENT LIMITED.

I. Report on the Audit of the Standalone Financial Statements

1. Opinion

A. We have audited the accompanying Standalone Financial Statements of BURNPUR CEMENT LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Pro??t and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the signi??cant accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

B. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements 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 at March 31, 2024, the loss and total comprehensive income, changes in equity and its cash ??ows for the year ended on that date.

2. Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing speci??ed 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 (ICAI) together with the independence requirements that are relevant to our audit of the ??nancial statements under the provisions of the Act and the Rules made thereunder, and we have ful??lled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is su??cient and appropriate to provide a basis for our quali??ed opinion on the Standalone Financial Statements.

3. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signi??cance 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 determined the matters described below to be the key audit matters to be communicated in our report.

S. No.	Key Audit Matter	Auditors Response
1.	The Company is not a Going Concern	The Company has disclosed that on November 29, 2023, M/s UV Asset Reconstruction Company Limited (‘UVARCL), by exercising their powers conferred to them under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with Security Interest (Enforcement) Rules, 2002, had by an auction process sold the entire immoveable and moveable assets of the Company situated at Patratu to M/s Ultratech Cement Limited for a total consideration of Rs. 169.79 Crores. The said amount of Rs. 169.79 Crores has been adjusted against the outstanding loan account balance standing in the books of the Company in the name of M/s UV Asset Reconstruction Company Limited (‘UVARCL).
		The Company is primarily engaged in the business of manufacturing and sale of cement. Since the entire immoveable and moveable assets of the Company situated at Patratu has been sold to M/s Ultratech Cement Limited, the Company as of now does not have any avenue to earn income from operations of manufacturing and sale of cement. Due to extreme ??nancial di??culty, it can be concluded that there is loss of substratum of company. These events and circumstances indicate a material uncertainty on the Companys ability to continue as a going concern as accepted by the management and therefore, it may be unable to realize its assets and discharge its liabilities in the normal course of business.
2.	Cash more than the requirement of the Company is kept as Cash in Hand.	Cash aggregating to Rs. 22.90 lakhs pertaining to Asansol Unit is lying as Cash in Hand for more than 3 years. This cash is lying idle and not being used by the Company. Cash not required immediately for business purpose needs to be deposited in Bank so that idle funds can earn interest. The management could not justify why so much cash was kept as Cash in Hand for more than 3 years.

4. Emphasis of Matters Paragraph

i) The entire immoveable and moveable assets of the Company situated at Patratu has been sold to M/s Ultratech Cement Limited, the Company as of now does not have any avenue to earn income from operations of manufacturing and sale of cement.

ii) There is an outstanding borrowing of Rs. 41482.79 Lakhs in the name of UVARC LIMITED as on 31.03.2024 which includes the assignment of the debts by PNB (Formerly known as UBI) to UVARC Limited as per provision of SARFEAESI Act, 2002. On 21.02.2023, the share pledged by the previous promoters was transferred to UVARC Limited. Consequently, in accordance with Ind AS-24 pertaining to related party disclosure, UVARC Limited is now considered as related party, which the company also disclosed in their Notes to accounts.

iii) Cash aggregating to Rs. 22.90 lakhs pertaining to Asansol Unit is lying as Cash in Hand for more than 3 years. This cash is lying idle and not being used by the Company. The management could not justify why so much cash was kept as Cash in Hand for more than 3 years.

iv) The balance con??rmation of bank balances aggregating to Rs. 45.39 lakhs in were not available on record at the time of audit.

5. Material uncertainty related to going concern

The management has disclosed that since the entire immoveable and moveable assets of the Company situated at Patratu has been sold to M/s Ultratech Cement Limited, the Company as of now does not have any avenue to earn income from operations of manufacturing and sale of cement. The company as on the reporting date is not a going concern. Our opinion is not quali??ed in respect of this matter.

6. Other Matters

i. The company has delayed deduction of tax at source on payment of interest on loan from USB Financial Corporation Limited amounting to Rs. 28,523.00 including delayed interest on TDS Rs. 831.00. The TDS along with interest was deposited on 21.05.2024

ii. Provident Fund amount of Rs. 95,211.00 for the Month of November, 2023 has been paid after the due date on 19.12.2023

iii. The Company has amount Rs 39,92,906.00 payable to S N Enterprises, West Singhbhum having PAN - ACFPN4661H, which has been due for more than 3 years and it appears unlikely that payment will be made in the foreseeable future. After careful consideration and review, we believe it is prudent to relinquish this liability from the Companys books by credit to Pro??t & Loss account.

7. Information Other than the Financial Statements and Auditors Report Thereon

A. The Companys Board of Directors is responsible for the other information. The other information comprises of the information included in the Management Discussion and Analysis, Boards Report including Annexures 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 ??nancial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

B. In connection with our audit of the ??nancial 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 other than the matters mentioned Above.

8. Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

A. 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 ??nancial statements that give a true and fair view of the ??nancial position, ??nancial performance, including other comprehensive income, changes in equity and cash ??ows 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 ??nancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone ??nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

B. In preparing the Standalone Financial Statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Companys ??nancial reporting process.

9. Auditors Responsibilities for the Audit of the Standalone Financial Statements

A. 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 in??uence the economic decisions of users taken on the basis of these Standalone Financial Statements.

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

i) Identify and assess the risks of material misstatement of the standalone ??nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is su??cient 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.

ii) Obtain an understanding of internal ??nancial 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 ??nancial controls with reference to ??nancial statements in place and the operating effectiveness of such controls

iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

iv) 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 signi??cant 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.

v) 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

C. 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 Standalone Financial Statements may be in??uenced. 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 identi??ed misstatements in the Standalone Financial Statements.

D. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signi??cant audit ??ndings, including any signi??cant de??ciencies in internal control that we identify during our audit.

E. 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.

F. From the matters communicated with those charged with governance, we determine those matters that were of most signi??cance 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 bene??ts of such communication.

II. Report on Other Legal and Regulatory Requirements :

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 Pro??t and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.

D. In our opinion, the aforesaid ??nancial statements comply with the Ind AS speci??ed under Section 133

of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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 disquali??ed as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

F. With respect to the adequacy of the internal ??nancial controls over ??nancial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

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.

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 has not disclosed the impact of pending litigations on its ??nancial position in its

Standalone Financial Statements.

ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts. The Company did not have any long-term derivative contracts.

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company, if any.

I. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.

2. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters speci??ed in paragraphs 3 and 4 of the Order.

For K Pandeya & Co. Chartered Accountants FRN : 0000135C

CA Gopal Singh

Partner

Date : 28-05-2024 M. No. 403581

Place : Ranchi UDIN : 24403581BKE1RR7818

ANNEXURE - A TO THE AUDITORS REPORT - CARO

The Annexure referred to in our report to the members of BURNPUR CEMENT LIMITED for the year ended 31st March, 2024.

On the basis of the information and explanation given to us during the course of our audit, we report that :

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that :

i. In respect of the Companys property, plant and equipment, right-of-use assets and intangible assets:

(a) The company has sold all its PPE except Motor Vehicles, the carrying amount of which is Rs.

19.78 lakhs as on 31.03.2024. The carrying amount of intangible assets in books of the company as on 31.03.2024 is NIL.

(b) According to the information and explanations given to us, the Company has a not done physical

veri??cation of left over PPE at Kolkata o??ce.

(c) According to information and explanations given to us and on the basis of our examination of the records of the Company, there are no proceedings initiated or pending against the Company for holding any Benami Property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

ii. (a) All the inventory has been sold by the company except 0.01 lakh worth of inventory as on 31.03.2024

(b) The Company has not been sanctioned working capital limits in excess of ? 5 crore, in aggregate, at any points of time during the year, from banks or ??nancial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable.

iii. The company has not granted any loans (secured or unsecured) to companies, ??rm, or any other

concern during the year.

The Company has not made investments in Firms and Limited Liability Partnerships during the year. Further the Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to Companies, Firms, Limited Liability Partnerships or any other parties.

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

v. The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause 3(v) of the Order is not applicable.

vi. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules prescribed by the Central Government for maintenance of cost records under Section 148(1) of the Act in respect of its manufactured goods and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not carried out a detailed examination of the records with a view to determine whether these are accurate or complete.

vii. In respect of statutory dues :

(a) The company is irregular in depositing disputed statutory dues including Income Tax and GST dues to the appropriate authorities. As per the ??nancial statement Rs. 1160.83 lakhs are due to Government Authorities relating to current and previous years as given below in Annexure 1.

Annexure 1

(b) Dues of income tax, GST, Employees Provident Fund and of the current year have been deposited on time except for Provident Fund amount of Rs. 95,211.00 for the Month of November, 2023 has been paid after the due date on 19.12.2023 delayed deduction of tax amounting to Rs. 28,523.00 including delayed interest on TDS Rs. 831.00 on payment to USV Financial Corporation Ltd. The TDS along with interest was deposited on 21.05.2024.

viii. 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 transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. (a) There is no outstanding loan in the name of company from any bank as on 31.03.2024. On 04.08.2022 PNB (Formerly known as UBI) has assigned their debts to UVARC Limited an Asset Reconstruction company.

(b) The Company has not been declared wilful defaulter by any bank or ??nancial institution or

government or any government authority.

(c) The Company has taken term loan of Rs. 2.75 Crores during the year and were applied for the purpose for which the loans were obtained.

(d) On an overall examination of the ??nancial statements of the Company, funds raised on short- term basis have, prima facie, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the ??nancial statements 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. The company doesnt have a subsidiary and hence reporting on clause 3(ix)(e) of the Order is not applicable.

(f) The company doesnt have a subsidiary and hence reporting on clause 3(ix)(f) of the Order is not applicable

x. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi. (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been ??led in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

(c) Company has not received any whistle blower complaints during the year (and up to the date of this report), hence reporting under clause 3(xi)(c) of the Order is not applicable.

xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the standalone ??nancial 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 adequate internal audit system commensurate with the size and the nature of its business.

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.

xv. In our opinion and according to the information and explanations given to us, 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.

xvi. (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(b) In our opinion, there is no core investment company within the Group (as de??ned in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

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

xviii. There has been no resignation of the statutory auditors of the Company during the year.

xix. On the basis of the ??nancial ratios, ageing and expected dates of realisation of ??nancial assets and payment of ??nancial liabilities, other information accompanying the ??nancial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, it has come to our attention that Company is not a Going Concern which causes us to believe that material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet and 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.

xx. (a) There are no unspent amounts towards Corporate Social Responsibility ("CSR") on any projects requiring a transfer to a Fund speci??ed in Schedule VII to the Companies Act, 2013 in compliance with second proviso to sub-section (5) of Section 135 of the said Act. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable for the year.

(b) 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 ongoing project. Accordingly, clause 3(xx)(b) of the Order is not applicable.

xxi. Since the company is not a subsidiary or holding company of any other company. Accordingly, reporting under clause 3(xxi) of the Order is not applicable to this company.

For K. Pandeya & Co. Chartered Accountants FRN : 0000135C

CA Gopal Singh

Partner

Date : 28-05-2024 M. No. 403581

Place : Ranchi UDIN : 24403581BKE1RR7818

ANNEXURE - B TO THE AUDITORS REPORT

Report on the Internal Financial Controls with reference to Standalone Financials Statements

under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal ??nancial controls over ??nancial reporting of BURNPUR CEMENT LIMITED. ("The Company") as of 31 March 2024 in conjunction with our audit of the ??nancial 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 ??nancial controls based on the internal control over ??nancial 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 (‘ICAI). These responsibilities include the design, implementation and maintenance of adequate internal ??nancial controls that were operating effectively for ensuring the orderly and e??cient 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 ??nancial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal ??nancial controls over ??nancial 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, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal ??nancial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal ??nancial controls over ??nancial reporting 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 ??nancial controls system over ??nancial reporting and their operating effectiveness. Our audit of internal ??nancial controls over ??nancial reporting included obtaining an understanding of internal ??nancial controls over ??nancial 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 risks of material misstatement of the ??nancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is su??cient and appropriate to provide a basis for our audit opinion on the Companys internal ??nancial controls system over ??nancial reporting.

Meaning of Internal Financial Controls with reference to standalone ??nancial statements

A companys internal ??nancial control over ??nancial reporting is a process designed to provide reasonable assurance regarding the reliability of ??nancial reporting and the preparation of ??nancial statements for external purposes in accordance with generally accepted accounting principles. A companys internal ??nancial control over ??nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re??ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of ??nancial 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 ??nancial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

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

Opinion

In our opinion, the Company has, in all material respects, an adequate internal ??nancial controls system over ??nancial reporting and such internal ??nancial controls over ??nancial reporting were operating effectively as at 31 March 2024, based on the internal control over ??nancial 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.

For K. Pandeya & Co. Chartered Accountants FRN : 0000135C

CA Gopal Singh

Partner

Date : 28-05-2024 M. No. 403581

Place : Ranchi UDIN : 24403581BKE1RR7818