Canara Robeco Asset Management Company Ltd Auditor Reports

To the Members of Canara Robeco Asset Management

Company Limited

Report on the Audit of the Financial Statements for the

year ended March 31, 2026

OPINION

1. We have audited the Financial Statements of Canara
Robeco Asset Management Company Limited

(the "Company"), which comprise the Balance Sheet
as at March 31, 2026, the Statement of Profit and
Loss (including other Comprehensive Income), the
Statement of Changes in Equity and the Statement of
Cash Flows for the year then ended and notes to the
Financial statements, including a summary of material
accounting policies and other explanatory information
("the Financial Statements").

2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Financial Statements give the information required
by the Companies Act, 2013 ("Act") in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31,
2026, and its profit and other comprehensive income,
changes in equity and its cash flows for the year ended
on that date.

BASIS FOR OPINION

3. We conducted our audit of Financial Statements in
accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Act. Our
responsibilities under those SAs are further described
in the "Auditors Responsibilities for the Audit of the
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 that are relevant to our audit of the
Financial statements under the provisions of the Act
and the Rules thereunder, and we have fulfilled 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 sufficient
and appropriate to provide a basis for our audit opinion
on the Financial Statements.

KEY AUDIT MATTER

4. Key audit matters are those matters that, in our
professional judgement, were of most significance
in our audit of the financial statement of the current
period. These matters were addressed in the context of
our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a
separate opinion on these matters.

Key audit matter: Revenue from Asset Management Services

Refer to the Material Accounting Policy Note 3.6 and 22 to financial statements- Revenue from Operations

Key audit matter	How the matter was addressed in our audit
Revenue from Asset Management Services is the most significant account balance in the Statement of Profit and Loss. It comprises of management fees and advisory fees amounting to Rs. 42,494.50 Lakhs.	In view of the significance of the matter, we applied the following audit procedures in this area, among others to obtain sufficient appropriate audit evidence:
We have identified Revenue from Asset Management Services as a key audit matter since:	(i) Obtained and read the accounting policy for revenue recognition.
(i) There are inherent risks in computation of management fees due to the manual input of key contractual terms and computation of applicable assets under management (AUM), which could result in errors.	(ii) Obtained an understanding of the significant revenue items and identified where there is a higher risk of error due to manual processes, complex contractual terms, and areas of judgement.
(ii) Multiple schemes of Canara Robeco Mutual Fund require effective monitoring over key financial terms and conditions being captured and applied accurately. Any discrepancy in such computations could result in misstatement of management fee and advisory fee recognised in the financial statements.	(iii) Tested the design and operating effectiveness of key controls in place across the Company relevant to recognition of revenue from asset management services.
	(iv) On a sample basis, obtained and tested arithmetical accuracy of revenue calculation and the reconciliation with the accounting records.
	(v) On sample basis, verified the manual input of contractual terms with rates approved by the authorised personnel.
	(vi) Test checked the asset management fee invoices and reconciled with the accounting records.
	(vii) On a sample basis, checked the receipts of such income in bank statements.
	(viii) Evaluated the adequacy of disclosures relating to the revenue from asset management services earned by the Company.

OTHER INFORMATION

5. The Companys Management and Board of Directors
are responsible for the other information. The other
information comprises the information included in the
Companys Annual Report but does not include the
Financial Statements and auditors report thereon.
The Companys annual report is expected to be made
available to us after the date of this auditors report.

Our opinion on the Financial Statements does not cover
the other information, and we will not express any form
of assurance conclusion thereon.

6. In connection with our audit of the Financial Statements,
our responsibility is to read the other information
identified above when it becomes available and, in
doing so, consider whether the other information is
materially inconsistent with the Financial Statements
or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.

7. When we read the Companys annual report, if we
conclude that there is a material misstatement therein,
we are required to communicate the matter to those
charged with governance and take necessary actions,
as applicable under the relevant laws and regulations.

MANAGEMENTS AND BOARD OF DIRECTORS

RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

8. The Companys Management and Board of Directors are
responsible for the matters stated in Section 134(5) of
the Actwith respecttothe preparation ofthese Financial
Statements that give a true and fair view of the state of
affairs, profit/ loss and other comprehensive income,
changes in equity and cash flows of the Company in
accordance with the accounting principles generally
accepted in India, including the Indian Accounting
Standards (Ind AS) specified under Section 133 of the
Act. This responsibility also includes maintenance of

adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate
internal financial controls, that were operating
effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation
and presentation of the Financial Statements that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.

9. In preparing the Financial Statements, the Companys
Management and 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 the Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

10. The Board of Directors is also responsible for overseeing
the Companys financial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE

FINANCIAL STATEMENTS

11. Our objectives are to obtain reasonable assurance
about whether the 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
Financial Statements.

12. 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 ofthe 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 control
relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances. Under Section 143(3)(i) of the
Act, we are also responsible for expressing our
opinion on whether the Company has adequate
internal financial controls with reference to the
Financial Statements in place and the operating
effectiveness of such controls;

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

• Conclude on the appropriateness of the
Management and Board of Directors use of the
going concern basis of accounting in preparation
of Financial Statements 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 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 Financial Statements, including the

disclosures, and whetherthe Financial Statements
represent the underlying transactions and events
in a manner that achieves fair presentation;

13. 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;

14. 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.

15. From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit ofthe Financial
Statements ofthe 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

16. 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 ofthe Order, to
the extent applicable.

17. A. As required by Section 143(3) ofthe Act, based on our

audit 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 (including Other Comprehensive Income),

the Statement of Changes in Equity and the
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account;

d. In our opinion, the aforesaid Financial Statements
comply with the Ind AS specified under Section
133 of the Act;

e. On the basis of the written representations
received from the directors as on March 31, 2026,
to April 16, 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 with reference to the Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in Annexure B;

B. 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, in
our opinion and to the best of our information and
according to the explanations given to us:

a. The Company has disclosed the impact of pending
litigations as at March 31, 2026, on its financial
position in its Financial Statements. (Refer Note
32 to the Financial Statements);

b. The Company did not have any long-term
contracts including derivative contracts for which
there were material foreseeable losses;

c. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company.

d. (i) 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 person(s) or entity(ies), including
foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,

whether, 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;

(ii) The Management has represented, that,
to the best of its knowledge and belief, no
funds have been received by the Company
from any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with
the understanding, whether recorded in
writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest
in other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

(iii) Based on the audit procedures that we have
considered reasonable and appropriate in
the circumstances; nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (i) and (ii)
above, contain any material misstatement.

e. The interim dividend declared and paid by the
Company during the year and until the date of
this audit report is in accordance with Section 123
of the Act.

The final dividend paid by the Company during
the year, in respect of the same declared for the
previous year, is in accordance with Section 123
of the Act to the extent it applies to payment
of dividend.

As stated in Note 21(f) to the Financial Statements,
the Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The dividend
declared is in accordance with Section 123 of
the Act to the extent it applies to declaration
of dividend.

f. 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 audittrail (edit log)
facility and the same has operated throughout the
year for all relevant transactions recorded in the
software. Further, for the periods where audit trail
(edit log) facility was enabled and operated for the
accounting software, 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.

C. 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:

In our opinion and according to the information and
explanations given to us, the remuneration paid by

the Company to its directors during the current year
is in accordance with the provisions of Section 197 of
the Act. The remuneration paid to any director is not
in excess of the limit laid down under Section 197 of
the Act. The Ministry of Corporate Affairs has not
prescribed other details under Section 197(16) of the
Act which are required to be commented upon by us.

For Borkar & Muzumdar Chartered Accountants

Firm Registration Number: 101569W

Satish Kumar Gupta

Partner

Membership Number: 101134
UDIN: 26101134SROIFP1314

Place: Mumbai
Date: April 27, 2026

ANNEXUREA

TO INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS OF CANARA ROBECO ASSET
MANAGEMENT COMPANY LIMITED FOR THE YEAR ENDED MARCH 31, 2026

[Referred to in paragraph 16 under Report on Other Legal

and Regulatory Requirements section of our report of

even date]

(i) In respect of the Companys Property Plant and
Equipment ("PPE") and Intangible Assets:

(a) (A) The Company has maintained proper records

showing full particulars, including quantitative
details and situation of the PPE.

(B) The Company has maintained proper records
showing full particulars of intangible assets.

(b) As per information and explanations given to us and
on the basis of our examination of the records of the
Company, PPE have been physically verified by the
management at reasonable intervals and no material
discrepancies were noticed on such verification.

(c) According to the information and explanations given to
us and on the basis of our examination of the records of
the Company and the registered sale deeds provided to
us, we report that the title deeds of all the immovable
properties are in the name of the Company as at the
Balance Sheet date.

(d) According to the information and explanations given to
us and on the basis of our examination of the records,
the Company has not revalued its PPE or Intangible
asset during the year.

(e) According to the information and explanations given to
us and on the basis of our examination of the records
of the Company, no proceedings have been initiated or
pending against the Company for holding any benami
property under the Benami Transactions (Prohibition)
Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) As there is no inventory held by the Company at

any point of time during the year, the reporting
under clause 3(ii)(a) of the Order is not applicable
to the Company.;

(b) During the year, the Company has not been
sanctioned, any point of time of the year, working
capital limits 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 to the Company.

(iii) Duringtheyear,theCoi
in, and not provided ar
any loans or advance;
or unsecured to cor
partnerships or other
maintained under sec
2013. Hence, clause 3
applicable to the Com

(iv) In our opinion and
and explanations give
granted any loans, pr
securities during the
sections 185 and 186
Further, in respect of i
has complied with the
Companies Act, 2013;

(v) In our opinion and
and explanations give
accepted deposits or ?
to be deposits, within
76 of the Act or any ?
Companies Act, 2013 a
Hence clause 3(v) of
the Company;

(vi) In our opinion and ac
explanations given tc
records pursuant to th
Audit) Rules, 2014 has
Government under S<
Act, 2013 for the busir
Company. Hence, rep>
order is not applicable

(vii) (a) According to the

given to us and ac
as produced and
statutory dues, th
regular in deposi
including Provide
Service Tax, Cess
as applicable witl
at last day of finan
payable in respec
outstanding for a
from the date the;

(b) According to the information and explanations given to us, there are no dues outstanding in respect of income tax or
service tax or Goods & service tax which has not been deposited on account of any dispute except the following:

Sr. No Name of the Staute	Nature of Dues	Amount (Rs. In Lakh)	Forum Where Dispute is pending	Period to which the amount relates
1 Income Tax Act 1961	Disallowance of expenditure	334.40	Commissioner Appeals	FY 2017-18

(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.

(ix) 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 taken any loans
or borrowings from financial institutions, banks and
government or has not issued any debentures. Hence
reporting under clause 3(ix) (a) to (f) of the order is not
applicable to the Company;

(x) 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 raised moneys by
way of initial public offer or further publicoffer (including
debt instruments) or Private placement or preferential
allotment of shares or convertible debentures (fully,
partially or optionally convertible) during the year and
hence reporting under clause 3(x) (a) and (b) of the
Order is not applicable to the Company (Refer Note 20.1
to the Financial Statements);

(xi) (a) During the course of our examination of the books

and records of the Company and according to
the information and explanations given to us,
considering the principles of materiality outlined
in Standards on Auditing, we report that no 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 sub section (12)
of section 143 of the Companies Act, 2013 has
been filed by the auditors in Form ADT-4 as
prescribed under Rule 13 of the Companies
(Audit and Auditors) Rules, 2014 with the Central
Government.

(c) According to the information and explanations
given to us including the representation made
to us by the management of the Company, no
whistle-blower complaints were received by the
Company during the year and hence, reporting

under clause 3(xi)(c) of the Order is not applicable
to the Company.

(xii) According to the information and explanations given to
us, the Company is not a Nidhi Company and hence
reporting under clause 3(xii)(a) to (c) of the Order is not
applicable to the Company;

(xiii) According to the information and explanations given to
us and based on our examination of the records of the
Company, all transactions entered into by the Company
with the related parties are in compliance with Sections
177 and 188 of Companies Act, 2013 where applicable,
and details of such transactions have been disclosed in
the Financial Statements, as required by the applicable
Ind-AS;

(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 reports of Internal Auditor
of the Company issued till date for the period
under audit.

(xv) According to the information and explanations given
to us and based on our examination of the records,
the Company has not entered during the year into any
non-cash transactions with its directors or persons
connected with them and hence reporting under clause
3 (xv) of the Order is not applicable to the Company.

(xvi) The Company is not required to be registered under
section 45-IA of the Reserve Bank of India Act, 1934.
The Company has not conducted any Non-Banking
Financial or Housing Finance activities during the year
and the Company is not a Core Investment Company
(CIC) and hence reporting under clause 3(xvi) (b), (c)
and (d) are not applicable.

(xvii) The Company has not incurred any cash loss in the
current as well as the immediately preceding financial
year.

(xviii) There has been no resignation of the statutory auditor
during the year and hence reporting under clause
3(xviii) of the Order is not applicable to the Company.

(xix) According to the information and explanations given
to us and on the basis of the financial ratios, ageing
and expected dates of realisation of financial assets
and payment of financial liabilities, other information
accompanying the financial statements, our knowledge
of the plans of the Board of Directors and management
and based on our examination of the evidence
supporting the assumptions, nothing has come to our
attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report
that Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they
fall due within a period of one year from the Balance
Sheet date. We, however, state that this is not an
assurance as to the future viability of the Company. We
further state that our reporting is based on the facts up
to the date of the audit report and we neither give any
guarantee nor any assurance that all liabilities falling
due within a period of one year from the Balance Sheet
date, will get discharged by the Company as and when
they fall due.

(xx) (a) According to the information and explanations

given to us and based on our examination of
the records of the Company, there is no unspent
amount as on March 31, 2026. Accordingly,

reporting under clause 3(xx)(a) of the Order is
not applicable.

(b) According to the information and explanations
given to us and based on our examination of
the records of the Company, there is no unspent
amount as on March 31, 2026. Accordingly,
reporting under clause 3(xx)(b) of the Order is not
applicable.

(xxi) The reporting under clause 3(xxi) of the Order is not
applicable in respect of audit of standalone Financial
Statements of the Company. Accordingly, no comment
has been included in respect of said clause under
this report.

For Borkar & Muzumdar Chartered Accountants

Firm Registration Number: 101569W

Satish Kumar Gupta

Partner

Membership Number: 101134
UDIN: 26101134SROIFP1314

Place: Mumbai
Date: April 27, 2026

ANNEXUREB

TO INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS OF CANARA ROBECO ASSET
MANAGEMENT COMPANY LIMITED FOR THE YEAR ENDED MARCH 31, 2026

[Referred to in paragraph 17(f) under Report on Other
Legal and Regulatory Requirements section of our report of
even date]

Report on the Internal Financial Controls with reference
to the aforesaid Financial Statements under Clause (i)
of Sub-section (3) of Section 143 of the Companies Act,
2013 ("The Act")

OPINION

We have audited the internal financial controls with
reference to the Financial Statements of Canara Robeco
Asset Management Company Limited ("the Company")
as of March 31, 2026, in conjunction with our audit of the
Financial Statements of the Company for the year ended on
that date.

In our opinion, the Company has, in all material respects,
adequate internal financial controls with reference to the
Financial Statements, and such internal financial controls
were operating effectively as at March 31, 2026, based on
the internal financial controls with reference to financial
statements 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 (the "Guidance Note").

MANAGEMENTS AND BOARD OF DIRECTORS
RESPONSIBILITIES FOR INTERNAL FINANCIAL
CONTROLS

The Companys Management and the Board of Directors
are responsible for establishing and maintaining internal
financial controls based on the internal financial controls with
reference to financial statements criteria established by the
Company considering the essential components of internal
control stated in the Guidance Note. 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 with reference to the Financial
Statements based on our audit. We conducted our audit in
accordance with the Guidance Note and the Standards on
Auditing prescribed under Section 143(10) of the Act, to the
extent applicable to an audit of internal financial controls

with reference to financial statements. Those Standards
and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal
financial controls with reference to the Financial Statements
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 with reference to the Financial Statements and
their operating effectiveness. Our audit of internal financial
controls with reference to the Financial Statements included
obtaining an understanding of internal financial controls with
reference to the Financial Statements, assessing the risk that
a material weakness exists and testing and evaluating the
design and operating effectiveness of internal control based
on the assessed risk. The procedures selected depend on
the auditors judgement, including the assessment of the
risks of material misstatement of the Financial Statements,
whether due to fraud or error.

We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on the Companys internal financial controls with
reference to the Financial Statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO FINANCIAL STATEMENTS

A Companys internal financial controls with reference
to Financial Statements 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
controls with reference to Financial Statements include
those policies and procedures that

(1) Pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company;

(2) Provide reasonable assurance that transactions
are recorded as necessary to permit preparation of
financial statements in accordance with generally
accepted accounting principles, and that receipts and
expenditures of the Company are being made only in
accordance with authorizations of management and
directors of the Company; and

(3) Provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or
disposition of the Companys assets that could have a
material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL
CONTROLS WITH REFERENCE TO FINANCIAL
STATEMENTS

Because of the inherent limitations of internal financial
controls with reference to Financial Statements, including
the possibility of collusion or improper management override
of controls, material misstatements due to error or fraud
may occur and not be detected. Also, projections of any
evaluation of the internal financial controls with reference
to Financial Statements to future periods are subject to the
risk that the internal financial controls with reference to
Financial Statements may become inadequate because of

changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.

For Borkar & Muzumdar Chartered Accountants

Firm Registration Number: 101569W

Satish Kumar Gupta

Partner

Membership Number: 101134
UDIN: 26101134SROIFP1314

Place: Mumbai
Date: April 27, 2026