Cochin Malabar Estates & Industries Ltd Auditor Reports

To the Members of the Cochin Malabar Estates and Industries Limited

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying nancial statements of the Cochin Malabar Estates and Industries Limited ("the Company"), which comprise the Balance Sheet as at March 31^st 2025, the Statement of Prot and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Cash Flow Statement for the year then ended, and notes to nancial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the Financial Statements). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid nancial statements give the information required by the Companies Act,2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of aairs of the Company as at March 31, 2025, and its prot, total comprehensive income, the changes in equity and its cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit of the nancial statements in accordance with the Standards on Auditing (SAs) specied under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibility 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 nancial statements under the provisions of the Act and the Rules made there under, and we have fullled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sucient and appropriate to provide a basis for our audit opinion on the nancial statements.

Material uncertainty related to going concern

We draw attention to Note No. 42 to the Financial

Statement that indicates the fact that the net worth of the company is fully eroded and its current liability exceeds its current assets. The condition may indicate the existence of an uncertainty about the companys ability to continue as a going concern. However, the nancial statements of the company have been prepared on a going concern basis based on the reason stated in the above note. The appropriateness of the said basis is dependent on the companys ability to repay its obligations through utilization of its property, plant and equipment, generating regular incomes and resuming normal operation. Our opinion is not modied in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signicance in our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matters	How our audit addressed the key audit matter
The net worth of the company has been fully eroded.	Review of basis of preparation of nancial statements as a going concern.
The availability of sucient funds and the testing of whether the company will be able to resume normal operation and continue meeting its obligations are important for the going concern assumption and, as such, are signicant aspects of our audit.	Review of the assumptions and forecasts made by management for assessing the companys ability to continue the normal operation by utilizing the existing xed assets.
This test or assessment is largely based on the expectations of and the estimates made by the management	For notes on the going concern assumption, see the going concern principle as referred on Note No. 42 of the nancial statements.
. The expectations and estimates can be inuenced by subjective elements such as estimated future cash ows, forecasted results and margins from operations.

Information other than the 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 Boards Report including annexure to the Boards Report & other Shareholders Information, but does not include the nancial statements and our auditors report thereon. Our opinion on the nancial 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 nancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the nancial statements or our knowledge obtained in the 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 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 nancial statements that give a true and fair view of the nancial position, nancial performance including other comprehensive income, cash ows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specied under section 133 of the Act read with (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate material accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal nancial controls, that were operating eectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the nancial 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.

Those Board of Directors are also responsible for overseeing the Companys nancial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the nancial 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 inuence the economic decisions of users taken on the basis of these nancial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sucient 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 nancial controls system in place and the operating eectiveness of such controls.

• Evaluate the appropriateness of material 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 signicant 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 nancial statements or, if such disclosures are inadequate, to modify our opinion. Refer to paragraph "material uncertainty related to going concern" above in respect to our reporting in respect to going concern appropriateness. 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 nancial statements, including the disclosures, and whether the nancial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the nancial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the nancial statements may be inuenced. 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 eect of any identied misstatements in the nancial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signicant audit ndings, including any signicant deciencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most signicance in the audit of the nancial statements for the nancial year ended March 31, 2025 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 benets of such communication.

Other Matter

The Comparative nancial information of the Company for the corresponding year ended March 31, 2024 included in these nancial statements, are based on the previously issued audited nancial statements audited by the predecessor auditor whose report for the year ended March 31, 2024 dated May 21, 2024 expressed an unmodied opinion on those nancial statements. Our opinion is not modied in respect of this matter.

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 specied in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that: (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit & Auditors) Rules, 2014; (c) The Balance Sheet, the Statement of Prot and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid nancial statements comply with the Accounting Standards specied under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time; (e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors is disqualied as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act; (f) With respect to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

(g) With respect to the adequacy of the internal nancial controls over nancial reporting of the Company with reference to these nancial statements and the operating eectiveness of such controls, refer to our separate Report in "Annexure B" to this report; (h) In our opinion and to the best of our information and according to the explanation 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.

(i) With respect to the other matters to be included in the Auditors Report in accordance with Rule11 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 disclosed the impact of pending litigations on its nancial position in its nancial statements – Refer Note 24.1 to the nancial statements; ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the

Company. iv. (a) The management has represented to us 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 identied in any manner whatsoever by or on behalf of the company ("Ultimate Beneciaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneciaries; (b) The management has represented to us 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 identied in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneciaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneciaries; and (c) Based on our audit procedures that are 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 paragraph 2(i) (iv)(a) &(b) above, contain any material misstatement. v. The Company has not declared any dividend in last year which has been paid in current year. Further, no dividend has been declared in current year. Accordingly, the provision of section 123 of the Act is not applicable to the company. vi. Based on our examination, which included test checks, the Company has used accounting softwares for maintaining its books of account for the nancial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility. However, the company has enabled the same feature in the accounting software with eect from September 20, 2024 and the same was operated till March 31, 2025. During the course of our audit we did not come across any instance of the audit trail feature being tampered with wherever the same was enabled and operated. The audit trail has been preserved by the Company as per the statutory requirements for record retention for the period from September 20, 2024 to March 31, 2025.

For Singhi & Co.

Chartered Accountants

Firm Registration No. 302049E

Gopal Jain

Partner Membership No. 059147 UDIN: 25059147BMLGYB8867 Place: Kolkata Date:09th May, 2025

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our report to the Members of The Cochin Malabar Estates and Industries Limited of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that: i. In respect of the Companys Property, Plant & Equipment (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has not capitalized any intangible assets in the books of the Company and accordingly, the requirement to report on clause 3(i)(a)(B) of the Order is not applicable to the Company.

(b) As explained to us, property, plant and equipment of the Company were physically veried during the year by the management at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed except for Rubber wood factory where physical verication could not be taken place due to closure of factory. In our opinion, this periodicity of physical verication is reasonable having regards to the size of the Company and the nature of its assets. (c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties (other than properties where the company is a lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company except certain portion of the land situated in Goa out of total land value of Rs. 45.23 lakhs are yet to be mutated in the name of the company and the mutation of which is in the process of completion. (Refer Note No. 5) (d) The Company has not revalued its property, plant and equipment during the year.

(e) Based on the information and explanations given to us, no proceedings have been initiated during the year or are pending against the Company for holding benami property under the Benami

Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder. ii. (a) The Companys business does not have any inventories during the year and, accordingly, the requirements under paragraph ii (a) of the Order are not applicable.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been sanctioned any working capital limits in excess of ve crore rupees in aggregate from banks and nancial institutions on the basis of security of current assets at any point of time of the year. Accordingly, clause 3(ii)(b) of the Order is not applicable to the Company. iii. The Company has not made any investment, provided any security and guarantee or granted any loans or advances in the nature of loans, secured or unsecured, to companies, rms and limited liability partnership or any other parties covered. Accordingly, report under clause (iii) (a) to (f) of the Order are not applicable to the company. iv. In our opinion and according to the information and explanations given to us, the Company has not made any investment, provided any security and guarantee or granted any loans or advances in the nature of loans, secured or unsecured during the year in respect of which provision of section 185 and 186 are applicable and accordingly the requirement to report on clause 3 (iv) of the Order are not applicable to the company. v. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits or amounts which are deemed to be deposits from the public during the year. Hence directives (in respect of deposits) issued by Reserve Bank of India and Section 73 to 76 of the Companies Act, 2013 and rules made thereunder are not applicable to the company. vi. As the Rubber Wood factory are not under operation, Cost records and books of account prescribed by the Government of India under sub-section (1) of Section 148 of the Act were not maintained as the need for maintaining the Cost records did not arise during the year. vii. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Customs Duty, Goods and Services Tax, Excise Duty, Value Added Tax, Cess and other statutory dues with the appropriate authorities. According to the information and explanations given to us and the records of the Company examined by us, no undisputed statutory dues as above were outstanding as at 31stMarch, 2025 for a period of more than six months from the date they became payable. b) Details of Statutory dues referred to in sub clause (a) above which have not been deposited as on 31st March 2025 on account of any dispute are given below:

Name of the Statute	Nature of Dues	Amount (Rs. in thousand)	to which the amount relates	Forum where dispute pending
Income Tax Act, 1961	Demand U/S 143(3)	5,067.10	2015-16	Commissioner of Income tax (Appeals)
Income Tax Act, 1961	Demand U/S 143(3)	1,44,313.00	2014-15	Commissioner of Income tax (Appeals)
Income Tax Act, 1961	Demand U/S 143(3)	495.65	2006-07	Commissioner of Income tax (Appeals)
Income Tax Act, 1961	Demand U/S 143(3)	97.76	2005-06	Commissioner of Income tax (Appeals)

viii. According to information and explanations given to us, the Company has not surrendered or disclosed any transaction, previously unrecorded in the books of accounts, in the tax assessments under the Income Tax Act, 1961, as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable. ix. (a) According to the information and explanations given to us and as per the books and records examined by us, in our opinion, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender including the loans and interest which are repayable on demand.

(b) According to the information and explanations given to us and the records of the Company examined by us including representation received from the management, the Company has not been declared willful defaulter by any bank, nancial institution or other lenders or government or any Government authority.

(c) According to the information and explanations given to us and on an overall examination of the nancial statements of the company, we report that the company has not taken any term loan. Accordingly, the requirement to report on clause 3(ix) (c) of the Order is not applicable.

(d) On an overall examination of the nancial statements of the Company, prima facie, no funds raised on short-term basis have been used for long-term purposes by the Company.

(e) The Company has no subsidiary, associate or joint venture. Accordingly, the requirement to report on clause 3(ix) (e) and (f) of the Order is not applicable. x. (a) The Company has not raised any moneys by way of initial public oer or further public oer (including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable. (b) The Company has not made any preferential allotment or private placement of shares or convertible debentures during the year. Accordingly, reporting under clause (x) (b) of the Order is not applicable to the Company. xi. a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or no fraud on the company has been noticed or reported during the year. Accordingly reporting under clause

3 (xi) (a) of the order is not applicable to the company. 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 led by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government. c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year. xii. In our opinion, the Company is not a Nidhi Company. Accordingly reporting under clause (xii) (a) to (c) of the Order is not applicable to the Company.

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 Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the 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 nature of its business.

(b) We have considered the internal audit reports of the Company issued till date for the year under audit. xv. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company. xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a)& (b) of the Order is not applicable.

(b) The Company is not a Core Investment Company (CIC) as dened in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi) (c) of the Order is not applicable.

(c) According to the information and explanations provided to us during the course of audit, there is no core investment Company within the Group (as dened in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi) (d) of the Order is not applicable. xvii. In our opinion, and according to the information and explanations provided to us, 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 during the year. Accordingly, provisions of clause (xviii) of the Order are not applicable to the Company. xix. As referred to in ‘Material uncertainty related to going concernparagraph in our main audit report in relation to going concern and as disclosed in Note 42 to the nancial statements that indicates the fact that the net worth of the company is fully eroded and its current liability exceeds its current assets. The condition may indicate the existence of an uncertainty about the companys ability to continue as a going concern. However, the nancial statements of the company have been prepared on a going concern basis based on the reason stated in the said note.Based on our understanding of the plans of the Board of Directors and management, we state that the companys ability to settle its obligation falling due within one year from the balance sheet date is dependent on achievement of the companys future plans as more elaborately stated in Note No. 42. 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. The requirements as stipulated by the provisions of section 135 of the Companies Act is not applicable to the Company. Accordingly, the requirement to report on clause 3 (xx) (a) and (b) of the Order is not applicable to the Company.

For Singhi & Co.

Chartered Accountants Firm Registration No. 302049E

Gopal Jain

Partner Membership No. 059147 UDIN: 25059147BMLGYB8867 Place: Kolkata Date: 09th May, 2025

(Referred to in paragraph 2 (g) under "Report on Other Legal and Regulatory Requirements" section of our Report to the members of The Cochin Malabar Estates and Industries Limited of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL 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 with reference to nancial statements of The Cochin Malabar Estates and Industries Limited ("the Company") as of 31st March 2025 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 with reference to nancial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls with reference to nancial statements 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 eectively for ensuring the orderly and ecient 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 with reference to nancial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls with reference to nancial statements (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 ICAI. 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 with reference to nancial statements was established and maintained and if such controls operated eectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal nancial controls system with reference to nancial statements and their operating eectiveness. Our audit of internal nancial controls with reference to nancial statements included obtaining an understanding of internal nancial controls with reference to nancial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating eectiveness 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 sucient and appropriate to provide a basis for our audit opinion on the Companys internal nancial controls system with reference to nancial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

A companys internal nancial control with reference to nancial statements 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 with reference to nancial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reect 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 eect on the nancial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

Because of the inherent limitations of internal nancial controls with reference to nancial 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 nancial controls with reference to nancial statements to future periods are subject to the risk that the internal nancial control with reference to nancial statements 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 with reference to nancial statements were operating eectively as at 31 March 2025, based on the internal control with reference to nancial 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 ICAI.

For Singhi & Co.

Chartered Accountants Firm Registration No. 302049E

Gopal Jain

Partner Membership No. 059147 UDIN: 25059147BMLGYB8867 Place: Kolkata Date: 09th May, 2025