Cybertech Systems & Software Ltd Auditor Reports

TO THE MEMBERS OF CYBERTECH SYSTEMS AND SOFTWARE LIMITED

Opinion

We have audited the accompanying standalone _nancial statements of Cybertech Systems And Software Limited ("the Company"), which comprise the Balance Sheet as at 31^st March, 2025, 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 then ended, and notes to the _nancial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred as "Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone _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 accounting principles generally accepted in India, of the state of a_airs of the Company as at 31st March 2025, and its pro_t (including other comprehensive income), its changes in equity and its cash _ows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) speci_ed under Section 143 (10) of the Act. Our responsibilities under those Standards 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 standalone _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 Code of Ethics. We believe that the audit evidence we have obtained is su_cient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signi_cance in our audit of the _nancial statements of the current period. We have determined that there are no key audit matters to communicate in our report.

Information Other than the Standalone Financial Statements and Auditors report thereon

The Companys Board of Directors is responsible for the preparation of other information. The Other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to the Board report, Corporate Governance report and Shareholders information, but does not include the standalone _nancial statement 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.

In connection with our audit of the standalone _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 _nancial 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 required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and those charged with Governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone _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 accounting principles generally accepted in India, including the accounting Standards speci_ed 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 _nancial controls, that were operating e_ectively 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.

In preparing the standalone _nancial statements, the 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 is also responsible for overseeing the Companys _nancial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone _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 in_uence the economic decisions of users taken on the basis of these standalone _nancial statements.

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

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.

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 through a separate report on the complete set of _nancial statements on whether the company has adequate internal _nancial controls with reference to _nancial statements in place and the operating e_ectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the 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 signi_cant doubt on the entitys 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 _nancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the standalone _nancial statements, including the disclosures, and whether the standalone _nancial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone _nancial statements that individually or in aggregate makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone _nancial 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 e_ect of any identi_ed misstatements in the standalone _nancial statements.

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. 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 signi_cance in the audit of the standalone _nancial 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.

Report on Other Legal and Regulatory Requirements

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 speci_ed in paragraphs 3 and 4 of the Order.

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 and records except for the matter stated in the paragraph h(vi) below on reporting under Rule 11(g).

(c) The Balance sheet, the Statement of Pro_t & Loss (including other comprehensive income), 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 standalone _nancial statements comply with the Accounting Standards speci_ed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from the directors as on 31st March, 2025 taken on records by the Board of Directors, none of the director is disquali_ed as on 31st March, 2025 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 with reference to standalone _nancial statements of the Company and the operating e_ectiveness 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, 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 the 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:

i. The Company has disclosed the impact of pending litigations on its _nancial position in its standalone _nancial statements. Refer Note No 32(A) to the standalone _nancial statements.

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

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

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("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 identi_ed in any manner whatsoever by or on behalf of the Company ("Ultimate Bene_ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene_ciaries.

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("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 identi_ed in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Bene_ciaries") or provide any guarantee, security or the like on behalf of the Ultimate Bene_ciaries.

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representation under sub clause (i) and (ii) of Rule 11(e) of The Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above, contains any material misstatement. Refer note no. 46 (v) and (vi) to the standalone _nancial statements.

v. (a) The _nal dividend declared and paid during the year for the _nancial year 2023-24 is in accordance with the Section 123 of the Act.

(b) The _nal dividend amount proposed by the Board of Directors of the Company for the _nancial year 2024-25, which is subject to the approval of members at the ensuing Annual General Meeting. The dividend proposed is in accordance with the Section 123 of the Act.

vi. Based on our examination which included test checks, the Company has used 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, in respect of accounting software where the audit trail has been enabled and that audit trail of prior year has been preserved by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded w.e.f. 29th September, 2023. (Refer note no. 47 to the standalone _nancial statements).

"ANNEXURE A"

ANNEXURE REFERRED TO IN PARAGRAPH "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF THE COMPANY FOR THE YEAR ENDED 31^st March, 2025

On the basis of our examination of the books and records of the Company carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us, we state that:

1. a) In respect of Companys Property, Plant and Equipment (PPE) and Intangible Assets:

A. The Company has maintained proper records, showing full particulars including quantitative details and situation of PPE and relevant details of right-to-use assets.

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

b) As explained to us, the Company has a phased program for physical veri_cation of the PPE for all locations once in three years. In our opinion and the frequency of veri_cation is reasonable, considering the size of the Company and nature of its PPE. Pursuant to the program of the physical veri_cation of PPE, physical veri_cation certain PPE has been carried out during the year and on the basis of our examination of the records, no material discrepancies were noticed on such veri_cation.

c) Based on 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 lessee and lease agreements are duly executed in favour of the Company) are held in the name of the Company.

d) The Company has not revalued any of its Property, Plant and equipment (including right- of-use assets) and intangible assets during the year. Accordingly, reporting under Clause 3(i)(d) of the Order are not applicable to the Company.

e). In our opinion and according to the information and explanations given to us, no proceedings have been initiated during the year or are pending as at 31^st March, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988, as amended, and rules made thereunder. Accordingly, reporting under Clause 3(i)(e) of the Order are not applicable to the Company. (Refer Note no. 46 (i) to the _nancial statements).

2. A) The Company being a service Company, primarily rendering information technology services, it does not hold any physical inventories. Accordingly, reporting under Clause 3(ii) (a) of the Order are not applicable to the Company.

B) The Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at points of time during the year, from a bank on the basis of security of current assets. According to the information and explanations given to us, and on the basis of our examination of the books and records of the Company, the quarterly returns or statements comprising book debt statements, _led by the Company with such bank is in agreement with the books of account of the Company of the respective quarters. The Company has not been sanctioned any working capital facility from _nancial institutions.

3. A) The Company has not provided any guarantees or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, _rms, Limited Liability Partnerships or any other parties during the year and hence reporting under Clause 3 (iii) (a), (c) (d), (e) and (f) of the Order is not applicable to the Company.

B) According to the information and explanations given to us, investment made are in our opinion, prima facie, not prejudicial to the Companys interest.

4. According to the information and explanations given to us and on the basis of examination of records of the Company, during the year, the Company has not made any investments, given any loans nor provided any guarantees or securities to/in the parties covered under Section 185 and Section 186 of the Act. Hence, reporting under Clause 3(iv) of the Order is not applicable to the Company.

5. According to the information and explanations given to us and on the basis of examination of records, no deposits or amounts which are deemed to be deposits have been accepted by the Company within the meaning of Section 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Hence, reporting under Clause 3(v) of the Order is not applicable to the Company.

6. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 148 of the Act in respect of Companys services. Accordingly, reporting under Clause 3(vi) of the Order is not applicable to the Company.

7. a) According to the information and explanations given to us and on the basis of our examination of the records, the Company is generally regular in depositing undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income- tax, duty of customs and other statutory dues applicable to the Company with appropriate authorities. No undisputed amounts in respect of the aforesaid statutory dues were outstanding as at the last day of the _nancial year for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no statutory dues mentioned in Clause vii (a) which have not been deposited on account of any dispute except the following.

Name of the statute	Nature of dues	Amount _in lakhs	Period to which the amount relates	Forum where dispute is pending
Goods Service Tax Act, 2017	Goods and Service Tax	23.96	July, 2017 to March, 2018	GST Appellate Authority, Maharashtra
		13.07	April, 2018 to March, 2019	GST Appellate Authority, Maharashtra

8. According to the information and explanations given to us and based on our examination of records of the Company, there were no amounts to be recorded in the books of account that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). Hence, reporting under Clause 3(viii) of the Order is not applicable to the Company.

9. (a) Based on our audit procedures and on the basis of information and explanations given to us, we are of the opinion that the Company has not defaulted in the repayment of loans or other borrowings or in the repayment of interest thereon to the lenders. Accordingly, reporting under Clause 3(ix) of the Order is not applicable to the Company. (b) On the basis of information and explanations given to us, the Company has not been declared as wilful defaulter by any bank or _nancial institution or other lender. (c) The Company has not taken any term loan during the year and accordingly, reporting under clause 3(ix)(c) of the Order is not applicable to the Company.

(d) On an overall examination of the _nancial statements, in our opinion, the Company has not utilized funds raised on short term basis for long term purposes. (e) Based on our audit procedures and on the basis of information and explanations given to us, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiary and associate. Accordingly, reporting under Clause 3(ix)(e) of the Order is applicable to the Company.

(f) Based on our audit procedures and on the basis of information and explanations given to us, during the year the Company has not raised any funds on the pledge of securities held in its subsidiaries. Accordingly, reporting under Clause 3(ix)(f) of the Order are applicable to the Company. 10. (a) The Company has not raised any money by way of Initial public o_er or further public o_er (including debt instrument) during the year and hence, reporting under Clause 3(x)(a) of the Order is not applicable to the Company.

(b) In our opinion and according to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. However, fund raised through Preferential Issue during the previous year of _ 4027.72 lakhs, remained pending utilization for the purpose of which they were raised and have temporarily been parked in _xed deposits with banks (Refer Note no. 18(b) to the standalone _nancial statements).

11. (a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud by or on the Company, noticed or reported during the year, nor have we been informed of such case by the management.

(b) During the year, no report under sub section 12 of Section 143 of the Act has been _led in Form ADT-4 as prescribed in Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) Based on our audit procedures performed and according to the information and explanations given to us, during the year, no whistle blower complaint was received by the Company and hence, reporting under Clause 3(xi)(c) of the Order is not applicable to the Company.

12. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Therefore, the provisions of Clause 3(xii) of the Order are not applicable to the Company.

13. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, all transactions with the related party are in compliance with Section 177 and 188 of the Act and the details have been disclosed as required by the applicable Ind AS in Note 33 to the Standalone Financial Statements.

14. (a) In our opinion and according to the information and explanations given to us, 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 for the year under audit issued to the Company during the year and till date, in determining nature, timing and extent of our audit procedures.

15. Based on the information and explanations given to us, the Company has not entered into any non-cash transactions prescribed under Section 192 of the Act with directors or persons connected with them during the year. Therefore, reporting under Clause 3(xv) of the Order are not applicable to the Company. 16. (a) 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) of the Order is not applicable to the Company.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities which require a valid Certi_cate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

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

(d) As per the information and explanations given to us and as per the de_nition of Group under Core Investment Companies (Reserve Bank) Directions 2016, there is no Core Investment Company (CIC) which is forming part of the group. 17. The Company has not incurred cash losses during the current _nancial year and in the immediately preceding _nancial year. 18. There has been no resignation of the statutory auditors of the Company during the year. Hence, reporting under Clause 3(xviii) of the Order is not applicable to the Company.

19. According to the information and explanations given to us and 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, nothing has come to our attention, which causes us to believe that any 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 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.

20. (a) According to the information and explanations given to us and based on our examination of records of the Company, there are no unspent amount in respect of other than ongoing projects requires to be transferred to a fund speci_ed in Schedule VII to Act in compliance with second proviso to sub-section (5) of Section 135 of the Act and hence, reporting under Clause 3(xx)(a) of the Order is not applicable to the Company.

(b) According to the information and explanations given to us and based on our examination of records of the Company, there are no unspent amount in respect of ongoing projects, requires to be transferred to a special account within a stipulated period of thirty days as prescribed under Section 135(6) of the Act and hence, reporting under Clause 3(xx)(b) of the Order is not applicable to the Company.

"ANNEXURE B"

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Act

We have audited the internal _nancial controls with reference to standalone _nancial statements of Cybertech Systems and Software Limited ("the Company") as of 31^st March, 2025 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal _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 e_ectively 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal _nancial controls with reference to standalone _nancial statements 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 Act, 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 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 standalone _nancial statements was established and maintained and if such controls operated e_ectively 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 standalone _nancial statements and their operating e_ectiveness. Our audit of internal _nancial controls with reference to standalone _nancial statements included obtaining an understanding of internal _nancial controls with reference to standalone _nancial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating e_ectiveness 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 standalone _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 Financial Statements

A Companys internal _nancial control with reference to standalone _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 standalone _nancial statements 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; (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material e_ect on the _nancial statements; and (4) also provide reasonable assurance by the internal auditors through their internal audit reports given to the organisation from time to time.

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

Because of the inherent limitations of internal _nancial controls with reference to standalone _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 standalone _nancial statements to future periods are subject to the risk that the internal _nancial control with reference to standalone _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 broadly, in all material respects, an adequate internal _nancial controls system over _nancial reporting and such internal _nancial controls with reference to standalone _nancial statements were operating e_ectively as at 31st March, 2025, 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 ICAI.

	For LODHA & CO LLP
	Chartered Accountants
	Firm registration No.– 301051E/300284
	Sd/-
	R. P. Baradiya
	Partner
Place : Mumbai	Membership No. 044101
Date : May 6, 2025	UDIN: 25044101BMIVLE6394