Danlaw Technologies India Ltd Auditor Reports

To

The Members of

DANLAW TECHNOLOGIES INDIA LIMITED

Report on the Audit of the IND AS Financial Statements
Opinion

We have audited the accompanying Ind AS financial statements of DANLAW TECHNOLOGIES INDIA
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2025, the Statement of
Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the
Statement of Changes in Equity for the year ended on that date, and a summary of the significant
accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Ind AS financial 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 affairs of the Company as at March 31, 2025, the profit and total comprehensive
income, changes in equity and its cash flows for the year ended on that date

Basisfor Opinion

We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the Ind AS 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 together with the ethical requirements
that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies
Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the 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 Ind AS financial statements.

Information other than the Financial Statements and the Auditors Report thereon

The Companys Board of Directors is responsible for the other information. The other information
comprises the information included in the Annual report, but does not include the Ind AS financial
statements and our auditors report thereon.

Our opinion on the Ind AS financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether such other
information is materially inconsistent with the financial 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 Responsibilityforthe Ind AS Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS financial statements that
give a true and fair view of the state of affairs (financial position), profit or loss (financial performance
including other comprehensive income), cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the Ind AS financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, Management and 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.

The Board of Directors are also responsible for overseeing the companys financial reporting process.

Auditors Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.

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

• Identify and assess the risks of material misstatement of the Ind AS 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 Companies
Act, 2013, we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls system in place and the operating effectiveness of such
controls.

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

• Conclude on the appropriateness of Management and Board of Directors 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 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 Ind AS 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 Ind AS financial statements,
including the disclosures, and whether the Ind AS financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

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

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

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the Ind AS financial statements for the financial 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
benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 143(3) of the 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,
Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in
agreement with the relevant books of account.

d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting
Standards prescribed 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 record by the Board of Directors, none of the directors is disqualified 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 financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure B" to this report.

g) With respect to the other matters to be included in the Auditors Report in accordance with the
requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us,
the remuneration paid by the Company to its directors during the year is in accordance with the
provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditors Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial
position.

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 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;

b) 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

c) Based on such audit procedures performed that have been 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 (a) and (b) contain any material
misstatement.

v. No dividend has been declared or paid during the year by the Company

vi. Based on our examination carried out in accordance with the Implementation Guide on
Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 (Revised 2024 Edition) issued by the Institute of Chartered Accountants of India, which
included test checks, we report that the company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded in the
software. Further, during the course of our audit we did not come across any instance of
audit trail feature being tampered with. Additionally, the audit trail has been preserved by the
company as per the statutory requirements for record retention.

ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 of Report on Other Legal and Regulatory
Requirements, of our report 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) (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 maintained proper records showing full particulars of intangible assets.

(b) The property, plant & equipment assets of the company have been physically verified by the
management during the year as per a programme of verification, which in our opinion is
reasonable having regard to the size of the company and the nature of its assets. According to
the information and explanation given to us, 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, no immovable property is held by the Company except building
which is constructed on leased land and lease agreements are duly executed in favour of the
company.

(d) 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 revalued its property, plant and equipment
(including Right-of-use assets) or Intangible assets or both during the year ended March
31,2025.

(e) 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 holding any benami property and accordingly
there are no proceedings initiated or pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 and rules made
thereunder.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the

management during the year. In our opinion the coverage and the procedure of such verification
by the management is appropriate. No discrepancies were noticed on verification between the
physical stocks and the book records that were 10% or more in the aggregate for each class of
inventory.

(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 been sanctioned working capital limits in excess
of five crore rupees, in aggregate, from banks on the basis of security of current assets. In our
opinion, the quarterly returns or statements filed by the Company with such banks are in
agreement with the books of account of the Company and we have not found any material
deviation.

(iii) 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 made any investments, provided guarantee or
security or granted any loans or advances in the nature of loans, secured or unsecured to
companies, firms, Limited Liability Partnerships (LLP) or any other parties during the year.
Accordingly, reporting under Clause 3(iii)(a) is not applicable to this company.

(iv) 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 given any loans or guarantees I made any
investments within the meaning of sections 185 and 186 of the Companies Act, 2013. Accordingly,
clause 3(iv) of the Order is not applicable.

(v) 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 neither accepted any deposits from the public nor
accepted any amounts which are deemed to be deposits with in the meaning of sections 73 to 76 or
any other relevant provisions of the Companies Act and the rules framed there. Accordingly, the
requirement to report on clause 3(v) of the order is not applicable to the company.

(vi) The Maintenance of cost records has been specified by the Central Government under sub section
(1) of section 148 of the Companies Act. We have broadly reviewed the records maintained by the
Company during the year and are of the opinion that prima facie, the cost records prescribed by the
Central Government have been maintained. However, we have not made a detailed examination of
the same.

(vii) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues

including provident fund, employees state insurance, income tax, Goods and Services Tax
(GST), custom duty, cess and other material statutory dues as applicable to it.

According to the information and explanations given to us, no undisputed amounts payable in
respect of income tax, Goods and Services Tax (GST), customs duty, cess and other material
statutory dues wherever applicable were in outstanding as at 31^st March, 2025 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 dues of income tax,
Goods and Services Tax (GST), customs duty, cess or other statutory dues which have not been
deposited on account of any dispute.

(viii) There were no transactions relating to previously unrecorded income that have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(ix) (a) The Company has not defaulted in repayment of loans or borrowing or in the payment of
interest to any lender.

(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 declared a willful defaulter by any bank
or financial institution or government or government authority.

(c) According to the information and explanations given to us by the management, the company
has not obtained any term loans during the year. Accordingly, clause 3(ix)(c) of the order is not
applicable.

(d) According to the information and explanations given to us and on an overall examination of the
balance sheet of the Company, we report that no funds have been raised on short-term basis by
the company. Accordingly, clause 3(ix)(d) of the order is not applicable.

(e) According to the information and explanations given to us and on an overall examination of the
financial statements of the Company, we report that the Company has not taken any funds from
any entity or person on account of or to meet the obligations of its subsidiaries as defined under
the Companies Act, 2013. Accordingly, clause 3(ix)(e) of the Order is not applicable.

(f) According to the information and explanations given to us and procedures performed by us, we
report that the Company has not raised any loans during the year on the pledge of securities
held in its subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(f) of
the Order is not applicable.

(x) (a) The company did not raise any money by way of initial public offer or further public offer

(including debt instruments) during the year. Accordingly, paragraph 3 (x)(a) of the Order is 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 made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. Accordingly, clause
3(x)(b) of the Order is not applicable.

(xi) (a) Based on 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) Since no fraud has been noticed, there is no requirement to report under sub-section (12) of
Section 143 of the Companies Act, 2013 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) The company is not a nidhi company as per the provisions of the Companies Act,2013. Therefore,
the requirement to report on clause 3(xii) 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, transactions with related parties are in compliance with sections 177 and
188 of the Companies Act and details of such transactions have been disclosed in the notes to the
financial statements as required by the applicable accounting standards.

(xiv) (a) The Company has an 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 the date of the audit
report for the period under audit.

(xv) In our opinion and according to the information and explanations given to us, the Company has not
entered into any non-cash transactions with its directors or persons connected with its directors and
hence, requirement to report on clause 3(xv) of the order is 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) of the Order is not applicable to the company.

(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India
Act, 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable to the company.

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

(d) According to the information and explanations provided to us during the course of audit, the
Group does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not
applicable to the company.

(xvii) The Company has not incurred any cash losses in the current year and also in the immediately
preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, requirement to
report on 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 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 that the 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) There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than

ongoing projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act in
compliance with second proviso to sub-section (5) of Section 135 of the said Act. Accordingly,
reporting under clause 3(xx)(a) of the Order is not applicable for the year.

(b) In respect of ongoing projects, the Companys has transferred unspent Corporate Social
Responsibility (CSR) amount at the end of the previous financial year, to a Special account
within a period of 30 days from the end of the said financial year in compliance with the
provision of section 135(6) of the Act.

ANNEXURE - B TO THE INDEPENDENT AUDITORS REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DANLAW TECHNOLOGIES
INDIA LIMITED ("the Company") as of 31 March 2025 in conjunction with our audit of the Ind AS
financial statements of the Company for the year ended on that date.

Managements Responsibilityfor Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI).
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 Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to
these financial 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
Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to
an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal financial
controls with reference to these financial statements was established and maintained and if such
controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system with reference to these financial statements and their operating effectiveness.
Our audit of internal financial controls with reference to these financial statements included obtaining an
understanding of internal financial controls with reference to these 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
judgment, including the assessment of the risks of material misstatement of the Ind AS 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 system with reference to these financial
statements of the company.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control with reference to financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of Ind
AS financial statements for external purposes in accordance with generally accepted accounting
principles. A companys internal financial control with reference to financial statements includes 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 Ind AS
financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorised acquisition, use, or disposition of the companys assets that could have a
material effect on the Ind AS 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 control 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.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system
with reference to financial statements and such internal financial controls with reference to these
financial statements were operating effectively as at 31 March 2025, based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.

for CSVR& ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Regn. No. 012121S

 

(CA.VENKATESH.G.)

PARTNER

Membership No.239608

UDIN: 25239608BMIWNL6186

 

Place: Hyderabad

Date: 23-05-2025