DCM Ltd Auditor Reports

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying Standalone Financial Statements of DCM Limited (the Company), which comprise the standalone balance sheet as at March 31, 2025, and the standalone statement of prot and loss including other comprehensive income, standalone statement of changes in equity and standalone statement of cash ow for the year then ended, and notes to the Standalone Financial Statements, including a summary of the material accounting policies and other explanatory information (hereinafter referred to as the Standalone Financial Statements). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act,2013, as amended (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 aairs of the Company as at March31,2025, its prot including other comprehensive income, its cash ows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs) specied under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fullled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.

Material Uncertainty relating to Going Concern

We draw attention to note 36A and 36B of the Standalone Financial Statements highlighting that the Company has entered into a Joint Development Agreement (JDA) with a party for development of its land situated at Hisar. e JDA is subject to fullment of certain terms and conditions by the said party as well as receipt of regulatory approvals. e JDA has become eective pursuant to compliance of certain terms and conditions in terms of said JDA.

e Director General, Town and Country Planning, Haryana has suspended the license for development of the said land taking a note that an enquiry has been initiated against the Company in respect of the Companys land at Hisar. As per the said Order, the licensee is directed not to carry out any development work on the above-mentioned land at Hisar and also not to create any third party rights unless the said suspension is revoked. e Company is taking appropriate action in the matter for the revocation of said suspension Order. Pending revocation of said suspension of license, the advance of Rs. 5,000.00 lakh received by the Company under the said JDA, has been shown under the current liabilities. Pursuant to above, the current liabilities of the Company including the said advance of Rs. 5,000.00 lakh received under JDA exceed the current assets byRs 3922.70 lakh as at March 31, 2025. e management of the Company holds the view that the Company has merits in case and is condent to get favorable order in the said matter of revocation of suspension order.

e management believes that with the revocation of said suspension order of license and infusion of liquidity by focusing /managing of its real estate operation and/or the Companys plans of restructuring of its Engineering Business Undertaking as well as other interim measures to improve liquidity, the Company will be able to continue its operation for the foreseeable future. Accordingly, the Standalone Financial Statements of the Company have been prepared on a going concern basis. Our opinion is not modied in respect of this matter.

Emphasis of Matter

We draw attention to note 46 of the Standalone Financial Statements, wherein during the earlier year in view of continued situation of industrial unrest, the Company has declared lockout at its engineering business undertaking. On the basis of legal advice, Management of the Company is of the view that the present lockout is legal and justied. erefore, the Company has not made any provision for wages pertaining to the lockout period October 22, 2019, to March 31, 2025, aggregating to Rs. 7,439 lakhs. 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 Standalone Financial Statements for the nancial year ended March 31, 2025. ese matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fullled the responsibilities described in Auditors Responsibilities for the Audit of Standalone Financial Statements section of our report, including in relation to these matters.

Auditors Report continued

Information other than the Standalone Financial Statements and Auditors Report thereon

e Companys Board of Directors are responsible for the other information. e other information comprises the information included in the Companys Annual Report particularly with respect to the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business responsibility report and Corporate Governance report, but does not include the Standalone Financial Statements and our auditors report thereon. e Annual Report is expected to be made available to us after the date of this Auditors Report. Our opinion on the Standalone 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 Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. When we read Annual Report, if we conclude that there is a material misstatement of this other information, we are required to communicate the matter to those charge with governance.

Responsibilities of Management for the Standalone Financial Statements

e Companys Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the state of aairs, prot and other comprehensive income, changes in equity and cash ows 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 relevant Rules issued thereunder. is 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 eectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the 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. e Board of Directors are 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 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 inuence the economic decisions of users taken on the basis of these Standalone 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 Standalone Financial 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. e 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 with reference to Standalone Financial Statements in place and the operating eectiveness of such controls.

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

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting 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 Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. 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 Financial Statements, including the disclosures, and whether the Standalone 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 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 Standalone Financial Statements for the year ended March 31, 2025, and are therefore the key audit matters. We described 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.

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 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, 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 except for the matters stated in paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014; c) e standalone balance sheet, the standalone statement of prot and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash ows dealt with by this Report are in agreement with the books of account; d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specied 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 01 April 2024 and 15 April 2024 , 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, reference is made to our remarks 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 with reference to Standalone Financial Statements of the Company and the operating eectiveness of such controls, refer to our separate Report in Annexure B. Our report expresses an unmodied opinion on the adequacy and operating eectiveness of the Companys internal nancial controls over nancial reporting to this report; h) In our opinion, the managerial remuneration for the year ended March 31, 2025, has been paid/provided by the Company to its directors in accordance with the provision of section 197 read with schedule V of the Act; i) 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. e Company has disclosed the impact of pending litigations as at March 31, 2025, on its nancial position in its Standalone Financial Statements - refer note 38 to the Standalone Financial Statements. ii. e Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; iii. ere were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. iv. (a) e management has represented that, to the best of its knowledge and belief, as disclosed in note 50 (ii) to the Standalone Financial Statements, no funds have been advanced or loaned or invested by the Company to or in any other person or entities, 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) e management has represented that, to the best of its knowledge and belief, as disclosed in note 50(ii) to the Standalone Financial Statements, no funds have been received by the Company from any person or entity, 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 such audit procedures that were 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 iv (a) and iv (b) contain any material misstatement. v. No dividend has been declared or paid during the year by the Company. vi. Based on our examination, which included test checks, the Company has used an accounting software Tally Prime for maintaining its books of accounts for the nancial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility except audit trail functionality at the database level due to inherent limitations of the software and the same has operated throughout the year for all relevant transactions recorded in the accounting software systems. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with and the audit trail has been preserved by the Company, wherever available as per the statutory requirements for record retention, refer note - 52 of the Standalone Financial Statements

For S S Kothari Mehta & Co. LLP

Chartered Accountants Firm Registration No.: 000756N/ N500441

Deepak Kumar Gupta

Partner Place: New Delhi Membership No: 411678 Date: May 27, 2025 UDIN:25411678BNQLNX1449 vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company,the Company is regular in depositing with appropriate authorities undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues applicable to it. According to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(b) e dues of goods and services tax, provident fund, employees state insurance, income tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, cess, and other statutory dues which have not been deposited on account of any dispute, are as follows;

Name of statut e	Nature of dues	Amount of dispute* (Rs. in lakhs)	Amount paid under protest (Rs. in lakhs)	Financial year to which it relates	Forum where the dispute is pending
Central Excise Excise duty		0.50	-	2002-2003,	Supreme Court
Act, 1944				2003-2004
Punjab VAT	Sales Tax	218.17	15.50	2012-2013	Punjab VAT
Act, 2005					Appellate Tribunal
		146.96	36.75	2011-2012
		130.25	35.09	2010-2011
		122.65	12.27	2013-2014	Deputy
					Commissioner
					(Appeals)
Income Tax	Income Tax	442.48	-	1982 -1983	ITAT refer back
Act, 1961				to 1989-1990	to AO

*Amount as per demand Order including interest and penalty indicate the demand.

Annexure A to the Independent Auditors Report to the members of DCM Limited on its Standalone Financial Statements dated May 27, 2025. Report on the matters specied in paragraph 3 of the Companies (Auditors report) order 2020 (the Order) issued by the Central Government of India in terms of section 143(11) of the Companies Act, 2013 (the Act) as referred to in paragraph 1 of Report on Other Legal and Regulatory Requirements section. i. (a) (A) e Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment. (a) (B) e Company has maintained proper records showing full particulars of intangibles assets.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, all property, plant and equipment were physically veried by the management during the year in accordance with a planned program of verifying them once in three years which is reasonable having regard 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 all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favor of the lessee) are held in the name 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 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, there are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder. ii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the inventory has been physically veried by the management during the year. In our opinion, the frequency of verication by the Companys management is reasonable and the coverage and procedure for such verication is appropriate. No discrepancies were noticed on verication between the physical stocks and the book records that were more than 10% in the aggregate of each class of inventory.

(b) e Company has not been sanctioned working capital limits in excess of Rs. ve crores in aggregate from banks or nancial institutions during any point of time of the year on the basis of security of current assets. Accordingly, the requirement to report on clause 3(ii)(b) of the Order is not applicable to the Company. iii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, during the year the Company has not provided loans, advances in the nature of loans, stood guarantee or provided security to companies, rms, Limited Liability

Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii) of the Order is not applicable to the Company. iv. According to the information and explanations given to us and on the basis of our examination of the records of the Company, we are of the opinion that there are no Loans, investments, guarantees and security in respect of which provisions of section 185 and 186 of the Act are applicable and accordingly, the requirement to report on clause 3(iv) of the Order is not applicable to the Company. v. According to the information and explanations given to us and on the basis of our examination of the records of the Company, we are of the opinion that, the Company has not accepted any deposits from the public within the meaning of directives issued by the Reserve Bank of India and provisions of sections 73 to 76 or any other relevant provisions of the Act and the Rules framed thereunder. vi. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules prescribed by the Central Government for maintenance of cost records under Section 148(1) of the Act in respect of its manufactured goods and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not carried out a detailed examination of the same.

viii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, 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 to the Company.

ix. (a) e Company did not have any outstanding loans or borrowings or interest thereon due to any lender during the year. Accordingly, the requirement to report on clause 3(ix)(a) of the Order is not applicable to the Company.

(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 nancial institution or government or government authority.

(c) e Company did not raise any term loan during the year. Hence, the requirement to report on clause 3(ix)(c) of the Order is not applicable to the Company.

(d) On an overall examination of the Standalone Financial Statements of the Company has used fund raised on short-term basis aggregating to Rs. 3922.70 lakh (Short term fund represent majorly security deposit taken for Hisar Project refer note 36B) which have been used for long-term purposes by the Company.

(e) According to the information and explanations given to us and on an overall examination of the Standalone Financial Statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries or joint ventures. e Company doesnt have any associate.

(f) e Company has not raised loans during the year on the pledge of securities held in its subsidiaries or joint ventures. Hence, the requirement to report on clause 3(ix)(f) of the Order is not applicable to the Company. e Company doesnt have any associate.

x. (a) e Company has not raised any money during the year by way of initial public oer / further public oer (including debt instruments). Hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.

(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 /fully or partially or optionally convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

xi. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, 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 course of the audit.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, no report under sub-section (12) of section 143 of the Act, has been led by secretarial auditor or by us 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. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company is not a Nidhi Company as per the provisions of the Act. Accordingly, the requirement to report on clause 3(xii)(a), 3(xii)(b) and 3(xii)(c) of the Order are not applicable to the Company.

xiii. According to the information and explanation given by the management, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and the details have been disclosed in the notes to the nancial statements, as required by the applicable Indian accounting standards.

xiv. (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(b) e internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.

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 directors or persons connected with him as referred in section 192 of the Act.

xvi. (a) e provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on clause (xvi)(a) of the Order is not applicable to the Company.

(b) e Company has not conducted any Non-Banking Financial or Housing Finance activities without obtaining a valid Certicate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

(c) e Company is not a Core Investment Company as dened in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to 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, there are no other Companies part of the Group, hence, the requirement to report on clause 3(xvi)(d) of the Order is not applicable to the Company.

xvii. e Company has not incurred cash losses in the current nancial year and in the immediately preceding nancial year.

xviii. ere has been no resignation of the statutory auditors during the year and accordingly requirement to report under Clause 3(xviii) of the Order is not applicable to the Company.

xix. As referred to in Material Uncertainty Related to Going Concern paragraph in our main audit report and as disclosed in note 49 to the Standalone Financial Statements which includes the nancial ratios and ageing and expected dates of realization of nancial assets and payment of nancial liabilities, other information accompanying the Standalone Financial Statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, though there exists some uncertainty but considering the various measures taken by Company in generating cash ows and the future plan given in note no. 36A and 36B of the Standalone Financial Statements, the Company may be 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, further state that this is not an assurance as to the future viability of the Company and 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) ere are no unspent amounts that are required to be transferred to a fund specied in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act. is matter has been disclosed in note 48 to the Standalone Financial Statements. (b) ere are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in compliance of provision of sub section (6) of section 135 of Act. is matter has been disclosed in note 48 to the Standalone Financial Statements. xxi. e reporting under clause 3(xxi) of the Order is not applicable in respect of audit of Standalone Financial Statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.

For S S Kothari Mehta & Co. LLP

Chartered Accountants Firm Registration No.: 000756N/ N500441

Deepak Kumar Gupta

Partner Place: New Delhi Membership No: 411678 Date: May 27, 2025 UDIN:25411678BNQLNX1449

Auditors Report continued

Annexure B to the Independent Auditors Report to the Members of DCM Limited on its Standalone Financial Statements dated May 27, 2025. Report on the internal nancial controls with reference to the aforesaid Standalone Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act). (Referred to in paragraph 2 (g) under Report on Other Legal and Regulatory Requirements section of our report of even date)

Opinion

We have audited the internal nancial controls with reference to Standalone Financial Statements of DCM Limited (the Company) as of March 31, 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

e Companys Management and the Board of Directors are responsible for establishing and maintaining internal nancial controls based on the internal nancial controls with reference to Standalone Financial Statements criteria established by the respective 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) . ese 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 the respective 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 these Standalone 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 issued by the Institute of Chartered Accountants of India (ICAI) and the Standards on Auditing prescribed under section 143(10) of the Companies Act,2013, to the extent applicable to an audit of internal nancial controls with reference to Standalone Financial Statements. ose 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 these Standalone Financial Statements were 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 with reference to Standalone Financial Statements and their operating eectiveness.

Our audit of internal nancial controls with reference to Standalone Financial Statements included obtaining an understanding of such internal nancial controls, 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. e procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the Standalone Financial 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 with reference to Standalone Financial Statements.

Meaning of Internal Financial controls with Reference to Standalone Financial Statements

A Companys internal nancial controls with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of nancial reporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A Companys internal nancial controls with reference to Standalone Financial Statements include 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 Standalone Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material eect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial controls with Reference to Financial Statements

Because of the inherent limitations of internal nancial controls with reference to Standalone 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 nancial controls with reference to Standalone Financial Statements to future periods are subject to the risk that the internal nancial controls with reference to Standalone 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, adequate internal nancial controls with reference to these Standalone Financial Statements and such internal nancial controls with reference to these Standalone Financial Statements were operating eectively as at March 31, 2025, based on the internal control with reference to Standalone Financial Statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).

	For S S Kothari Mehta & Co. LLP
	Chartered Accountants
	Firm Registration No.: 000756N/ N500441
	Deepak Kumar Gupta
	Partner
Place: New Delhi	Membership No: 411678
Date: May 27, 2025	UDIN:25411678BNQLNX1449