Denta Water & Infra Solutions Ltd Auditor Reports

TO THE MEMBERS OF DENTA WATER AND INFRA SOLUTIONS

LIMITED

(FORMERLY KNOWN AS DENTA PROPERTIES AND

INFRASTRUCTURE PRIVATE LIMITED)

Report on the Audit of Standalone Financial
Statements

Opinion

A. We have audited the accompanying Standalone
Financial Statements of DENTA WATER AND INFRA
SOLUTIONS LIMITED (FORMERLY KNOWN AS DENTA
PROPERTIES AND INFRASTRUCTURE PRIVATE LIMITED)
(CIN- L70109KA2016PLC097869) ("the Company"),
which comprise the Balance Sheet as at March 31,
2026, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year
ended on that date, and a summary of material accounting
policies and other explanatory information (hereinafter
referred to as the "Standalone Financial Statements").

B. 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 ("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

I L

generally accepted in India, of the state of affairs of the
Company as at March 31, 2026, and its profit and total
comprehensive income / (loss), changes in equity and its
cash flows forthe year ended on that date.

Basis for Opinion

We conducted our audit 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 forthe 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 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
opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements of the current year. These
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. We have determined the matters described
below to be the key audit matters to be communicated in our
report.

Key Audit Matter	Auditors Response
Revenue recognition for long term construction contracts	Our procedures over the recognition of revenueincluded the following:
(Refer to note 2(e) and 25 of the Standalone Financial Statements).	- Read the Companys revenue recognition accounting policy and assessed compliance of the policy in terms of Ind AS 115 - Revenue from Contracts with Customers.
The Companys significant portion of business is undertaken through long term construction contracts which is in nature of engineering, procurement and construction basis. The contract prices are fixed and, in some cases, subject to price variance clauses.	- Obtained an understanding of the Companys processes and controls for revenue recognition process, evaluated the design, and tested the operating effectiveness of the controls over revenue recognition with specific focus on determination of stage of completion, considering impact of change in scope and estimation of contract cost.
Revenue from these contracts, where the performance obligation satisfied over time, is recognised in proportion to the stage of completion of the contract. The stage of completion is assessed by reference to survey of work performed.	- For a sample of contracts, we obtained the percentage of completion calculations, agreed key contractual terms to the signed contracts, tested the mathematical accuracy of the cost to complete calculations and re- performed the calculation of revenue recognized during the period based on the percentage of completion.
Key Audit Matter	Auditors Response
Revenue recognition from these contracts involves significant degree of judgments and estimation including identification of contractual obligations, the Companys rights to receive payments for performance obligation completed till date which includes measuring and recognition of contract assets, change of scope and determination of onerous obligations which include estimation of contract costs.	- For costs incurred to date, we tested samples to appropriate supporting documentation and performed cut off procedures.
Revenue recognition is significant to the Standalone Financial Statements based on thequantitative materiality and nature of construction contracts involves significant judgements as explainedabove. Accordingly, we considered this as a key audit matter.	- To test the forecast cost to complete, we obtained the breakdown of costs forecasts and tested elements of the forecast by obtaining executed purchase orders and agreements, evaluating reasonableness of managements judgements and assumptionsusing past trends and comparing theestimated costs to the actual costs incurred for the similar completed projects.
	- Assessed the relevant disclosures made by the company in accordance with Ind AS 115.
	Based on the above procedures performed,we considered the manner of estimation of contract cost and recognition of revenue to be reasonable.

Information otherthan Standalone Financial
Statements and Auditors Report thereon

A. The Companys Board of Directors is responsible for the
other information. The other information comprises the
information included in the Management Discussion and
Analysis, Boards Report including Annexures to Boards
Report, Business Responsibility Report, Corporate
Governance and Shareholders Information, but does not
include the Standalone Financial Statements and our
auditors report thereon.

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

B. 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 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 are required to report that fact. We have nothing to
report in this regard.

Responsibility of Management for the
Standalone Financial Statements

A. 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
Standalone Financial Statements that give a true and

fair view of the financial position, financial performance,
and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including
the accounting standards specified under section 133 of
the Act. This responsibility also includes maintenance
of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate
implementation and maintenance of 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 Standalone Financial Statement
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

B. In preparing the Standalone Financial Statements,
management is responsible for assessing the Companys
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the

Companysfinancial reporting process.

Auditors Responsibilities for the Audit of the
Standalone Financial Statements

A. 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 aggregate, they could reasonably
be expected to influence the economic decisions of
users taken on the basis of these Standalone Financial
Statements.

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

i. 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 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.

ii. Obtain an understanding of internal financial
controls 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 an adequate internal
financial controls system in place and the operating
effectiveness of such controls.

iii. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

iv. 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 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 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.

v. 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.

C. Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the Standalone
Financial Statements may be influenced. 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 effect of
any identified misstatements in the Standalone Financial
Statements.

D. 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.

E. 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.

F. From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the Standalone Financial
Statements of the current year 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 Section 143(3) of the Act, based on our

audit report 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 purpose 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 the paragraph 2 (vi) below
on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

(c) The balance sheet, the statement of profit and loss,
including othercomprehensive income, the cash flow
statement and statement of changes in equity dealt
with by this Report are in agreement with the books
of account.

(d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting
Standards specified under Section 133 of the Act,
read with relevant rules issued thereunder.

(e) On the basis of written representations received from
the directors as on March 31, 2026, taken on record
by the Board of Directors, none of the directors
is disqualified as on March 31, 2026, from being
appointed as a director in terms of Section 164(2) of
the Act.

(f) The modifications relating to the maintenance of
accounts and other matters connected therewith are
as stated in the paragraph II (a) (b) above on reporting
under Section 143(3)(b) of the Act and paragraph 2
h 2(BXf (below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

(g) 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
A". Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the
Companys internal financial controls with reference
to standalone financial statements.

(h) 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

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

i. The Company has disclosed the impact of pending
litigations as at March 31, 2026 on its financial
position in its financial statements. Refer Note 31 to
the financial statements.

ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses under the applicable
law or accounting standards.

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

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 identified in any manner whatsoever by or on
behalf of the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf
ofthe Ultimate Beneficiaries;

(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 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;

(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 representations
under sub-clause (i)and(ii)of Rule 11(e), as provided
under (a) and (b) above, contain any material
misstatement.

v. The company has not declared any dividend during this
year, hence there is no breach of limits prescribed under
Section 197 of the Act and the rules thereunder.

vi. Based on our examination, which included test
checks, the Company has used accounting software
for maintaining its books of account for the financial
year ended March 31, 2026 which have the feature of
recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the software systems. Further,

during the course of our audit, we did not come across
any instance of the audit trail feature being tampered
with and the audit trail has been preserved by the
Company as per the statutory requirements for record
retention.

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

For Maheshwari & Co.

Chartered Accountants
Firms Registration No.105834W</p>

Pawan Gattani
Partner

Place: Mumbai Membership No. 144734

Date: May25, 2026 UDIN: 26144734ZI0UVA5985

Annexure ARs.to the Independent Auditors Report

(Referred to in paragraph 1(f) under the heading Report on
Other Legal and Regulatory Requirementsof our report of even
date)

Report on the Internal Financial Controls with
reference to standalone financial statements
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 DENTA WATER AND INFRA SOLUTIONS
LIMITED (FORMERLY KNOWN DENTA PROPERTIES AND
INFRASTRUCTURE PRIVATE LIMITED) ("the Company") as of
March 31, 2026, 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 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 (the "Guidance
Note") 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.

AuditorsRs.Responsibility

Our responsibility is to express an opinion on the Companys
internal financial controls overfinancial reporting based on our
audit. We conducted our audit in accordance with 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. 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 over financial reporting
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 over financial reporting and their operating
effectiveness. Our audit of internal financial controls over
financial reporting included obtaining an understanding of
internal financial controls over financial reporting, 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 judgments, 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
sufficient and appropriate to provide a basis for our audit
opinion on the Companys internal financial controls system
overfinancial reporting.

Meaning of Internal Financial Controls Over
Financial Reporting

A companys internal financial control overfinancial reporting is
a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
Standalone Financial Statements for external purposes in
accordance with generally accepted accounting principles. A
companys internal financial control over financial reporting
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 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 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 Standalone Financial Statements.

Inherent Limitations of Internal Financial
Controls Over Financial Reporting

Because of the inherent limitations of internal financial
controls over financial reporting, 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 over financial reporting to future
years are subject to the risk that the internal financial control
over financial reporting 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, to the best of our information and according
to explanation given to us, the Company has maintained, in all
material respects, adequate internal financial controls over
financial reporting and such internal financial controls over
financial reporting were operating effectively as at March 31,
2026, 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 Maheshwari & Co.
Chartered Accountants
Firms Registration No.105834W

Pawan Gattani
Partner

Place: Mumbai Membership No. 144734

Date: May 25, 2026 UDIN: 26144734ZI0UVA5985

Annexure BRs.to the Independent Auditors Report

(Referred to in paragraph 2 under the heading Report on
Other Legal and Regulatory RequirementsRs.of our report of
even date)

To the best of our information and according to the explanations
provided to us by the Company and the books of account and
records examined by us in the normal course of audit, we state
that:

1. In respect of the Companys Property, Plant and Equipment

and Intangible Assets:

a) (A) The Company has maintained proper records

showing full particulars, including quantitative
details and situation of Property, Plant and
Equipment and relevant details of right-of-use
assets and investment property.

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

b) The Property, Plant and Equipment of the company

have been physically verified by the management
at reasonable intervals in a phased manner so as
to generally cover all the assets over a period of 3
years which, in our opinion, is reasonable having
regard to the size of the Company and the nature
of its assets. As informed to us, a portion of the
Property, Plant and Equipment has been physically
verified by the Management during the year and no
material discrepancies have been noticed on such
verification.

c) Based on the examination of the registered sale deed
/ transfer deed / conveyance deed provided to us,
we report that, the title deeds, of all the immovable
properties (other than immovable properties where
the Company is the lessee and the lease agreements
are duly executed in favour of the Company) disclosed
in the Standalone Financial Statements included in
property, plant and equipment and capital work-in
progress are held in the name of the Company as at
the balance sheet date.

d) The Company has not revalued any of its Property,
Plant and Equipment (including right-of-use assets)
and intangible assets or both during the year.

e) No proceedings have been initiated during the year
or are pending against the Company as at March
31, 2026 for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988

(as amended in 2016) and rules made thereunder.
Accordingly, reporting under clause 1(e) of the Order
is not applicable to the company.

2. a) According to information and explanations given to

us, the inventory has been physically verified by the
management at reasonable intervals during the year.
In our opinion, the coverage and procedure of such
verification by the Management is appropriate having
regard to the size of the Company and the nature of
its operations. The company is maintaining proper
records of inventory.

b) According to information and explanations given to
us, The Company has not been availed any working
capital loan, at any points of time during the year.
Accordingly, reporting under clause 2(b) of the Order
is not applicable to the company.

3. According to the information and explanations given
to us and based on our audit procedures, the Company
has made any investments in, provided any guarantee or
security, or granted any loans or advances in the nature of
loans, secured or unsecured, to companies, firms, Limited
Liability Partnerships, or any other parties during the year.

(a) According to the information and explanations given
to us by the Management, the Company has not
given any advances in the nature of loans, secured
or unsecured, to companies, firms, Limited Liability
Partnerships or any other parties.

(b) In our opinion, the investments made and the terms
and conditions of the grant of loans during the year
are, prima facie, not prejudicial to the Companys
interest.

(c) No loans granted by the Company, hence the schedule
of repayment of principal and payment of interest not
applicable.

(d) No loans granted by the Company, hence there is
no overdue amount remaining outstanding as at the
balance sheet date.

(e) No loans granted by the Company which has fallen
due during the year, has been renewed or extended or
fresh loans granted to settle the overdue of existing
loans given to the same parties.

(f) The Company has not granted any loans or advances
in the nature of loans either repayable on demand or
without specifying any terms or period of repayment

during the year. Hence, reporting under clause 3(f) is
not applicable.

The Company has not provided any guarantee or security
or granted any advances in the nature of loans, secured
or unsecured, to companies, firms, Limited Liability
Partnerships or any other parties.

4. In our opinion and according to information and
explanations given to us, the company has complied with
the provisions of Section 185 and 186 of the Companies
Act, 2013 with respect to loans and investments made.
Further, as no guarantees/security has been given
towards the parties specified in section 185, hence clause
with regard to these matters are not applicable to the
Company.

5. According to the information and explanations given to us,
the Company has not accepted any deposits during the
year and does not have any unclaimed deposit as at March
31, 2026, and therefore, the provisions of Sections 73 to
76 or any other relevant provisions of the Companies Act,
2013 and the rules made thereunder are not applicable to
the Company. We are informed by the management that
no order has been passed by the Company Law Board,
National Company Law Tribunal or Reserve Bank of India
or any Court or any other Tribunal against the Company in
this regard.

6. Pursuant to the rules made by the Central Government of
India, the Company is required to maintain cost records
as specified under Section 148(1) of the Act in respect of
its products. We have broadly reviewed the same and are
of the opinion that, prima facie, the prescribed accounts
and records have been made and maintained. We have
not, however, made a detailed examination of the records
with a view to determine whether they are accurate or
complete.

7. a) According to the information and explanations

given to us and according to the books and records
as produced and examined by us, in our opinion,
the company is generally regular in depositing with
appropriate authorities undisputed statutory dues
including Goods and Service Tax, provident fund,
employeesRs.state insurance, income-tax and any
other statutory dues applicable to it.

According to the information and explanations given
to us, no undisputed amounts payable in respect of

these statutory dues were in arrears as at March 31,
2026, 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 Service Tax, and cess, which have not been
deposited on account of any dispute with the relevant
authorities.

8. In our opinion and according to the information and
explanations given to us, the company does not have any
transactions not recorded in the books of account have
been surrendered or disclosed as income during the year
in the tax assessments under the Income Tax Act, 1961 (43
of 1961). Accordingly reporting under clause 3(viii) of the
Order is not applicable.

9. (a) According to the records of the company examined

by us and the information and explanations given to
us, the Company has not defaulted in the repayment
of loans or borrowings or in the payment of interest
thereon to any lender.

(b) The Company has not been declared willful defaulter
by any bank or financial institution or government or
any government authority.

(c) To the best of our knowledge and belief, in our opinion,
term loans availed by the Company were, applied
by the Company during the year for the purpose for
which loans were obtained.

(d) On an overall examination of the standalone financial
statements of the Company, funds raised on short-
term basis have, prima facie, not been used during
the year for long-term purposes by the Company.

(e) 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.

(f) The Company has not raised any loans during the year
on the pledge of securities held in its subsidiaries.
and hence reporting on clause 9(f) of the Order is not
applicable.

10. (a) he Company has not raised moneys by way of initial

public offer or further public offer (including debt
instruments) during the year and hence reporting
under clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanation given
to us, during the year, the company has not made any
preferential allotment or private placement of shares,
hence the requirements of section 42 and section 62
of the Companies Act, 2013 are not applicable to the
Company

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 explanation given to us, we have neither come
across any instance of fraud done by the company
or any fraud done on the company by its officers
or employees, noticed or reported during the year,
nor have we been informed of such case by the
management.

(b) No report under sub-section (12) of section 143 of
the Companies Act has been filed in Form ADT-4 as
prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government,
during the year and up to the date of this report.

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

12. In our opinion and according to the information and
explanations given to us, the Company is not a Nidhi
Company. Accordingly, the provisions of clause 12 of the
Order are not applicable to the Company.

13. In our opinion and according to the information and
explanations given to us the Company are in compliance
with Sections 177 and 188 of the Companies Act, 2013,
where applicable, for all transactions with the related
parties and the details of related party transactions have
been disclosed in the Standalone Financial Statements
etc. as required by the applicable Indian Accounting
Standards.

14. (a) In our opinion the Company has an adequate internal

audit system commensurate with the size and the
nature of its business.

(b) We have considered, the internal audit reports issued
to the Company during the year covering specific
processes scoped in the review as per Internal Audit
Plan.

15. According to the information and explanations given to
us and based on our examination of the records of the
Company, the Company has not entered into non- cash
transactions with directors or persons connected with
him. Accordingly, reporting under clause 15 of the Order is
not applicable.

16. (a) The 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 16(a) of the Order is not applicable to the
Company.

(b) The Company has not conducted any Non-Banking
Financial or Housing Finance activities without
obtaining a valid Certificate 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 as
defined in the regulations made by Reserve Bank of
India. Accordingly, the requirement to report under
clause 16(c) of the Order is not applicable to the
Company.

(d) There is no Core Investment Company as a part of the
Group, hence, the requirement to report under clause
16(d) of the Order is not applicable to the Company.

17. The Company has not incurred cash losses during the
year covered by our audit and the immediately preceding
financial year.

18. There has been no resignation of the statutory auditors
during the year. Accordingly, clause 3(xviii)of the Order is
not applicable.

19. 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
Standalone Financial 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. In our opinion, and according to the information and
explanations given to us, there is no unspent amount under
sub-section (5) of Section 135 of the Act pursuant to any

project other than ongoing projects. Accordingly, clause
3 (xx) (a) of the Order is not applicable.

For Maheshwari & Co.
Chartered Accountants
Firms Registration No.105834W

Pawan Gattani
Partner

Place: Mumbai Membership No. 144734

Date: May25, 2026 UDIN: 26144734ZI0UVA5985