Dreamfolks Services Ltd Auditor Reports

To the Members of Dreamfolks Services Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Opini?n

We have audited the accompanying Standalone Financial Statements of Dreamfolks Services Limited ("the Company"), which comprise the Balance sheet as at March 31, 2024, the Statement of profit and loss, including the Statement of Other Comprehensive income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the Standalone Financial Statements, including a summary of material accounting policies and other explanatory Information (hereinafter referred to as the "Standalone Financial Statements").

In our opini?n and to the best of our ?nformation and according to the explanations given to us the aforesaid Standalone Financial Statements give the ?nformation 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 principies generally accepted in India, of the State of affairs of the Company as at March 31,2024, its profit including other comprehensive loss, its cash flows and the statement of changes ?n equity for the year ended on that date.

Basis for Opini?n

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards 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 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 fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our audit opini?n on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, ?n our professional judgment, were of most significance ?n our audit of the Standalone Financial Statements for the fmancial year ended March 31,2024. These matters were addressed inthe context of our audit of the Standalone Financial Statements as a whole, and in forming our opini?n thereon, and we do not provide a sep?rate opini?n on these matters. For each 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 ?n our report. We have fulfilled the responsibilities described in the auditors responsibilities for the audit of the Standalone Financial Statements section of our report, including ?n relation to these matters.

Key audit matters	How our audit addressed the key audit matter
Revenue recognition
The Company through its platform allows transactions between the consumers of its clients and Service operators enlisted with the platform. The Company earns revenue when the consumers of its clients utilize Services such as lounge access, meet and assist, airport transfers, food and beverages, door-step baggage and spa & wellness either through the DreamFoIks App, DreamFoIks Card, Issuers Card, Issuers Website, Issuers Web or Mobile Application (App) or Interactive Voice Response (IVR).	Our audit approach was a combination of test of Controls and substantive procedures which included amongst others the following:
Revenue is recognized as the Services are performed in accordance with contractual terms. The Compan/s invoicing cycle is on contractual predetermined dates.	a) Tested the total no of passengers (pax), who have utilized the Compan/s Services and verified the sale with these billable number of pax.
Revenues relating to Services rendered asa key audit matter as the Company has to ensure that revenue is recorded based on (1) contractual terms and (2) total passengers (pax) who utilized Services, which is considered on the basis of report from digital platform.	b) Tested the effectiveness of Controls relating to recording of unbilled revenues.
	c) Tested revenue recognition by agreeing key terms used for recording revenue with terms in the signed contracts and subsequent confirmation received from customers after the balance sheet date.
	d) Tested unbilled revenues with subsequent invoicing based on customer acceptances.

Information Other than the Standalone Financial Statements and 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 inelude the Standalone Financial Statements and our auditors report thereon. The Annual Report is expected to be made available to us after the date of this auditors report. Our opini?n on the Standalone Financial Statements does not cover the other information and we do not express anyform of assurance conclusi?n 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 therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) oftheAct with respeettothe preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principies generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also ineludes 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 the 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 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, Management is responsible for assessing the Companys ability to continu? 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 liqu?date the Company or to cease operations, or has no realistic alternative but to do so.

The Companys Board of Directors are also responsible for overseeing the Companys financial 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 ineludes our opini?n. 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 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 sufficient and appropriate to provide a basis for our opini?n. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)

(i) of the Act, we are also responsible for expressing our opini?n on whether the Company has adequate internal financial Controls with reference to Standalone Financial Statements in place and the operating effectiveness of such Controls.

• Eval?ate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continu? 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 opini?n. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. Flowever, future events or conditions may cause the Company to cease to continu? as a going concern.

• Eval?ate 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 significant audit findings, ?ncluding 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 Standalone Financial Statements for the finandal year ended March 31, 2024 and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation preeludes 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 of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the Information and explanationswhich tothebestofourknowledge and belief were necessary for the purposes of our audit;

(b) In our opini?n, 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 ?ncluding the statement of other comprehensive income, the cash flow statement and statement of changes in equity dealt with by this Report are in agreement with the books of account.

(d) In our opini?n, the aforesaid Financial Statements comply with the Accounting Standards specified 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 March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2024 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 with reference to these Standalone Financial Statements and the operating effectiveness of such Controls, refer to our sep?rate report in "Annexure B" to this Report;

(g) In our opini?n, the managerial remuneration for the year ended March 31,2024 has been paid/ provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to 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, as amended in our opini?n and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements - Refer Note 36 to the Standalone Financial Statements.

?i. The Company did not have any long-term contracts ?ncluding derivative contracts for which there were any material foreseeable losses;

??i. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. a) The management of the Company 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), ?ncluding foreign entibes ("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 entibes identified in any manner whatsoever by or on behalf of the Company ("Ult?mate Beneficia r?es") or provide any guarantee, security or the like on behalf of the Ult?mate Beneficiarles;

b) The management of the Company 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), ?ncluding foreign entibes ("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 entibes identified in any manner whatsoever by or

on behalf of the Funding Party ("Ult?mate Beneficiarles") or provide any guarantee, security or the like on behalf of the Ult?mate Beneficiaries; 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 (a) and (b) contain any material misstatement.

v. The interim dividend declared and paid during the year by the Company is in compliance with section 123 of the Act. Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. Such dividend proposed is in accordance with the Act.

vi. The Company had made the assessment for books of account as per definition in the Act and identified an accounting software used for the creation and maintenance of books of accounts which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded. Further, in case of the Company, audit trail (edit log) facility was enabled and operated throughout the year, we did not come across any instance of the audit trail feature beingtampered with.

As provison to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable to the Company from April 1, 2023, reporting under Rule 11 (g) of Companies (Audit and Auditors) Rules, 2014 is on the preservation of audit trail as per the statutory requirements for record retention is not applicable for the financia! year ended March 31,2024.

For S.S. Kothari Mehta & Co. LLP

Chartered Accountants

CAI Firm Registration Number: 000756N/N500441

Sunil Wahal

Partner

Membership Number: 087294

Place of Signature: Gurugram

Date: May 28, 2024

UDIN: 24087294BKAHJI7738

ANNEXURE A REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF DREAMFOLKS SERVICES LIMITED ("THE COMPANY") OF EVEN DATE

In terms ofthe information and explanations sought by us andgiven 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 showingfull particulars, including quantitative detailsand situation of property, plant and equipment.

(i) (a) (B) The Company has maintained proper records showing full particulars of intangibles assets.

(i) (b) All property, plant and equipment were physically verified by the management in the previous year in accordance with a planned program of verifying them every year which is reasonable having regard to the size of the Company and the nature of its assets.

(i) (c) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favor of the lessee) disclosed in note 4 and note 6 to the Standalone Financial Statements are held in the ?ame of the Company.

(i) (d) The Company has not revalued its property, plant and equipment (PPE) (including right of use assets (ROU)) or intangible assets during the year ended March 31,2024 and carried on with val?es of PPE and ROU at cost consistent with the previous year.

(i) (e) 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) The Compan/s business does not require maintenance of inventories and, accordingly, the requirement to report on

clause 3(??)(a) ofthe Order is not applicable to the Company.

(ii) (b) The Company has sanctioned working capital limits(i.ecash credit)in excessof Rs.five crores in aggregate from a bank on the basis of security of current assets of the Company. The quarterly returns/statements filed by the Company with such banks are not in agreement with the books of accounts ofthe Company and the details are as follows:

(Amount in INR millions)

Quarter ended	Val?es as per books of accounts	Val?es as per quarterly return/ statements	Differences	Remark
September 30, 2023	1030.64	1009.35	21.29	As per the Management the difference is due to submission being made basis provisional financial information prior to the Company financial reporting closure process.
December 31,2023	1,145.87	1,148.71	(2.84)
March 31,2024	989.06	968.00	21.06

As per the information and explanation given to us and as confirmed by the bankers, the Company was not required to file the quarterly returns/statement with the banks till June 30, 2023. Accordingly, quarterly returns/statements have not been filed by the Company with such bank till June 30,2023.

(iii) According to the information and explanations given to us, the Company has not provided loans, advances in the nature of loans, stood guarantee or provided security to companies, firms, limited liability partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(a) to clause (iii)(f) ofthe Order is not applicable to the Company. Further, investments made during the year to companies, Firms, Limited Liability Partnerships or any other parties are not prejudicial to the Companys interest.

(iv) The Company has not granted any loans, or provided any guarantees or security to the parties covered under Section 185 of the Act. Further, in our opini?n, and according to the information and explanations given to us, the Company has complied with the provisions of Sections 186 ofthe Companies Act, 2013 in respect ofthe investments made by it and the Company has not provided any loans, guarantees or security to the parties covered under Section 186 of the Act.

(v) The Company has neither accepted any deposits from the public ?or accepted any amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company.

(vi) The Company is not in the business of sale of any goods or provisi?n of such Services as prescribed. Accordingly, the requirement to report on clause 3(vi) of the Order is not applicable to the Company.

(vii) (a) Undisputed statutory dues including goods and Services tax, providentfund, employees State insurance, income-tax,

sales-tax, Service tax, duty of custom, duty of excise, valu? added tax, cess and other statutory dues have generally been regularly deposited with the appropriate authorities

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.

(vii) (b) There are no dues of goods and Services tax, provident fund, employees State insurance, income tax, sales-tax, Service tax, customs duty, excise duty, valu? added tax, cess, goods and Service tax and other statutory dues which have not been deposited on account of any dispute except the following:

?ame ofthe statue	Nature ofdues	Amount (Rs. in Millions)	Amount paid under protest (Rs. in Millions)	Period for which the amount relates	Forum where the dispute is pending
CGST Act, 2017/ WBGST Act, 2017	GST	23.31	1.09	July 2017 to March 2018	GST Appeals, (WB)

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, ?n the tax assessments under the IncomeTax 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) The Company has not defaulted in repayment of loans or other borrowings or in the payment of ?nterest thereon to any lender.

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

(ix) (c) Term loans were applied for the purpose for which the loans were obtained.

(ix) (d) On an overall examination of the Standalone Financial Statements ofthe Company, nofunds raised on short-term basis have been used for long-term purposes by the Company.

(ix) (e) On an overall examination of the Standalone Financial Statements of the Company, the Company has not taken any fundsfrom any entity or person on account of or to meet the obligations of ?ts subsidiary. The Company doesnt have any associate or joint venture. Flence, the requirement to report on clause (ix)(e) ofthe Order is not applicable to the Company.

(ix) (f) The Company has not raised loans during the year on the pledge of securities held in its subsidiary. The Company doesnt have any associate or joint venture. Flence, the requirement to report on clause (ix)(f) of the Order is not applicable to the Company.

(x) (a) The Company has not raised money by way of ?nidal public offer or further public offer (including debt instruments) during the year and henee reporting under clause 3(x)(a) ofthe Order is not applicable to the Company.

(x) (b) 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 henee, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) No fraud by the Company or no fraud on the Company has been noticed or reported during the year.

(xi) (b) During the year, no report under sub-section (12) of section 143 ofthe Companies Act, 2013 has been filed by cost auditor/ 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.

(xi) (c) As represented to us by the management, there are no whistleblower complaints received by the Company during the year.

(xii) The Company is not a Nidhi Company as per the provisions ofthe Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a) to 3(xii)(c) ofthe Order is not applicable to the Company.

(xiii) Transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the Standalone 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.

(xiv) (b) The 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) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and henee the requirement to report on clause 3(xv) of the Order is not applicable to the Company.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act, 1934. Henee, reporting under clause (xvi)(a), (b), (c) and (d) of the Order are not applicable

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

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

(xix) On the basis of the financial ratios to the Standalone Financial Statements, ageing and expected dates of realization of financial assets and payment of financial 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, 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 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 oneyear from the balance sheet date.

(xx) (a) In respect of other than ongoing projeets, there are no unspent amounts that are required to be transferred to a

fund specified in Schedule Vil of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act. This matter has been disclosed in note 46 to the Standalone Financial Statements.

(xx) (b) All amounts that are unspent under section (5) of section 135 of the Companies Act, pursuant to any ongoing

project, have been transferred to special account in compliance of with provisions of sub section (6) of section 135 of the said Act. This matter has been disclosed in note 45 to the Standalone Financial Statements.

(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of the audit of Standalone Financial Statements of the Company. Accordingly, no comment has been induded in respect of the said clause under this report.

For S.S. Kothari Mehta & Co. LLP

Chartered Accountants

CAI Firm Registration Number: 000756N/N500441

Sunil Wahal

Partner

Membership Number: 087294

Place of Signature: Gurugram

Date: May 28, 2024

UDIN: 24087294BKAHJI7738

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT ON THE STANDALONE FINANCIAL STATEMENTS OF DREAMFOLKS SERVICES LIMITED OF EVEN DATE

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

(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements section of our report of even date)

We have audlted the internal financial Controls over flnandal reporting of Dreamfolks Services Limited ("the Company") as of March 31, 2024 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Infernal Financial Controls

The Companys Management is responsible for establishing and maintaining internal financial Controls based on the ?nternal control over financial reporting criteria established by the Company considering the essential components of ?nternal control stated in theGuidance Noteon Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities indude the design, ?mplementation and maintenance of adequate internal financial Controls that were operating effectively for ensuring the orderly and efficient conduct of its business, includingadherence to the Companys policies, thesafeguarding 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 opini?n on the Companys internal financial Controls overfinancial reporting 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 (the "Guidance Note") and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent 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 ?nternalfinancial Controls overfinancial reportingwith reference to these Standalone 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 over financial reporting with reference to these Standalone Financial Statements and their operating effectiveness. Our audit of ?nternal financial Controls over financial reporting ?ncluded obtaining an understanding of internal financial Controls over financial reporting with reference to these Standalone 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 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 sufficient and appropriate to provide a basis for our audit opini?n on the ?nternal financial Controls overfinancial reportingwith reference to these Standalone Financial Statements.

Meaning of Infernal Financial Controls Over Financial Reporting with reference to these Standalone Financial Statements

A companys ?nternal financial control over financial reporting with reference to these Standalone Financial Statements is a process designed to provide reasonable assurance regarding

the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principies. A companys ?nternal financial control over financial reporting with reference to these Standalone Financial Statements ineludes 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 principies, 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 effect on the Standalone Financial Statements.

Inherent Limitations of Infernal Financial Controls Over Financial Reportingwith reference to these Standalone Financial Statements

Because of the inherent limitations of internal financial Controls over financial reporting with reference to these 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 financial Controls over financial reporting with reference to these Standalone Financial Statements to future periods are subject to the risk that the internal financial control over financial reporting with reference to these Standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteri?rate.

Opini?n

In our opini?n, the Company has, in all material respects, adequate internal financial Controls overfinancial reportingwith reference to these Standalone Financial Statements and such ?nternal financial Controls overfinancial reportingwith reference to these Standalone Financial Statements were operating effectively as at March 31, 2024, 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 S.S. Kothari Mehta & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 000756N/N500441

Sunil Wahal

Partner

Membership Number: 087294

Place of Signature: Gurugram

Date: May 28, 2024

UDIN: 24087294BKAHJI7738