Dynamic Cables Ltd Auditor Reports

To The Members of

Dynamic Cables Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the Standalone Financial Statements of Dynamic Cables Limited (“the Company”), which comprise the balance sheet as at 31st March 2025, and the statement of Pro t and Loss (including other comprehensive income), and statement of cash ows, and Statement of changes in equity, for the year then ended, and notes to the standalone nancial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as “Standalone Financials Statements”)

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone nancial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (”Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its pro t (including other comprehensive income), Statement of changes in equity and its cash ows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) speci ed under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the nancial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have ful lled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our opinion

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signi cance in our audit of the standalone nancial statements of the current period. These matters were addressed in the context of our audit of the standalone nancial 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 matter described below to be the key audit matter to be communicated in our report.

Key Audit Matter	Auditors Response
Revenue Recognition:
Based on its business model in Cables & Conductor, the company has many different types of terms of delivery arising from different types of performance obligations with its customers. Revenue from sale of goods is recognised when control is transferred to the customers and when there are no other unful lled obligations. This requires detailed analysis of each contract regarding timing of revenue recognition.	Our audit procedures over the recognition of revenue included the following:
Inappropriate assessment could lead to risk of revenue getting recognised before control has been transferred. Accordingly, timing of recognition of revenue is a key audit matter.	We assessed the compliance of the companys revenue recognition accounting policies against the requirements of Indian Accounting Standards (“Ind AS”) to identify any inappropriate policy;
	We tested the design, implementation and operating effectiveness of key internal nancial controls and processes for revenue recognition along with effectiveness of information technology controls built in automated processes;
	On a sample basis, we tested revenue transactions recorded during the year, by verifying the underlying documents, including invoices and shipping documents for assessment of ful llment of performance obligations completed during the year; We analyzed the timing of recognition of revenue and any unusual contractual terms;
	On a sample basis, we tested the invoice and shipping documents for revenue transactions recorded during the period closer to the year end and subsequent to the year end to verify recognition of revenue in the correct period.
Trade Receivable	Our audit procedure included, among others: ?
Trade receivables is a signi cant item in the Companys nancial statements as at March 31, 2025 and assumptions used for estimating the credit loss on certain receivables is an area which is determined by managements judgment. The Company makes an assessment of the estimated credit losses on certain trade receivables based on credit risk, project status, past history, latest discussion/ correspondence with the customer. Given the signi cance of these receivables in the nancial statements as at 31st March, 2025, we determined this to be a key audit matter.	Evaluated the accounting policy of the company.
	Inquired with senior management regarding status of collectability of the receivable.
	Amount recovered subsequent to the Balance Sheet date.
	Discussion of material outstanding balances with the audit committee.
	Assessed the information/assumptions used by the management to determine the expected credit losses by considering credit risk of the customer, cash collection, and the level of credit loss over time. Based on our work as stated above, no signi cant deviations were observed in respect of managements assessment of valuation of trade receivables.

Information other than the Financial Statements and Auditors Report thereon

The Companys Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the nancial statements and our auditors report thereon.

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

In connection with our audit of the nancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact, since these reports are expected to be made available to us after the date of this audit report hence currently, we have nothing to report in this regard.

Responsibilities of Management and Those charged with governance for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these nancial statements that give a true and fair view of the nancial position, nancial performance, and cash ows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards speci ed under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal nancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the nancial statements, the Board of Directors 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the

Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in uence the economic decisions of users taken on the basis of these standalone nancial statements.

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

Identify and assess the risks of material misstatement of the nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal nancial controls with reference to standalone nancial statements in place and the operating effectiveness of such controls.

E valuate 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 signi cant 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 nancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

Obtain suf cient appropriate audit evidence regarding the nancial information of the company to express an opinion on the statement.

Materiality is the magnitude of misstatements in the standalone nancial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone nancial statements may be in uenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identi ed misstatements in the standalone nancial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signi cant audit ndings, including any signi cant de ciencies in internal control that we identify during our audit.

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

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 Companies Act, 2013, we give in the Annexure I statement on the matters speci ed in paragraphs 3 and 4 of the Order, to the extent applicable.

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

(a) We have sought and obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books

(c) The Balance Sheet, the Statement of Pro t and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid nancial statements comply with the Accounting Standards speci ed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the Board of Directors, none of the directors is disquali ed as on 31st March, 2025 from being appointed as a director in terms of Section 164(2) of the Act.

(f) With respect to adequacy of Internal Financial Controls with reference to nancial statements of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure II. Our report expresses an Unmodi ed Opinion on the adequacy and operating effectiveness of the company internal nancial controls over nancial reporting.

(g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended: In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

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

(i) The Company has disclosed the impact of pending litigations on its nancial position in its nancial statements Refer Note No. 39 to the nancial statements.

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

(iii) There were no amounts, which were required to be transferred to the Investor Education and Protection Fund by the Company.

(iv).a) The management has represented that Refer Note No. 52(n) to the nancial statements, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identi ed in any manner whatsoever by or on behalf of the company (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries.

(b) The management has represented Refer Note No. 52(n) to the nancial statements, that, to the best of its knowledge and belief, no funds have been received by the company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identi ed in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Bene ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Bene ciaries.

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11 (e) as provided under (A) and (B) above contain any material misstatement.

(v) Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with & the audit trail has been preserved by the company as per the statutory requirements.

For M/s A Bafna & Co.

Chartered Accountants

Place: Jaipur FRN: 003660C

th

Date:13 May, 2025

Vivek Gupta

M.No. 400543 UDIN:25400543BMLIFM2419

Annexure I to the Independent Auditors Report

The Annexure referred to in our Independent Auditors Report to the members of the Dynamic Cables Limited on the standalone nancial statements for the year ended 31st March 2025, we report 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. (B) The Company has maintained proper records showing full particulars of Intangible assets.

(b) According to the information and explanation given to us and on the basis of our examination of records of the company, the Company has a regular programme of physical veri cation of its Property,Plant and Equipment by which all property, Plant & Equipment are veri ed at least once in three years. Pursuant to this program, Property, Plant and Equipment were physically veri ed by the Management during the year. In our opinion, the periodicity of physical veri cation is reasonable having regard to the size of the company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such veri cation.

(c) A ccording to the information and explanation given to us and on the basis of our examination of records of the company, the title deed of the immovable properties (Other than properties where the company is a lessee & the lease agreement is dully executed in favor of the lessee) disclosed in the nancial statements are held in the name of the company as at the balance sheet date, except for the following which are not held in the name of the Company:

Description of property	Gross carrying value (Rs. in lacs)	Held in the name of	Whether promoter, director or their relative or employee	Period held- indicate range, where appropriate
Freehold land- Rd No 6 VKI	48.22	Dynamic Cables Limited	Yes	2016

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

(2)(a) T he inventory has been physically veri ed during the year by the management. In our opinion, the frequency together with coverage & procedure of veri cation are reasonable, further the management has not found discrepancies of more than 10% or more in the aggregate for each class of inventory.

(b) According to the information and explanation given to us and on the basis of our examination of records of the company, the company has been sanctioned working capital limits in excess of ve crores, in aggregate, from banks or nancial institutions on the basis of security of current assets. In our opinion, the quarterly returns or statements led by the company with such bank or nancial institutions are generally in agreement with the books of accounts of the company and no material deviations were observed.

(3) The Company has not made investment in any other company during the year and has not provided or stood 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 except the following:

The company has provided corporate guarantee amounting of Rs. 500 Lakhs and provided security to HDFC Bank Limited for the working capital credit facility availed by Mangal Electrical Industries Limited (Formerly known as Mangal Electricals Private Limited) which is related concern for its principal business activities. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and securities.

(4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and securities.

(5) The company has not accepted any deposits under the provisions of section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, and as such the question of compliance under the Companies Act or any other directives or orders does not arise.

(6) W e 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 records with a view to determine whether these are accurate or complete.

(7) In respect of statutory dues:

(a) In our opinion, the Company has been regular in depositing undisputed statutory dues, including 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 material statutory dues applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2025 for a period of more than six months from the date they become payable.

(b) According to the information and explanation given to us the dues referred to in sub-clause (a) which have not been deposited on March 31, 2025 on account of any dispute, are as follows:

Name of the statute	Nature of dues	Amount (Rs. In lakhs	Period to which the amount relates	Forum where demand is pending
Service Tax (Finance Act, 1994)	Service Tax	3.92	2017-18	Appeal under CESTATE, New Delhi
Goods and Services Tax Act 2017	RCM	6.56	2018-19	Superintendent Range-II Division A Jaipur
Goods and Services Tax Act 2017	ITC	156.58	2017-18	Show Cause Notice Received
Goods and Services Tax Act 2017	ITC	16.73	2017-18	Deputy Commissioner State Tax Circle-B,
Goods and Services Tax Act 2017	Transaction Type Wrongly Stated in Tax Invoice	24.31	2024-25	Enforcement Wing-III, State Tax of cer Divison-4 Amirgarh Mobile Squad Gujarat
Income Tax Act, 1961	Appeal Form 35	265.31	2015-16	Demand raised under Scrutny Assessment u/s143(3)
Income Tax Act, 1961	Appeal Form 35	325.87	2016-17	Notice received under section 148 of the Income-tax Act,1961
Income Tax Act, 1961	Appeal Form 35	163.93	2018-19	Notice received under section 148 of the Income-tax Act,1961

(8) According to the explanations and information given to us by the management and as veri ed by us, there are no transactions which were not recorded in the books of account and have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(9).a)According to the records of the company examined by us and as per the information and explanations given to us, the company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any nancial institution or banks or lender.

b) A ccording to the records of the company examined by us and as per the information and explanations given to us, The Company has not been declared willful defaulter by any bank or nancial institution or government or any government authority.

c) A ccording to the records of the company examined by us and as per the information and explanations given to us, term loans availed by the company have been used for the purpose for which they were raised.

d) A ccording to the records of the company examined by us and as per the information and explanations given to us, on an overall examination of the nancial statements of the Company, no funds raised on short-term basis have been used for long-term purposes by the Company.

e) A ccording to the records of the company examined by us and as per the information and explanations given to us, on an overall examination of the nancial 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 associate companies.

f) A ccording to the records of the company examined by us and as per the information and explanations given to us, the Company does not have any subsidiary or associate company. Hence, the requirement to report on clause (ix) (f) of the Order is not applicable to the Company.

(10).a)The Company has not raised money(s) 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 explanations given to us and on the basis of our examination of the records of the Company, the Company has made preferential allotment during the year and the requirement as speci ed under section 42 and section 62 of the Companies Act 2013 have been complied with.

(11).a)No fraud by the Company and no material fraud on the Company has been noticied or reported during the year.

b)N o report under sub-section (12) of section 143 of th.e Companies Act has been led 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) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.

(12 The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable

(13 In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the nancial statements as required by the applicable accounting standards.

(14).a) In our opinion and based on our examination, the company has an internal audit system commensurate with the size and nature of its business. b) We have considered the internal audit reports of the company issued till date, for the period under audit.

(15) In our opinion during the year the Company has not entered into any non-cash transactions with its directors or persons connected with its directors, and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

(16).a) According to information & explanation given to us, the Company is not required to be registered under section 45-lA of the Reserve Bank of India Act, 1934 b) According to information & explanation given to the company has not conducted any NBFC business during the year, hence, reporting under clause 3(xvi)(b) of the Order is not applicable. c) T he company is not a Core Investment Company (CIC) as de ned in the regulations made by the Reserve Bank of India. d) T he group does not have more than one CIC.

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

(18) There has been no resignation of the statutory auditors of the Company during the year.

(19) On the basis of the nancial ratios, ageing and expected dates of realization of nancial assets and payment of nancial liabilities, other information accompanying the nancial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither, give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(20).a) A ccording to the information and explanations given to us by the management, and on the basis of our examination of the records of the company, the company has spent the entire amount as per the requirement of section 135 of the Companies Act, 2013, and therefore sub-clauses (a) and (b) of clause (xx) of para 3 are not applicable.

(b) The reporting under clause 3(xxi)is not applicable in respect of audit of nancial statements of the Company. Accordingly,no comment has been included in respect of said clause under this report .

For M/s A Bafna & Co. Place: Jaipur th Chartered Accountants Date:13 May, 2025 FRN: 003660C

Vivek Gupta

M.No. 400543 UDIN: 25400543BMLIFM2419

Annexure II

to the independent auditors report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of

Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal nancial controls over nancial reporting of Dynamic Cables Limited (hereinafter referred to as “the Company”) as of March 31, 2025 in conjunction with our audit of the standalone nancial statements of the Company for the year ended on that date.

Managements Responsibility for Internal

Financial Controls

The Companys management is responsible for establishing and maintaining internal nancial controls based on the internal control over nancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal nancial controls that were operating effectively for ensuring the orderly and ef cient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable nancial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal nancial controls over nancial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal nancial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal nancial controls over nancial 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 nancial controls system over nancial reporting and their operating effectiveness. Our audit of internal nancial controls over nancial reporting included obtaining an understanding of internal nancial controls over nancial 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 judgment, including the assessment of the risks of material misstatement of the nancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on the Companys internal nancial controls system over nancial reporting.

Meaning of Internal Financial Controls Over Financial

A companys internal nancial control over nancial reporting is a process designed to provide reasonable assurance regarding the reliability of nancial reporting and the preparation of nancial statements for external purposes in accordance with generally accepted accounting principles. A companys internal nancial control over nancial reporting includes those policies and procedures that:

p ertain to the maintenance of records that, in reasonable

(1) detail, accurately and fairly re ect the transactions and dispositions of the assets of the company;

(2) p rovide reasonable assurance that transactions are recorded as necessary to permit preparation of nancial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; 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 nancial statements.

Inherent Limitations of Internal Financial Controls Over

Financial Reporting

Because of the inherent limitations of internal nancial controls over nancial 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 nancial controls over nancial reporting to future periods are subject to the risk that the internal nancial control over nancial 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, the Company has, in all material respects, an adequate internal nancial controls system over nancial reporting and such internal nancial controls over nancial reporting were operating effectively as at March 31, 2025, based on the internal control over nancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For M/s A Bafna & Co. Place: Jaipur th Chartered Accountants Date:13 May, 2025 FRN: 003660C

Vivek Gupta

M.No. 400543 UDIN: 25400543BMLIFM2419