Falcon Technoprojects India Ltd Auditor Reports

TO, THE MEMBERS OF,

FALCON TECHNO PROJECTS (INDIA) LIMITED Report on the Standalone Financial Statements Opinion

We have audited the accompanying Standalone financial statements of FALCON TECHNO PROJECTS (INDIA) LIMITED (“the company”), which comprises the Balance Sheet as at 31^st March 2024, the Statement of Pro t and Loss, for the year then ended, Statement of cash ow for the year then ended and notes to the nancial statements including a summary of signi cant accounting policies and other explanatory information.

In our opinion and to the best of our informa on and according to the explana ons given to us, the aforesaid standalone nancial statements give the informa on required by the Act in the manner so required and give a true and fair view in conformity with the accoun ng principles generally accepted in India, of the state of a airs of the Company as at March 31, 2024, and pro t/loss, and its cash ows for the year ended on that date.

Basis for Opinion

We have conducted our audit in accordance with the Standards on Audi ng issued by the Ins tute of Chartered Accountants of India and speci ed under Sec on 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the nancial statements are free from material misstatements. We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our audit opinion.

Other Information

The Companys Board of Directors is responsible for the other informa on. The other informa on comprises the informa on 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 informa on and we do not express any form of assurance conclusion thereon.

In connec on with our audit of the nancial statements, our responsibility is to read the other informa on and, in doing so, consider whether the other informa on 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 informa on; we are required to report that fact. We have nothing to report in this regard.

Key Audit Maers

Key audit ma ers are those ma ers that, in our professional judgement, were of most signi cance in our audit of the nancial statements of the current period. These ma ers were addressed in the context of our audit of the nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these ma ers.

Managements Responsibility for the standalone Financial Statements

The Companys Board of Directors is responsible for the ma ers in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the prepara on of these standalone nancial statements that give a true and fair view of the nancial posi on, nancial performance and cash ows of the Company in accordance with the accoun ng principles generally accepted in India, including the Accoun ng Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the 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.

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

Auditors Responsibility for the Audit of the Financial Statements

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

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

Iden fy 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 su cient and appropriate to provide a basis for our opinion. The risk of not detec ng a material misstatement resul ng from fraud is higher than for one resul ng from error, as fraud may involve collusion, forgery, inten onal omissions, misrepresenta ons, 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 sec on 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal nancial controls system in place and the opera ng e ec veness of such controls.

Evaluate the appropriateness of accoun ng policies used and the reasonableness of accoun ng es mates and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of accoun ng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condi ons that may cast signi cant doubt on the Companys ability to con nue as a going concern. If we conclude that a material uncertainty exists, we are required to draw a en on 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 condi ons may cause the Company to cease to con nue as a going concern.

Evaluate the overall presenta on, structure, and content of the nancial statements, including the disclosures, and whether the nancial statements represent the underlying transac ons and events in a manner that achieves fair presenta on.

We communicate with those charged with governance regarding, among other ma ers, the planned scope and ming of the audit and signi cant audit ndings, including any signi cant de ciencies in internal control that we iden fy 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 rela onships and other ma ers that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the ma ers communicated with those charged with governance, we determine those ma ers that were of most signi cance in the audit of the nancial statements of the current period and are therefore the key audit ma ers. We describe these ma ers in our auditors report unless law or regula on precludes public disclosure about the ma er or when, in extremely rare circumstances, we determine that a ma er should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest bene ts of such communica on.

Report on other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order, 2020 (“the Order”) issued by the central government of India in terms of sub-sec on (11) of 143 of the Act, we give in “Annexure - A” a statement on the ma er speci ed in paragraph 3 and 4 of the order.

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

a. We have sought and obtained all the informa on and explana ons 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 appears from our examina on of those books; c. The Balance Sheet, Statement of Pro t and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Statement of Pro t and Loss and Cash Flow Statement comply with the Accoun ng Standards speci ed under Sec on 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules, 2014;

e. On the basis of wri en representa ons received from the directors as on March 31, 2024, and taken on record by the Board of Directors, none of the directors is disquali ed as on March 31, 2024, from being appointed as a director in terms of Sec on 164(2) of the Act;

f. With respect to the adequacy of the internal nancial controls over nancial repor ng of the Company and the opera ng e ec veness of such controls, refer to our separate Report in Annexure-“B”. Our reports express an unmodi ed opinion on the adequacy and opera ng e ec veness of the Companys internal nancial controls over nancial repor ng.

g. In our opinion, the managerial remunera on for the year ended March 31, 2024 has been paid/provided by the Company to its directors in accordance with the provisions of sec on 197 read with Schedule V to the Act;

B. With respect to the other ma ers 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 informa on and according to the explana ons given to us: a) The Company does not have any pending li ga ons which would impact its nancial posi on. b) The Company has made provision, as required under the applicable law or accoun ng standards, for material foreseeable losses, if any. c) The Provisions of transfer of funds to Investor Educa on and Protec on Fund not applicable to the Company. d) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 16 to the standalone nancial statements,

i. no funds have been advanced or loaned or invested by the Company to or in any other person or entity, including foreign entities (“Intermediaries”), with the understanding, that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

ii. no funds have been received by the Company from any person or entity, including foreign entities, with the understanding, that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Parties (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

iii. Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement. e) There is no dividend declared/paid during the year, hence compliance with Sec on 123 of the act, is not applicable. f) The repor ng under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2024.

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, 2024, 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.

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

C. In our opinion and according to the informa on and explana ons given to us, the remunera on paid by the Company to its directors during the current year is in accordance with the provisions of Sec on 197 of the Act. The remunera on paid to any director is not in excess of the limit laid down under Sec on 197 of the Act. The Ministry of Corporate A airs has not prescribed other details under Sec on 197(16) of the Act which are required to be commented upon by us.

	AS PER OUR REPORT ATTACHED
	FOR, JPMK AND COMPANY
	CHARTERED ACCOUNTANTS
Place: Mumbai	CA PANKAJ M JAIN
Date: 17.07.2024	PARTNER
	FRN: 124193W; M.NO. 155845
	UDIN: 24155845BKCFRL8536