Gaudium IVF and Women Health Ltd Auditor Reports

To the Members ofGaudium IVF and Women Health Limited (Formerly known as Gaudium IVF and
Women Health Private Limited)

Report on the Audit of the Standalone Financial Statements
Opinion

We have audited the accompanying standalone financial statements of Gaudium IVF and Women Health
Limited (Formerly known as Gaudium IVF and Women Health Private Limited) ("the Company"), which
comprise the Balance Sheet as at 31^st March 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then
ended, and notes to the standalone financial statements, including a summary of material accounting policies
and other explanatory information.

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 (Ind AS) and other accounting principles generally accepted in India,
of the state of affairs of the Company as at 31^st March 2025, and its profits and other comprehensive income,
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
(SAs) 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 ("the 1CAI") 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 ICAIs 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.

Emphasis of Matter

Attention is invited to Note No. 38 to the Standalone Financial Statements, in respect of assessments by the
Income Tax Department and subsequent notices under of the Income Tax Act, 1961, demands for amount
aggregating to Rs. 3,091.03 Lakhs and interest thereon is raised on the Company. The management has filed
appeals before the Honble Commissioner of Income Tax (Appeals) ("CIT(A)") and an application for stay
against the recovery of demand with the Income Tax department. Based on the expert legal opinion obtained,
the management of the Company is of the opinion that the said demands will be set aside in the appropriate
forum and there will be no liability.

Our opinion is not modified in respect of this matter.
Other Information

The Companys Board of Directors is responsible for the other information. The other information comprises
the information included in the Boards Report including Annexures to Boards Report, 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 vve do not express
any form of assurance conclusion thereon.

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

Other information is not made available to us at the date of this auditors report. We have nothing to report in
this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with
respect to the preparation of these standalone financial statements that give a true and fair view of the financial
position, financial performance, total comprehensive income, changes in equity and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the Indian
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 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 statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the standalone financial statements, the Management and Board of Directors are responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is 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 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 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 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 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 adequate internal financial controls with
reference to standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Management.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast 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.

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

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 (i) in 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.

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 financial
controls 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.

Other Matter

The comparative financial information of the Company for the year ended 31^st March 2024 and the related
transition date opening balance sheet as at 1^st April 2023 included in these standalone financial statements,
have been prepared after adjusting previously issued standalone financial statements prepared in accordance
with the Companies (Accounting Standards) Rules, 2021 to comply with Ind AS. The previously issued
standalone financial statements were audited by the predecessor auditors whose report for the year ended 31^st
March 2024 and 31^st March 2023 dated 28^th Aug 2024 and 21^st June 2023 respectively expressed an
unmodified opinion on those standalone financial statements. This report has been furnished to us by the
management, which has been relied upon by us for the purpose of audit of these Standalone Financial

Statements. Corresponding amounts for the previous year have been regrouped and re-presented by the
Management.

Our opinion on the standalone financial statements is not modified in respect of the above matter on the
comparative financial information.

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, to the extent applicable.

2. As required by Section 143(3) of the Act, we report to the extent applicable 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) I he Standalone Balance Sheet, the Statement ot Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and the Statement of Cash Flows 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.

(e) On the basis of the written representations received from the directors as on 31^s1 March 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on 31^st March 2025 from being
appointed as a director in terms of Section 164 (2) of the Act.

(1) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in ‘Annexure B.

(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, 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 on its financial position in its standalone
financial statements - Refer Note 38 to the standalone financial 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, 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 enlity(ies), including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, 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.

(b) The Management 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), including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, 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 Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(c) 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 (a) and (b) above, contain any material misstatement.

(v) 1 he Company has not declared, paid interim dividend during the year or proposed final dividend for the
year.

(vi) Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of account for the financial year ended 31^st March 2025, 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 audit trail
feature being tampered with. Additionally, The Management has represented, the audit trail has been preserved
by the Company as per the statutory requirements for record retention.

Annexure A to the independent Auditors Report

The "Annexure A" referred to in clause 1 of "Report on Other Legal and Regulatory Requirements"
Paragraph of the Independent Auditors Report of even date to the Gaudium IVF and Women Health Limited
(Formerly known as Gaudium IVF and Women Health Private Limited) (the Company") on the Standalone
Financial Statements as on and for the year ended 31^st March 2025.

0 ^a) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property Plant and Equipment.

(B) 1 he Company has maintained proper records showing full particulars of intangibles assets.

b) We are informed that physical verification of Property, Plant and Equipment was carried out by the
management at reasonable intervals and no material discrepancies were noticed on such verification.
In our opinion, the frequency of verification of these assets is reasonable having regards to the size
of the Company and nature of its assets.

c) According to the information and explanations given to us and based on the audit procedures
perfonned by us, the Company does not own any immovable properties. Accordingly, the provisions
of the clause (i)(c) of paragraph 3 of the Order are not applicable to the company.

d) According to the information and explanations given to us and based on the audit procedures
perfonned by us, the Company has not revalued its Property, Plant and Equipment and intangible
assets during the year ended 31 st March 2025.

e) According to the information and explanations given to us and based on the audit procedures
performed by us, there are no proceedings initiated or are pending against the Company for holding
any benatni property under the Prohibition of Benami Property Transaction Act, 1988 and rules made
thereunder.

ii) (a) The inventories were physically verified during the year by the Management at reasonable intervals.
In our opinion and according to the information and explanations given to us, the coverage and the
procedure of such verification by the Management is appropriate having regard to size of the Company
and the nature of its operations. No discrepancies of 10% or more in the aggregate for each class of
inventories were noticed on such physical verification when compared with books of account.

(b) According to the information and explanations given to us, the Company has been sanctioned working
capital limits in excess of Rs. 5 crore, in aggregate, at points of time during the year, from banks on the
basis of security of current assets. As represented by the Company, no quarterly returns/statements are
required to be filed by the Company with such banks.

iii) According to the information and explanations given to us and based on the audit procedures performed
by us, the Company has made Investment in Debentures and Granted Loans to Companies during the
year which are follows:

(a) The Company has provided loans during the year, details of which are given below:

Particulars	Amount Lakhs)	(Rs. In
Aggregate amount granted during the year to
• Subsidiaries, Joint Ventures and Associates		NIL
• Other entity (Shri Baiju Trading and Investment Private		400.00/-
Limited)
Balance outstanding as at balance sheet date in respect of above cases including Interest (Net of TDS)
• Subsidiaries, Joint Ventures and Associates		NIL
• Other entity (Shri Baiju Trading and Investment Private Limited)		420.52/-

(b) According to the information and explanations given to us and based on the audit procedures

performed by us, in our opinion the terms and conditions for the Loan during the year are, prima

facie, not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us and based on the audit procedures

performed by us, in our opinion in respect of loans granted by the Company, the schedule of

repayment of principal and payment of interest has been stipulated. During the period under audit no
amount was due for repayment as per repayment terms.

(d) According to the information and explanations given to us and based on the audit procedures
performed by us, there is no overdue amount.

(e) According to the information and explanations given to us and based on the audit procedures
performed by us, there are no loans granted by the Company which had fallen due during the year,
that have been renewed or extended or fresh loans granted to settle the overdue of existing loans given
to the same parties.

(f) According to the information and explanations given to us and based on the audit procedures
performed by us, the Company has not granted any loans or advances (in the nature of loan) during
the year without specifying any terms or period of repayment.

iv) According to the information and explanations given to us and based on the audit procedures
performed by us, we are of the opinion that the Company has complied with the provisions of section
185 and section 186 of the Act to the extent applicable with respect to grant of loans, security,
guarantee given and investments made.

v) According to the information and explanations given to us and based on the audit procedures
performed by us, in our opinion, the Company has not accepted any deposits from the public and no
order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any court or any other tribunal Accordingly, the provisions of the clause (v) of paragraph
3 of the Order are not applicable to the Company.

vi) In our opinion and according to the information and explanations given to us and based on the audit
procedures performed by us, maintenance of Cost records pursuant to the Companies (Cost Records
and Audit) Rules, 2014, described by the Central Government of India under Section 148 of the Act
are not applicable to the Company for the year under audit.

vii) (a) According to the information and explanations given to us and on the basis of examination of the
records of the Company carried out in accordance with generally accepted auditing practices in India,
in our opinion, the Company is generally regular in depositing the undisputed statutory dues including
goods and services tax, provident fund, employees state insurance, income tax, sales tax, service tax,

duty of customs, duty of excise, value added tax, cess arid other material statutory dues applicable to
the Company with the appropriate authority. There are no outstanding undisputed statutory dues on
the last day of financial year concerned for a period of more than 6 month from the date they become
payable.

(b) According to the information and explanations given to us and on the basis of examination of the
records of the Company carried out in accordance with generally accepted auditing practices in India,
there is no due Provident Fund, Employees State Insurance, Income Tax, Service Tax, Excise Duty,
Duty of Customs, Cess, and Other Statutory Dues as at 31st March 2025 which have not been deposited
on account any dispute except following:

Name of the Statute	Nature of the Dues	Amount (Rs. In Lakhs)	Period to which the amount relates	Forum where dispute is pending
Income Tax Act, 1961	Demand raised on account of Income Tax Survey u/s 133A and subsequent assessment	2,444.26+ interest	AY 2022-23	Appeal filed with CIT(A)
Income Tax Act, 1961	Penalty demand u/s 271 DA	385.81	AY 2022-23	Appeal filed with CIT(A)
Income Tax Act, 1961	Reassessment demand raised u/s 147	5.27 + Interest	AY 2021-22	Appeal filed with CIT(A)
Income Tax Act, 1961	Demand raised u/s 143	253.94 + Interest	AY 2023-24	Appeal filed with CIT(A)
Income Tax Act, 1961	Demand raised u/s 156 for TDS Credit mismatch	1.75 + interest	AY 2023-24	Rectification request filed with CPC, Bangalore
TOTAL	3091.03 + Interest

viii) According to the information and explanations given to us and based on the audit procedures performed
by us, in our opinion, the Company has not surrendered or disclosed any transactions, previously
unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961
as income during the year.

ix) (a) According to the information and explanations given to us and based on the audit procedures
performed by us, the Company has not defaulted in repayment of loans or borrowings to any lender
during the year.

(b) According to the information and explanations given to us and based on the audit procedures
performed by us, the Company has not been declared a wilful defaulter by any bank or financial
institution or government or government authority or another lender.

(c) According to the information and explanations given to us and based on the audit procedures
performed by us, term loans were applied for the purpose for which they were obtained during the year.

(d) According to the information and explanations given to us and based on the audit procedures
performed by us, in our opinion funds raised on short-term basis have, prima facie have not been used
during the year for long-term puiposes by the Company.

(e) According to the information and explanations given to us and based on the audit procedures
performed by us, in our opinion, the Company has not taken any funds from any entityap^sgson on

account of or to meet the obligations of its subsidiary. Accordingly, the provision of the clause (ix)(e)
of paragraph 3 of the Order is not applicable to the Company.

(f) According to the information and explanations given to us and based on the audit procedures
performed by us, in our opinion, the Company has not raised loans during the year on the pledge of
securities held in its subsidiary. Accordingly, the provision of the clause (ix)(f) of paragraph 3 of the
Order is not applicable to the Company.

x) (a) According to the information and explanations given to us and based on the audit procedures
performed by us, in our opinion, carried out in accordance with the generally accepted auditing
practices in India, the Company has not raised any money by way of initial public offer or further
public offer (including debt instruments) during the year.

(b) According to the information and explanations given to us and based on our examination of the
records of the Company, the Company has not made any preferential allotment or private placement
of shares or fully or partly convertible debentures during the year. Accordingly, the provisions of
clause (x)(b) of paragraph 3 of the Order are not applicable to the Company.

xi) (a) During the course of our examination of the books and records of the Company and according to
the information and explanation given to us, we have neither come across any instance of material
fraud by the Company or on the Company, noticed or reported during the year, nor have we been
informed of any such cases by the management during the course of our audit.

(b) According to the information and explanations given to us and based on our examination of the
records of the Company, No report under Section 143 (12) of the Act has been filed by the auditors
in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with
the Central Government.

(c) According to the information and explanations given to us and based on our examination of the
records of the Company, the Company has not received any whistle blower complaints during the
year. Accordingly, the provisions under clause (ix)(f) of paragraph 3 of the Order is not applicable to
the Company.

xii) According to the information and explanations given to us and based on our examination of the
records of the Company, the Company is not aNidhi Company. Accordingly, the provisions of clause
(xii)(a), (xii)(b) and (xii)(c) of paragraph 3 of the Order are not applicable to the Company.

xiii) According to the information and explanations given to us and based on the audit procedures
performed by us, the Company has entered into transactions with related parties, prima facie are in
compliance with the provisions of Sections 177 and 188 of the Act, where applicable, and details of
such related party transactions have been disclosed in the Standalone Financial Statements as required
under applicable accounting standards.

xiv) According to the information and explanations given to us and based on the audit procedures
performed by us, in our opinion, the Company does not have an Internal Audit System, and is not
required to have an internal audit system as per the provisions of Companies Act, 2013, as amended.
Accordingly, the provisions of clause (xiv)(a) and (b) of paragraph 3 of the Older are not applicable
to the Company.

xv) 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, the provisions of clause (xv) of paragraph 3 of the Order
are not applicable to the Company.

xvi) (a) The Company is not required to be registered under Section 45-1A of the Reserve Bank of India
Act, 1934, Accordingly, provisions of clause (xvi)(a) of paragraph 3 the Order are not applicable to
the Company.

(b) The Company has not conducted non-banking financial/housing finance activities during the year.
Accordingly, the provisions of clause (xvi)(b) of paragraph 3 of the Order are not applicable to the
Company.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, the provisions of clause (xvi)(c) of paragraph 3 of the Order are
not applicable to the Company.

(d) According to the information and explanations provided to us during the course of audit, the
Group does not have any CIC. Accordingly, the provision of clause (xvi)(d) of the paragraph 3 of
Order is not applicable to the Company.

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

xviii) There has been resignation of the statutory auditors during the year and we did not observe or were
informed of any material issues, objections or concerns raised by the outgoing auditors.

xix) According to the information and explanations given to us and on the basis of the financial ratios
(Refer Note No. 48 to the Standalone Financial Statements), ageing and expected dates of realisation
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 the 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.

xx) According to the information and explanations given to us and based on our examination of the
records of the Company has fully spent the required amount towards Corporate Social responsibility
(CSR) and there are no unspent CSR amounts for the year requiring a transfer to a fund specified in
Schedule VII of the Act or special account in compliance with the provision of sub-section (6) of
Section 135 of the Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable for
the year.

Annexure B to the independent Auditors Report

The "Annexure B" referred to in clause 2(1) of "Report on Other Legal and Regulatory Requirements"
Paragraph of the Independent Auditors Report of even date to the Gaudium IVF and Women Health Limited
(Formerly known as Gaudium IVF and Women Health Private Limited) (the Company") on the Standalone
Financial Statements as on and for the year ended 31^st March 2025.

Report on (he 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 financial controls with reference to Standalone financial statements of Gaudium
IVF and Women Health Limited (Formerly known as Gaudium IVF and Women Health Private
Limited) ("the Company") as of 31^st March, 2025 in conjunction with our audit of the Standalone financial
statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintain 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 issued by the Institute of Chartered Accountants of India. 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 tinder the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on
Audit of Internal Financial Controls With reference to financial statements (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, 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
obtain reasonable assurance about whether adequate internal financial controls with reference to 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 system with reference to financial statements and their operating effectiveness. Our audit of internal
financial controls with reference to financial statements included obtaining an understanding of internal
financial controls over financial reporting, assessing the risk that a material weakness exists, and testing arid
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 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 over financial reporting.

Meaning of Internal Financial Controls with reference to financial statements

A companys internal financial control with reference to 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 principles. A companys internal
financial control with reference to financial statements includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable details, 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 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 financial statements.

Inherent Limitations of Internal Financial Controls with reference to 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 with
reference to financial statements to future periods are subject to the risk that the internal financial control with
reference to financial statements may become inadequate because of changed 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 financial controls system with
reference to Standalone financial statements and such internal financial controls with reference to Standalone
financial statements were operating effectively as at 31^sl March, 2025, 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 Accountant of India.

For S K G N & Associates LLP

Chartered Accountants

FRN :-023403N/N500052

 

Neha Goyal

Partner

M. No- 513853