Globe Civil Projects Ltd Auditor Reports

To The Members of GLOBE CIVIL PROJECTS LIMITED

(formerly GLOBE CIVIL PROJECTS PRIVATE LIMITED)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial GLOBE CIVIL PROJECTS LIMITED (formerly GLOBE CIVIL PROJECTS PRIVATE LIMITED) ("the Company"), which comprise the Standalone Balance Sheet as of 31st March 2025, and the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flows, the Standalone Statement of Changes in Equity for the year then ended, notes to the financial statements including a summary of material accounting policies and other explanatory information (hereinafter referred to as the standalone financial statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March2025,anditsprofit,total comprehensive income, its cash flows and changes in equity 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 Responsibility 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 (ICAI) 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 made there under, 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 obtained by us is sufficientand appropriate to provide a basis for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financialstatements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

S. No. Key Audit Matter	Auditors Response
1. Revenue - Over the Period Revenue Recognition	Audit Procedure Applied
The Company is engaged in execution of Engineering, Procurement and Construction projects (EPC).	Our audit approach:
Revenue is recognized in accordance with Ind AS 115 and Performance obligations in such cases are satisfied over time and accordingly revenue is recognised over the time in such cases. Method used to recognise revenue is also a Key Audit Matter along with measuring progress towards complete satisfaction of performance obligations	We evaluated and analysed the significant judgements and estimates made by the management and also reviewed sample contracts with customers to assess whether the method of recognition of revenue is relevant and is consistent with the accounting policies of the company.
	• Selecting a sample of contracts for each of the key scope in components and evaluated them along with supporting evidence to determine whether various elements of revenue recognition are assessed in accordance with the principles prescribed under Ind AS 115.
	• Read and assessed the disclosure made in the financial statements for assessing compliance with disclosure requirements.

Information Other than the Standalone Financial Statements and Auditors Report thereon

The Companys Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Directors Report including Annexure to Directors Report, but does not include the standalone financial statements and our auditors report thereon. The other information is expected to be made available to us after the date of this auditors report.

Our opinion on the standalone financial statements does not cover the other information and we will 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 identified above, when it becomes available, and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

When we read the other information, if we conclude, that there is a material misstatement therein, we are required to communicate the matter to those charged with governance as required under SA 720 ‘The Auditors responsibilities Relating to Other Information.

Managements Responsibility for the Standalone Financial Statements

The Companys Management and Board of Directors are 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 financialposition, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 Responsibility 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 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 an adequate internal financial controls system 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 and Board of Directors.

• Conclude on the appropriateness of 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 doubt on the Companys ability to continue as a going concern.eventsorconditionsthat maycastsignificant

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 financialstatements 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 financialstatements, 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 internal control findings,including andtimingoftheauditand significant any significant 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 of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such Communication.

Other Matters

(i) The financial statements of the company for the year ended 31st March 2024, were audited by another auditor who expressed an unmodified opinion on those statements vide Independent Auditors Report dated 2nd September, 2024.

(ii) The comparative financial information of the Company for the year ended 31st March, 2024 and the transition date opening balance sheet as at 1st April, 2023 included in these standalone financial statements, are based on the statutory financial statements prepared in accordance with the Companies (Accounting Standards)Rules, 2021 audited by the predecessor auditor whose report for the year ended 31st March 2024, and 31st March, 2023 dated 2nd September, 2024 and 30th August, 2023 respectively expressed an unmodified opinion on those financial statements, and have been restated to comply with Ind AS. Adjustments made to one previously issued said financial information prepared in accordance with the Companies (AccountingStandards) Rules, 2021 to comply with Ind AS have been audited by us. modifie Ouropiniononthestandalonefinancial statementsis not d in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of sub-section (11) of Section 143 of the Act, we give in Annexure 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, based on our audit, 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other

Comprehensive Income) the Standalone Statement of Cash Flows, and the Standalone Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account. d. In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting

Standards (Ind AS) prescribed 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 of 31st March 2025 taken on record by the Board of Directors, none of the directors is disqualified as of 31st March 2025 from being appointed as a director in terms of Section 164(2) of the Act. f. With respect to the adequacy of the internal financialcontrols with reference to the financial statements of the Company and the operating effectiveness of such controls, refer to our separate report in

Annexure B. Our report expresses unmodifiedopinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to standalone financial statements 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 explanation given to us, the remuneration paid/provided by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under section 197 (16) of the Act, which are required to be commented upon by us. 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 as of 31st March 2025 on its financial position in its standalone financial statements Refer to Note No-41 of standalone financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses during the year ended 31st March 2025. iii. There were no amounts that were required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March 2025. iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security, or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified In any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security, or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a)and (b) above, contain any material misstatement. v. 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 31st 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 the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention. vi. The Company has not paid or declared dividends during the year and until the date of this report.

	For JAGDISH CHAND & CO.
	Chartered Accountants
	ICAI Firm Registration Number: 000129N
	Sd/-
	Santosh Kumar Jha
	Partner
Place of Signature: New Delhi	Membership Number: 532638
Date: 21st July 2025	UDIN: 25532638BMKUOS8738

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

Referred to in paragraph 2(f) of the Independent Auditors Report of even date to the members of GLOBE CIVIL PROJECTS LIMITED (formerly GLOBE CIVIL PROJECTS PRIVATE LIMITED) on the standalone financial statements for the year ended 31st March 2025 Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act

We have audited the internal financial controls with reference to the Standalone Financial Statements of GLOBE

CIVIL PROJECTS LIMITED (formerly GLOBE CIVIL PROJECTS PRIVATE LIMITED) ("the Company") as of 31st March 2025 in conjunction with our audit of the standalone financialstatements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys Management and Board of Directors of the Company are responsible for establishing and maintaining internal financialcontrols based on the internal controls 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 (ICAI).

These responsibilities include the design, implementation, and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficientconduct of its business, including adherence to the companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to 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 deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls with reference to Standalone Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about controls over financial reporting were established and maintained and if such whetheradequateinternalfinancial 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 Standalone Financial Statements and their operating effectiveness. Our audit of reference to Standalone Financial Statements included obtaining an understanding internalfinancial financial reporting, assessing the risk that a material weakness exists, and testing ofinternalfinancial 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 standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A companys internal financialcontrol with reference to 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 principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonabledetail,accuratelyandfairlyreflectthe 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 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 financial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to 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 with reference to Standalone Financial Statements in future periods are subject to the risk that the internal financial control with reference to Standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system with reference to the Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at 31st 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 issued by the ICAI.

	For JAGDISH CHAND & CO.
	Chartered Accountants
	ICAI Firm Registration Number: 000129N
	Sd/-
	Santosh Kumar Jha
	Partner
Place of Signature: New Delhi	Membership Number: 532638
Date: 21st July 2025	UDIN: 25532638BMKUOS8738

ANNEXURE "A" TO INDEPENDENT AUDITORS REPORT

Referred to in paragraph 1 of the Independent Auditors Report of even date to the members of GLOBE CIVIL

PROJECTS LIMITED (formerly GLOBE CIVIL PROJECTS PRIVATE LIMITED) on the Standalone Financial Statements as of and for the year ended 31st March 2025

In terms of the information and explanation sought by us and given 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 report the following:-i) (a) (A) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of Property, Plant, and Equipment and relevant details of right of use assets.

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

(b) The Property, Plant, and Equipment were physically verified during the year by the Management in accordance with a regular program of verification which, in our opinion, provides for physical verification of all the Property, Plant, and Equipment and right of use assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed in such verification. (c) The title deeds of immovable properties, as disclosed in the standalone financial statements are held in the name of the Company as of the balance sheet date. (d) The Company has not revalued any of its Property, Plant, and Equipment (including right-of-use assets) or intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as of 31st March 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and Rules made there under. ii) (a) The physical verification of inventory (excluding stocks with third parties & Goods in Transit) has been conducted at reasonable intervals by the Management during the year. No discrepancies of 10% or more in aggregate for each class of inventory were noticed.

(b) The Company has been sanctioned with working capital limits from banks and financial institution in aggregate exceeds of 5 crore on the basis of security of current assets of the Company. The Company is regularly filing the monthly/quarterly returns or statements of book debts including recoverable against unbilled revenue and inventories lying at various project sites including work in progress to the lender banks/financial institutions, wherein book debts statements submitted to the banks/financial institutions are generally in agreement with the books of accounts, however, in the stock statements there is some discrepancy, which in our opinion are not material. iii) (a) The Company has not provided any loans or advances in the nature of loans, or provided security to any other entity during the year. The company has provided Corporate Guarantee in favor of a bank for a corporate for Rs 62.00 Million (Refer Note No 41).

(b) In our opinion terms and conditions of Guarantee provided are not prejudicial to the companys interest (Refer Note No 41 & 46). (c) Since company has not provided any loans or advances in nature of loan clause 3(iii) (c) to 3(iii) (f) are not applicable. iv) In our opinion and according to the information and explanations given to us, in respect of loans, investments, guarantees, and securities, the provisions of section 185 and 186 of the Companies Act, 2013 have been complied with by the Company. v) The Company has not accepted any deposits or amounts that are deemed to be deposits from the public. Hence, clause 3(v) of the Order is not applicable. vi) Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete. vii) (a) According to the records of the Company and information and explanations given to us and the records of the Company examined by us, the Company has been generally regular in depositing the undisputed statutory dues including goods and service tax, provident fund, employees state insurance, income tax, sale tax, service tax, duty of customs and other material statutory dues as applicable to it with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were in arrears as of 31st March 2025 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of income tax, service tax & goods and service taxes as at 31st March 2025 which have not been deposited on account of a dispute, are as follows:

S. No.	Name of the Statute	Nature of Dues	In Millions	Period to which the amount relates	Forum where the dispute is pending
1.	Income Tax Act, 1961	Income Tax [Including interest thereon of part of period]	7.22	2018-19	Income Tax Appellate Tribunal
2.	Good & Service Tax Act 2017	Excess ITC Claim	2.19	2017-18	First Appellate Authority

Refer note 41 to the standalone financial Statements viii) There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

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

(c) According to the records of the Company examined by us and the information and explanation given to us term loans taken by the company during the year have been applied for the purpose for which the loans were obtained.

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

(e) On an overall examination of the financialstatements 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 Associates or Joint Ventures. The company has no Subsidiaries. (f) The Company has not raised any loans during the year on the pledge of securities held in its Associates or Joint Ventures. The company has no Subsidiaries. x) (a) The Company has not raised money by way of an 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) During the year, the Company has made preferential allotment on private placement of equity shares during the year which is in compliance with section 42 & 62 of the Companies Act, 2013 and company has utilized funds by way of preferential allotment as per the objects of the issue. No convertible debentures (fully or partly or optionally) were issued during the year.

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

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

(c) No whistle-blower complaints were received by the Company during the year (and up to the date of this report) and hence reporting under clause 3(xi) (c) of the Order is not applicable. xii) The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable. xiii) According to the information and explanations given to us and based on our examination of the record of the company transactions with the related parties are in compliance with section 177 and 188 of Companies Act,

2013 and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards. xiv) (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date. xv) 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. xvi) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi) (a), (b) and (c) of the Order are not applicable. In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve

Bank) Directions, 2016) and accordingly reporting under clause 3(xvi) (d) of the Order is not applicable. xvii) The Company has not incurred cash losses during the current and the immediately preceding financial year. xviii) There has been no resignation of the statutory auditors of the Company during the year. xix) On the basis of the financial ratios, aging, and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, and our knowledge of the

Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as of the date of the audit report indicating that the Company is not capable of meeting its liabilities existing at the date of the 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) a) The company has not transferred the amount remaining unspent in respect of other than ongoing projects, to a Fund specified in Schedule VII to the Companies Act,2013 till the date of our report.

Details are as follows:

Financial Year	Amount Unspent on Corporate Social Responsibility activities "other than Ongoing Projects ( In Million)	Amount Transferred to Fund specified in Schedule VII within 6 months from the end of the financial year ( In Million)	Amount transferred after the due date ( In Million)
2021-22	1.38	NIL	NIL

b) There is no unspent CSR amount as of the Balance Sheet date under section (5) of section 135 of the Act, pursuant to any ongoing project, hence, reporting under clause 3(xx)(b) of the Order is not applicable. xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of Standalone Financial Statements. Accordingly, no comment in respect of the said clause has been included in this report.

	For JAGDISH CHAND & CO.
	Chartered Accountants
	ICAI Firm Registration Number: 000129N
	Sd/-
	Santosh Kumar Jha
	Partner
Place of Signature: New Delhi	Membership Number: 532638
Date: 21st July 2025	UDIN: 25532638BMKUOS8738