Golden Legand Leasing & Finance Ltd Auditor Reports

To The Members

M/s. Golden Legand Leasing and Finance Limited

Report on the Audit of the Financial Statements

Qualified Opinion

We have audited the accompanying financial statements of M/s. Golden Legand Leasing and Finance Limited ("the Company"}, which comprise the Balance Sheet as at March 31, 2024 and the Statement of Profit and Loss (including statement of Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information (herein after referred to as "the Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matter described in the Basis for Qualified Opinion section below, the aforesaid 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(lndian 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, 2024, its loss, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Qualified Opinion

(a) As stated in Note No. _2(d}_ of Notes on the Financial Statements, the Company has not conducted impairment assessment of its non-current assets including in respect of Property, Plant and Equipment and Software under development and no provision in this respect for impairment loss, if any, has been made for the period in the financial statements with reference to Indian Accounting Standard - 36 "Impairment of Assets" prescribed under Section 133 of the Act.

(b) As stated in Note No. 2(m) of the Notes on the Financial Statements, the Company has not filed income tax return for certain earlier assessment years. Aiso, there were many cash transactions during the year which may attract provisions of the Income Tax Act, 1961 and accordingly we are not able to identify / quantify the amount of under / over provision for income tax or contingent liability, if any, in this respect,

(c) There was no system of obtaining periodical confirmation of balances relating to trade receivables, trade payables, loans and advances, borrowings and current liabilities. The effect of the same on financial statements for the year is not ascertainable. We were unable to obtain direct balance confirmation from parties in the absence of details of parties made available to us.

(d) The Company has not done any retrospective adjustment of prior period errors and omissions by restating the comparative amounts for prior period presented or, where the errors relate to the\ period(s) before the earliest prior period presented, restating the opening balance of assets, liabilities and equity for that period. This is in contravention to Indian accounting standard (Ind AS) 8 (Accounting Policies, Changes in Accounting Estimates and Errors).

(e) We draw attention to the fact that the company has included certain expenses under Intangible Assets Under Development in the financial statements for the year ended March 31, 2024. However, due to the lack of sufficient supporting documents, we are unable to comment on these capitalises costs/ expenses. Asa result, we are unable to comment on the appropriateness of capialising these expenses obtain sufficient documentation or supporting evidence to substantiate the nature, allocation, and recognition of these expenses in and the impact of this on the financial statements.

(f) We were notable to perform audit procedures in respect of subsequent events, if any, in the absence of requisite necessary information for the substantial period subsequent to the reporting date till the date of our report. Hence, we are unable to comment on impact of subsequent event(s), if any, on the financial statements.

(g) We draw attention to the fact that the financial statements of the company have not complied with the disclosure requirements as specified in Schedule III, Division III of the Companies Act, 2013, specifically, the disclosures relating to Non-Banking Financial Company.

The non-compliance with these disclosure requirements constitutes a departure from the applicable financial reporting framework in India. In the absence of these disclosures, we are unable to determine the impact on the true and fair presentation of the financial statements.

In the absence of information, the effect of which cannot be quantified, we are unable to comment on the possible impact of the items stated in the point nos. (a) to (g) above on the Ind-AS financial statements of the Company for the year ended on March 31, 2024.

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditors Responsibility 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 financial statements under the provisions of the Act and the Rules 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 we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Emphasis of Matter

We draw attention to the Note No. 2(s)(ii) of the Notes on the Financial Statements, the Company did not have an internal audit during the year ended March 31, 2024. As per Section 138 of the Companies Act, 2013, the Company is required to have an internal auditor.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements 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 that there are no other key audit matters to communicate in our report beyond matter addressed in the Basis for Qualified Opinion section.

Information Other than the Financial Statements and Auditors Report Thereon

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

• Our opinion on the financial 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial 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. We have nothing to report in this regard.

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

The Companys Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, Cash Flows and changes in equity of the Company in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules 2015, as amended, 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; design, implementation and maintenance of adequate internal financial controls, that are 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, which have been used for the purpose of preparation^ of the Financial Statements by the Directors of the Company, as aforesaid.

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.

The Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of 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 the 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 skepticism through out the audit. We also:

• Identify and assess the risks of material misstatement of the 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 higherthan 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 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 management,

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to 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 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 financial statements, including the disclosures, and whether the 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 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 identified misstatements in the financial statements.

We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Other Matters

The financial statements of the Company for the year ended 31st March 2023 were audited by M/s. Goenka Mehta and Associates, Chartered Accountants, the predecessor auditor, who expressed a qualified opinion on those financial statements on 02/09/2023 in respect of the Company not provided for loss allowances in Loans and Advances amounting to about Rs. 13,43,38,350 and trade receivables Rs.1,43,03,729.

Our opinion is not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act, we report, to the extent applicable that:

(a) We have sought and except for the matter described in the Basis for Qualified Opinion section above and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid financial statements.

(b) in our opinion, except for the effects / possible effects of the matters described in the Basis for Qualified Opinion section above, proper books of account as required by law relating to preparation of the aforesaid financial statements have been kept by the Company so far as appears from our examination of those books, except in relation to compliance with the requirements of audit trail, refer paragraph 2.vi below.

(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the financial / statements. \

(d) in our opinion, except for the effects / possible effects of the matters described in the Basis for Qualified Opinion section above, the aforesaid financial statements comply with the applicable Ind AS specified under Section 133 of the Act.

(e) On the basis of written representations received from the directors of the Company as on March 31, 2024 taken on record by the Board of Directors of the Company, none of the directors of the Company is disqualified as on March 31, 2024, from being appointed as a director in terms of Section 164 (2) of the Act.

(f) The qualification relating to maintenance of accounts and other matters connected therewith are as stated in the Basis for Qualified Opinion section above.

(g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses disclaimer of opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting for the reasons stated therein.

(h) 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. To the best of our information and according to the explanations given to us, the Company has not paid any remuneration to its directors during the year.

2. With respect to the other matters 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 does not have pending litigations on its financial position in its financial statements.

ii. The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

iii. There were no amounts which were required to be transferred to the investor and Education and Protection Fund by the Company.

iv.(a) The Managements of the Company has represented to us that, to the best of their 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, 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 Managements of the Company has represented to us that, to the best of their 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 or the other auditors to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) of the Companies (Audit and Auditors) Rules, 2014, as provided under (a} and (b) above, contain any material misstatement.

v. The Company has not declared or paid any dividend during the year.

vi. Based on our examination, the Company has used an accounting software for maintaining its books of account during the year ended March 31, 2024, which has a feature of recording audit trail (edit log) facility, except that no audit trail feature was enabled at the database level throughout the year ended March 31, 2024, to log any direct data changes.

Further to above, and in the absence of application security logs within the accounting software, we are unable to comment whether the audit trail feature has been operated throughout the year for all relevant transactions recorded in the accounting software during the year ended March 31, 2024, Further, during the course of our examination, we did not come across any instance of audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1st April, 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 year ended 31st March, 2024.

3. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

	For Sunil Vankawala and Associates
	Chartered Accountants
	Firm Registration No: 110616W
Place: Mumbai	(Sunil T. Vankawala)
Dated: 05.12.2024	Proprietor
	Membership No. 033461
	UDIN:- 24033461BKCJWA3276

ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our Report of even date)

(a) A The Company has not maintained proper records showing full particulars, including quantitative details and situations of property, plant and equipment.

(b) The Property, Plant, and Equipment were not physically verified by the management during the year.

(c) According to the information and explanations provided to us, and the records examined by us, we report that since the company does not own any Immovable Property, the requirement under paragraph 3(i)(c) of the Order is not applicable to the Company.

(d) According to the information and explanations given to us, the Company has not revalued its property, plant and equipment and its intangible assets during the year. Accordingly, the requirement under paragraph 3(i) (d) of the Order is not applicable to the Company.

(e) According to information & explanations and representation given to us by the management, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder. Accordingly, the provision stated in paragraph 3(i) (e) of the Order is not applicable to the Company.

ii.(a) According to information & explanations and representation given to us, the company does not have inventories. Hence the provision of clause 3(ii)(a) of the Order is not applicable.

(b) As per the information and explanation given to us and examination of books of accounts and other records produced before us, in our opinion the Company was not sanctioned any working capital limits, from banks or financial institutions during the year, Hence, clause (ii)(b) of the Paragraph 3 is not applicable.

iii.(a) According to the information and explanations given to us and on the basis of our examination of therecords of the Company, During the year the Company has provided loans, advances in the nature ofloans, provided guarantee and security to companies, firms, Limited Liability Partnerships or any otherparties are as follows:

Particulars	Opening Balance (in Lakhs)	During the Year	Closing Balance
Aesthetic Decor	NIL	2.2	2.2
Aggarwa! Impex	NIL	5	5
BaharTraders	69.55	NIL	69.55
Global Payment	NIL	2.9	2.9
Manoj B Punamiya	102.5	NIL	102.5
Neha Kagreti	NIL	3.5	3.5
N i raj Variava	NIL	0.36	0.36
Rakesh Sharma	6.62	3.0	3.62
Sanskrut Jewel Resi	14.95	8.7	6.23
Sunil Kumar Singh	4.06	1.4	5.46
Synergy Cosmetics (Exim) Ltd.	1151.93	27	1124.93
TOTAL	1349.61	54.06	1326.25

iv. According to the information and explanations given to us and on the basis of our examination of the records, the Company has given loans, or provided any guarantee or security as specified under Section 185 of the Companies Act, 2013 and the Company has not provided any guarantee or security as specified under Section 185 of the Companies Act, 2013. Thus, clause 3(iv) of the Order is not applicable.

v. The Company has not accepted any deposits or there is no amount which has been considered as deemed deposit within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits} Rules, 2014 (as amended). Accordingly, a provision stated in clause 3(v) of the Order is not applicable to the Company.

vi. The Central Government has not specified maintenance of cost records under sub-section (1) of section 148 of the Act, in respect of the Companys products/business activity. Accordingly, reporting under clause 3(vi) of the Order is not applicable.

vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Goods and Services Tax, Provident fund, Employees State insurance, Income-tax, sales-tax, service tax, cess and other material statutory dues, wherever applicable, have generally been regular in depositing with the appropriate authorities except Tax Deducted at Source of Rs. 27,28,928 for FY 22-23and 23-24. (Subsequently paid for FY 23-24 of Rs. 23,71,259) and Provision for Income Tax for FY 21-22 Amounting to Rs.12,00,000/-.

(b) According to the information and explanations given to us, there are no dues of Income Tax, Goods and Services Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited with appropriate authorities on account of any dispute except the following.

Name of Statue	Nature of Dues	Amount (Rs. Lakhs)	Period to which it relates	Forum where the dispute is pending
Income Tax Act, 1961	Income Tax	14.09	FY 13-14	Appeal Pending before Commissioner of Income Tax (A)

viii. According to the information and explanations given to us, no transactions which have not been recorded in the books of account were surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

ix. (a) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings or in payment of interest thereon to any lender.

(b) According to the information and explanations given to us and on the basis of our audit procedures, we report that the Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

(c) In our opinion, and according to the information and explanations given and records examined by us, the company has not raised any finance by way of term loans and hence reporting under this clause is not applicable.

(d) In our opinion and according to the information and explanations given to us, and on an overall examination of the financial statements of the Company, funds raised by the Company on short term basis have not been utilized for longterm purposes.

(e) According to the information explanation given to us and on an overall examination of the financial statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its associates.

(f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or Associates Company.

(a) According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, the provisions stated in paragraph 3 (x) (a) of the Order is not applicable to the Company.

(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, partly or optionally convertible debentures during the year.

Accordingly, the provisions stated in paragraph 3 (x) (b) of the Order is not applicable to the Company.

xi. (a) According to the information and explanations given to us, we have not observed any cases of fraud by the company or any fraud on the company by its officers or employees during the year. The management has not reported any cases of fraud during the year.

(b) According to the information and explanations given to us, since the Management has not reported any fraud by the Company or against the Company, no report under section 143(12) of the Act has been filed with the Central Government for the period covered by our audit. Accordingly, the provision stated in paragraph (xi) (b) of the Order is not applicable to the Company.

(c) According to the information and explanations given to us, as represented to us by the management, there are no whistle-blower complaints received by the Company during the course of audit. Accordingly, the provision stated in paragraph (xi) (c) of the Order is not applicable to Company.

xii. According to the information and explanations given to us, the Company is not a Nidhi company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, the provisions stated in paragraph 3(xii) (a) to (c) of the Order are not applicable to the Company.

xiii. According to the information and explanations given to us, in our opinion and on the basis of management representation, all transactions with the related parties are in compliance with the provisions of section 177 and 188 of the Companies Act, 2013 where applicable and the details of all such transaction have been disclosed in financial statements, etc., as required by the applicable Accounting Standards. Identification of related parties were made and provided by the management of the company.

xiv. In our opinion and based on our examination, the Company does not have an internal audit in place. Therefore, we are unable to comment on the adequacy of the internal audit system.

xv. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or person connected with them. Accordingly, the provision stated in paragraph 3(xv) of the Order is not applicable.

xvi. In our opinion, and based on our examination, the Company is registered as non-deposit taking NBFC under Section 45-IA of the Reserve Bank of India Act, 1934. The registration has been obtained, and the registration number issued to the Company is 13.01171.

xvii. The Company has incurred cash losses of Rs. 147.82 lakhs in the current financial year and Rs. 11.91 Lakhs during the Previous Financial year.

xviii. In our opinion and based on the information and explanations provided to us, the statutory auditors of the Company have resigned during the year. The details of the resignation, including the reasons for the resignation and any formal communication, have been duly reported to the Board of Directors and the Registrar of Companies (RoC), as required.

xix. According to the information and explanations given to us and on the basis of the our examination financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the 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, the provisions of section 135 of the Act are applicable to the Company. Hence, the provisions of paragraph (xx) of the Order are applicable to the Company.

xxi. Reporting under clause xxi of the Order is not applicable at the standalone level of reporting.

	For Sunil Vankawala and Associates Chartered Accountants
	Firm Registration No: 110616W
Place: Mumbai	(Sunil T. Vankawala)
Dated: 05.12.2024	Proprietor
	Membership No. 033461
	UDIN:- 24033461BKCJWA3276

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in (g) of paragraph 1 under Report on Other Legal and Regulatory Requirements of our report of even date)

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

We were engaged to audit the internal financial controls over financial reporting of M/s. Golden Legand Leasing and Finance Limited ("the Company") as of March 31, 2024 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

DISCLAIMER OF OPINION

We do not express an opinion on the internal financial controls with reference to the financial statements of the Company. Because of the significance of the matter described in the Basis for Disclaimer paragraph below, we are unable to obtain sufficient appropriate audit evidence to provide a basis for our opinion on whether the Company had adequate internal financial controls with reference to financial statements and whether such internal financial controls were operating effectively as at March 31, 2024.

We have considered the disclaimer reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Ind AS financial statements of the Company for the year ended March 31, 2024, and the disclaimer has affected our opinion on the said Ind AS financial statements of the Company and we have issued a qualified opinion on the Ind AS financial statements of the Company.

BASIS FOR DISCLAIMER OF OPINION

The system of internal financial controls over financial reporting with regard to the Company were not made available to us to enable us to determine if the Company has established adequate internal financial controls over financial reporting and whether such internal financial controls were operating effectively as at March 31, 2024.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining 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 under the Companies Act, 2013.

Auditors Responsibility /

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company and its joint operations companies incorporated in India (retain as applicable) based on our audit conducted in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls.

Because of the matter described in Basis for Disclaimer of Opinion paragraph below, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on internal financial controls system over financial reporting of the Company.

Meaning of Internal Financial Controls Over Financial Reporting

A companys internal financial control over financial reporting 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 reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of 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.

	For Sunil Vankawala and Associates Chartered Accountants
	Firm Registration No; 110616W
Place; Mumbai	(Sunil T. Vankawala)
Dated: 05.12.2024	Proprietor
	Membership No. 033461
	UDIN:- 24033461BKCJWA3276