Hardcastle & Waud Mfg Co Ltd Auditor Reports

To Members of

Hardcastle and Waud Manufacturing Company Limited,

Report on the Audit of the Indian Accounting Standards ("Ind AS") Financial
Statements

Opinion

We have audited the accompanying Ind AS financial statements of Hardcastle and Waud
Manufacturing Company Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year
ended on that date, and a summary of the material accounting policies and other
explanatory information (hereafter referred to as "Ind AS Financial Statements").

In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid Ind AS 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 accounting principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2025, its profit and total comprehensive Income, its
changes in equity and its cash flow for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS 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 Ind AS 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 (ICAIj together with the ethical requirements
that are relevant to our audit of the Ind AS financial statements under provisions of the
Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Ind AS financial statements of the current period. These

Investment Properties

The Companys investment properties consist of premises.	Our audit procedures for this area included:
	• We have verified whether each of the investment in properties are purchased to be held for capital appreciation or for earning rental income so as to classify it under investment properties.
Investment Properties of the Company represents 28.91 % of the Companys total assets.
Investment properties are valued at cost as per Ind AS 40. Refer Note no. 1.05 of Significant Accounting Policies and Note no. 5 to the Ind AS Financial Statements.
	• We assessed the method of verification and valuation of properties to ensure its reasonableness in the circumstances relating to each asset class.

Information Other than the Ind AS Financial Statements and Auditors Report
Thereon

The Companys Board of Directors is responsible for preparation of the other information.
Other information comprises the information included in the Management Discussion and
Analysis of the Boards Report including Annexures thereto to Corporate Governance and
Shareholders Information, but does not include the Ind AS Financial Statements and our
auditors report thereon.

Our opinion on the Ind AS 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 Ind AS 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 Ind AS Financial
Statements or our knowledge obtained during the course of our 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 Ind AS
Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5)
of the Act with respect to preparation of these Ind AS Financial Statements that give a true
and fair view of the financial position, financial performance, Other comprehensive income,
changes in equity and cash flows of the Company in accordance with the Indian
Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the
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 provisions of the Act for safeguarding 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 interned financial

matters were addressed in the context of our audit of the 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. We have fulfilled the responsibilities described in the
Auditors responsibilities for the audit of the financial statements section of our report,
including in relation to these matters.

Accordingly, our audit included the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the financial statements. The results
of our audit procedures, including the procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying financial statements.

Valuation of Investments

The Companys investment portfolio consists of Investments in Financial Assets which represent 54.35% of the Companys total assets.	Our audit procedures for this area included:
	• We assessed appropriateness of the pricing methodologies with reference to Companys accounting and valuation policy;
Current Investments are stated at market value, determined on an individual investment basis.
	• We have assessed the process and tested the operating effectiveness of the key controls including the Companys method of review and approval of the estimates and assumptions used for the valuation including key authorization and data input controls;
In respect of the portfolio of quoted investments we do not consider these investments to be at a high risk of significant misstatement, or to be subject to a significant level of judgement because they comprise liquid, quoted investments. However, due to their materiality in the context of the financial statements as a whole, they are considered to be one of the areas which had significant impact on our overall audit strategy.
	• For quoted investments, recalculated the valuations of investments with independent pricing sources;
The portfolio of unquoted investments which includes equity shares is 2.60% of the Companys Total Assets. Valuation of unquoted investments involves judgement depending on the observability of the inputs into the valuation and further judgement in determining the appropriate valuation methodology where external pricing sources are either not readily available or are unreliable. Refer Note no. 6 to the Ind AS Financial Statements and Note no. I.17(v) of the material accounting policies.
	• For unquoted investments, we critically evaluated the valuation assessment and resulting conclusions conducted by an independent valuer, in order to determine appropriateness of the valuations recorded with reference to the Companys valuation guidelines.

controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to preparation and presentation of the Ind AS Financial
Statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the Ind AS 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 is also responsible for overseeing the Companys financial reporting
process.

Auditors Responsibilities for Audit of the Ind AS 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 scepticism throughout the audit. We also:

i. Identify and assess 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 higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

ii. 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.

lii. Evaluate appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

iv. Conclude on 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.

v. 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.

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 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.

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.

Report on Other Legal And Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"} issued
by the Central Government oflndia in terms of sub-section (11) of section 143
of the Act, we give in Annexure "A" hereto a statement on the matters specified
in paragraph 3 of the Order, to the extent applicable.

2. As required by sectionl43(3) of the Act, we report that:

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

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

c. The Balance Sheet, 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;

d. In our opinion, the aforesaid Jnd AS Financial Statements comply with the
Indian Accounting standards specified under section 133 of the Act, read
with Company (Indian Accounting Standard) Rules 2015, as amended;

e. In our opinion, there are no financial transactions or matters which may have
any adverse effect on the functioning of the Company;

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

g. With respect to adequacy of the internal financial controls over financial
reporting of the Company and operating effectiveness of such controls, refer
to our separate report in "Annexure B";

h. With respect to 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 to the best of our information and according to the
explanations given to us, no remuneration has been paid by the Company to
its directors during the year; and

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

a. The Company has disclosed the impact of pending litigations on its
financial position in its Ind AS Financial Statements Refer Note Nos,
26,16 of Ind AS Financial Statements.

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

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

d. (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 such 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 (a) and (b) contain any material
misstatement.

e. The Company has not declared nor paid any dividend during the year,
hence the compliance of section 123 of the act is not applicable to the
company.

f Based on our examination, which included test checks, the Company
has used accounting software systems for maintaining its books of
account for the financial year ended March 31, 2025 which have the
feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in
the software systems. 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.

Anpe?qire "A" to the Independent Auditors Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory
Requirements section of our report to the Members of Hardcastle and Waud
Manufacturing Company Limited (the Company) for the year ended March 31, 2025
of even date)

W (a)

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

(B) According to the information and explanations given to us, the
Company does not have any Intangible Asset. Accordingly, paragraph
3(i)(a)(B) of the Companies (Auditors Report) Order, 2020 ("the Order") is not
applicable to the Company.

(b) The Company has a regular program of physical verification of its Property,
Plant & Equipment by which the Property, Plant & Equipment are verified at
reasonable intervals. In our opinion, this periodicity of physical verification is
reasonable having regard to the size of The Company and the nature of its
assets. As per the information and explanation given to us by the management,
no material discrepancies were noticed on such verification.

(c) Based on our examination of the property tax receipts and lease agreement for

the land on which the building is constructed, we report that, the title in
respect of the self-constructed building and title deeds of all other immovable
properties (other than properties where the company is the lessee and the lease
agreements are duly executed in favour of the lessee), disclosed in the Gnancial
statements included under Property, Plant and Equipment are held in the
name of the Company as at the balance sheet date.

(d) According to the information and explanations given to us, the Company has

not revalued any Property, Plant & Equipment. Accordingly, paragraph 3(i)(d)
of the Order is not applicable to the Company.

(e) No proceedings have been initiated during the year or are pending against the

Company as at March 31, 2025 for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988, as amended, and rules made
thereunder.

(ii) (a) According to the information and explanations given to us, the Company does
not have any inventory at the year end. Accordingly, paragraph 3(ii)(a) of the Order
is not applicable to the Company.

(b) According to the information and explanations given to us, the Company has
not been sanctioned any working capital limits in aggregate from banks or
Gnancial institutions at any point of time during the year under audit. Accordingly,
paragraph 3(ii)(b) of the Order is not appUcable to the Company.

(iii) (a) According to information and explanations given to us and to the best of our
knowledge and belief, the Company has granted an unsecured loan to a company
during the year.

(A) Company does not have any subsidiaries, joint ventures and associates
and hence paragraph 3(iii)(a}(A) of the Order is not applicable to the Company.

(B) The aggregate amount during the year with respect to loan granted is
Rs.92.00 Lakhs and balance outstanding at the balance sheet date with
respect to such loan is Nil.

(b) According to information and explanations given to us by the management, the
terms and conditions of the grant of such loan is not prejudicial to the companys
interest.

(c) The aforesaid loans are repayable on demand and therefore, no schedule for
repayment of principal has been stipulated by the Company. However, the
company has stipulated schedule of payment of interest and the receipts of Interest
is regular.

(d) As the above-mentioned loan granted to Hardcastle Petrofer Private Limited is
payable on demand, thus adherence of this clause is not applicable in case of
principal and in case of payment of interest, no amount is overdue for more than
90 days.

(e) No loan or advance in the nature of loan granted which has fallen due during
the year, has been renewed or extended or fresh loans granted to settle the
overdues of existing loans given to the one party, Accordingly, paragraph 3(iii)(e) of
the Order is not applicable to the Company.

(f) Details of paragraph 3(iii)(f) of the Order disclosed as under:

Rs in Lakhs

Particulars	Aggregate amount of loan	Promoters	Related Parties
Aggregate amount of Loan/ advances in nature of loans
- Repayable on demand (A)	92.00		92.00
- Agreement doesnot specify any terms or period of repayment (B)	-	-	-
Total (A+B)	92.00	-	92.00
Percentage of loans/ advances in nature of loans to the total Loans	100%		100%

(iv) According to the information and explanations given to us, the company has
complied with the provisions of Section 185 of the Act with respect to guarantees,
and security provided to directors or any person in whom the director is interested.
Further, based on the information and explanations given to us, the Company has
complied with the provisions of Sections 186 of the Companies Act, 2013 in respect
of grant of loans, making investments and providing guarantees and securities, as
applicable.

(v) The Company has not accepted any deposits or amounts which are deemed to be
deposits from the public within the meaning of Sections 73 to 76 of the Act and
the rules framed thereunder; thus, reporting under clause 3(v) of the Order is not
applicable to the Company.

(vi) The Central Government of India has not prescribed maintenance of cost records
under subsection (1) of Section 148 of the Act for any of the activities of the
Company. Thus, reporting under clause 3(vi) of the Order is not applicable to the
Company.

(vii) According to records of the Company, examined by us and the information and
explanations given to us:

(a) The Company is generally regular in depositing undisputed statutory dues
including provident fund, employees state insurance, income-tax, goods and
service tax, and other statutory dues with appropriate authorities. There were
no undisputed amounts payable for a period of more than six months from the
date they became payable.

(b) The Company has no statutory dues referred to in sub-clause (a) which have
not been deposited with the appropriate authorities on account of any dispute.

(viii) According to the information and explanations given to us, the Company does not
have any transactions not recorded in books of accounts that have been
surrendered or disclosed as income during the year in the tax assessments under
the Income Tax Act 1961.Accordingly, paragraph 3(viii) of the Order is not
applicable to the Company;

(ix) (a) Company has not taken any loans or other borrowings from any lender. Hence
reporting under this clause 3(ix)(a) of the Order is not applicable.

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

(c) The Company has not taken any term loan during the year and there are no
outstanding term loans at the beginning of the year and hence, reporting under
clause 3(ix)(c) of the Order is not applicable.

(d) According to information and explanation given to us, Company has not raised
any short-term fund during the year.

(e) According to information and explanation given to us, Company has not taken
any fund from any entity or from any person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures and hence paragraph
3(ix)(e) of the Order is not applicable to the Company.

(^According to information and explanation given to us, the company has not
raised loans during the year on the pledge of securities held in its securities,
associates or joint ventures companies and hence paragraph 3(ix)(f) of the Order
is not applicable to the Company.

(x) (a) The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) during the year and hence reporting
under clause 3(x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or
private placement of shares or convertible debentures (fully or partly or optionally)
and hence reporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) No fraud by the Company and no any 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) As represented to us by the management, there are no whistle-blower
complaints received by the company during the year. Thus, the Clause 3(xi)(c) of
the Order is not applicable for the company.

(xii) As the Company does not fall into the category of a Nidhi company, clause (xli) of
para 3 of the Order is not applicable to the Company.

(xiii) According to the information and explanations given to us, all transactions with
related parties are in compliance with Sections 177 and 188 of the Act wherever
applicable and details have been disclosed in the Ind AS Financial Statements as
required by 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, in determining the nature, timing
and extent of our audit procedures.

(xv) According to the information and explanations given to us, the Company has not
entered into any non-cash transactions with directors or persons connected with
them under provisions of section 192 of Act; and

(xvi) (a) In our opinion, the Company is not required to be registered under section 4S-
IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a),
(b) and (c) of the Order is not applicable.

(b)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 financial year covered by
our audit and the immediately preceding financial year.

(xviii) There has been no instance of resignation by the statutory auditor under section
140(2) of the Companies act 2013 during the year and accordingly paragraph
3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios, ageing 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 on the date of the audit report
indicating that Company is not capable of meeting its liabilities existing at the date
of balance sheet as and when they fall due within a period of one year from the
balance sheet date. We, however, state that this is not an assurance as to the
future viability of the Company. We further state that our reporting is based on
the facts up to the date of the audit report and we neither give any guarantee nor
any assurance that all liabilities falling due within a period of one year from the
balance sheet date, will get discharged by the Company as and when they fall due.

(xx) As represented to us by the management, Provisions of section 135 of the
Companies Act 2013 is not applicable to the company and accordingly paragraph
3(xx)(a) & (b) of the Companies (Auditors Report) Order, 2020 ("the Order") is not
applicable to the Company.

Annexure - "B" to the Independent Auditors Report

(Referred to in paragraph 2{g) under Report on Other Legal and Regulatory
Requirements section of our report to the Members of Hardcastle and Waud
Manufacturing Company Limited for the year ended March 31, 2025 of even date)

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

We have audited the internal financial controls over financial reporting of Hardcastle and
Waud Manufacturing Company Limited ("the Company") as of March 31, 2025 in
conjunction with our audit of the Ind AS 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 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 design,
implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring orderly and efficient conduct of its business, including
adherence to Companys policies, safeguarding of its assets, prevention and detection of
frauds and errors, accuracy and completeness of accounting records, and timely
preparation of reliable financial information, as required under the Companies Act, 2013
(the Act).

Auditors Responsibility .

Our responsibility is to express an opinion on the Companys internal financial controls
over financial reporting based on our audit. We conducted our audit in accordance with
the Guidance Note on Audit of Interned 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 Act, to the extent applicable
to an audit of internal financial controls. 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 over financial
reporting was established and maintained and if such control operated effectively in all
material respects.

Our audit involved performing procedures to obtain audit evidence about adequacy of the
internal financial controls system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditors judgment, including assessment of the risks of material
misstatement of the Ind AS 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 Over Financial Reporting

A companys internal financial control over financial reporting is a process designed to
provide reasonable assurance regarding reliability of financial reporting and preparation
of Ind AS 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 maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of
assets of the company; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of Ind AS 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 Ind AS Financial Statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion and 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 over financial reporting and such internal financial controls over financial reporting
were operating effectively as at March 31, 2025 based on the internal control over financial
reporting criteria established by the Company considering essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India.

For Desai Saksena &s Associates

Chartered Accountants

Firm No. 102358W

 

CA Shashank Desai

Partner

M. No. 032546

UDIN: 25032546BMNTBF6411

Place: Mumbai

Date: 26^ May 2025