IMEC Services Ltd Auditor Reports

To,

The Members of IMEC Services Limited
Report on the Audit of the Financial Statements
Opinion

We have audited the accompanying Financial Statements of IMEC Services Limited ("the Company"), which
comprise the Balance Sheet as at March 31,2025 , the Statement of Profit and Loss (including Other Com-
prehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year end-
ed on that date and Notes to the Financial Statements, including a summary of the significant accounting
policies and other explanatory information (hereinafter referred to as "the Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, 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 (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 March 31, 2025 , the profit and total comprehensive income, changes in equity and its cash flows for
the year ended on that date.

Basis of Opinion

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 Responsibilities 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 Char-
tered Accountants of India (ICAI) together with the independence requirements that are relevant to our au-
dit of the Financial Statements under the provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code
of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our au-
dit of the Financial Statements of the current period. These 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:

Sr Key Audit Matter No.

1 Assessment of Contingent Liability and Related Disclosures

[Refer to Note B (iii) to the Financial Statements- "Use of Estimates, Judgments and Assumptions

- Provisions and contingent liabilities", Note 21 to the Financial Statements - "Contingent Liabili- ties and Commitments"]

As at March 31, 2025, the Group has exposures towards litigations relating to various matters as set out in the aforesaid Notes.

Significant management judgment is required to assess such matters to determine the probability of occurrence of material outflow of economic resources and whether a provision should be recog- nized, or a disclosure should be made. The management judgment is also supported with legal ad- vice in certain cases as considered appropriate.

As the ultimate outcome of the matters are uncertain and the positions taken by the management are based on the application of their best judgment, related legal advice including those relating to interpretation of laws/regulations, it is considered to be a Key Audit Matter.

 

Auditors Response

Principle Audit Procedures

Our audit procedures included the following:

We understood, assessed and tested the design and operating effectiveness of key controls sur- rounding contingent liability relating to the relevant laws and regulations;

We performed our assessment on a test basis on the underlying calculations supporting the con- tingent liabilities made in the Financial Statements;

We evaluated managements assessments by understanding precedents set in similar cases and assessed the reliability of the managements past estimates/judgments;

We evaluated managements assessment around those matters that are not disclosed or not considered as contingent liability, as the probability of material outflow is considered to be remote by the management;

We assessed the adequacy of the Companys disclosures.

Based on the above work performed, managements assessment in respect of disclosures relating to contingent liabilities in the Financial Statements is considered to be reasonable.

 

Key Audit Matter

2 Recognition of Business Auxiliary Services Income under Sub-Agreements

The Company derived a substantial portion of its revenue through Business Auxiliary Services earned for facilitating the import of steel from Nippon Steel Trading Corporation, Japan, into India. These services are rendered under a sub-agreement between IMEC Services Limited (the "Com- pany") and Euroasia Holdings Private Limited ("Euroasia"), which, in turn, operates under a princi- pal agreement with AMNS Khopoli Limited.

Business Auxiliary Services income is recognized only upon receipt of confirmation from Euroasia Holdings Private Limited ("Euroasia"), that the consignments have been delivered to Arcelormittal Nippon Steel India Limited and that the service obligations under the principal agreement have been duly fulfilled. Consequently, even when goods physically arrive in India, revenue is deferred until such confirmation is obtained. This results in significant estimation uncertainty and manage- ment judgment in determining the appropriate timing of revenue recognition, in accordance with Ind AS 115 Revenue from Contracts with Customers.

During our audit, we observed that all Bills of Lading for steel consignments from Japan were dated on or before FY 23-24. However, of the total Business Auxiliary Services income of ?27.50 crores recognized for the year ended 31 March 2025, a substantial amount of ?20.74 crores was recorded

in the month of March 2025, based on confirmations received from Euroasia Holdings Private Lim- ited ("Euroasia") during that period. The clustering of revenue recognition in a single month, despite earlier physical arrival of goods, highlights the significance of managements judgment and reliance on third-party confirmations.

This area was considered to be of most significance in our audit due to the materiality of the reve- nue involved, the complexities related to assessing satisfaction of performance obligations, and the inherent risk of misstatement relating to revenue cut-off and timing. Accordingly, we determined the recognition of Business Auxiliary Services income under sub-agreements to be a key audit matter.

 

Auditors Response

Our audit procedures included and were not limited to the following:

We obtained an understanding of the Companys revenue recognition policy and assessed its compliance with Ind AS 115 - Revenue from Contracts with Customers, especially relating to per- formance obligations and timing of revenue recognition.

We obtained and inspected third-party confirmations received from for a sample of transactions, to verify that they were dated and issued during March 2025 and supported the timing of revenue recognition.

We performed cut-off procedures to verify that no revenue relating to undelivered or unconfirmed consignments was prematurely recognized.

We assessed the adequacy of disclosures made in the financial statements in relation to the revenue recognition policy and estimation involved.

Emphasis of Matter

We draw attention to the following Emphasis of matters:

1. The Company has received demand notice from Customs/DGFT for non-fulfillment of export obligations
under 5 Advance Licenses issued in 2010 and to pay the export obligations amounting to Rs. 116.85 Lacs.
As per the reply received from the Company Management, the Duty Discharge Certificate was received for 4
Advance Licenses amounting to Rs. 55.27 Lakhs. For 1 License amounting to Rs 61.58 Lakhs, the Company
has already assigned and transferred all its assets and liabilities/obligations, including but not limited to duty
free import raw materials to RSAL Steel Private Limited (a subsidiary of the Company / RSPL) through the
Slump Sale Agreement dated 30.03.2011. During the year Honorable NCLT passed the order in respect of
RSPL and did not specifically mention cessation of liability pertaining to above. The Company has also filed
Interim Application in NCLT, Mumbai in CP No. 2985 of 2018 in respect of the said liability regarding export
obligations along with the one more advance license for which company has not fulfilled its obligation, which
is pending before the NCLT. On 13.08.2025the Adjudicating Authority in IA No. 3925 of 2022 has rejected
the application. Aggrieved by the said order the Company has filed application regarding the same to
NCLAT. NCLAT observed that on the account of the customs dues, Applicant/Appellant has filed the applica-
tion before the Adjudicating Authority. From the facts which have been noticed above, it is clear that Appel-
lant is pursuing remedy under the Customs Act and the liability with regard to customs duty has not yet been
finalized. NCLAT only observe that the Adjudicating Authority after having taken the view that Adjudicating

Authority has no jurisdiction to enter into the issue regarding determination of the liability of the custom duty,
should have been closed the application at this stage and no further observation on merit was required.
NCLAT clarified that it is for the Customs Authority to consider and decide the matter without being influ-
enced by the impugned order passed by the Adjudicating Authority. Subject to above observation, NCLAT
dismissed the appeal by passing the order on 28.02.2025 and for the above matter we have disclosed the
amount involved of Rs. 61.58 lakh as Contingent liabilities in notes to financial statements.

2. The Company is engaged in legal matter against the SBI in MP High Court Indore Bench having reference
no. WP 26681/2021 for the matter relating to Declaration of willful defaulter in which liability of Rs. 78 lakh
arises but the company has not made any provision regarding the same due to such case pending with the
MP High court as per latest order issued on 05.05.2025.

Our opinion is not qualified in respect of above said matters.

Managements Responsibilities for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with re-
spect to the preparation of these Financial Statements that give a true and fair view of the financial position,
financial performance, total comprehensive income, changes in equity and cash flows of the Company in ac-
cordance 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 safe-
guarding the assets of the Company and for preventing and detecting frauds and other irregularities; selec-
tion 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 Financial Statements that give a true and fair view and are free from ma-
terial misstatement, whether due to fraud or error.

In preparing the Financial Statements, management is responsible for assessing the Companys ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease opera-
tions, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conduct-
ed 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.

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

ii. 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 suffi-
cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement re-
sulting 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.

iii. Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for ex-
pressing our opinion on whether the Company has adequate internal financial controls with reference to Fi-
nancial Statements in place and the operating effectiveness of such controls.

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

v. 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 Fi-
nancial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may
cause the Company to cease to continue as a going concern

vi. Evaluate the overall presentation, structure and content of the Financial Statements, including the disclo-
sures, 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 Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial State-
ments may be influenced. We consider quantitative materiality and qualitative factors (i) in planning the scope
of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified mis-
statements in the Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal controls
with reference to financial statements 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 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 ex-
pected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. 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 Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the rel-
evant books of account.

(d) In our opinion, the aforesaid Financial Statements comply with the Ind AS specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the 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 ap-

pointed as a director in terms of Section 164 (2) of the Act.

(f) 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 A". Our report ex-
presses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal fi-
nancial controls over financial reporting.

(g) With respect to the other matters to be included in the Auditors Report in accordance with the require-
ments of section 197(16) of the Act, as amended, In our opinion and to the best of our information and ac-
cording to the explanations given to us, the remuneration paid by the Company to its directors during the
year is in accordance with the provisions of section 197 of the Act. The company has paid only sitting fees
to its directors.

(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:

1. The Company has disclosed the impact of pending litigation on its financial position in its Financial State-
ments.

II. The Company has made provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no amount, which is required to be transferred, to the Investor Education and
Protection Fund by the Company.

2. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Govern-
ment in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.

Annexure - A to the Independent Auditors Report of even date on the Financial Statements of IMEC
Services Limited

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements section
of our report to the Members of IMEC Services Limited of even date.

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

We have audited the internal financial controls over financial reporting of IMEC Services Limited ("the
Company") as of March 31, 2025 in conjunction with our audit of the Financial Statements of the Company
for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria established by the Company consider-
ing 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 respon-
sibilities 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 respective 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 fi-
nancial 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 based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of In-
ternal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Char-
tered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Compa-
nies Act, 2013, 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 estab-
lished and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal finan-
cial 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 fi-
nancial 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 de-
pend on the auditors judgment, including the assessment of the risks of material misstatement of the finan-
cial 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 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 the reliability of financial reporting and the preparation of financial statements for ex-
ternal 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 transac-
tions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of fi-
nancial statements in accordance with generally accepted accounting principles, and that receipts and ex-
penditures of the company are being made only in accordance with authorizations of management and di-
rectors 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 over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possi-
bility 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 fi-
nancial reporting to future periods are subject to the risk that the internal financial control over financial re-
porting 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 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 the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Fi-
nancial Reporting issued by the Institute of Chartered Accountants of India.

Annexure - B to Independent Auditors Report

Referred to in paragraph 2 under "Report on Other Legal and Regulatory Requirements" section of
our report of even date to the members of IMEC Services Limited

In terms of the information and explanations sought by us and given by the Company and the books of ac-
count and records examined by us in the normal course of audit and to the best of our knowledge and belief,
we state that:

I.

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

b. As explained to us, the fixed assets of the Company have been physically verified by the management
during the year, which in our opinion is reasonable, having regard to the size of the Company and the
nature of its assets. No material discrepancies between the book records and the physical inventory
have been noticed. In our opinion, the frequency of verification is reasonable.

c. According to the information and explanations given to us and on the basis of our examination of the
records of the Company, no immovable property held by the Company.

d. The Company has not revalued its Property, Plant and Equipment (including Right-of-use assets) or in-
tangible assets during the year. Accordingly, the reporting under Clause 3(i)(d) of the Order is not appli-
cable to the Company.

e. No proceedings have been initiated during the year or are pending against the Company as at 31st
March, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988
and Rules made thereunder.

II. In respect of its Inventories the inventories have been physically verified by the management during the
year. In our opinion, the coverage and procedures of such verification by Management is appropriate.

III. The Company has made investments in, provided guarantee or security and granted loans or advances
in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any
other parties during the year, in respect of which:

a. The company has provided loans or advances in the nature of loans, or stood guarantee, or provided
security to any other entity during the year:

Amt (in Rs.)

Particulars	Loans (?)	Guarantees(?)
Aggregate amount granted / provided during the year:
- Subsidiaries	0 . 00	0.00
- Joint Ventures	0.00	0.00
- Others	6,18,68,447	0.00

Amt (in Rs.)

Particulars	Loans (?)	Guarantees(?)
Balance outstanding as at bal- ance s h e et date :
- Subsidiaries	0.00	0.00
- Joint Ventures	0.00	0.00
- Others	5,28,68,447	0.00

b. The investments made, guarantees provided and the terms and conditions of the grant of all the above-
mentioned loans and guarantees provided during the year are, in our opinion, prima facie, not prejudi-
cial to the Companys interest.

c. In respect of loans and advances in the nature of loans, the schedule of repayment of principal and
payment of interest has been stipulated and the repayments or receipts are regular.

d. In respect of loans and advances in the nature of loans, there is no amount which is overdue for more
than 90 days.

e. There were no loans or advances in the nature of loans granted which have fallen due during the year,
but were renewed or extended or fresh loans granted to settle the overdues.

f. The company has not granted any loans or advances in the nature of loans which are either repayable
on demand or without specifying any terms or period of repayment.

IV. The Company has not granted loans or provided guarantees or securities to parties covered under
Section 185 of the Companies Act, 2013 ("the Act"). The Company has complied with the provisions of
section 186 of the Act in respect of loans granted, investments made and guarantees and securities
provided, as applicable. In our opinion and according to the information and explanations given to us,
the Company has not accepted deposits from the public within the meaning of Section 73 to 76 or any
other relevant provisions of the Companies Act, 2013 and the Rules, framed there under. As informed to
us no Order has been passed by the Company Law Board or National Company Law Tribunal or Re-
serve Bank of India or any court or any other Tribunal.

V. The Company has neither accepted deposits from the public nor accepted any amount which is deemed
to be deposits within the meaning of Sections 73 to 76 of the Act and the Rules made thereunder.
Hence, reporting under clause 3(v) of the Order is not applicable.

VI. Pursuant to the rules made by the Central Government of India, the Company is not required to
maintain cost records as specified under Section 148(1) of the Act in respect of its products.

VII. According to the information and explanations given to us, in respect of Statutory dues:

1. The Company has generally been regular in depositing undisputed statutory dues including Provident
Fund, Employees State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and oth-
er material statutory dues applicable to it with the appropriate authorities.

2. There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance,
Income Tax, Goods and Service Tax, Customs Duty, Cess and other material statutory dues in arrears
as at March 31, 2023 for a period of more than six months from the date they became payable.

3. Details of dues of Service Tax, Sales Tax, Value Added Tax which have not been deposited/ partially

deposited as at March 31,2023 on account of dispute are given below:

Name of the Statute	Nature of Dues	Amount (Rs. In Lacs)	Period to which amount relates	Remarks
VAT Tax/ Entry Tax/ Oth- er disputed amount in Appeal/ Demand	VAT Tax- Penalty & Entry T ax	6.85	2016-17	Appeal filed against the or- der to Joint Commissioner.
Income Tax	Demand Notice	8,863.00	2020-21	Proceedings in process

4. There are no dues of Provident Fund, Employees State Insurance, Income Tax, Goods and Service
Tax, Customs Duty, Cess which have not been deposited with appropriate authorities on account of any
dispute.

VIII. According to the information and explanations given to us and the records of the Company examined by us,
there are no transactions in the books of account that has been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of
account.

IX. According to the records of the Company examined by us and the information and explanations given to us,
the Company has not defaulted in repayment of loans or borrowings to any financial institution or Govern-
ment as on the balance sheet date. The Company has not issued any debenture.

X.

(a) The Company has not raised any money by way of initial public offer or further public offer (including debt
instruments) during the year. In our opinion, and according to the information and explanations given to us,
the monies raised by way of further public offer in an earlier year have been applied, on an overall basis,
for the purposes for which they were obtained.

(b) The Company has not made any preferential allotment or private placement of shares or fully or partially or
optionally convertible debentures during the year. Accordingly, the reporting under clause 3(x) (b) of the
Order is not applicable to the Company

XI.

(a) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the Fi-
nancial Statements and according to the information and explanations given by the management, no fraud
by the Company or no material fraud on the Company has been noticed or reported during the year

(b) T o the best of our knowledge, no report under sub-section (12) of Section 143 of the Act has been filed by
Cost Auditor or Secretarial Auditor or us, in Form ADT - 4 as prescribed under Rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this
report

(c) We have taken into consideration the whistle blower complaints received by the Company and provided to
us during the year when performing our audit.

XII. In our opinion and according to information and explanation given to us, the Company is not a Nidhi
Company therefore, the provision of para 3 (xii) of the Order is not applicable to the Company.

XIII. According to the information and explanations given to us and based on our examination of the records of
the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act
where applicable and details of such transactions have been disclosed in the Financial Statements as re-
quired by the applicable accounting standards.

XIV.

(a.) In our opinion and according to the information and explanation given to us, the Company has an internal
audit system commensurate with the size and nature of its business.

(b.) The reports of the Internal Auditor for the period under audit have been considered by us.

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 Act are not ap-
plicable to the Company..

XVI.

(a.) The provisions of Section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to
the Company. Accordingly, the requirement to report on clause 3(xvi)(a) of the Order is not applicable to
the Company.

(b.) The Company has not conducted any Non-Banking Financial or Housing Finance activities and is not
required to obtain Certificate of Registration (CoR) for such activities from the Reserve Bank of India as
per the Reserve Bank of India Act, 1934.

(c.) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of
India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Com-
pany

XVII. The Company has not incurred cash losses during the financial year covered by our audit and the immedi-
ately preceding financial year.

XVIII. There has been no resignation of the statutory auditors of the Company during the year

XIX. According to the information and explanations given to us and on the basis of the financial ratios (also refer
Note 44 to the financial statements), ageing and expected dates of realization of financial assets and pay-
ment 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 as-
sumptions, 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. Howev-
er, state that this is not an assurance as to the future viability of the Company. We further state that our re-
porting is based on the facts up to the date of the audit report and we neither give any guarantee nor any as-
surance that all liabilities falling due within a period of one year from the balance sheet date will get dis-
charged by the Company as and when they fall due.

(a.) The company has not any other than ongoing projects therefore provision of section 135 of Companies
Act, 2013 is not applicable to the company;

(b). this clause is not applicable to the company.

XXI. The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of financial statements in
case of not having group companies. Accordingly, no comment in respect of the said clause has been in-
cluded in this report.

For SCAN & Co.

Chartered Accountants

(Firm Reg. No. 113954W)

 

CA Chetan Khandelwal

Partner

M. No.408113

 

Place: Indore

Date: 30/05/2025

UDIN: 25408113BMKNZU9749