Innovative Tyres & Tubes Ltd Auditor Reports

To the Members of lnnovative Tyres and Tubes Limited

Report on the Audit of the Financial Statements

Qualified Opinion

We have audited the accompanying financiaI statements of lnnovative Tyres and Tubes Limited ("the Company"), which comprise the Balance Sheet as at March ³¹ , ^{2024, the Statement of Profit and Loss} and the Statement of Cash Ftows for the year then ended, and notes to the financial statements inctuding a summary of significant accounting policies and other exptanatory information (hereinafter referred to as "financiaI statements").

ln our opinion and to the best of our information and according to the exptanations given to us, except for the possibte effects of the matters described in the Basis ^for Quatified Opinion section of our report, the aforesaid financiat 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 principtes generauy accepted in lndia, of the state of affairs of the Company as at March 31,2024, its profit and its cash ftows for the year ended on that date.

Basis for Qualified Opinion

(a) As stated in Note Z(1Xq) ofthe financial statement, The Company could not cancel Equity shares held by Promoters and reduce equity share capital of the public shareholders because of difference in Promoter and Public shareholding as per Honble NCLT order and Actual shareholding as on Date of Honorable NCLT Order (i.e. August 09, 2023). The Compa ny has applied to Honble NCLT for rectification in the Order. Since the Honble NCLT has reserved the order but the order is awaited, we are unable to determine the quantum of Cancellation and Reduction in

Equity share capital.

(b) As stated in Note z(1)(Q) of the financial statement, Post approval of Resolution Plan by Honble NCLT, Ahmedabad Bench, the approved resolution applicant took charge of the affairs of the Company with effect from August L7, 2023 and constituted the new Board of Directors of the Company. Further, the note explains that since the new Board of Directors took charge of the Company with effect from August 17, 2023, they are not liable or responsible for any actions and regarding the information pertaining to the period prior to August L7,2023 a^d has relied upon the explanations, clarifications, representations and statements made by the Resolution Professional of the Company.

We conducted our audit in accordance with Standards on Auditing (sAs) specified under section ^I43(10) of the Act. Our responsibitities under those Standards are further described in the Auditors Responsibitities 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 lnstitute of Chartered Accountants of lndia ("lCAl") together with the ethical requirements that are relevant to our audit of the financiat statements under the provisions of the Act and Rules thereunder, and we have futfitted our other ethicat responsibitities in accordance with these requirements and the Code of Ethics. We betieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our quatified opinion on the financiat statements.

Emphasis of Matter

(a) We draw attention to Note Z(1XQ) of the financial statement wherein: i. The Company has reversed various liabitities (net) of Rs 3826.63 takhs as per the Honbte NCLT order and the said gain of Rs 3826.63 takhs has been treated and shown as exceptional items in the statement of profit and loss.

tl As per the Honbte NCLTS order, the company is required to make payment to creditors as per the imptementation schedute. The Company has made payments for the due creditors as per the implementation schedute of the Resotution Ptan except for Rs. 4.91 lacs pertaining to a creditor and certain past emptoyees for want of their banking detaits. This remaining amount has been deposited in a special account maintained by the Resotution Appticant M/s Ten on Ten Pvt Ltd.

(b) We draw attention to Note J of the financial statement, the amount of lmpairment Loss recognized in statement of Profit & Loss Account is Rs 9.23 Lacs and the amount of reversal of lmpairment Loss in statement of Profit & Loss Account is Rs 806.34 lakhs on the basis of independent vatuation reports.

Our report is not modified in respect of these matters.

Key Audit i{atters

Key audit matters are those matters that, in our professionat judgment, were of most significance in our audit of the financiat statements of the current year. These matters were addressed in the context of our audit of the financiat statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Except for the matters described in the Basis ^for Quatified ^{Opinion section above, we have determined that there are no other key audit matters} to communicate in our report.

Other lnformation

The Resolution Professional (RP), Board of Directors and the management are responsibte for the other information. The other information comprises the information inctuded in the Management

Discussion and Anatysis, Boards Report inctuding Annexures to Boards Report, Corporate Governance and Sharehotders lnformation, but does not inctude the financiat statements and our auditors report thereon.

Management Discussion and Analysis, Boards Report inctuding Annexures to Boards Report, Corporate Governance and Sharehotders lnformation are expected to be made avaitabte to us

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conctusion thereon.

ln connection with our audit of the financial statements, our responsibitity is to read the other information and, in doing so, consider whether the other information is materiatty inconsistent with the financiaI statements or our knowtedge obtained in the audit or otherwise appears to be materialty misstated.

lf, based on the work we have performed, we conctude 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.

Responsibi lities of Resolution Professional (RP), Management and Those Charged with

Governance for the Financial Statements

The Resotution Professional (RP) and Companys Board of Directors are responsibte for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financiat position, financjal performance and cash ftows of the

Company in accordance with the accounting principtes generalty accepted in lndia, inctuding the

Accounting Standards prescribed under section 133 of the Act, read with retevant rutes issued thereunder. This responsibitity atso inctudes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregutarities; setection and apptication of appropriate accounting poticies; making ^judgments and estimates that are reasonabte and prudent; and design, imptementation and maintenance of adequate internal financial controts, that were operating effectivety for ensuring the accuracy and compteteness of the accounting records, retevant to the preparation and presentation of the financial statements that give a true and fair view and are free from materiat misstatement, whether due to fraud or error.

ln preparing the financiaI statements, the management are responsibte for assessing the Companys abitity to continue as a going concern, disctosing, as appticabte, matters retated to going concern and using the going concern basis of accounting unless management either intends to tiquidate the Company or to cease operations, or has no reatistic atternative but to do so.

Those Board of Directors are atso responsibte for overseeing the Companys financiat reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonabte assurance about whether the financiaI statements as a whote are free from material misstatement, whether due to fraud or error, and to issue an auditors report that inctudes our opinion. Reasonabte assurance is a high tevet of assurance, but is not a guarantee that an audit conducted in accordance with SAs witt 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 coutd reasonabty be expected to inftuence the economic decisions of users taken on the basis of this financiat statements. As part of an audit in accordance with SAs, we exercise professionaI ^judgment and maintain professionaI skepticism throughout the audit. We also:

. ldentify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit nsive 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 resutting from fraud is higher than for one resulting from error, as fraud may invotve cottusion, forgery, intentionat omissions, misrepresentations, or the override of internaI contro[.

Obtain an understanding of internal control retevant 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 atso responsibte for expressing our opinion on whether the Company has adequate internal financial controts with reference to financiaI statements in ptace and the operating effectiveness of such controts.

Evatuate the appropriateness of accounting poticies used and the reasonableness of accounting estimates and related disctosures made by management.

Conctude 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 retated to events or conditions that may cast significant doubt on the Companys abitity to continue as a going concern. lf we conctude that a materiat uncertainty exists, we are required to draw attention in our auditors report to the related disctosures in the financial statements or, if such disctosures are inadequate, to modify our opinion. Our conctusions 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.

Evatuate the overatl presentation, structure and content of the financiaI statements, inctuding the disctosures, and whether the financiaI statements represent the undertying 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, inctuding any significant deficiencies in internat control that we identify during our audit.

We atso provide those charged with governance with a statement that we have comptied with retevant ethicaI requirements regarding independence, and to communicate with them atI retationships and other matters that may reasonabty be thought to bear on our independence, and where appticabte, 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 year and are therefore the key audit matters. We describe these matters in our auditors report unless law or regutation prectudes public disctosure about the matter or when, in extremely rare circumstances, we determine that a matter shoutd not be communicated in our report because the adverse consequences of doing so woutd reasonabty be expected to outweigh the pubtic 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 of lndia in terms of section 143(1l) of the Act, we report in "Annexure ^l", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent appticabte.

(2) As required by section 143(3) of the Act, we report that:

a. We have sought and except for the matters described in the Basis ^for Quatified Opinion section above, obtained atl the information and exptanations which to the best of our knowtedge and betief were necessary for the purposes of our audit;

b. Except for the possibte effects of the matters described in the Basis for Quatified Opinion section above, 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 Batance sheet, the Statement of Profit and Loss and the Statement of Cash Ftows deatt with by this report are in agreement with the books of account;

d. Except for the possible effects of the matters described in the Basis for Quatified Opinion section above, in our opinion, the aforesaid financial statements compty Mth the Accounting Standards prescribed under section 133 of the Act read with retevant rules issued thereunder;

e. The matters described under the Basis ^for Quatified ^{Opinion above, in} our opinion, may have an adverse effect on the functioning of the Company;

f. On the basis of the written representations received from the directors as on March 31,2024, and taken on record by the Board of Directors, none of the directors is disquatified as on March ^3l , ^{2014 from being} appointed as a director in terms of section 164(2) of the Act.

g. The quatification retating to the maintenance of accounts and other matters connected therewith are as stated in the Basis ^for Quatified Opinion section above.

h. With respect to the adequacy of the internal financial controts with reference to financial statements of the Company and the operating effectiveness of such controts, refer to our separate report in "Annexure 2" and we have expressed disclaimer of opinion for the reasons stated in the said report;

i. With respect to the other matter to be inctuded in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended:

ln our opinion and to the best of our information and according to the exptanations given to us, the remuneration paid/ provided by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act;

With respect to the other matters to be inctuded in the Auditors Report in accordance with

Rute 1 1 of the Companies (Audit and Auditors) Rutes, 2014, as amended, in our opinion and to the best of our information and according to the exptanations given to us:

(i) Except for the matters described in the Basis for Qualified Opinion section above, The

Company has disctosed the impact of pending litigations on its financial position in its financial statements ^- Refer Note z(3) on Contingent L es to the financial statements

(ii) The Company did not have any long-term contracts inc(uding derivative contracts for which there were any materiaI foreseeabte losses.

(iii) There were no amounts which were required to be transferred to the lnvestor Education and Protection Fund by the Company;

(iv) (a) The management has represented that, to the best of its knowledge and belief, no funds have been advanced or toaned 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), inctuding foreign entities (" lntermediaries"), wjth the understanding, whether recorded in writing or otherwise, that the lntermediary shatt, whether, directty or indirectty tend or invest in other persons or entities identified in any manner whatsoever by or on behatf of the Company

("Uttimate Beneficiaries") or provide any guarantee, security or the like on behatf of the Ultimate Beneficiaries;

(iv) (b) The management has represented that, to the best of its knowtedge and betief, no funds have been received by the Company from any person(s) or entity(ies), inctuding foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shatl, whether, directty or indirectty, lend or invest in other persons or entities identified in any manner whatsoever by or on behatf of the Funding Party ("Uttimate Beneficiaries") or provide any guarantee, security or the like on behatf of the Uttimate

Beneficiaries;

(iv) (c) Based on the audit procedures that are considered reasonabte and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-ctause (i) and (ii) of Rute 11(e), as provided under (a) and (b) above, contain any materiat misstatement.

(v) The Company has not dectared nor paid any dividend during the year. Hence, reporting the comptiance with section 123 of the Act is not appticable.

(vi) The Company has migrated its books of accounts to update version of tatty accounting software and enable audit trait (edit tog) facitity effective from ^lt Aprit, 2023.

For Haribhakti & Co. LLP

Chartered Accountants lCAl Firm Registration No.103523W / W100048

Ptace: Vadodara Date: May 30, 2024

ANNEXURE 1 TO THE INDEPENDENT AUDITORS REPORT

[Referred ^{to in paragraph I under Report on Other Legal and Regutatory Requirements section} in the lndependent Auditors Report of even date to the members of lnnovative Tyres and Tubes Limited ("the Company") on the Financial statements for the year ended March 31,2024)

Based on the audit procedures performed for the purpose of reporting a true and fair view on the Financiat statements of the Company and taking ^jnto consideration the information, exptanations and written representation given to us by the management and the books of account and other records examined by us in the normat course of audit, we report that:

(i)

(a) (A) The Company has not maintained proper records showing futl particulars, inctuding quantitative detaits and situation of Property, Ptant and Equipment.

(B) The Company has not maintained proper records showing futl particutars of lntangibte

Assets.

(b) During the year, the Property, Plant and Equipment of the Company have not been physicatty verified by the management. Hence, we are unabte to comment on the discrepancies if any.

(c) The titte deeds of att the immovabte properties, disctosed in the financiat statements are hetd in the name of the Company.

(d) The Company has not revalued its Property, Plant and Equipment and lntangibte Assets during the year.

(e) No proceedings have been initiated or are pending against the Company as at March 31,

Z0Z4 fot hotding any benami property under the Prohibition of Benami Property

Transactions Act, 1988 and rutes made thereunder.

(a) The management has conducted physicaI verification of inventory during the year. As per

(ii )

the information made avaitabte to us and exptained to us, there is no material discrepancies between the physicat inventory and inventory as per books and the physicat inventory has been accounted in the books of accounts.

(b) The Company has not been sanctioned working capitat limits in excess of five crore rupees during the year, in aggregate from financiat institution, on the basis of security of current assets. Therefore, reporting under ctause (ii)(b) of paragraph 3 of the Order is not appticabte.

(iii) The Company has not made any investments in, provided any toans or provided advances in the nature of loans, or stood guarantee, or provided security to companies, firms, Limited

Liabitity Partnerships or any other parties. Accordingty, reporting under ctause (iii) of paragraph 3 of the Order is not applicable.

(iv ) The Company has not granted any loans, made any investment or provided any guarantees or security to the parties covered under Section ¹⁸⁵ and 1 86 of the Act. Hence the provisions of sections 1 85 and 186 of the Act is not appticabte on the Company.

(v) ln our opinion, the Company has comptied with the directives issued by Reserve Bank of lndia, the provisions of sections 73 to 76 of the Act and the rutes made there under with regard to the acceptance of deposits or amounts which are deemed to be deposits, Further, as informed, no order has been passed by the Company Law Board or National Company Law

Tribunat or Reserve Bank of lndia or any Court or any other Tribunat on the Company in respect of the aforesaid deposits or amounts which are deemed to be de

(vi) The maintenance of cost records has been specified by the Centrat Government under subsection (1) of section 148 of the Act and rutes thereunder. We have broadty reviewed such records and are of the opinion that, prima facie, the prescribed accounts and records have not been made and maintained.

(vii) (a) The Company is generally detaying but depositing with the appropriate authorities, undisputed statutory dues inctuding Goods and Services tax (GST), provident fund, emptoyees state insurance, income-tax, sates-tax, service tax, duty of customs, duty of excise, vatue added tax, cess and any other materiat statutory dues appticabte to it, in att cases during the year. During the yeat 7017-18, sales tax, vatue added tax, service tax and duty of excise subsumed in GST and are accordingty reported under GST.

(b) There are no dues with respect to provident fund, emptoyeesstate insurance, income tax, GST, sates tax, service tax, vatue added tax, customs duty, excise duty and cess, which have not been deposited on account of any dispute.

(viii) \{e have not come across any transaction which were previously not recorded in the books of account of the Company that have been surrendered or disctosed as income during the year in the tax assessments under the lncome Tax Act, 1961 .

(ix) (a) After the execution of resotution ptan by the successful resotution appticant as per the

Honbte NCLT order, the Company has not defautted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) The Company has not been dectared witful defautter by any bank or financiat institution or government or any government authority.

(c) The Company did not obtain any money by way of term loans during the year. Accordingty, reporting under ctause (ix) (c) of paragraph 3 of the Order is not applicable.

(d) On an overau examination of the Financiat statements of the Company, no funds raised on short-term basis have, been used for long-term purposes by the Company.

(e) The Company does not have any subsidiary associate or ^joint venture as defined under the Act. Hence reporting under clause (ix)(e) and (f) of the Order is not appticabte.

(x) (a) The Company has not raised money by way of initiat pubtic issue offer / further pubtic offer (inctuding debt instruments) during the year. Therefore, reporting under ctause

(x)(a) of paragraph 3 of the Order is not appticabte.

(b) The Company has not made any preferential attotment or private placement of shares or convertible debentures (futly, partiatty or optionalty convertibte) during the year.

Therefore, reporting under ctause (x)(b) of paragraph 3 of the Order is not appticable.

(xi) (a) During the course of our examination of the books and records of the Company, carried out in accordance with the generatly accepted auditing practices in lndia, and accordingty to the information and exptanations given to us, we have neither come across any instance of fraud by the Company nor any fraud on the Company has been noticed or reported during the yearJ nor have we been informed of any such instance by the management.

(b) No report under section 143(12) of the Act has been fited with the Central Government by the auditors of the Company in Form ADT-4 as prescribed under Rule ¹³ of Companies

(Audit and Auditors) Rutes, 2014, during the year or upto the date of this report.

(c) There are no whistte btower comptaints received by the Company during the year and upto the date of this report.

(xii) ln our opinion, the Company is not a Nidhi Company. Therefore, reporting under ctause (xii) of paragraph 3 of the Order is not applicabte.

(xiii) Att transactions entered into by the Company with the related parties, if any are in comptiance with sections 177 and 188 of the Act, where applicable and the detaits have been disctosed in the financiaI statements as required by the appticabte accounting standards.

(xiv) (a) ln our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the lnternal Audit Reports of the Company issued titl date, for the period under audit.

(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with them during the year and hence, provisions of section 192 of the Act are not appticabte to the Company.

(xvi) (a) The Company is not required to be registered under section 45-lA of the Reserve Bank of lndia Act, 1934. Therefore, reporting under ctause (xvi)(a) and (b) of paragraph 3 of the

Order are not appticabte.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities without having a vatid Certificate of Registration (CoR) from the Reserve Bank of lndia as per the Reserve Bank of lndia Act, 1934.

(c) The Company is not a Core lnvestment Company (clc) as defined in Core lnvestment Companies (Reserve Bank) Directions, 2016 ("Directions") by the Reserve Bank of lndia.

Accordingty, reporting under clause (xvi)(c) and (d) of paragraph 3 of the Order are not appticabte.

(xvii) The Company has not incurred cash toss during the year. the cash loss incurred by the

Company during the immediately preceding financiat year is Rs 400.05 lacs.

(xviii) There has no resignation of the statutory auditors during the year and accordingty, reporting under ctause (xviii) of paragraph 3 of the Order is not appticabte.

(xix) On basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financiaI tiabitities, other information accompanying financiat statements and our knowledge of the Board of Directors and management ptans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which cause us to betieve that any material uncertainty exists as on the date of this audit report and that the Company is not capable of meeting its tiabitities existing at the date of batance sheet as and when they fatt due within a period of one year from the batance sheet date. We, however, state that this is not an assurance as to the future viabitity of the

Company. We further state that our reporting is based on the facts up to date of the audit report and we neither give any guarantee nor any assurance that att tiabitities fatting due within a period of one year from the batance sheet date, witt get discharged by the Company as and when they fatt due.

(xx) The provisions of section 135 of the Act are not appticabte to the Company. Hence, reporting under ctause (xx) of paragraph 3 of the Order is not appticabte.

(xxi) Since the Company is not required to prepare consotidated financial statements, clause 3 (xxi) is not appticab[e.

For Haribhakti & Co. LLP

Chartered Accountants lCAl Firm Registration No. 103523W / W100048

Ptace: Vadodara

Date: May 30, 2024

ANNEXURE 2 TO THE INDEPENDENT AUDITORS REPORT

[Referred ^{to in paragraph 2(h) under Report on Other Legat and Regutatory Requirements section in} our lndependent Auditors Report of even date to the members of lnnovative Tyres and Tubes Limited on the Financial statements for the year ended March 31, 2024]

Report on the lnternal Financial Controls with reference to Financial Statements under clause (i) of sub-section 3 of section 143 of the Companies Act, 2013 ("the Act")

We were engaged to audit the internat financiat controts with reference to financial statements of lnnovative Tyres and Tubes Limited ("the Company") as of March 31,2024 in conjunction Mth our audit of the Financial statements of the Company for the year ended on that date.

Managements Responsibility for lnternal Financial Controls

The Companys management is responsibte for estabtishing and maintaining internat financiat controts based on the internat controt with reference to financiat statements criteria estabtished by the

Company considering the essentiat components of internat controt stated in the Guidance Note on Audit of lnternat Financiat Controts Over Financial Reporting (the "Guidance Note") issued by the lnstitute of Chartered Accountants of lndia ("lCAl"). These responsibitities include the design, implementation and maintenance of adequate internal financial controts that were operating effectivety for ensuring the orderty and efficient conduct of its business, inctuding adherence to Companys poticies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and compteteness of the accounting records, and the timety preparation of retiabte financia( information, as required under the Act.

Auditors Responsibility

Our responsibitity is to express an opinion on the Companys internal financial controts with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, to the extent appticabte to an audit of internal financiat controts, both issued by the lCAl.

Because of the matter described in Disctaimer of Opinion paragraph betow, we were not abte to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on internal financiat controts with reference to financial statements of the Company.

Meaning of lnternal Financial Controls with reference to Financial Statements

A companys internat financiat control with reference to financiat statements is a process designed to provide reasonabte assurance regarding the retiabitity of financial reporting and the preparation of financial statements for externaI purposes in accordance with generatty accepted accounting principtes.

A companys internat financiat controt with reference to financiat statements inctudes those poticies and procedures that (1)pertain to the maintenance of records that, in reasonabte detait, accuratety and fairty reftect the transactions and dispositions of the assets of the company; (2) provide reasonabte assurance that transactions are recorded as necessary to permit preparation of financiat statements in accordance with generatty accepted accounting principtes, 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 reasonabte assurance regarding prevention or time[y detection of unauthorised acquisition, use, or disposition of the companys assets that coutd have a material effect on the financiaI statements.

Disclaimer of Opinion

According to the information and explanation given to us, the Company has not established its internal financial controts u/ith reference to financiat statements on criteria based on or considering the essentiat components of internal control stated in the Guidance Note issued by lCAl.

Because of this reason, we are unabte to obtain sufficient appropriate audit evidence to provide a basis for our opinion whether the Company had adequate internal financial controts with reference to financial statements and whether such internal financiat controts were operating effectivety as at March 31, 2024.

We have considered the disctaimer reported above in determining the nature, timing, and extent of audit tests apptied in our audit of the Financial statements of the Company, and the disctaimer does not affect our opinion on the Financial statements of the Company.

For Haribhakti & Co. LLP

Chartered Accountants lCAl Firm Registration No. 103523w / w100048

Place: Vadodara

Date: May 30, 2024